Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 28, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Trading Symbol | 'TE | ' |
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 | ' | 233,407,893 |
Tampa Electric Company [Member] | ' | ' |
Document Information [Line Items] | ' | ' |
Entity Registrant Name | 'TAMPA ELECTRIC COMPANY | ' |
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 (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $167 | $185.20 |
Receivables, less allowance for uncollectibles | 323.8 | 287.2 |
Inventories, at average cost | ' | ' |
Derivative assets | 8.2 | 9.7 |
Regulatory assets | 33.7 | 34.3 |
Deferred income taxes | 87.7 | 100.3 |
Prepayments and other current assets | 47.5 | 34.9 |
Income tax receivables | 0.8 | 1.5 |
Total current assets | 889.5 | 857.7 |
Property, plant and equipment | ' | ' |
Construction work in progress | 494.9 | 386.7 |
Other property | 441.5 | 448.3 |
Property, plant and equipment, at original costs | 9,202.50 | 9,077.30 |
Accumulated depreciation | -2,878.40 | -2,907.20 |
Total property, plant and equipment, net | 6,324.10 | 6,170.10 |
Other assets | ' | ' |
Regulatory assets | 283.9 | 293.1 |
Derivative assets | 0.5 | 0.3 |
Deferred charges and other assets | 122.8 | 126.8 |
Total other assets | 407.2 | 420.2 |
Total assets | 7,620.80 | 7,448 |
Current liabilities | ' | ' |
Long-term debt due within one year | 274.5 | 83.3 |
Notes payable | 0 | 84 |
Accounts payable | 232.3 | 261.7 |
Customer deposits | 167.5 | 164.5 |
Regulatory liabilities | 65.7 | 85.8 |
Derivative liabilities | 0.2 | 0.1 |
Interest accrued | 34.4 | 31.9 |
Taxes accrued | 68.2 | 34.6 |
Other | 18.4 | 19.5 |
Total current liabilities | 861.2 | 765.4 |
Other liabilities | ' | ' |
Deferred income taxes | 497.4 | 444 |
Investment tax credits | 9.2 | 9.4 |
Regulatory liabilities | 621.4 | 631.4 |
Derivative liabilities | 0.1 | 0.2 |
Deferred credits and other liabilities | 422 | 426.1 |
Long-term debt, less amount due within one year | 2,863.10 | 2,837.80 |
Total other liabilities | 4,413.20 | 4,348.90 |
Commitments and contingencies (see Note 10) | ' | ' |
Capital | ' | ' |
Common equity | 217.8 | 217.3 |
Additional paid in capital | 1,587.80 | 1,581.30 |
Retained earnings | 560.9 | 548.3 |
Accumulated other comprehensive loss | -20.1 | -13.2 |
Total capital | 2,346.40 | 2,333.70 |
Total liabilities and capital | 7,620.80 | 7,448 |
Fuel [Member] | ' | ' |
Inventories, at average cost | ' | ' |
Utility inventories | 137.4 | 118.7 |
Materials and supplies [Member] | ' | ' |
Inventories, at average cost | ' | ' |
Utility inventories | 83.4 | 85.9 |
Electric [Member] | ' | ' |
Property, plant and equipment | ' | ' |
Public utilities, property, plant and equipment | 6,941.70 | 6,934 |
Gas [Member] | ' | ' |
Property, plant and equipment | ' | ' |
Public utilities, property, plant and equipment | 1,324.40 | 1,308.30 |
Tampa Electric Company [Member] | ' | ' |
Current assets | ' | ' |
Cash and cash equivalents | 55.2 | 9.8 |
Receivables, less allowance for uncollectibles | 256.7 | 227.6 |
Inventories, at average cost | ' | ' |
Derivative assets | 8.1 | 9.5 |
Regulatory assets | 33.7 | 34.3 |
Deferred income taxes | 20.4 | 29.4 |
Prepayments and other current assets | 21.2 | 12.5 |
Income tax receivables | 0 | 54.9 |
Total current assets | 568.4 | 548.5 |
Property, plant and equipment | ' | ' |
Construction work in progress | 493.4 | 385.3 |
Property, plant and equipment, at original costs | 8,700.70 | 8,568.80 |
Accumulated depreciation | -2,530.90 | -2,562.60 |
Public utilities, property, plant and equipment, net | 6,169.80 | 6,006.20 |
Other property | 8.4 | 8.3 |
Total property, plant and equipment, net | 6,178.20 | 6,014.50 |
Other assets | ' | ' |
Unamortized debt expense | 17.1 | 14.8 |
Regulatory assets | 283.9 | 293.1 |
Derivative assets | 0.5 | 0.3 |
Deferred charges and other assets | 305.3 | 312.8 |
Other | 3.8 | 4.6 |
Total assets | 7,051.90 | 6,875.80 |
Current liabilities | ' | ' |
Long-term debt due within one year | 83.3 | 83.3 |
Notes payable | 0 | 84 |
Accounts payable | 198.2 | 226 |
Customer deposits | 167.5 | 164.5 |
Regulatory liabilities | 65.7 | 85.8 |
Derivative liabilities | 0.2 | 0 |
Interest accrued | 18.6 | 16.4 |
Taxes accrued | 57.8 | 12.2 |
Other | 12.1 | 12 |
Total current liabilities | 603.4 | 684.2 |
Other liabilities | ' | ' |
Deferred income taxes | 1,145.10 | 1,114.30 |
Investment tax credits | 9.2 | 9.4 |
Regulatory liabilities | 621.4 | 631.4 |
Derivative liabilities | 0.1 | 0.2 |
Other | 293.4 | 308.1 |
Long-term debt, less amount due within one year | 2,013.90 | 1,797.50 |
Total other liabilities | 2,069.20 | 2,063.40 |
Commitments and contingencies (see Note 10) | ' | ' |
Capital | ' | ' |
Common equity | 2,047.40 | 2,030.40 |
Retained earnings | 325.6 | 308.1 |
Accumulated other comprehensive loss | -7.6 | -7.8 |
Total capital | 2,365.40 | 2,330.70 |
Total capitalization | 4,379.30 | 4,128.20 |
Total liabilities and capital | 7,051.90 | 6,875.80 |
Tampa Electric Company [Member] | Fuel [Member] | ' | ' |
Inventories, at average cost | ' | ' |
Utility inventories | 98.7 | 93.7 |
Tampa Electric Company [Member] | Materials and supplies [Member] | ' | ' |
Inventories, at average cost | ' | ' |
Utility inventories | 74.4 | 76.8 |
Tampa Electric Company [Member] | Electric [Member] | ' | ' |
Property, plant and equipment | ' | ' |
Public utilities, property, plant and equipment | 6,941.70 | 6,934 |
Tampa Electric Company [Member] | Gas [Member] | ' | ' |
Property, plant and equipment | ' | ' |
Public utilities, property, plant and equipment | $1,265.60 | $1,249.50 |
Consolidated_Condensed_Balance1
Consolidated Condensed Balance Sheets (Unaudited) (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, except Per Share data, unless otherwise specified | ||
Allowance for uncollectibles | $3.80 | $4.70 |
Common equity, shares authorized | 400 | 400 |
Common equity, par value | $1 | $1 |
Common equity, shares outstanding | 217.8 | 217.3 |
Tampa Electric Company [Member] | ' | ' |
Allowance for uncollectibles | $2.30 | $2 |
Consolidated_Condensed_Stateme
Consolidated Condensed Statements of Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues | ' | ' | ' | ' |
Regulated electric and gas | $603.60 | $604 | $1,179.30 | $1,143.10 |
Unregulated | 122.7 | 131.9 | 231.1 | 253.9 |
Total revenues | 726.3 | 735.9 | 1,410.40 | 1,397 |
Expenses | ' | ' | ' | ' |
Fuel | 169.7 | 174.5 | 319.3 | 314.5 |
Purchased power | 19.9 | 20.5 | 38.1 | 35.1 |
Cost of natural gas sold | 29.1 | 40.7 | 76.2 | 90.2 |
Other | 126.8 | 129.6 | 247.4 | 250.4 |
Operation and maintenance other expense | ' | ' | ' | ' |
Mining related costs | 103.5 | 110.2 | 194.7 | 205.7 |
Other | 4.8 | 3.4 | 7.9 | 4.7 |
Depreciation and amortization | 84.2 | 83.9 | 169.1 | 165.9 |
Taxes, other than income | 55.1 | 53.6 | 111.4 | 106.9 |
Total expenses | 593.1 | 616.4 | 1,164.10 | 1,173.40 |
Income from continuing operations | 133.2 | 119.5 | 246.3 | 223.6 |
Other income | ' | ' | ' | ' |
Allowance for other funds used during construction | 2 | 1.4 | 4.4 | 2.5 |
Other income | -0.2 | 1.6 | -0.9 | 3.2 |
Total other income | 1.8 | 3 | 3.5 | 5.7 |
Interest charges | ' | ' | ' | ' |
Interest expense | 42.9 | 43.5 | 85.4 | 86.5 |
Allowance for borrowed funds used during construction | -0.7 | -0.8 | -2.1 | -1.4 |
Total interest charges | 42.2 | 42.7 | 83.3 | 85.1 |
Income from continuing operations before provision for income taxes | 92.8 | 79.8 | 166.5 | 144.2 |
Provision for income taxes | 34.4 | 28.2 | 61.1 | 51.4 |
Net income from continuing operations | 58.4 | 51.6 | 105.4 | 92.8 |
Discontinued operations | ' | ' | ' | ' |
Income (Loss) from discontinued operations | 0 | -0.2 | 5 | 0.2 |
Provision for income taxes | 0 | 0 | 1.9 | 0.1 |
Income (Loss) from discontinued operations, net | 0 | -0.2 | 3.1 | 0.1 |
Net income | $58.40 | $51.40 | $108.50 | $92.90 |
Average common shares outstanding - Basic | 215.4 | 215 | 215.3 | 214.8 |
Average common shares outstanding - Diluted | 215.9 | 215.5 | 215.8 | 215.3 |
Earnings per share from continuing operations - Basic | $0.27 | $0.24 | $0.49 | $0.43 |
Earnings per share from continuing operations - Diluted | $0.27 | $0.24 | $0.49 | $0.43 |
Earnings per share from discontinued operations - Basic | $0 | $0 | $0.01 | $0 |
Earnings per share from discontinued operations - Diluted | $0 | $0 | $0.01 | $0 |
Earnings per share - Basic | $0.27 | $0.24 | $0.50 | $0.43 |
Earnings per share - Diluted | $0.27 | $0.24 | $0.50 | $0.43 |
Dividends paid per common share outstanding | $0.22 | $0.22 | $0.44 | $0.44 |
Consolidated_Condensed_Stateme1
Consolidated Condensed Statements of Income (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Franchise fees and gross receipts taxes | $27.80 | $26.70 | $55 | $52.10 |
Consolidated_Condensed_Stateme2
Consolidated Condensed Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $58.40 | $51.40 | $108.50 | $92.90 |
Other comprehensive income, net of tax | ' | ' | ' | ' |
Net unrealized gains (losses) on cash flow hedges | 0.1 | -0.1 | 0.3 | 0.3 |
Amortization of unrecognized benefit costs | 0.5 | 0.7 | 1 | 1.4 |
Increase in unrecognized postemployment costs | 0 | 0 | -8.2 | 0 |
Other comprehensive income (loss), net of tax | 0.6 | 0.6 | -6.9 | 1.7 |
Comprehensive income | $59 | $52 | $101.60 | $94.60 |
Consolidated_Condensed_Stateme3
Consolidated Condensed Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities | ' | ' |
Net income | $108.50 | $92.90 |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' |
Depreciation and amortization | 169.1 | 165.9 |
Deferred income taxes | 62 | 52.1 |
Investment tax credits | -0.2 | -0.2 |
Allowance for funds used during construction | -4.4 | -2.5 |
Non-cash stock compensation | 7.1 | 6.9 |
Gain on sales of business/assets, pretax | -0.1 | -0.2 |
Deferred recovery clauses | -14.4 | -5.9 |
Receivables, less allowance for uncollectibles | -36.6 | -38.5 |
Inventories | -16.2 | -19.7 |
Prepayments and other current assets | -2.1 | -4.3 |
Taxes accrued | 34.3 | 28.1 |
Interest accrued | 2.5 | 2 |
Accounts payable | -36 | 13 |
Other | -12.5 | -1.8 |
Cash flows from operating activities | 261 | 287.8 |
Cash flows from investing activities | ' | ' |
Capital expenditures | -320.3 | -249.6 |
Allowance for funds used during construction | 4.4 | 2.5 |
Net proceeds from sales of business/assets | 0.3 | 0.3 |
Cash flows used in investing activities | -315.6 | -246.8 |
Cash flows from financing activities | ' | ' |
Dividends | -95.9 | -95.6 |
Common stock | 3 | 7.4 |
Proceeds from long-term debt issuance | 296.6 | 0 |
Repayment of long-term debt/Purchase in lieu of redemption | -83.3 | 0 |
Net decrease in short-term debt | -84 | 0 |
Cash flows from (used) in financing activities | 36.4 | -88.2 |
Net decrease in cash and cash equivalents | -18.2 | -47.2 |
Cash and cash equivalents at beginning of period | 185.2 | 200.5 |
Cash and cash equivalents at end of period | 167 | 153.3 |
Supplemental disclosure of non-cash activities | ' | ' |
Capital expenditures accrued excluded above/not yet paid | 8.6 | -3.1 |
Tampa Electric Company [Member] | ' | ' |
Cash flows from operating activities | ' | ' |
Net income | 129.5 | 104.1 |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' |
Depreciation and amortization | 150.5 | 146 |
Deferred income taxes | 35 | 42.6 |
Investment tax credits | -0.2 | -0.2 |
Allowance for funds used during construction | -4.4 | -2.5 |
Deferred recovery clauses | -14.4 | -5.9 |
Receivables, less allowance for uncollectibles | -29.1 | -43 |
Inventories | -2.6 | -18.9 |
Prepayments | -2.8 | -5.6 |
Taxes accrued | 100.5 | 63.5 |
Interest accrued | 2.2 | 1.6 |
Accounts payable | -34.3 | 13.9 |
Other | -10.6 | -0.2 |
Cash flows from operating activities | 319.3 | 295.4 |
Cash flows from investing activities | ' | ' |
Capital expenditures | -312.7 | -239.9 |
Allowance for funds used during construction | 4.4 | 2.5 |
Net proceeds from sale of assets | 0.1 | 0 |
Cash flows used in investing activities | -308.2 | -237.4 |
Cash flows from financing activities | ' | ' |
Dividends | -112 | -94.1 |
Common stock | 17 | 20 |
Proceeds from long-term debt issuance | 296.6 | 0 |
Repayment of long-term debt/Purchase in lieu of redemption | -83.3 | 0 |
Net decrease in short-term debt | -84 | 0 |
Cash flows from (used) in financing activities | 34.3 | -74.1 |
Net decrease in cash and cash equivalents | 45.4 | -16.1 |
Cash and cash equivalents at beginning of period | 9.8 | 45.2 |
Cash and cash equivalents at end of period | 55.2 | 29.1 |
Supplemental disclosure of non-cash activities | ' | ' |
Capital expenditures accrued excluded above/not yet paid | $8.60 | ($3.10) |
Consolidated_Condensed_Stateme4
Consolidated Condensed Statements of Income and Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues | ' | ' | ' | ' |
Total revenues | $726.30 | $735.90 | $1,410.40 | $1,397 |
Expenses | ' | ' | ' | ' |
Fuel | 169.7 | 174.5 | 319.3 | 314.5 |
Purchased power | 19.9 | 20.5 | 38.1 | 35.1 |
Cost of natural gas sold | 29.1 | 40.7 | 76.2 | 90.2 |
Other | 126.8 | 129.6 | 247.4 | 250.4 |
Depreciation and amortization | 84.2 | 83.9 | 169.1 | 165.9 |
Taxes, other than income | 55.1 | 53.6 | 111.4 | 106.9 |
Total expenses | 593.1 | 616.4 | 1,164.10 | 1,173.40 |
Income from operations | 133.2 | 119.5 | 246.3 | 223.6 |
Other income | ' | ' | ' | ' |
Allowance for other funds used during construction | 2 | 1.4 | 4.4 | 2.5 |
Total other income | 1.8 | 3 | 3.5 | 5.7 |
Interest charges | ' | ' | ' | ' |
Interest on long-term debt | 42.9 | 43.5 | 85.4 | 86.5 |
Allowance for borrowed funds used during construction | -0.7 | -0.8 | -2.1 | -1.4 |
Total interest charges | 42.2 | 42.7 | 83.3 | 85.1 |
Income before provision for income taxes | 92.8 | 79.8 | 166.5 | 144.2 |
Provision for income taxes | 34.4 | 28.2 | 61.1 | 51.4 |
Net income | 58.4 | 51.4 | 108.5 | 92.9 |
Other comprehensive income, net of tax | ' | ' | ' | ' |
Total other comprehensive income, net of tax | 0.6 | 0.6 | -6.9 | 1.7 |
Comprehensive income | 59 | 52 | 101.6 | 94.6 |
Tampa Electric Company [Member] | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Electric (includes franchise fees and gross receipts taxes of $22.7 in 2014 and $21.5 in 2013) | 512.7 | 502.8 | 965.7 | 920.7 |
Gas (includes franchise fees and gross receipts taxes of $12.0 in 2014 and $11.6 in 2013) | 90.6 | 101.3 | 213.1 | 223.2 |
Total revenues | 603.3 | 604.1 | 1,178.80 | 1,143.90 |
Expenses | ' | ' | ' | ' |
Fuel | 169.7 | 174.5 | 319.3 | 314.5 |
Purchased power | 19.9 | 20.5 | 38.1 | 35.1 |
Cost of natural gas sold | 29 | 40.9 | 76.2 | 90.4 |
Other | 126.8 | 129.5 | 247.1 | 250.1 |
Depreciation and amortization | 75.1 | 74 | 150.5 | 146 |
Taxes, other than income | 47.6 | 45.8 | 95 | 90.3 |
Total expenses | 468.1 | 485.2 | 926.2 | 926.4 |
Income from operations | 135.2 | 118.9 | 252.6 | 217.5 |
Other income | ' | ' | ' | ' |
Allowance for other funds used during construction | 2 | 1.4 | 4.4 | 2.5 |
Other income, net | 1.1 | 1.3 | 2.3 | 2.5 |
Total other income | 3.1 | 2.7 | 6.7 | 5 |
Interest charges | ' | ' | ' | ' |
Interest on long-term debt | 26.4 | 26.4 | 52.1 | 52.9 |
Other interest | 1 | 1 | 2.1 | 1.9 |
Allowance for borrowed funds used during construction | -0.7 | -0.8 | -2.1 | -1.4 |
Total interest charges | 26.7 | 26.6 | 52.1 | 53.4 |
Income before provision for income taxes | 111.6 | 95 | 207.2 | 169.1 |
Provision for income taxes | 41.9 | 36.5 | 77.7 | 65 |
Net income | 69.7 | 58.5 | 129.5 | 104.1 |
Other comprehensive income, net of tax | ' | ' | ' | ' |
Amortization of settled interest rate swaps | 0 | 0.2 | 0.2 | 0.4 |
Total other comprehensive income, net of tax | 0 | 0.2 | 0.2 | 0.4 |
Comprehensive income | $69.70 | $58.70 | $129.70 | $104.50 |
Consolidated_Condensed_Stateme5
Consolidated Condensed Statements of Income and Comprehensive Income (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Franchise fees and gross receipts taxes | $27.80 | $26.70 | $55 | $52.10 |
Tampa Electric Company [Member] | ' | ' | ' | ' |
Franchise fees and gross receipts taxes | 27.8 | 26.7 | 55 | 52.1 |
Tampa Electric Company [Member] | Electric [Member] | ' | ' | ' | ' |
Franchise fees and gross receipts taxes | 22.7 | 21.5 | 43 | 40.5 |
Tampa Electric Company [Member] | Gas [Member] | ' | ' | ' | ' |
Franchise fees and gross receipts taxes | $5.10 | $5.20 | $12 | $11.60 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2014 | |
Summary of Significant Accounting Policies | ' |
1. Summary of Significant Accounting Policies | |
See TECO Energy, Inc.’s 2013 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 | |
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 June 30, 2014 and Dec. 31, 2013, and the results of operations and cash flows for the periods ended June 30, 2014 and 2013. The results of operations for the three months and six months ended June 30, 2014 are not necessarily indicative of the results that can be expected for the entire fiscal year ending Dec. 31, 2014. | |
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 June 30, 2014 and Dec. 31, 2013, unbilled revenues of $57.0 million and $46.7 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 $27.8 million and $55.0 million, respectively, for the three and six months ended June 30, 2014, compared to $26.7 million and $52.1 million, respectively, for the three and six months ended June 30, 2013. | |
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. | |
Tampa Electric Company [Member] | ' |
Summary of Significant Accounting Policies | ' |
1. Summary of Significant Accounting Policies | |
See TEC’s 2013 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 June 30, 2014 and Dec. 31, 2013, and the results of operations and cash flows for the periods ended June 30, 2014 and 2013. The results of operations for the three and six months ended June 30, 2014 are not necessarily indicative of the results that can be expected for the entire fiscal year ending Dec. 31, 2014. | |
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 June 30, 2014 and Dec. 31, 2013, unbilled revenues of $57.0 million and $46.7 million, respectively, are included in the “Receivables” line item on the Consolidated Condensed Balance Sheets. | |
Accounting for Excise Taxes, 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 $27.8 million and $55.0 million, respectively, for the three and six months ended June 30, 2014, compared to $26.7 million and $52.1 million, respectively, for the three and six months ended June 30, 2013. | |
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. |
New_Accounting_Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2014 | |
New Accounting Pronouncements | ' |
2. New Accounting Pronouncements | |
Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity | |
In April 2014, the FASB issued guidance regarding changing the criteria for reporting discontinued operations and enhancing convergence of the FASB’s and the IASB’s reporting requirements for discontinued operations. A disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. This standard is effective for the company beginning in 2015. | |
Revenue from Contracts with Customers | |
In May 2014, the FASB issued guidance regarding the accounting for revenue from contracts with customers. The standard is principle-based and provides a five-step model to determine when and how revenue is recognized. The core principle is that a company should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This guidance is effective for the company beginning in fiscal 2017 and allows for either full retrospective adoption or modified retrospective adoption. The company is currently evaluating the impact of the adoption of this guidance on its financial statements but does not expect the impact to be significant. | |
Tampa Electric Company [Member] | ' |
New Accounting Pronouncements | ' |
2. New Accounting Pronouncements | |
Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity | |
In April 2014, the FASB issued guidance regarding changing the criteria for reporting discontinued operations and enhancing convergence of the FASB’s and the IASB’s reporting requirements for discontinued operations. A disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. This standard is effective for TEC beginning in 2015. | |
Revenue from Contracts with Customers | |
In May 2014, the FASB issued guidance regarding the accounting for revenue from contracts with customers. The standard is principle-based and provides a five-step model to determine when and how revenue is recognized. The core principle is that a company should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This guidance is effective for TEC beginning in fiscal 2017 and allows for either full retrospective adoption or modified retrospective adoption. TEC is currently evaluating the impact of the adoption of this guidance on its financial statements but does not expect the impact to be significant. |
Regulatory
Regulatory | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
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. | |||||||||
Storm Damage Cost Recovery | |||||||||
Prior to Nov. 1, 2013, Tampa Electric was 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. Effective Nov. 1, 2013, Tampa Electric ceased accruing for this storm damage reserve as a result of the 2013 rate case settlement. 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 $56.1 million; the level it was as of Oct. 31, 2013. Tampa Electric’s storm reserve remained $56.1 million at both June 30, 2014 and Dec. 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 June 30, 2014 and Dec. 31, 2013 are presented in the following table: | |||||||||
Regulatory Assets and Liabilities | |||||||||
(millions) | Jun 30, 2014 | Dec 31, 2013 | |||||||
Regulatory assets: | |||||||||
Regulatory tax asset (1) | $ | 68.1 | $ | 67.4 | |||||
Other: | |||||||||
Cost-recovery clauses | 1.8 | 6.1 | |||||||
Postretirement benefit asset | 177.6 | 182.7 | |||||||
Deferred bond refinancing costs (2) | 7.6 | 8 | |||||||
Environmental remediation | 52 | 51.4 | |||||||
Competitive rate adjustment | 2.8 | 4.1 | |||||||
Other | 7.7 | 7.7 | |||||||
Total other regulatory assets | 249.5 | 260 | |||||||
Total regulatory assets | 317.6 | 327.4 | |||||||
Less: Current portion | 33.7 | 34.3 | |||||||
Long-term regulatory assets | $ | 283.9 | $ | 293.1 | |||||
Regulatory liabilities: | |||||||||
Regulatory tax liability (1) | $ | 5.6 | $ | 9.8 | |||||
Other: | |||||||||
Cost-recovery clauses | 34.8 | 54.5 | |||||||
Transmission and delivery storm reserve | 56.1 | 56.1 | |||||||
Deferred gain on property sales (3) | 1.4 | 2 | |||||||
Provision for stipulation and other | 0.8 | 0.8 | |||||||
Accumulated reserve - cost of removal | 588.4 | 594 | |||||||
Total other regulatory liabilities | 681.5 | 707.4 | |||||||
Total regulatory liabilities | 687.1 | 717.2 | |||||||
Less: Current portion | 65.7 | 85.8 | |||||||
Long-term regulatory liabilities | $ | 621.4 | $ | 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: | |||||||||
Jun 30, | Dec 31, | ||||||||
(millions) | 2014 | 2013 | |||||||
Clause recoverable (1) | $ | 4.6 | $ | 10.2 | |||||
Components of rate base (2) | 180.7 | 185.6 | |||||||
Regulatory tax assets (3) | 68.1 | 67.4 | |||||||
Capital structure and other (3) | 64.2 | 64.2 | |||||||
Total | $ | 317.6 | $ | 327.4 | |||||
-1 | To be recovered through cost-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. | |||||||||
Storm Damage Cost Recovery | |||||||||
Prior to Nov. 1, 2013, Tampa Electric was 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. Effective Nov. 1, 2013, Tampa Electric ceased accruing for this storm damage reserve as a result of the 2013 rate case settlement. 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 $56.1 million; the level it was as of Oct. 31, 2013. Tampa Electric’s storm reserve remained $56.1 million at both June 30, 2014 and Dec. 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 June 30, 2014 and Dec. 31, 2013 are presented in the following table: | |||||||||
Regulatory Assets and Liabilities | |||||||||
(millions) | Jun 30, 2014 | Dec 31, 2013 | |||||||
Regulatory assets: | |||||||||
Regulatory tax asset (1) | $ | 68.1 | $ | 67.4 | |||||
Other: | |||||||||
Cost-recovery clauses | 1.8 | 6.1 | |||||||
Postretirement benefit asset | 177.6 | 182.7 | |||||||
Deferred bond refinancing costs (2) | 7.6 | 8 | |||||||
Environmental remediation | 52 | 51.4 | |||||||
Competitive rate adjustment | 2.8 | 4.1 | |||||||
Other | 7.7 | 7.7 | |||||||
Total other regulatory assets | 249.5 | 260 | |||||||
Total regulatory assets | 317.6 | 327.4 | |||||||
Less: Current portion | 33.7 | 34.3 | |||||||
Long-term regulatory assets | $ | 283.9 | $ | 293.1 | |||||
Regulatory liabilities: | |||||||||
Regulatory tax liability (1) | $ | 5.6 | $ | 9.8 | |||||
Other: | |||||||||
Cost-recovery clauses | 34.8 | 54.5 | |||||||
Transmission and delivery storm reserve | 56.1 | 56.1 | |||||||
Deferred gain on property sales (3) | 1.4 | 2 | |||||||
Provision for stipulation and other | 0.8 | 0.8 | |||||||
Accumulated reserve - cost of removal | 588.4 | 594 | |||||||
Total other regulatory liabilities | 681.5 | 707.4 | |||||||
Total regulatory liabilities | 687.1 | 717.2 | |||||||
Less: Current portion | 65.7 | 85.8 | |||||||
Long-term regulatory liabilities | $ | 621.4 | $ | 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 | Jun 30, | Dec 31, | |||||||
(millions) | 2014 | 2013 | |||||||
Clause recoverable (1) | $4.60 | $10.20 | |||||||
Components of rate base (2) | 180.7 | 185.6 | |||||||
Regulatory tax assets (3) | 68.1 | 67.4 | |||||||
Capital structure and other (3) | 64.2 | 64.2 | |||||||
Total | $ | 317.6 | $ | 327.4 | |||||
-1 | To be recovered through cost-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 | 6 Months Ended |
Jun. 30, 2014 | |
Income Taxes | ' |
4. Income Taxes | |
The company’s U.S. subsidiaries join in the filing of a U.S. federal consolidated income tax return. The IRS concluded its examination of the company’s 2012 consolidated federal income tax return in January 2014. The U.S. federal statute of limitations remains open for years 2010 and forward. Years 2013 and 2014 are currently under examination by the IRS under its Compliance Assurance Program. TECO Energy does not expect the results of current IRS examinations to significantly change the total amount of unrecognized tax benefits by the end of 2014. 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 2010 and forward. | |
The effective tax rate increased to 36.71% for the six months ended June 30, 2014 from 35.64% for the same period in 2013. | |
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 six months ended June 30, 2014 and 2013 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 TECO Energy’s 2012 consolidated federal income tax return in January 2014. The U.S. federal statute of limitations remains open for the year 2010 and forward. Years 2013 and 2014 are currently under examination by the IRS under its Compliance Assurance Program. TECO Energy does not expect the results of current IRS examinations to significantly change the total amount of unrecognized tax benefits by the end of 2014. 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 2010 and forward. |
Employee_Postretirement_Benefi
Employee Postretirement Benefits | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
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 Jun 30, | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Components of net periodic benefit expense | |||||||||||||||||
Service cost | $ | 4.2 | $ | 4.3 | $ | 0.6 | $ | 0.5 | |||||||||
Interest cost on projected benefit obligations | 8.2 | 7.2 | 2.6 | 2.4 | |||||||||||||
Expected return on assets | (10.4 | ) | (9.5 | ) | 0 | 0 | |||||||||||
Amortization of: | |||||||||||||||||
Prior service (benefit) cost | (0.1 | ) | (0.1 | ) | (0.1 | ) | (0.1 | ) | |||||||||
Actuarial loss | 3.5 | 5.3 | 0.1 | 0.2 | |||||||||||||
Net pension expense recognized in the | |||||||||||||||||
TECO Energy Consolidated Condensed Statements of Income | $ | 5.4 | $ | 7.2 | $ | 3.2 | $ | 3 | |||||||||
Six months ended Jun 30, | |||||||||||||||||
Components of net periodic benefit expense | |||||||||||||||||
Service cost | $ | 8.3 | $ | 9.1 | $ | 1.2 | $ | 1.2 | |||||||||
Interest cost on projected benefit obligations | 16.4 | 14.4 | 5.2 | 4.7 | |||||||||||||
Expected return on assets | (20.7 | ) | (19.2 | ) | 0 | 0 | |||||||||||
Amortization of: | |||||||||||||||||
Prior service (benefit) cost | (0.2 | ) | (0.2 | ) | (0.1 | ) | (0.2 | ) | |||||||||
Actuarial loss | 6.7 | 10.3 | 0.1 | 0.5 | |||||||||||||
Net pension expense recognized in the | |||||||||||||||||
TECO Energy Consolidated Condensed Statements of Income | $ | 10.5 | $ | 14.4 | $ | 6.4 | $ | 6.2 | |||||||||
For the 2014 plan year, TECO Energy is using an assumed long-term EROA of 7.25% and a discount rate of 5.118% for pension benefits under its qualified pension plan, and a discount rate of 5.096% for its other postretirement benefits as of their Jan. 1, 2014 measurement dates. Additionally, TECO Energy made contributions of $26.5 million to its pension plan for the six months ended June 30, 2014. | |||||||||||||||||
For the three and six months ended June 30, 2014, TECO Energy and its subsidiaries reclassed $0.7 million and $1.3 million pretax, respectively, of unamortized prior service benefit and actuarial losses from AOCI to net income as part of periodic benefit expense. In addition, during the three and six months ended June 30, 2014, TEC reclassed $2.7 million and $5.2 million, respectively, of unamortized prior service benefit 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 June 30, 2014 and 2013, respectively, was $3.9 million and $5.6 million for pension benefits, and $2.6 million and $2.4 million for other postretirement benefits. TEC’s portion of the net pension expense for the six months ended June 30, 2014 and 2013, respectively, was $7.7 million and $10.9 million for pension benefits, and $5.2 million and $5.0 million for other postretirement benefits. | |||||||||||||||||
For the 2014 plan year, TECO Energy assumed a long-term EROA of 7.25% and a discount rate of 5.118% for pension benefits under its qualified pension plan, and a discount rate of 5.096% for its other postretirement benefits as of their Jan. 1, 2013 measurement dates. Additionally, TECO Energy made contributions of $26.5 million to its pension plan in the six months ended June 30, 2014. TEC’s portion of the contributions was $21.5 million. | |||||||||||||||||
Included in the benefit expenses discussed above, for the three and six months ended June 30, 2014, TEC reclassed $2.7 million and $5.2 million, respectively, of unamortized transition obligation, prior service cost and actuarial losses from regulatory assets to net income. |
ShortTerm_Debt
Short-Term Debt | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Short-Term Debt | ' | ||||||||||||||||||||||||
6. Short-Term Debt | |||||||||||||||||||||||||
At June 30, 2014 and Dec. 31, 2013, the following credit facilities and related borrowings existed: | |||||||||||||||||||||||||
Credit Facilities | |||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||||
(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 | $ | 0.7 | $ | 325 | $ | 6 | $ | 0.7 | |||||||||||||
1-year accounts receivable facility | 150 | 0 | 0 | 150 | 78 | 0 | |||||||||||||||||||
TECO Energy/TECO Finance: | |||||||||||||||||||||||||
5-year facility (2)(3) | 200 | 0 | 0 | 200 | 0 | 0 | |||||||||||||||||||
Total | $ | 675 | $ | 0 | $ | 0.7 | $ | 675 | $ | 84 | $ | 0.7 | |||||||||||||
-1 | Borrowings outstanding are reported as notes payable. | ||||||||||||||||||||||||
-2 | This 5-year facility matures Dec. 17, 2018. | ||||||||||||||||||||||||
-3 | TECO Finance is the borrower and TECO Energy is the guarantor of this facility. | ||||||||||||||||||||||||
At June 30, 2014, these credit facilities require commitment fees ranging from 12.5 to 30.0 basis points. The weighted-average interest rate on outstanding amounts payable under the credit facilities at Dec. 31, 2013 was 0.56%. There were no outstanding borrowings at June 30, 2014. | |||||||||||||||||||||||||
Tampa Electric Company Accounts Receivable Facility | |||||||||||||||||||||||||
On Feb. 14, 2014, TEC and TRC amended their $150 million accounts receivable collateralized borrowing facility, entering into Amendment No. 12 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. 13, 2015, (ii) provides that TRC will pay program and liquidity fees, which will total 70.0 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, (iv) confirms that CAFCO, LLC will be the Committed Lender and Conduit Lender and (v) makes other technical changes. | |||||||||||||||||||||||||
Tampa Electric Company [Member] | ' | ||||||||||||||||||||||||
Short-Term Debt | ' | ||||||||||||||||||||||||
6. Short-Term Debt | |||||||||||||||||||||||||
At June 30, 2014 and Dec. 31, 2013, the following credit facilities and related borrowings existed: | |||||||||||||||||||||||||
Credit Facilities | |||||||||||||||||||||||||
30-Jun-14 | Dec. 31, 2013 | ||||||||||||||||||||||||
Letters | Letters | ||||||||||||||||||||||||
Credit | Borrowings | of Credit | Credit | Borrowings | of Credit | ||||||||||||||||||||
(millions) | Facilities | Outstanding (1) | Outstanding | Facilities | Outstanding (1) | Outstanding | |||||||||||||||||||
Tampa Electric Company: | |||||||||||||||||||||||||
5-year facility (2) | $ | 325 | $ | 0 | $ | 0.7 | $ | 325 | $ | 6 | $ | 0.7 | |||||||||||||
1-year accounts receivable facility | 150 | 0 | 0 | 150 | 78 | 0 | |||||||||||||||||||
Total | $ | 475 | $ | 0 | $ | 0.7 | $ | 475 | $ | 84 | $ | 0.7 | |||||||||||||
-1 | Borrowings outstanding are reported as notes payable. | ||||||||||||||||||||||||
-2 | This 5-year facility matures Dec. 17, 2018. | ||||||||||||||||||||||||
At June 30, 2014, these credit facilities require commitment fees ranging from 12.5 to 30.0 basis points. The weighted-average interest rate on outstanding amounts payable under the credit facilities at Dec. 31, 2013 was 0.56%. There were no outstanding borrowings at June 30, 2014. | |||||||||||||||||||||||||
Tampa Electric Company Accounts Receivable Facility | |||||||||||||||||||||||||
On Feb. 14, 2014, TEC and TRC amended their $150 million accounts receivable collateralized borrowing facility, entering into Amendment No. 12 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. 13, 2015, (ii) provides that TRC will pay program and liquidity fees, which will total 70.0 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, (iv) confirms that CAFCO, LLC will be the Committed Lender and Conduit Lender and (v) makes other technical changes. |
LongTerm_Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2014 | |
Long-Term Debt | ' |
7. Long-Term Debt | |
Fair Value of Long-Term Debt | |
At June 30, 2014, total long-term debt had a carrying amount of $3,137.6 million and an estimated fair market value of $3,469.6 million. At Dec. 31, 2013, total long-term debt had a carrying amount of $2,921.1 million and an estimated fair market value of $3,184.1 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. | |
Issuance of Tampa Electric Company 4.35% Notes due 2044 | |
On May 15, 2014, TEC completed an offering of $300 million aggregate principal amount of 4.35% Notes due 2044 (the Notes). The Notes were sold at 99.933% of par. The offering resulted in net proceeds to TEC (after deducting underwriting discounts, commissions, estimated offering expenses and before settlement of interest rate swaps) of approximately $296.6 million. Net proceeds were used to repay short-term debt and for general corporate purposes. TEC may redeem all or any part of the Notes at its option at any time and from time to time at a redemption price equal to the greater of (i) 100% of the principal amount of Notes to be redeemed or (ii) the sum of the present value of the remaining payments of principal and interest on the Notes to be redeemed, discounted at an applicable treasury rate (as defined in the indenture), plus 15 basis points; in either case, the redemption price would include accrued and unpaid interest to the redemption date. At any time on or after Nov. 15, 2043, TEC may at its option redeem the Notes, in whole or in part, at 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to but excluding the date of redemption. | |
Tampa Electric Company [Member] | ' |
Long-Term Debt | ' |
7. Long-Term Debt | |
Fair Value of Long-Term Debt | |
At June 30, 2014, TEC’s total long-term debt had a carrying amount of $2,097.2 million and an estimated fair market value of $2,329.6 million. At Dec. 31, 2013, total long-term debt had a carrying amount of $1,880.8 million and an estimated fair market value of $2,042.0 million. TEC 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. | |
Issuance of Tampa Electric Company 4.35% Notes due 2044 | |
On May 15, 2014, TEC completed an offering of $300 million aggregate principal amount of 4.35% Notes due 2044 (the Notes). The Notes were sold at 99.933% of par. The offering resulted in net proceeds to TEC (after deducting underwriting discounts, commissions, estimated offering expenses and before settlement of interest rate swaps) of approximately $296.6 million. Net proceeds were used to repay short-term debt and for general corporate purposes. TEC may redeem all or any part of the Notes at its option at any time and from time to time at a redemption price equal to the greater of (i) 100% of the principal amount of Notes to be redeemed or (ii) the sum of the present value of the remaining payments of principal and interest on the Notes to be redeemed, discounted at an applicable treasury rate (as defined in the indenture), plus 15 basis points; in either case, the redemption price would include accrued and unpaid interest to the redemption date. At any time on or after Nov. 15, 2043, TEC may at its option redeem the Notes, in whole or in part, at 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to but excluding the date of redemption. |
Other_Comprehensive_Income
Other Comprehensive Income | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Other Comprehensive Income | ' | ||||||||||||||||||||||||
8. Other Comprehensive Income | |||||||||||||||||||||||||
TECO Energy reported the following OCI for the three and six months ended June 30, 2014 and 2013, 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 Jun 30, | Six months ended Jun 30, | ||||||||||||||||||||||||
(millions) | Gross | Tax | Net | Gross | Tax | Net | |||||||||||||||||||
2014 | |||||||||||||||||||||||||
Unrealized gain on cash flow hedges | $ | 0.1 | $ | 0 | $ | 0.1 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||
Reclassification from AOCI to net income (1) | 0.1 | (0.1 | ) | 0 | 0.5 | (0.2 | ) | 0.3 | |||||||||||||||||
Gain on cash flow hedges | 0.2 | (0.1 | ) | 0.1 | 0.5 | (0.2 | ) | 0.3 | |||||||||||||||||
Amortization of unrecognized benefit costs (2) | 0.8 | (0.3 | ) | 0.5 | 1.6 | (0.6 | ) | 1 | |||||||||||||||||
Increase in unrecognized postemployment costs(3) | 0 | 0 | 0 | (12.9 | ) | 4.7 | (8.2 | ) | |||||||||||||||||
Total other comprehensive income (loss) | $ | 1 | ($ | 0.4 | ) | $ | 0.6 | ($ | 10.8 | ) | $ | 3.9 | ($ | 6.9 | ) | ||||||||||
2013 | |||||||||||||||||||||||||
Unrealized loss on cash flow hedges | ($ | 0.7 | ) | $ | 0.3 | ($ | 0.4 | ) | ($ | 0.4 | ) | $ | 0.2 | ($ | 0.2 | ) | |||||||||
Reclassification from AOCI to net income (1) | 0.5 | (0.2 | ) | 0.3 | 0.8 | (0.3 | ) | 0.5 | |||||||||||||||||
(Loss) Gain on cash flow hedges | (0.2 | ) | 0.1 | (0.1 | ) | 0.4 | (0.1 | ) | 0.3 | ||||||||||||||||
Amortization of unrecognized benefit costs (2) | 1.1 | (0.4 | ) | 0.7 | 2.2 | (0.8 | ) | 1.4 | |||||||||||||||||
Total other comprehensive income | $ | 0.9 | ($ | 0.3 | ) | $ | 0.6 | $ | 2.6 | ($ | 0.9 | ) | $ | 1.7 | |||||||||||
-1 | Related to interest rate contracts recognized in Interest expense and commodity contracts recognized in Mining related costs. | ||||||||||||||||||||||||
-2 | Related to postretirement and postemployment benefits. See Note 5 for additional information. | ||||||||||||||||||||||||
-3 | Amount reflects an out-of-period adjustment to TECO Coal’s unfunded black lung liability. | ||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||
(millions) | Jun 30, 2014 | Dec 31, 2013 | |||||||||||||||||||||||
Unrecognized pension loss and prior service credit (1) | ($ | 19.7 | ) | ($ | 20.5 | ) | |||||||||||||||||||
Unrecognized other benefit loss, prior service cost and transition obligation (2) | 7.1 | 15.1 | |||||||||||||||||||||||
Net unrealized losses from cash flow hedges (3) | (7.5 | ) | (7.8 | ) | |||||||||||||||||||||
Total accumulated other comprehensive loss | ($ | 20.1 | ) | ($ | 13.2 | ) | |||||||||||||||||||
-1 | Net of tax benefit of $12.1 million and $12.6 million as of June 30, 2014 and Dec. 31, 2013, respectively. | ||||||||||||||||||||||||
-2 | Net of tax expense of $4.4 million and $9.1 million as of June 30, 2014 and Dec. 31, 2013, respectively. | ||||||||||||||||||||||||
-3 | Net of tax benefit of $4.7 million and $4.9 million as of June 30, 2014 and Dec. 31, 2013, respectively. | ||||||||||||||||||||||||
Tampa Electric Company [Member] | ' | ||||||||||||||||||||||||
Other Comprehensive Income | ' | ||||||||||||||||||||||||
12. Other Comprehensive Income | |||||||||||||||||||||||||
Other Comprehensive Income | Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||
(millions) | Gross | Tax | Net | Gross | Tax | Net | |||||||||||||||||||
2014 | |||||||||||||||||||||||||
Unrealized loss on cash flow hedges | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||
Reclassification from AOCI to net income | 0 | 0 | 0 | 0.4 | (0.2 | ) | 0.2 | ||||||||||||||||||
Gain on cash flow hedges | 0 | 0 | 0 | 0.4 | (0.2 | ) | 0.2 | ||||||||||||||||||
Total other comprehensive income | $ | 0 | $ | 0 | $ | 0 | $ | 0.4 | ($ | 0.2 | ) | $ | 0.2 | ||||||||||||
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 | 0.7 | (0.3 | ) | 0.4 | |||||||||||||||||
Gain on cash flow hedges | 0.4 | (0.2 | ) | 0.2 | 0.7 | (0.3 | ) | 0.4 | |||||||||||||||||
Total other comprehensive income | $ | 0.4 | ($ | 0.2 | ) | $ | 0.2 | $ | 0.7 | ($ | 0.3 | ) | $ | 0.4 | |||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||
(millions) | Jun 30, 2014 | Dec 31, 2013 | |||||||||||||||||||||||
Net unrealized losses from cash flow hedges (1) | ($ | 7.6 | ) | ($ | 7.8 | ) | |||||||||||||||||||
Total accumulated other comprehensive loss | ($ | 7.6 | ) | ($ | 7.8 | ) | |||||||||||||||||||
-1 | Net of tax benefit of $4.7 million and $4.9 million as of June 30, 2014 and Dec. 31, 2013, respectively. |
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
9. Earnings Per Share | |||||||||||||||||
For the three months ended Jun 30, | For the six months ended Jun 30, | ||||||||||||||||
(millions, except per share amounts) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Basic earnings per share | |||||||||||||||||
Net income from continuing operations | $ | 58.4 | $ | 51.6 | $ | 105.4 | $ | 92.8 | |||||||||
Amount allocated to nonvested participating shareholders | (0.2 | ) | (0.2 | ) | (0.4 | ) | (0.3 | ) | |||||||||
Income before discontinued operations available to common shareholders - Basic | $ | 58.2 | $ | 51.4 | $ | 105 | $ | 92.5 | |||||||||
Income (Loss) from discontinued operations, net | $ | 0 | ($ | 0.2 | ) | $ | 3.1 | $ | 0.1 | ||||||||
Amount allocated to nonvested participating shareholders | 0 | 0 | 0 | 0 | |||||||||||||
Income (Loss) from discontinued operations available to common shareholders - Basic | $ | 0 | ($ | 0.2 | ) | $ | 3.1 | $ | 0.1 | ||||||||
Net income | $ | 58.4 | $ | 51.4 | $ | 108.5 | $ | 92.9 | |||||||||
Amount allocated to nonvested participating shareholders | (0.2 | ) | (0.2 | ) | (0.4 | ) | (0.3 | ) | |||||||||
Net income available to common shareholders - Basic | $ | 58.2 | $ | 51.2 | $ | 108.1 | $ | 92.6 | |||||||||
Average common shares outstanding - Basic | 215.4 | 215 | 215.3 | 214.8 | |||||||||||||
Earnings per share from continuing operations available to common shareholders - Basic | $ | 0.27 | $ | 0.24 | $ | 0.49 | $ | 0.43 | |||||||||
Earnings per share from discontinued operations available to common shareholders - Basic | $ | 0 | $ | 0 | $ | 0.01 | $ | 0 | |||||||||
Earnings per share available to common shareholders - Basic | $ | 0.27 | $ | 0.24 | $ | 0.5 | $ | 0.43 | |||||||||
Diluted earnings per share | |||||||||||||||||
Net income from continuing operations | $ | 58.4 | $ | 51.6 | $ | 105.4 | $ | 92.8 | |||||||||
Amount allocated to nonvested participating shareholders | (0.2 | ) | (0.2 | ) | (0.4 | ) | (0.3 | ) | |||||||||
Income before discontinued operations available to common shareholders - Diluted | $ | 58.2 | $ | 51.4 | $ | 105 | $ | 92.5 | |||||||||
Income (Loss) from discontinued operations, net | $ | 0 | ($ | 0.2 | ) | $ | 3.1 | $ | 0.1 | ||||||||
Amount allocated to nonvested participating shareholders | 0 | 0 | 0 | 0 | |||||||||||||
Income (Loss) from discontinued operations available to common shareholders - Diluted | $ | 0 | ($ | 0.2 | ) | $ | 3.1 | $ | 0.1 | ||||||||
Net income | $ | 58.4 | $ | 51.4 | $ | 108.5 | $ | 92.9 | |||||||||
Amount allocated to nonvested participating shareholders | (0.2 | ) | (0.2 | ) | (0.4 | ) | (0.3 | ) | |||||||||
Net income available to common shareholders - Diluted | $ | 58.2 | $ | 51.2 | $ | 108.1 | $ | 92.6 | |||||||||
Unadjusted average common shares outstanding - Diluted | 215.4 | 215 | 215.3 | 214.8 | |||||||||||||
Assumed conversion of stock options, unvested restricted stock and contingent performance shares, net | 0.5 | 0.5 | 0.5 | 0.5 | |||||||||||||
Average common shares outstanding - Diluted | 215.9 | 215.5 | 215.8 | 215.3 | |||||||||||||
Earnings per share from continuing operations available to common shareholders - Diluted | $ | 0.27 | $ | 0.24 | $ | 0.49 | $ | 0.43 | |||||||||
Earnings per share from discontinued operations available to common shareholders - Diluted | $ | 0 | $ | 0 | $ | 0.01 | $ | 0 | |||||||||
Earnings per share available to common shareholders - Diluted | $ | 0.27 | $ | 0.24 | $ | 0.5 | $ | 0.43 | |||||||||
Anti-dilutive shares | 0 | 0 | 0 | 0 | |||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
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. The suit filed in November 2011 by the Posen Construction, Inc. employee operating the heavy equipment involved in the incident in Lee County Circuit Court against PGS, Posen Construction, Inc. and a PGS contractor involved in the project, seeking damages for his injuries, remains pending. | |||||||||||||||||||||
The company believes the claim in the pending action described above in this item is without merit and intends to defend the matter vigorously. The company is unable at this time to estimate the possible loss or range of loss with respect to this matter. | |||||||||||||||||||||
TECO Guatemala Holdings, LLC v. The Republic of Guatemala | |||||||||||||||||||||
On Dec. 19, 2013, the ICSID Tribunal hearing the arbitration claim of TGH, a wholly owned subsidiary of TECO Energy, Inc., against the Republic of Guatemala (Guatemala) under the DR – CAFTA, issued an award in the case (the Award). The ICSID Tribunal unanimously found in favor of TGH and awarded damages to TGH of approximately U.S. $21.1 million, plus interest from Oct. 21, 2010 at a rate equal to the U.S. prime rate plus 2%. In addition, the Tribunal ruled that Guatemala must reimburse TGH for approximately U.S. $7.5 million of the costs that it incurred in pursuing the arbitration. Pursuant to ICSID’s rules and procedures, each party had 120 days after the date of the Award to file an application for its annulment. | |||||||||||||||||||||
On April 18, 2014, Guatemala filed an application for annulment of the entire Award (or, alternatively, certain parts of the Award) pursuant to applicable ICSID rules. Guatemala also requested that the enforcement of the Award be stayed while the annulment proceeding is pending. Under the applicable rules, the enforcement of the Award is provisionally stayed until the ad hoc committee that will be deciding Guatemala’s application is constituted and makes a decision regarding whether the stay should continue through the rest of the annulment proceeding. | |||||||||||||||||||||
Also on April 18, 2014, TGH separately filed an application for partial annulment of the Award on the basis of certain deficiencies in the Tribunal’s determination of the amount of TGH’s damages. If TGH’s application is successful, TGH will be able to seek additional damages from Guatemala in a new arbitration proceeding. | |||||||||||||||||||||
While the duration of the annulment proceedings is uncertain, they are expected to take approximately two years to conclude. Pending the outcome of annulment proceedings, results in the second quarter of 2014 do not reflect any benefit of this decision. | |||||||||||||||||||||
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 June 30, 2014 TEC has estimated its ultimate financial liability to be $35.9 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. | |||||||||||||||||||||
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 June 30, 2014 is as follows: | |||||||||||||||||||||
Guarantees - TECO Energy | |||||||||||||||||||||
(millions) | 2014 | 2015-2018 | After(1) | Total | Liabilities Recognized | ||||||||||||||||
Guarantees for the Benefit of: | 2018 | at Jun 30, 2014 | |||||||||||||||||||
TECO Coal | |||||||||||||||||||||
Fuel purchase related (2) | $ | 0 | $ | 0.7 | $ | 4 | $ | 4.7 | $ | 0.6 | |||||||||||
Other subsidiaries | |||||||||||||||||||||
Fuel purchase/energy management (2) | 0 | 0 | 92.9 | 92.9 | 0.1 | ||||||||||||||||
Total | $ | 0 | $ | 0.7 | $ | 96.9 | $ | 97.6 | $ | 0.7 | |||||||||||
Letters of Credit - Tampa Electric Company | |||||||||||||||||||||
(millions) | 2014 | 2015-2018 | After(1) | Total | Liabilities Recognized | ||||||||||||||||
Letters of Credit for the Benefit of: | 2018 | at Jun 30, 2014 | |||||||||||||||||||
Tampa Electric Company(2) | $ | 0 | $ | 0 | $ | 0.7 | $ | 0.7 | $ | 0.1 | |||||||||||
Total | $ | 0 | $ | 0 | $ | 0.7 | $ | 0.7 | $ | 0.1 | |||||||||||
-1 | These letters of credit and guarantees renew annually and are shown on the basis that they will continue to renew beyond 2018. | ||||||||||||||||||||
-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 June 30, 2014. The obligations under these letters of credit and guarantees include net accounts payable and net derivative liabilities. | ||||||||||||||||||||
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 June 30, 2014, 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 | ' | ||||||||||||||||||||
8. Commitments and Contingencies | |||||||||||||||||||||
Legal Contingencies | |||||||||||||||||||||
From time to time, TEC and its subsidiaries are involved in various legal, tax and regulatory proceedings before various courts, regulatory commissions and governmental agencies in the ordinary course of 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. The suit filed in November 2011 by the Posen Construction, Inc. employee operating the heavy equipment involved in the incident in Lee County Circuit Court against PGS, Posen Construction, Inc. and a PGS contractor involved in the project, seeking damages for his injuries, remains pending. | |||||||||||||||||||||
TEC believes the claim in the pending action described above in this item is without merit and intends to defend the matter vigorously. TEC is unable at this time to estimate the possible loss or range of loss with respect to this matter. | |||||||||||||||||||||
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 June 30, 2014 TEC has estimated its ultimate financial liability to be $35.9 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. | |||||||||||||||||||||
Guarantees and Letters of Credit | |||||||||||||||||||||
A summary of the face amount or maximum theoretical obligation under TEC’s letters of credit as of June 30, 2014 is as follows: | |||||||||||||||||||||
Letters of Credit - Tampa Electric Company | |||||||||||||||||||||
(millions) | 2014 | 2015-2018 | After(1) | Total | Liabilities Recognized | ||||||||||||||||
Letters of Credit for the Benefit of: | 2018 | at Jun 30, 2014 | |||||||||||||||||||
Tampa Electric Company (2) | $ | 0 | $ | 0 | $ | 0.7 | $ | 0.7 | $ | 0.1 | |||||||||||
-1 | These letters of credit renew annually and are shown on the basis that they will continue to renew beyond 2018. | ||||||||||||||||||||
-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 June 30, 2014. 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 June 30, 2014, TEC was in compliance with all applicable financial covenants. |
Segment_Information
Segment Information | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||
11. Segment Information | |||||||||||||||||||||
TECO Energy is an electric and gas utility holding company with 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 | Other & | TECO | ||||||||||||||||
Three months ended Jun 30, | Electric | Gas | Coal | Eliminations | Energy | ||||||||||||||||
2014 | |||||||||||||||||||||
Revenues - external | $ | 512.5 | $ | 90.7 | $ | 120.6 | $ | 2.5 | $ | 726.3 | |||||||||||
Sales to affiliates | 0.2 | 0.4 | 0 | (0.6 | ) | 0 | |||||||||||||||
Total revenues | 512.7 | 91.1 | 120.6 | 1.9 | 726.3 | ||||||||||||||||
Depreciation and amortization | 61.7 | 13.4 | 8.7 | 0.4 | 84.2 | ||||||||||||||||
Total interest charges(1) | 23.3 | 3.4 | 1.5 | 14 | 42.2 | ||||||||||||||||
Internally allocated interest (1) | 0 | 0 | 1.5 | (1.5 | ) | 0 | |||||||||||||||
Provision (benefit) for income taxes | 37.1 | 4.8 | (0.7 | ) | (6.8 | ) | 34.4 | ||||||||||||||
Net income (loss) from continuing operations | 62.2 | 7.5 | 0.8 | (12.1 | ) | 58.4 | |||||||||||||||
Income from discontinued operations, net | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Net income (loss) | $ | 62.2 | $ | 7.5 | $ | 0.8 | ($ | 12.1 | ) | $ | 58.4 | ||||||||||
2013 | |||||||||||||||||||||
Revenues - external | $ | 502.6 | $ | 101.3 | $ | 128.4 | $ | 3.6 | $ | 735.9 | |||||||||||
Sales to affiliates | 0.3 | 0.5 | 0 | (0.8 | ) | 0 | |||||||||||||||
Total revenues | 502.9 | 101.8 | 128.4 | 2.8 | 735.9 | ||||||||||||||||
Depreciation and amortization | 60.8 | 13.2 | 9.5 | 0.4 | 83.9 | ||||||||||||||||
Total interest charges(1) | 23.3 | 3.3 | 1.7 | 14.4 | 42.7 | ||||||||||||||||
Internally allocated interest (1) | 0 | 0 | 1.7 | (1.7 | ) | 0 | |||||||||||||||
Provision (benefit) for income taxes | 31.5 | 5 | (0.9 | ) | (7.4 | ) | 28.2 | ||||||||||||||
Net income (loss) from continuing operations | 50.6 | 7.9 | 0.7 | (7.6 | ) | 51.6 | |||||||||||||||
Income from discontinued operations, net | 0 | 0 | 0 | (0.2 | ) | (0.2 | ) | ||||||||||||||
Net income (loss) | $ | 50.6 | $ | 7.9 | $ | 0.7 | ($ | 7.8 | ) | $ | 51.4 | ||||||||||
(millions) | Tampa | Peoples | TECO | Other & | TECO | ||||||||||||||||
Six months ended Jun 30, | Electric | Gas | Coal | Eliminations | Energy | ||||||||||||||||
2014 | |||||||||||||||||||||
Revenues - external | $ | 965.4 | $ | 213.1 | $ | 226.7 | $ | 5.2 | $ | 1,410.40 | |||||||||||
Sales to affiliates | 0.5 | 0.6 | 0 | (1.1 | ) | 0 | |||||||||||||||
Total revenues | 965.9 | 213.7 | 226.7 | 4.1 | 1,410.40 | ||||||||||||||||
Depreciation and amortization | 123.8 | 26.7 | 17.7 | 0.9 | 169.1 | ||||||||||||||||
Total interest charges(1) | 45.3 | 6.8 | 3 | 28.2 | 83.3 | ||||||||||||||||
Internally allocated interest (1) | 0 | 0 | 3 | (3.0 | ) | 0 | |||||||||||||||
Provision (benefit) for income taxes | 63.7 | 14 | (2.9 | ) | (13.7 | ) | 61.1 | ||||||||||||||
Net income (loss) from continuing operations | 107.4 | 22.1 | (0.8 | ) | (23.3 | ) | 105.4 | ||||||||||||||
Income from discontinued operations, net | 0 | 0 | 0 | 3.1 | 3.1 | ||||||||||||||||
Net income (loss) | $ | 107.4 | $ | 22.1 | $ | (0.8 | ) | $ | (20.2 | ) | $ | 108.5 | |||||||||
2013 | |||||||||||||||||||||
Revenues - external | $ | 920.4 | $ | 223.2 | $ | 246.3 | $ | 7.1 | $ | 1,397.00 | |||||||||||
Sales to affiliates | 0.5 | 0.5 | 0 | (1.0 | ) | 0 | |||||||||||||||
Total revenues | 920.9 | 223.7 | 246.3 | 6.1 | 1,397.00 | ||||||||||||||||
Depreciation and amortization | 119.8 | 26.2 | 19.2 | 0.7 | 165.9 | ||||||||||||||||
Total interest charges(1) | 46.7 | 6.7 | 3.4 | 28.3 | 85.1 | ||||||||||||||||
Internally allocated interest (1) | 0 | 0 | 3.3 | (3.3 | ) | 0 | |||||||||||||||
Provision (benefit) for income taxes | 51.3 | 13.7 | (1.0 | ) | (12.6 | ) | 51.4 | ||||||||||||||
Net income (loss) from continuing operations | 82.4 | 21.7 | 3.7 | (15.0 | ) | 92.8 | |||||||||||||||
Income from discontinued operations, net | 0 | 0 | 0 | 0.1 | 0.1 | ||||||||||||||||
Net income (loss) | $ | 82.4 | $ | 21.7 | $ | 3.7 | $ | (14.9 | ) | $ | 92.9 | ||||||||||
At Jun 30, 2014 | |||||||||||||||||||||
Total assets | $ | 6,311.90 | $ | 1,034.10 | $ | 333.3 | ($ | 58.5 | ) | $ | 7,620.80 | ||||||||||
At Dec 31, 2013 | |||||||||||||||||||||
Total assets | $ | 6,126.90 | $ | 1,021.20 | $ | 316.3 | ($ | 16.4 | ) | $ | 7,448.00 | ||||||||||
-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 2013 through June 2014 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. | ||||||||||||||||||||
Tampa Electric Company [Member] | ' | ||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||
9. Segment Information | |||||||||||||||||||||
(millions) | Tampa | Peoples | Other & | Tampa Electric | |||||||||||||||||
Three months ended Jun 30, | Electric | Gas | Eliminations | Company | |||||||||||||||||
2014 | |||||||||||||||||||||
Revenues - external | $ | 512.6 | $ | 90.7 | $ | 0 | $ | 603.3 | |||||||||||||
Sales to affiliates | 0.1 | 0.4 | (0.5 | ) | 0 | ||||||||||||||||
Total revenues | 512.7 | 91.1 | (0.5 | ) | 603.3 | ||||||||||||||||
Depreciation and amortization | 61.7 | 13.4 | 0 | 75.1 | |||||||||||||||||
Total interest charges | 23.3 | 3.4 | 0 | 26.7 | |||||||||||||||||
Provision for income taxes | 37.1 | 4.8 | 0 | 41.9 | |||||||||||||||||
Net income | $ | 62.2 | $ | 7.5 | $ | 0 | $ | 69.7 | |||||||||||||
2013 | |||||||||||||||||||||
Revenues - external | $ | 502.8 | $ | 101.3 | $ | 0 | $ | 604.1 | |||||||||||||
Sales to affiliates | 0.1 | 0.5 | (0.6 | ) | 0 | ||||||||||||||||
Total revenues | 502.9 | 101.8 | (0.6 | ) | 604.1 | ||||||||||||||||
Depreciation and amortization | 60.8 | 13.2 | 0 | 74 | |||||||||||||||||
Total interest charges | 23.3 | 3.3 | 0 | 26.6 | |||||||||||||||||
Provision for income taxes | 31.5 | 5 | 0 | 36.5 | |||||||||||||||||
Net income | $ | 50.6 | $ | 7.9 | $ | 0 | $ | 58.5 | |||||||||||||
Six months ended Jun 30, | |||||||||||||||||||||
2014 | |||||||||||||||||||||
Revenues - external | $ | 965.7 | $ | 213.1 | $ | 0 | $ | 1,178.80 | |||||||||||||
Sales to affiliates | 0.2 | 0.6 | (0.8 | ) | 0 | ||||||||||||||||
Total revenues | 965.9 | 213.7 | (0.8 | ) | 1,178.80 | ||||||||||||||||
Depreciation and amortization | 123.8 | 26.7 | 0 | 150.5 | |||||||||||||||||
Total interest charges | 45.3 | 6.8 | 0 | 52.1 | |||||||||||||||||
Provision for income taxes | 63.7 | 14 | 0 | 77.7 | |||||||||||||||||
Net income | $ | 107.4 | $ | 22.1 | $ | 0 | $ | 129.5 | |||||||||||||
Total assets at Jun 30, 2014 | $ | 6,061.90 | $ | 1,002.40 | ($ | 12.4 | ) | $ | 7,051.90 | ||||||||||||
2013 | |||||||||||||||||||||
Revenues - external | $ | 920.7 | $ | 223.2 | $ | 0 | $ | 1,143.90 | |||||||||||||
Sales to affiliates | 0.2 | 0.5 | (0.7 | ) | 0 | ||||||||||||||||
Total revenues | 920.9 | 223.7 | (0.7 | ) | 1,143.90 | ||||||||||||||||
Depreciation and amortization | 119.8 | 26.2 | 0 | 146 | |||||||||||||||||
Total interest charges | 46.7 | 6.7 | 0 | 53.4 | |||||||||||||||||
Provision for income taxes | 51.3 | 13.7 | 0 | 65 | |||||||||||||||||
Net income | $ | 82.4 | $ | 21.7 | $ | 0 | $ | 104.1 | |||||||||||||
Total assets at Dec 31, 2013 | $ | 5,895.40 | $ | 989.3 | ($ | 8.9 | ) | $ | 6,875.80 | ||||||||||||
Accounting_for_Derivative_Inst
Accounting for Derivative Instruments and Hedging Activities | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
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 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 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 June 30, 2014, 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 June 30, 2014 and Dec. 31, 2013: | |||||||||||||||||
Total Derivatives(1) | |||||||||||||||||
(millions) | Jun 30, | Dec 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||||
Current assets | $ | 8.2 | $ | 9.7 | |||||||||||||
Long-term assets | 0.5 | 0.3 | |||||||||||||||
Total assets | $ | 8.7 | $ | 10 | |||||||||||||
Current liabilities | $ | 0.2 | $ | 0.1 | |||||||||||||
Long-term liabilities | 0.1 | 0.2 | |||||||||||||||
Total liabilities | $ | 0.3 | $ | 0.3 | |||||||||||||
-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 following table presents the gross amounts of derivatives and their related offset amounts as permitted by their respective master netting agreements at June 30, 2014 and Dec. 31, 2013. 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 | |||||||||||||||
30-Jun-14 | |||||||||||||||||
Description | |||||||||||||||||
Derivative assets | $ | 9.9 | $ | (1.2 | ) | $ | 8.7 | ||||||||||
Derivative liabilities | $ | (1.5 | ) | $ | 1.2 | $ | (0.3 | ) | |||||||||
31-Dec-13 | |||||||||||||||||
Description | |||||||||||||||||
Derivative assets | $ | 10.5 | $ | (0.5 | ) | $ | 10 | ||||||||||
Derivative liabilities | $ | (0.8 | ) | $ | 0.5 | $ | (0.3 | ) | |||||||||
The following table presents the derivative hedges of diesel fuel contracts at June 30, 2014 and Dec. 31, 2013 to limit the exposure to changes in the market price for diesel fuel used in the production of coal: | |||||||||||||||||
Diesel Fuel Derivatives | |||||||||||||||||
(millions) | Jun 30, | Dec 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||||
Current assets | $ | 0.1 | $ | 0.2 | |||||||||||||
Long-term assets | 0 | 0 | |||||||||||||||
Total assets | $ | 0.1 | $ | 0.2 | |||||||||||||
Current liabilities | $ | 0 | $ | 0.1 | |||||||||||||
Long-term liabilities | 0 | 0 | |||||||||||||||
Total liabilities | $ | 0 | $ | 0.1 | |||||||||||||
The following table presents the derivative hedges of natural gas contracts at June 30, 2014 and Dec. 31, 2013 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) | Jun 30, | Dec 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||||
Current assets | $ | 8.1 | $ | 9.5 | |||||||||||||
Long-term assets | 0.5 | 0.3 | |||||||||||||||
Total assets | $ | 8.6 | $ | 9.8 | |||||||||||||
Current liabilities | $ | 0.2 | $ | 0 | |||||||||||||
Long-term liabilities | 0.1 | 0.2 | |||||||||||||||
Total liabilities | $ | 0.3 | $ | 0.2 | |||||||||||||
The ending balance in AOCI related to the cash flow hedges and interest rate swaps at June 30, 2014 is a net loss of $7.5 million after tax and accumulated amortization. This compares to a net loss of $7.8 million in AOCI after tax and accumulated amortization at Dec. 31, 2013. | |||||||||||||||||
The following tables present the fair values and locations of derivative instruments recorded on the balance sheet at June 30, 2014 and Dec. 31, 2013: | |||||||||||||||||
Derivatives Designated as Hedging Instruments | |||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
(millions) | Balance Sheet | Fair | Balance Sheet | Fair | |||||||||||||
30-Jun-14 | Location | Value | Location | Value | |||||||||||||
Commodity Contracts: | |||||||||||||||||
Diesel fuel derivatives: | |||||||||||||||||
Current | Derivative assets | $ | 0.1 | Derivative liabilities | $ | 0 | |||||||||||
Long-term | Derivative assets | 0 | Derivative liabilities | 0 | |||||||||||||
Natural gas derivatives: | |||||||||||||||||
Current | Derivative assets | 8.1 | Derivative liabilities | 0.2 | |||||||||||||
Long-term | Derivative assets | 0.5 | Derivative liabilities | 0.1 | |||||||||||||
Total derivatives designated as hedging instruments | $ | 8.7 | $ | 0.3 | |||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
(millions) | Balance Sheet | Fair | Balance Sheet | Fair | |||||||||||||
31-Dec-13 | Location | Value | Location | Value | |||||||||||||
Commodity Contracts: | |||||||||||||||||
Diesel fuel derivatives: | |||||||||||||||||
Current | Derivative assets | $ | 0.2 | Derivative liabilities | $ | 0.1 | |||||||||||
Long-term | Derivative assets | 0 | Derivative liabilities | 0 | |||||||||||||
Natural gas derivatives: | |||||||||||||||||
Current | Derivative assets | 9.5 | Derivative liabilities | 0 | |||||||||||||
Long-term | Derivative assets | 0.3 | Derivative liabilities | 0.2 | |||||||||||||
Total derivatives designated as hedging instruments | $ | 10 | $ | 0.3 | |||||||||||||
The following tables present the effect of energy related derivatives on the fuel recovery clause mechanism in the Consolidated Condensed Balance Sheets as of June 30, 2014 and Dec. 31, 2013: | |||||||||||||||||
Energy Related Derivatives | |||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
(millions) | Balance Sheet | Fair | Balance Sheet | Fair | |||||||||||||
30-Jun-14 | Location (1) | Value | Location (1) | Value | |||||||||||||
Commodity Contracts: | |||||||||||||||||
Natural gas derivatives: | |||||||||||||||||
Current | Regulatory liabilities | $ | 8.1 | Regulatory assets | $ | 0.2 | |||||||||||
Long-term | Regulatory liabilities | 0.5 | Regulatory assets | 0.1 | |||||||||||||
Total | $ | 8.6 | $ | 0.3 | |||||||||||||
(millions) | Balance Sheet | Fair | Balance Sheet | Fair | |||||||||||||
31-Dec-13 | Location (1) | Value | Location (1) | Value | |||||||||||||
Commodity Contracts: | |||||||||||||||||
Natural gas derivatives: | |||||||||||||||||
Current | Regulatory liabilities | $ | 9.5 | Regulatory assets | $ | 0 | |||||||||||
Long-term | Regulatory liabilities | 0.3 | Regulatory assets | 0.2 | |||||||||||||
Total | $ | 9.8 | $ | 0.2 | |||||||||||||
-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 June 30, 2014, net pretax gains of $7.9 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 six months ended June 30: | |||||||||||||||||
For the three months ended Jun 30: | Amount of | Location of Gain/(Loss) | Amount of | ||||||||||||||
Gain/(Loss) on | Reclassified From AOCI | Gain/(Loss) | |||||||||||||||
(millions) | Derivatives | Into Income | Reclassified | ||||||||||||||
Recognized in | From AOCI | ||||||||||||||||
OCI | Into Income | ||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Effective Portion (1) | Effective Portion (1) | |||||||||||||||
2014 | |||||||||||||||||
Interest rate contracts | $ | 0 | Interest expense | $ | 0 | ||||||||||||
Commodity contracts: | |||||||||||||||||
Diesel fuel derivatives | 0.1 | Mining related costs | 0 | ||||||||||||||
Total | $ | 0.1 | $ | 0 | |||||||||||||
2013 | |||||||||||||||||
Interest rate contracts | $ | 0 | Interest expense | ($ | 0.2 | ) | |||||||||||
Commodity contracts: | |||||||||||||||||
Diesel fuel derivatives | (0.4 | ) | Mining related costs | (0.1 | ) | ||||||||||||
Total | ($ | 0.4 | ) | ($ | 0.3 | ) | |||||||||||
For the six months ended Jun 30: | Amount of | Location of Gain/(Loss) | Amount of | ||||||||||||||
Gain/(Loss) on | Reclassified From AOCI | Gain/(Loss) | |||||||||||||||
(millions) | Derivatives | Into Income | Reclassified | ||||||||||||||
Recognized in | From AOCI | ||||||||||||||||
OCI | Into Income | ||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Effective Portion (1) | Effective Portion | (1) | ||||||||||||||
2014 | |||||||||||||||||
Interest rate contracts | $ | 0 | Interest expense | ($ | 0.2 | ) | |||||||||||
Commodity contracts: | |||||||||||||||||
Diesel fuel derivatives | 0 | Mining related costs | (0.1 | ) | |||||||||||||
Total | $ | 0 | ($ | 0.3 | ) | ||||||||||||
2013 | |||||||||||||||||
Interest rate contracts | $ | 0 | Interest expense | ($ | 0.4 | ) | |||||||||||
Commodity contracts: | |||||||||||||||||
Diesel fuel derivatives | (0.2 | ) | Mining related costs | (0.1 | ) | ||||||||||||
Total | ($ | 0.2 | ) | ($ | 0.5 | ) | |||||||||||
-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 six months ended June 30, 2014 and 2013, all hedges were effective. | |||||||||||||||||
The following table presents the derivative activity for instruments classified as qualifying cash flow hedges for the six months ended June 30: | |||||||||||||||||
(millions) | Fair Value | Amount of | Amount of | ||||||||||||||
Asset/ | Gain/(Loss) | Gain/(Loss) | |||||||||||||||
(Liability) | Recognized | Reclassified From | |||||||||||||||
in OCI (1) | AOCI Into Income | ||||||||||||||||
2014 | |||||||||||||||||
Interest rate swaps | $ | 0 | $ | 0 | ($ | 0.2 | ) | ||||||||||
Diesel fuel derivatives | 0.1 | 0 | (0.1 | ) | |||||||||||||
Total | $ | 0.1 | $ | 0 | ($ | 0.3 | ) | ||||||||||
2013 | |||||||||||||||||
Interest rate swaps | $ | 0 | $ | 0 | ($ | 0.4 | ) | ||||||||||
Diesel fuel derivatives | (1.1 | ) | (0.2 | ) | (0.1 | ) | |||||||||||
Total | ($ | 1.1 | ) | ($ | 0.2 | ) | ($ | 0.5 | ) | ||||||||
-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, 2014 for financial diesel fuel contracts and Dec. 31, 2016 for financial natural gas contracts. The following table presents by commodity type the company’s derivative volumes that, as of June 30, 2014, are expected to settle during the 2014, 2015 and 2016 fiscal years: | |||||||||||||||||
(millions) | Diesel Fuel Contracts | Natural Gas Contracts | |||||||||||||||
(Gallons) | (MMBTUs) | ||||||||||||||||
Year | Physical | Financial | Physical | Financial | |||||||||||||
2014 | 0 | 1 | 0 | 19.4 | |||||||||||||
2015 | 0 | 0 | 0 | 25 | |||||||||||||
2016 | 0 | 0 | 0 | 2.8 | |||||||||||||
Total | 0 | 1 | 0 | 47.2 | |||||||||||||
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 exposure 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 June 30, 2014, substantially all of the counterparties with transaction amounts outstanding in the company’s energy portfolio were 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 risk in determining the fair value of counterparty positions. 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 in evaluating the potential impact of nonperformance risk to derivative positions. As of June 30, 2014, substantially all positions with counterparties were net assets. | |||||||||||||||||
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. Substantially all of the company’s open positions with counterparties as of June 30, 2014 were asset positions. | |||||||||||||||||
Tampa Electric Company [Member] | ' | ||||||||||||||||
Accounting for Derivative Instruments and Hedging Activities | ' | ||||||||||||||||
10. 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 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 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 June 30, 2014, all of TEC’s physical contracts qualify for the NPNS exception. | |||||||||||||||||
The following table presents the derivative hedges of natural gas contracts at June 30, 2014 and Dec. 31, 2013 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) | Jun 30, | Dec 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||||
Current assets | $ | 8.1 | $ | 9.5 | |||||||||||||
Long-term assets | 0.5 | 0.3 | |||||||||||||||
Total assets | $ | 8.6 | $ | 9.8 | |||||||||||||
Current liabilities (1) | $ | 0.2 | $ | 0 | |||||||||||||
Long-term liabilities | 0.1 | 0.2 | |||||||||||||||
Total liabilities | $ | 0.3 | $ | 0.2 | |||||||||||||
-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 ending balance in AOCI related to previously settled interest rate swaps at June 30, 2014 is a net loss of $7.6 million after tax and accumulated amortization. This compares to a net loss of $7.8 million in AOCI after tax and accumulated amortization at Dec. 31, 2013. | |||||||||||||||||
The following table presents the gross amounts of derivatives and their related offset amounts as permitted by their respective master netting agreements at June 30, 2014 and Dec. 31, 2013. There was no collateral posted with or received from any counterparties: | |||||||||||||||||
Offsetting of Derivative Assets and Liabilities | |||||||||||||||||
(millions) | Gross Amounts | Gross Amounts | Net Amounts of | ||||||||||||||
of Recognized | offset on the | Assets (Liabilities) | |||||||||||||||
Assets | Balance Sheet | Presented on the | |||||||||||||||
(Liabilities) | Balance Sheet | ||||||||||||||||
30-Jun-14 | |||||||||||||||||
Description | |||||||||||||||||
Derivative assets | $ | 9.8 | $ | (1.2 | ) | $ | 8.6 | ||||||||||
Derivative liabilities | $ | (1.5 | ) | $ | 1.2 | $ | (0.3 | ) | |||||||||
31-Dec-13 | |||||||||||||||||
Description | |||||||||||||||||
Derivative assets | $ | 10.3 | $ | (0.5 | ) | $ | 9.8 | ||||||||||
Derivative liabilities | $ | (0.7 | ) | $ | 0.5 | $ | (0.2 | ) | |||||||||
The following table presents the effect of energy related derivatives on the fuel recovery clause mechanism in the Consolidated Condensed Balance Sheets as of June 30, 2014 and Dec. 31, 2013: | |||||||||||||||||
Energy Related Derivatives | |||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
(millions) | Balance Sheet | Fair | Balance Sheet | Fair | |||||||||||||
30-Jun-14 | Location (1) | Value | Location (1) | Value | |||||||||||||
Commodity Contracts: | |||||||||||||||||
Natural gas derivatives: | |||||||||||||||||
Current | Regulatory liabilities | $ | 8.1 | Regulatory assets | $ | 0.2 | |||||||||||
Long-term | Regulatory liabilities | 0.5 | Regulatory assets | 0.1 | |||||||||||||
Total | $ | 8.6 | $ | 0.3 | |||||||||||||
(millions) | Balance Sheet | Fair | Balance Sheet | Fair | |||||||||||||
31-Dec-13 | Location (1) | Value | Location (1) | Value | |||||||||||||
Commodity Contracts: | |||||||||||||||||
Natural gas derivatives: | |||||||||||||||||
Current | Regulatory liabilities | $ | 9.5 | Regulatory assets | $ | 0 | |||||||||||
Long-term | Regulatory liabilities | 0.3 | Regulatory assets | 0.2 | |||||||||||||
Total | $ | 9.8 | $ | 0.2 | |||||||||||||
-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 June 30, 2014, net pretax gains of $7.9 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 months and six months ended June 30: | |||||||||||||||||
(millions) | Location of Gain/(Loss) | Amount of Gain/(Loss) Reclassified | |||||||||||||||
Reclassified From AOCI Into | From AOCI Into Income | ||||||||||||||||
Income | |||||||||||||||||
Derivatives in Cash Flow | Effective Portion (1) | Three months | Six months ended | ||||||||||||||
Hedging Relationships | ended Jun 30: | Jun 30: | |||||||||||||||
2014 | |||||||||||||||||
Interest rate contracts: | Interest expense | $ | 0 | $ | 0.2 | ||||||||||||
Total | $ | 0 | $ | 0.2 | |||||||||||||
2013 | |||||||||||||||||
Interest rate contracts: | Interest expense | ($ | 0.2 | ) | ($ | 0.4 | ) | ||||||||||
Total | ($ | 0.2 | ) | ($ | 0.4 | ) | |||||||||||
-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 six months ended June 30, 2014 and 2013, 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, 2016 for the financial natural gas contracts. The following table presents by commodity type TEC’s derivative volumes that, as of June 30, 2014, are expected to settle during the 2014, 2015 and 2016 fiscal years: | |||||||||||||||||
(millions) | Natural Gas Contracts | ||||||||||||||||
(MMBTUs) | |||||||||||||||||
Year | Physical | Financial | |||||||||||||||
2014 | 0 | 19.4 | |||||||||||||||
2015 | 0 | 25 | |||||||||||||||
2016 | 0 | 2.8 | |||||||||||||||
Total | 0 | 47.2 | |||||||||||||||
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 June 30, 2014, substantially all of the counterparties with transaction amounts outstanding in TEC’s energy portfolio were 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 risk in determining the fair value of counterparty positions. 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 in evaluating the potential impact of nonperformance risk to derivative positions. As of June 30, 2014, substantially all positions with counterparties were net assets. | |||||||||||||||||
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. Substantially all of TEC’s open positions with counterparties as of June 30, 2014 were asset positions. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
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 June 30, 2014 and Dec. 31, 2013. 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 Jun 30, 2014 | |||||||||||||||||
(millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | |||||||||||||||||
Natural gas swaps | $ | 0 | $ | 8.6 | $ | 0 | $ | 8.6 | |||||||||
Diesel fuel swaps | 0 | 0.1 | 0 | 0.1 | |||||||||||||
Total | $ | 0 | $ | 8.7 | $ | 0 | $ | 8.7 | |||||||||
Liabilities | |||||||||||||||||
Natural gas swaps | $ | 0 | $ | 0.3 | $ | 0 | $ | 0.3 | |||||||||
Diesel fuel swaps | 0 | 0 | 0 | 0 | |||||||||||||
Total | $ | 0 | $ | 0.3 | $ | 0 | $ | 0.3 | |||||||||
At fair value as of Dec 31, 2013 | |||||||||||||||||
(millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | |||||||||||||||||
Natural gas swaps | $ | 0 | $ | 9.8 | $ | 0 | $ | 9.8 | |||||||||
Diesel fuel swaps | 0 | 0.2 | 0 | 0.2 | |||||||||||||
Total | $ | 0 | $ | 10 | $ | 0 | $ | 10 | |||||||||
Liabilities | |||||||||||||||||
Natural gas swaps | $ | 0 | $ | 0.2 | $ | 0 | $ | 0.2 | |||||||||
Diesel fuel swaps | 0 | 0.1 | 0 | 0.1 | |||||||||||||
Total | $ | 0 | $ | 0.3 | $ | 0 | $ | 0.3 | |||||||||
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 June 30, 2014, 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 | ' | ||||||||||||||||
11. 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 June 30, 2014 and Dec. 31, 2013. 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 Jun 30, 2014 | |||||||||||||||||
(millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | |||||||||||||||||
Natural gas swaps | $ | 0 | $ | 8.6 | $ | 0 | $ | 8.6 | |||||||||
Total | $ | 0 | $ | 8.6 | $ | 0 | $ | 8.6 | |||||||||
Liabilities | |||||||||||||||||
Natural gas swaps | $ | 0 | $ | 0.3 | $ | 0 | $ | 0.3 | |||||||||
Total | $ | 0 | $ | 0.3 | $ | 0 | $ | 0.3 | |||||||||
At fair value as of Dec 31, 2013 | |||||||||||||||||
(millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | |||||||||||||||||
Natural gas swaps | $ | 0 | $ | 9.8 | $ | 0 | $ | 9.8 | |||||||||
Total | $ | 0 | $ | 9.8 | $ | 0 | $ | 9.8 | |||||||||
Liabilities | |||||||||||||||||
Natural gas swaps | $ | 0 | $ | 0.2 | $ | 0 | $ | 0.2 | |||||||||
Total | $ | 0 | $ | 0.2 | $ | 0 | $ | 0.2 | |||||||||
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 10). | |||||||||||||||||
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 June 30, 2014, 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 | 6 Months Ended |
Jun. 30, 2014 | |
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 160 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 $7.0 million and $12.8 million of capacity pursuant to PPAs for the three and six months ended June 30, 2014, respectively and $5.0 million and $9.9 million for the three and six months ended June 30, 2013, respectively. | |
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 160 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 $7.0 million and $12.8 million of capacity pursuant to PPAs for the three and six months ended June 30, 2014, respectively, and $5.0 million and $9.9 million for the three and six months ended June 30, 2013, respectively. | |
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 | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||||||||||
Discontinued Operations | ' | ||||||||||||||||
15. Discontinued Operations | |||||||||||||||||
In 2012, TECO Guatemala 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. Additionally, in March 2014, an indemnification provision for an uncertain tax position at TCAE that was provided for in the 2012 purchase agreement was reversed due to favorable final decision by the highest court in Guatemala, resulting in the income from operations amount shown in the table below. | |||||||||||||||||
The following table provides selected components of discontinued operations: | |||||||||||||||||
Components of income from discontinued operations | Three months ended | Six months ended | |||||||||||||||
Jun 30, | Jun 30, | ||||||||||||||||
(millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenues | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
(Loss) Income from operations | 0 | (0.2 | ) | 5 | 0.2 | ||||||||||||
(Loss) Income from discontinued operations | 0 | (0.2 | ) | 5 | 0.2 | ||||||||||||
Less: Provision for income taxes | 0 | 0 | 1.9 | 0.1 | |||||||||||||
(Loss) Income from discontinued operations, net | 0 | (0.2 | ) | 3.1 | 0.1 | ||||||||||||
Asset_Impairments
Asset Impairments | 6 Months Ended |
Jun. 30, 2014 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' |
Asset Impairments | ' |
16. Asset Impairments | |
The company accounts for long-lived asset impairments in accordance with the accounting guidance for long-lived assets, which requires that long-lived assets held and used be tested for recoverability whenever events or changes in circumstances indicate that its carrying value may not be recoverable, and assets held for sale be recorded at the lower of its carrying amount or fair value less cost to sell. An asset is considered not recoverable if its carrying value exceeds the sum of its undiscounted expected cash flows. If it is determined that the carrying value is not recoverable and its carrying value exceeds its fair value, an impairment charge is made and the value of the asset is reduced to its fair value. | |
In 2014, the benchmark price for coal significantly fell from what was used in the long-lived asset impairment testing that was done for TECO Coal in 2013. Additionally, the company is currently in active discussions with potential buyers of TECO Coal; however, no agreement or understanding with respect to any sale has been reached, nor has the company’s board of directors made a determination regarding whether the company would sell TECO Coal based on current indications of value. These indications suggest that a sale price above book value may be unlikely at this time. Although there can be no assurances that a sale of TECO Coal will be completed and TECO Coal is not considered an asset held for sale, the company felt that these factors, coupled together, caused a triggering event requiring impairment testing of TECO Coal in the second quarter of 2014. | |
The company used an undiscounted cash flows approach in determining the recoverability amount of the assets in accordance with applicable accounting guidance. A 20-year forecast was developed based on proven and probable reserves, prices using current average coal benchmark prices as a pricing base, and costs using current average costs. A market recovery was assumed for prices and increased costs that moved in line with the prices were factored into the forecast. The book value of TECO Coal’s long-lived assets (including capitalized mine development costs) was determined to be recoverable; therefore, no impairment charge was deemed necessary. Additionally, due to the uncertainty in the soft coal market, the company performed sensitivity analyses on revenues and noted that if revenues declined 15 percent from forecast, all assets would still be recoverable. |
Pending_Acquisition_of_New_Mex
Pending Acquisition of New Mexico Gas Company | 6 Months Ended |
Jun. 30, 2014 | |
Business Combinations [Abstract] | ' |
Pending Acquisition of New Mexico Gas Company | ' |
17. Pending Acquisition of New Mexico Gas Company | |
Pending Acquisition of New Mexico Gas Company | |
As previously disclosed, TECO Energy must obtain approval for the acquisition from the NMPRC prior to closing the transaction. Hearings before the hearing examiner were concluded on April 3, 2014. | |
On May 14, 2014, the Joint Applicants announced they had reached a settlement agreement in the case with certain interveners, which was not opposed by NMPRC staff or any other interveners in the proceeding. On June 30, 2014, the hearing examiner issued a certification of the stipulation recommending approval of the stipulation. | |
A meeting of the NMPRC to consider the hearing examiner’s certification has not been scheduled. It is anticipated that the NMPRC will issue a final order approving the acquisition and certification of stipulation in time for the transaction to close in the third quarter of 2014. | |
In July 2014, TECO Energy completed a public offering of common stock, the proceeds from which are intended to be used to pay a portion of the acquisition price (see Note 18). With TECO Energy’s consent, NMGC and NMGI each entered into a Note Purchase Agreement on July 30, 2014, contemplating the issuance of $70 million and $200 million of notes, respectively, conditioned upon, and to be issued at, closing of the acquisition. The proceeds from the NMGC notes are to be used to repay existing debt at closing and the proceeds from the NMGI notes are to be primarily used to repay existing debt and to fund the transaction, costs and expenses. |
Subsequent_Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
18. Subsequent Events | |
Public Offering of 15.5 million in Common Shares | |
On July 1, 2014, the company entered into an underwriting agreement with Morgan Stanley & Co. LLC, as representative of the several underwriters named therein, pursuant to which the company agreed to offer and sell 15.5 million shares of its common stock in an underwritten public offering at a public offering price of $18.10 per share. The company received approximately $271 million in net proceeds from the offering after underwriting fees and offering expenses. The shares were delivered to the underwriters on July 8, 2014. | |
Pursuant to the terms of the underwriting agreement, the company granted the underwriters a 30-day option to purchase up to an additional 2.3 million shares. The company received approximately $21 million of net proceeds when the underwriters exercised this option for an additional 1.2 million shares. | |
The company plans to use the net proceeds from this offering to fund, in part, the company’s previously announced acquisition of New Mexico Gas Company and for general corporate purposes. | |
NMGC and NMGI Note Purchase Agreement | |
NMGC and NMGI each entered into a Note Purchase Agreement on July 30, 2014, contemplating the issuance of $70 million and $200 million of notes, respectively, conditioned upon, and to be issued at, closing of the acquisition. (See Note 17) |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Principles of Consolidation and Basis of Presentation | ' |
Principles of Consolidation and Basis of Presentation | |
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 June 30, 2014 and Dec. 31, 2013, and the results of operations and cash flows for the periods ended June 30, 2014 and 2013. The results of operations for the three months and six months ended June 30, 2014 are not necessarily indicative of the results that can be expected for the entire fiscal year ending Dec. 31, 2014. | |
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 June 30, 2014 and Dec. 31, 2013, unbilled revenues of $57.0 million and $46.7 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 $27.8 million and $55.0 million, respectively, for the three and six months ended June 30, 2014, compared to $26.7 million and $52.1 million, respectively, for the three and six months ended June 30, 2013. | |
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. | |
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 June 30, 2014 and Dec. 31, 2013, and the results of operations and cash flows for the periods ended June 30, 2014 and 2013. The results of operations for the three and six months ended June 30, 2014 are not necessarily indicative of the results that can be expected for the entire fiscal year ending Dec. 31, 2014. | |
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 June 30, 2014 and Dec. 31, 2013, unbilled revenues of $57.0 million and $46.7 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 | |
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 $27.8 million and $55.0 million, respectively, for the three and six months ended June 30, 2014, compared to $26.7 million and $52.1 million, respectively, for the three and six months ended June 30, 2013. | |
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. |
Regulatory_Tables
Regulatory (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Schedule of Regulatory Assets and Regulatory Liabilities | ' | ||||||||
Details of the regulatory assets and liabilities as of June 30, 2014 and Dec. 31, 2013 are presented in the following table: | |||||||||
Regulatory Assets and Liabilities | |||||||||
(millions) | Jun 30, 2014 | Dec 31, 2013 | |||||||
Regulatory assets: | |||||||||
Regulatory tax asset (1) | $ | 68.1 | $ | 67.4 | |||||
Other: | |||||||||
Cost-recovery clauses | 1.8 | 6.1 | |||||||
Postretirement benefit asset | 177.6 | 182.7 | |||||||
Deferred bond refinancing costs (2) | 7.6 | 8 | |||||||
Environmental remediation | 52 | 51.4 | |||||||
Competitive rate adjustment | 2.8 | 4.1 | |||||||
Other | 7.7 | 7.7 | |||||||
Total other regulatory assets | 249.5 | 260 | |||||||
Total regulatory assets | 317.6 | 327.4 | |||||||
Less: Current portion | 33.7 | 34.3 | |||||||
Long-term regulatory assets | $ | 283.9 | $ | 293.1 | |||||
Regulatory liabilities: | |||||||||
Regulatory tax liability (1) | $ | 5.6 | $ | 9.8 | |||||
Other: | |||||||||
Cost-recovery clauses | 34.8 | 54.5 | |||||||
Transmission and delivery storm reserve | 56.1 | 56.1 | |||||||
Deferred gain on property sales (3) | 1.4 | 2 | |||||||
Provision for stipulation and other | 0.8 | 0.8 | |||||||
Accumulated reserve - cost of removal | 588.4 | 594 | |||||||
Total other regulatory liabilities | 681.5 | 707.4 | |||||||
Total regulatory liabilities | 687.1 | 717.2 | |||||||
Less: Current portion | 65.7 | 85.8 | |||||||
Long-term regulatory liabilities | $ | 621.4 | $ | 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 | Jun 30, | Dec 31, | |||||||
(millions) | 2014 | 2013 | |||||||
Clause recoverable (1) | $ | 4.6 | $ | 10.2 | |||||
Components of rate base (2) | 180.7 | 185.6 | |||||||
Regulatory tax assets (3) | 68.1 | 67.4 | |||||||
Capital structure and other (3) | 64.2 | 64.2 | |||||||
Total | $ | 317.6 | $ | 327.4 | |||||
-1 | To be recovered through cost-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 June 30, 2014 and Dec. 31, 2013 are presented in the following table: | |||||||||
Regulatory Assets and Liabilities | |||||||||
(millions) | Jun 30, 2014 | Dec 31, 2013 | |||||||
Regulatory assets: | |||||||||
Regulatory tax asset (1) | $ | 68.1 | $ | 67.4 | |||||
Other: | |||||||||
Cost-recovery clauses | 1.8 | 6.1 | |||||||
Postretirement benefit asset | 177.6 | 182.7 | |||||||
Deferred bond refinancing costs (2) | 7.6 | 8 | |||||||
Environmental remediation | 52 | 51.4 | |||||||
Competitive rate adjustment | 2.8 | 4.1 | |||||||
Other | 7.7 | 7.7 | |||||||
Total other regulatory assets | 249.5 | 260 | |||||||
Total regulatory assets | 317.6 | 327.4 | |||||||
Less: Current portion | 33.7 | 34.3 | |||||||
Long-term regulatory assets | $ | 283.9 | $ | 293.1 | |||||
Regulatory liabilities: | |||||||||
Regulatory tax liability (1) | $ | 5.6 | $ | 9.8 | |||||
Other: | |||||||||
Cost-recovery clauses | 34.8 | 54.5 | |||||||
Transmission and delivery storm reserve | 56.1 | 56.1 | |||||||
Deferred gain on property sales (3) | 1.4 | 2 | |||||||
Provision for stipulation and other | 0.8 | 0.8 | |||||||
Accumulated reserve - cost of removal | 588.4 | 594 | |||||||
Total other regulatory liabilities | 681.5 | 707.4 | |||||||
Total regulatory liabilities | 687.1 | 717.2 | |||||||
Less: Current portion | 65.7 | 85.8 | |||||||
Long-term regulatory liabilities | $ | 621.4 | $ | 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 | Jun 30, | Dec 31, | |||||||
(millions) | 2014 | 2013 | |||||||
Clause recoverable (1) | $4.60 | $10.20 | |||||||
Components of rate base (2) | 180.7 | 185.6 | |||||||
Regulatory tax assets (3) | 68.1 | 67.4 | |||||||
Capital structure and other (3) | 64.2 | 64.2 | |||||||
Total | $ | 317.6 | $ | 327.4 | |||||
-1 | To be recovered through cost-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) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
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 Jun 30, | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Components of net periodic benefit expense | |||||||||||||||||
Service cost | $ | 4.2 | $ | 4.3 | $ | 0.6 | $ | 0.5 | |||||||||
Interest cost on projected benefit obligations | 8.2 | 7.2 | 2.6 | 2.4 | |||||||||||||
Expected return on assets | (10.4 | ) | (9.5 | ) | 0 | 0 | |||||||||||
Amortization of: | |||||||||||||||||
Prior service (benefit) cost | (0.1 | ) | (0.1 | ) | (0.1 | ) | (0.1 | ) | |||||||||
Actuarial loss | 3.5 | 5.3 | 0.1 | 0.2 | |||||||||||||
Net pension expense recognized in the | |||||||||||||||||
TECO Energy Consolidated Condensed Statements of Income | $ | 5.4 | $ | 7.2 | $ | 3.2 | $ | 3 | |||||||||
Six months ended Jun 30, | |||||||||||||||||
Components of net periodic benefit expense | |||||||||||||||||
Service cost | $ | 8.3 | $ | 9.1 | $ | 1.2 | $ | 1.2 | |||||||||
Interest cost on projected benefit obligations | 16.4 | 14.4 | 5.2 | 4.7 | |||||||||||||
Expected return on assets | (20.7 | ) | (19.2 | ) | 0 | 0 | |||||||||||
Amortization of: | |||||||||||||||||
Prior service (benefit) cost | (0.2 | ) | (0.2 | ) | (0.1 | ) | (0.2 | ) | |||||||||
Actuarial loss | 6.7 | 10.3 | 0.1 | 0.5 | |||||||||||||
Net pension expense recognized in the | |||||||||||||||||
TECO Energy Consolidated Condensed Statements of Income | $ | 10.5 | $ | 14.4 | $ | 6.4 | $ | 6.2 | |||||||||
ShortTerm_Debt_Tables
Short-Term Debt (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Short-Term Debt Credit Facilities | ' | ||||||||||||||||||||||||
At June 30, 2014 and Dec. 31, 2013, the following credit facilities and related borrowings existed: | |||||||||||||||||||||||||
Credit Facilities | |||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||||
Letters | Letters | ||||||||||||||||||||||||
Credit | Borrowings | of Credit | Credit | Borrowings | of Credit | ||||||||||||||||||||
(millions) | Facilities | Outstanding (1) | Outstanding | Facilities | Outstanding (1) | Outstanding | |||||||||||||||||||
Tampa Electric Company: | |||||||||||||||||||||||||
5-year facility (2) | $ | 325 | $ | 0 | $ | 0.7 | $ | 325 | $ | 6 | $ | 0.7 | |||||||||||||
1-year accounts receivable facility | 150 | 0 | 0 | 150 | 78 | 0 | |||||||||||||||||||
TECO Energy/TECO Finance: | |||||||||||||||||||||||||
5-year facility (2)(3) | 200 | 0 | 0 | 200 | 0 | 0 | |||||||||||||||||||
Total | $ | 675 | $ | 0 | $ | 0.7 | $ | 675 | $ | 84 | $ | 0.7 | |||||||||||||
-1 | Borrowings outstanding are reported as notes payable. | ||||||||||||||||||||||||
-2 | This 5-year facility matures Dec. 17, 2018. | ||||||||||||||||||||||||
-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 June 30, 2014 and Dec. 31, 2013, the following credit facilities and related borrowings existed: | |||||||||||||||||||||||||
Credit Facilities | |||||||||||||||||||||||||
30-Jun-14 | Dec. 31, 2013 | ||||||||||||||||||||||||
Letters | Letters | ||||||||||||||||||||||||
Credit | Borrowings | of Credit | Credit | Borrowings | of Credit | ||||||||||||||||||||
(millions) | Facilities | Outstanding (1) | Outstanding | Facilities | Outstanding (1) | Outstanding | |||||||||||||||||||
Tampa Electric Company: | |||||||||||||||||||||||||
5-year facility (2) | $ | 325 | $ | 0 | $ | 0.7 | $ | 325 | $ | 6 | $ | 0.7 | |||||||||||||
1-year accounts receivable facility | 150 | 0 | 0 | 150 | 78 | 0 | |||||||||||||||||||
Total | $ | 475 | $ | 0 | $ | 0.7 | $ | 475 | $ | 84 | $ | 0.7 | |||||||||||||
-1 | Borrowings outstanding are reported as notes payable. | ||||||||||||||||||||||||
-2 | This 5-year facility matures Dec. 17, 2018. |
Other_Comprehensive_Income_Tab
Other Comprehensive Income (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Other Comprehensive Income | ' | ||||||||||||||||||||||||
TECO Energy reported the following OCI for the three and six months ended June 30, 2014 and 2013, 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 Jun 30, | Six months ended Jun 30, | ||||||||||||||||||||||||
(millions) | Gross | Tax | Net | Gross | Tax | Net | |||||||||||||||||||
2014 | |||||||||||||||||||||||||
Unrealized gain on cash flow hedges | $ | 0.1 | $ | 0 | $ | 0.1 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||
Reclassification from AOCI to net income (1) | 0.1 | (0.1 | ) | 0 | 0.5 | (0.2 | ) | 0.3 | |||||||||||||||||
Gain on cash flow hedges | 0.2 | (0.1 | ) | 0.1 | 0.5 | (0.2 | ) | 0.3 | |||||||||||||||||
Amortization of unrecognized benefit costs (2) | 0.8 | (0.3 | ) | 0.5 | 1.6 | (0.6 | ) | 1 | |||||||||||||||||
Increase in unrecognized postemployment costs(3) | 0 | 0 | 0 | (12.9 | ) | 4.7 | (8.2 | ) | |||||||||||||||||
Total other comprehensive income (loss) | $ | 1 | ($ | 0.4 | ) | $ | 0.6 | ($ | 10.8 | ) | $ | 3.9 | ($ | 6.9 | ) | ||||||||||
2013 | |||||||||||||||||||||||||
Unrealized loss on cash flow hedges | ($ | 0.7 | ) | $ | 0.3 | ($ | 0.4 | ) | ($ | 0.4 | ) | $ | 0.2 | ($ | 0.2 | ) | |||||||||
Reclassification from AOCI to net income (1) | 0.5 | (0.2 | ) | 0.3 | 0.8 | (0.3 | ) | 0.5 | |||||||||||||||||
(Loss) Gain on cash flow hedges | (0.2 | ) | 0.1 | (0.1 | ) | 0.4 | (0.1 | ) | 0.3 | ||||||||||||||||
Amortization of unrecognized benefit costs (2) | 1.1 | (0.4 | ) | 0.7 | 2.2 | (0.8 | ) | 1.4 | |||||||||||||||||
Total other comprehensive income | $ | 0.9 | ($ | 0.3 | ) | $ | 0.6 | $ | 2.6 | ($ | 0.9 | ) | $ | 1.7 | |||||||||||
-1 | Related to interest rate contracts recognized in Interest expense and commodity contracts recognized in Mining related costs. | ||||||||||||||||||||||||
-2 | Related to postretirement and postemployment benefits. See Note 5 for additional information. | ||||||||||||||||||||||||
-3 | Amount reflects an out-of-period adjustment to TECO Coal’s unfunded black lung liability. | ||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||
(millions) | Jun 30, 2014 | Dec 31, 2013 | |||||||||||||||||||||||
Unrecognized pension loss and prior service credit (1) | ($ | 19.7 | ) | ($ | 20.5 | ) | |||||||||||||||||||
Unrecognized other benefit loss, prior service cost and transition obligation (2) | 7.1 | 15.1 | |||||||||||||||||||||||
Net unrealized losses from cash flow hedges (3) | (7.5 | ) | (7.8 | ) | |||||||||||||||||||||
Total accumulated other comprehensive loss | ($ | 20.1 | ) | ($ | 13.2 | ) | |||||||||||||||||||
-1 | Net of tax benefit of $12.1 million and $12.6 million as of June 30, 2014 and Dec. 31, 2013, respectively. | ||||||||||||||||||||||||
-2 | Net of tax expense of $4.4 million and $9.1 million as of June 30, 2014 and Dec. 31, 2013, respectively. | ||||||||||||||||||||||||
-3 | Net of tax benefit of $4.7 million and $4.9 million as of June 30, 2014 and Dec. 31, 2013, respectively. | ||||||||||||||||||||||||
Tampa Electric Company [Member] | ' | ||||||||||||||||||||||||
Other Comprehensive Income | ' | ||||||||||||||||||||||||
Other Comprehensive Income | Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||
(millions) | Gross | Tax | Net | Gross | Tax | Net | |||||||||||||||||||
2014 | |||||||||||||||||||||||||
Unrealized loss on cash flow hedges | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||
Reclassification from AOCI to net income | 0 | 0 | 0 | 0.4 | (0.2 | ) | 0.2 | ||||||||||||||||||
Gain on cash flow hedges | 0 | 0 | 0 | 0.4 | (0.2 | ) | 0.2 | ||||||||||||||||||
Total other comprehensive income | $ | 0 | $ | 0 | $ | 0 | $ | 0.4 | ($ | 0.2 | ) | $ | 0.2 | ||||||||||||
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 | 0.7 | (0.3 | ) | 0.4 | |||||||||||||||||
Gain on cash flow hedges | 0.4 | (0.2 | ) | 0.2 | 0.7 | (0.3 | ) | 0.4 | |||||||||||||||||
Total other comprehensive income | $ | 0.4 | ($ | 0.2 | ) | $ | 0.2 | $ | 0.7 | ($ | 0.3 | ) | $ | 0.4 | |||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||
(millions) | Jun 30, 2014 | Dec 31, 2013 | |||||||||||||||||||||||
Net unrealized losses from cash flow hedges (1) | ($ | 7.6 | ) | ($ | 7.8 | ) | |||||||||||||||||||
Total accumulated other comprehensive loss | ($ | 7.6 | ) | ($ | 7.8 | ) | |||||||||||||||||||
-1 | Net of tax benefit of $4.7 million and $4.9 million as of June 30, 2014 and Dec. 31, 2013, respectively. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share | ' | ||||||||||||||||
For the three months ended Jun 30, | For the six months ended Jun 30, | ||||||||||||||||
(millions, except per share amounts) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Basic earnings per share | |||||||||||||||||
Net income from continuing operations | $ | 58.4 | $ | 51.6 | $ | 105.4 | $ | 92.8 | |||||||||
Amount allocated to nonvested participating shareholders | (0.2 | ) | (0.2 | ) | (0.4 | ) | (0.3 | ) | |||||||||
Income before discontinued operations available to common shareholders - Basic | $ | 58.2 | $ | 51.4 | $ | 105 | $ | 92.5 | |||||||||
Income (Loss) from discontinued operations, net | $ | 0 | ($ | 0.2 | ) | $ | 3.1 | $ | 0.1 | ||||||||
Amount allocated to nonvested participating shareholders | 0 | 0 | 0 | 0 | |||||||||||||
Income (Loss) from discontinued operations available to common shareholders - Basic | $ | 0 | ($ | 0.2 | ) | $ | 3.1 | $ | 0.1 | ||||||||
Net income | $ | 58.4 | $ | 51.4 | $ | 108.5 | $ | 92.9 | |||||||||
Amount allocated to nonvested participating shareholders | (0.2 | ) | (0.2 | ) | (0.4 | ) | (0.3 | ) | |||||||||
Net income available to common shareholders - Basic | $ | 58.2 | $ | 51.2 | $ | 108.1 | $ | 92.6 | |||||||||
Average common shares outstanding - Basic | 215.4 | 215 | 215.3 | 214.8 | |||||||||||||
Earnings per share from continuing operations available to common shareholders - Basic | $ | 0.27 | $ | 0.24 | $ | 0.49 | $ | 0.43 | |||||||||
Earnings per share from discontinued operations available to common shareholders - Basic | $ | 0 | $ | 0 | $ | 0.01 | $ | 0 | |||||||||
Earnings per share available to common shareholders - Basic | $ | 0.27 | $ | 0.24 | $ | 0.5 | $ | 0.43 | |||||||||
Diluted earnings per share | |||||||||||||||||
Net income from continuing operations | $ | 58.4 | $ | 51.6 | $ | 105.4 | $ | 92.8 | |||||||||
Amount allocated to nonvested participating shareholders | (0.2 | ) | (0.2 | ) | (0.4 | ) | (0.3 | ) | |||||||||
Income before discontinued operations available to common shareholders - Diluted | $ | 58.2 | $ | 51.4 | $ | 105 | $ | 92.5 | |||||||||
Income (Loss) from discontinued operations, net | $ | 0 | ($ | 0.2 | ) | $ | 3.1 | $ | 0.1 | ||||||||
Amount allocated to nonvested participating shareholders | 0 | 0 | 0 | 0 | |||||||||||||
Income (Loss) from discontinued operations available to common shareholders - Diluted | $ | 0 | ($ | 0.2 | ) | $ | 3.1 | $ | 0.1 | ||||||||
Net income | $ | 58.4 | $ | 51.4 | $ | 108.5 | $ | 92.9 | |||||||||
Amount allocated to nonvested participating shareholders | (0.2 | ) | (0.2 | ) | (0.4 | ) | (0.3 | ) | |||||||||
Net income available to common shareholders - Diluted | $ | 58.2 | $ | 51.2 | $ | 108.1 | $ | 92.6 | |||||||||
Unadjusted average common shares outstanding - Diluted | 215.4 | 215 | 215.3 | 214.8 | |||||||||||||
Assumed conversion of stock options, unvested restricted stock and contingent performance shares, net | 0.5 | 0.5 | 0.5 | 0.5 | |||||||||||||
Average common shares outstanding - Diluted | 215.9 | 215.5 | 215.8 | 215.3 | |||||||||||||
Earnings per share from continuing operations available to common shareholders - Diluted | $ | 0.27 | $ | 0.24 | $ | 0.49 | $ | 0.43 | |||||||||
Earnings per share from discontinued operations available to common shareholders - Diluted | $ | 0 | $ | 0 | $ | 0.01 | $ | 0 | |||||||||
Earnings per share available to common shareholders - Diluted | $ | 0.27 | $ | 0.24 | $ | 0.5 | $ | 0.43 | |||||||||
Anti-dilutive shares | 0 | 0 | 0 | 0 | |||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
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 June 30, 2014 is as follows: | |||||||||||||||||||||
Guarantees - TECO Energy | |||||||||||||||||||||
(millions) | 2014 | 2015-2018 | After(1) | Total | Liabilities Recognized | ||||||||||||||||
Guarantees for the Benefit of: | 2018 | at Jun 30, 2014 | |||||||||||||||||||
TECO Coal | |||||||||||||||||||||
Fuel purchase related (2) | $ | 0 | $ | 0.7 | $ | 4 | $ | 4.7 | $ | 0.6 | |||||||||||
Other subsidiaries | |||||||||||||||||||||
Fuel purchase/energy management (2) | 0 | 0 | 92.9 | 92.9 | 0.1 | ||||||||||||||||
Total | $ | 0 | $ | 0.7 | $ | 96.9 | $ | 97.6 | $ | 0.7 | |||||||||||
Letters of Credit - Tampa Electric Company | |||||||||||||||||||||
(millions) | 2014 | 2015-2018 | After(1) | Total | Liabilities Recognized | ||||||||||||||||
Letters of Credit for the Benefit of: | 2018 | at Jun 30, 2014 | |||||||||||||||||||
Tampa Electric Company(2) | $ | 0 | $ | 0 | $ | 0.7 | $ | 0.7 | $ | 0.1 | |||||||||||
Total | $ | 0 | $ | 0 | $ | 0.7 | $ | 0.7 | $ | 0.1 | |||||||||||
-1 | These letters of credit and guarantees renew annually and are shown on the basis that they will continue to renew beyond 2018. | ||||||||||||||||||||
-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 June 30, 2014. The obligations under these letters of credit and guarantees include net accounts payable and net derivative liabilities. | ||||||||||||||||||||
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 June 30, 2014 is as follows: | |||||||||||||||||||||
Letters of Credit - Tampa Electric Company | |||||||||||||||||||||
(millions) | 2014 | 2015-2018 | After(1) | Total | Liabilities Recognized | ||||||||||||||||
Letters of Credit for the Benefit of: | 2018 | at Jun 30, 2014 | |||||||||||||||||||
Tampa Electric Company (2) | $ | 0 | $ | 0 | $ | 0.7 | $ | 0.7 | $ | 0.1 | |||||||||||
-1 | These letters of credit renew annually and are shown on the basis that they will continue to renew beyond 2018. | ||||||||||||||||||||
-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 June 30, 2014. The obligations under these letters of credit include net accounts payable and net derivative liabilities. |
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
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 | Other & | TECO | ||||||||||||||||
Three months ended Jun 30, | Electric | Gas | Coal | Eliminations | Energy | ||||||||||||||||
2014 | |||||||||||||||||||||
Revenues - external | $ | 512.5 | $ | 90.7 | $ | 120.6 | $ | 2.5 | $ | 726.3 | |||||||||||
Sales to affiliates | 0.2 | 0.4 | 0 | (0.6 | ) | 0 | |||||||||||||||
Total revenues | 512.7 | 91.1 | 120.6 | 1.9 | 726.3 | ||||||||||||||||
Depreciation and amortization | 61.7 | 13.4 | 8.7 | 0.4 | 84.2 | ||||||||||||||||
Total interest charges(1) | 23.3 | 3.4 | 1.5 | 14 | 42.2 | ||||||||||||||||
Internally allocated interest (1) | 0 | 0 | 1.5 | (1.5 | ) | 0 | |||||||||||||||
Provision (benefit) for income taxes | 37.1 | 4.8 | (0.7 | ) | (6.8 | ) | 34.4 | ||||||||||||||
Net income (loss) from continuing operations | 62.2 | 7.5 | 0.8 | (12.1 | ) | 58.4 | |||||||||||||||
Income from discontinued operations, net | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Net income (loss) | $ | 62.2 | $ | 7.5 | $ | 0.8 | ($ | 12.1 | ) | $ | 58.4 | ||||||||||
2013 | |||||||||||||||||||||
Revenues - external | $ | 502.6 | $ | 101.3 | $ | 128.4 | $ | 3.6 | $ | 735.9 | |||||||||||
Sales to affiliates | 0.3 | 0.5 | 0 | (0.8 | ) | 0 | |||||||||||||||
Total revenues | 502.9 | 101.8 | 128.4 | 2.8 | 735.9 | ||||||||||||||||
Depreciation and amortization | 60.8 | 13.2 | 9.5 | 0.4 | 83.9 | ||||||||||||||||
Total interest charges(1) | 23.3 | 3.3 | 1.7 | 14.4 | 42.7 | ||||||||||||||||
Internally allocated interest (1) | 0 | 0 | 1.7 | (1.7 | ) | 0 | |||||||||||||||
Provision (benefit) for income taxes | 31.5 | 5 | (0.9 | ) | (7.4 | ) | 28.2 | ||||||||||||||
Net income (loss) from continuing operations | 50.6 | 7.9 | 0.7 | (7.6 | ) | 51.6 | |||||||||||||||
Income from discontinued operations, net | 0 | 0 | 0 | (0.2 | ) | (0.2 | ) | ||||||||||||||
Net income (loss) | $ | 50.6 | $ | 7.9 | $ | 0.7 | ($ | 7.8 | ) | $ | 51.4 | ||||||||||
(millions) | Tampa | Peoples | TECO | Other & | TECO | ||||||||||||||||
Six months ended Jun 30, | Electric | Gas | Coal | Eliminations | Energy | ||||||||||||||||
2014 | |||||||||||||||||||||
Revenues - external | $ | 965.4 | $ | 213.1 | $ | 226.7 | $ | 5.2 | $ | 1,410.40 | |||||||||||
Sales to affiliates | 0.5 | 0.6 | 0 | (1.1 | ) | 0 | |||||||||||||||
Total revenues | 965.9 | 213.7 | 226.7 | 4.1 | 1,410.40 | ||||||||||||||||
Depreciation and amortization | 123.8 | 26.7 | 17.7 | 0.9 | 169.1 | ||||||||||||||||
Total interest charges(1) | 45.3 | 6.8 | 3 | 28.2 | 83.3 | ||||||||||||||||
Internally allocated interest (1) | 0 | 0 | 3 | (3.0 | ) | 0 | |||||||||||||||
Provision (benefit) for income taxes | 63.7 | 14 | (2.9 | ) | (13.7 | ) | 61.1 | ||||||||||||||
Net income (loss) from continuing operations | 107.4 | 22.1 | (0.8 | ) | (23.3 | ) | 105.4 | ||||||||||||||
Income from discontinued operations, net | 0 | 0 | 0 | 3.1 | 3.1 | ||||||||||||||||
Net income (loss) | $ | 107.4 | $ | 22.1 | $ | (0.8 | ) | $ | (20.2 | ) | $ | 108.5 | |||||||||
2013 | |||||||||||||||||||||
Revenues - external | $ | 920.4 | $ | 223.2 | $ | 246.3 | $ | 7.1 | $ | 1,397.00 | |||||||||||
Sales to affiliates | 0.5 | 0.5 | 0 | (1.0 | ) | 0 | |||||||||||||||
Total revenues | 920.9 | 223.7 | 246.3 | 6.1 | 1,397.00 | ||||||||||||||||
Depreciation and amortization | 119.8 | 26.2 | 19.2 | 0.7 | 165.9 | ||||||||||||||||
Total interest charges(1) | 46.7 | 6.7 | 3.4 | 28.3 | 85.1 | ||||||||||||||||
Internally allocated interest (1) | 0 | 0 | 3.3 | (3.3 | ) | 0 | |||||||||||||||
Provision (benefit) for income taxes | 51.3 | 13.7 | (1.0 | ) | (12.6 | ) | 51.4 | ||||||||||||||
Net income (loss) from continuing operations | 82.4 | 21.7 | 3.7 | (15.0 | ) | 92.8 | |||||||||||||||
Income from discontinued operations, net | 0 | 0 | 0 | 0.1 | 0.1 | ||||||||||||||||
Net income (loss) | $ | 82.4 | $ | 21.7 | $ | 3.7 | $ | (14.9 | ) | $ | 92.9 | ||||||||||
At Jun 30, 2014 | |||||||||||||||||||||
Total assets | $ | 6,311.90 | $ | 1,034.10 | $ | 333.3 | ($ | 58.5 | ) | $ | 7,620.80 | ||||||||||
At Dec. 31, 2013 | |||||||||||||||||||||
Total assets | $ | 6,126.90 | $ | 1,021.20 | $ | 316.3 | ($ | 16.4 | ) | $ | 7,448.00 | ||||||||||
-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 2013 through June 2014 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. | ||||||||||||||||||||
Tampa Electric Company [Member] | ' | ||||||||||||||||||||
Schedule of Segment Information | ' | ||||||||||||||||||||
(millions) | Tampa | Peoples | Other & | Tampa Electric | |||||||||||||||||
Three months ended Jun 30, | Electric | Gas | Eliminations | Company | |||||||||||||||||
2014 | |||||||||||||||||||||
Revenues - external | $ | 512.6 | $ | 90.7 | $ | 0 | $ | 603.3 | |||||||||||||
Sales to affiliates | 0.1 | 0.4 | (0.5 | ) | 0 | ||||||||||||||||
Total revenues | 512.7 | 91.1 | (0.5 | ) | 603.3 | ||||||||||||||||
Depreciation and amortization | 61.7 | 13.4 | 0 | 75.1 | |||||||||||||||||
Total interest charges | 23.3 | 3.4 | 0 | 26.7 | |||||||||||||||||
Provision for income taxes | 37.1 | 4.8 | 0 | 41.9 | |||||||||||||||||
Net income | $ | 62.2 | $ | 7.5 | $ | 0 | $ | 69.7 | |||||||||||||
2013 | |||||||||||||||||||||
Revenues - external | $ | 502.8 | $ | 101.3 | $ | 0 | $ | 604.1 | |||||||||||||
Sales to affiliates | 0.1 | 0.5 | (0.6 | ) | 0 | ||||||||||||||||
Total revenues | 502.9 | 101.8 | (0.6 | ) | 604.1 | ||||||||||||||||
Depreciation and amortization | 60.8 | 13.2 | 0 | 74 | |||||||||||||||||
Total interest charges | 23.3 | 3.3 | 0 | 26.6 | |||||||||||||||||
Provision for income taxes | 31.5 | 5 | 0 | 36.5 | |||||||||||||||||
Net income | $ | 50.6 | $ | 7.9 | $ | 0 | $ | 58.5 | |||||||||||||
Six months ended Jun 30, | |||||||||||||||||||||
2014 | |||||||||||||||||||||
Revenues - external | $ | 965.7 | $ | 213.1 | $ | 0 | $ | 1,178.80 | |||||||||||||
Sales to affiliates | 0.2 | 0.6 | (0.8 | ) | 0 | ||||||||||||||||
Total revenues | 965.9 | 213.7 | (0.8 | ) | 1,178.80 | ||||||||||||||||
Depreciation and amortization | 123.8 | 26.7 | 0 | 150.5 | |||||||||||||||||
Total interest charges | 45.3 | 6.8 | 0 | 52.1 | |||||||||||||||||
Provision for income taxes | 63.7 | 14 | 0 | 77.7 | |||||||||||||||||
Net income | $ | 107.4 | $ | 22.1 | $ | 0 | $ | 129.5 | |||||||||||||
Total assets at Jun 30, 2014 | $ | 6,061.90 | $ | 1,002.40 | ($ | 12.4 | ) | $ | 7,051.90 | ||||||||||||
2013 | |||||||||||||||||||||
Revenues - external | $ | 920.7 | $ | 223.2 | $ | 0 | $ | 1,143.90 | |||||||||||||
Sales to affiliates | 0.2 | 0.5 | (0.7 | ) | 0 | ||||||||||||||||
Total revenues | 920.9 | 223.7 | (0.7 | ) | 1,143.90 | ||||||||||||||||
Depreciation and amortization | 119.8 | 26.2 | 0 | 146 | |||||||||||||||||
Total interest charges | 46.7 | 6.7 | 0 | 53.4 | |||||||||||||||||
Provision for income taxes | 51.3 | 13.7 | 0 | 65 | |||||||||||||||||
Net income | $ | 82.4 | $ | 21.7 | $ | 0 | $ | 104.1 | |||||||||||||
Total assets at Dec 31, 2013 | $ | 5,895.40 | $ | 989.3 | ($ | 8.9 | ) | $ | 6,875.80 | ||||||||||||
Accounting_for_Derivative_Inst1
Accounting for Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
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 June 30, 2014 and Dec. 31, 2013: | |||||||||||||||||
Total Derivatives(1) | |||||||||||||||||
(millions) | Jun 30, | Dec 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||||
Current assets | $ | 8.2 | $ | 9.7 | |||||||||||||
Long-term assets | 0.5 | 0.3 | |||||||||||||||
Total assets | $ | 8.7 | $ | 10 | |||||||||||||
Current liabilities | $ | 0.2 | $ | 0.1 | |||||||||||||
Long-term liabilities | 0.1 | 0.2 | |||||||||||||||
Total liabilities | $ | 0.3 | $ | 0.3 | |||||||||||||
-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. | ||||||||||||||||
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 June 30, 2014 and Dec. 31, 2013. 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 | |||||||||||||||
30-Jun-14 | |||||||||||||||||
Description | |||||||||||||||||
Derivative assets | $ | 9.9 | $ | (1.2 | ) | $ | 8.7 | ||||||||||
Derivative liabilities | $ | (1.5 | ) | $ | 1.2 | $ | (0.3 | ) | |||||||||
31-Dec-13 | |||||||||||||||||
Description | |||||||||||||||||
Derivative assets | $ | 10.5 | $ | (0.5 | ) | $ | 10 | ||||||||||
Derivative liabilities | $ | (0.8 | ) | $ | 0.5 | $ | (0.3 | ) | |||||||||
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 six months ended June 30: | |||||||||||||||||
For the three months ended Jun 30: | Amount of | Location of Gain/(Loss) | Amount of | ||||||||||||||
Gain/(Loss) on | Reclassified From AOCI | Gain/(Loss) | |||||||||||||||
(millions) | Derivatives | Into Income | Reclassified | ||||||||||||||
Recognized in | From AOCI | ||||||||||||||||
OCI | Into Income | ||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Effective Portion (1) | Effective Portion (1) | |||||||||||||||
2014 | |||||||||||||||||
Interest rate contracts | $ | 0 | Interest expense | $ | 0 | ||||||||||||
Commodity contracts: | |||||||||||||||||
Diesel fuel derivatives | 0.1 | Mining related costs | 0 | ||||||||||||||
Total | $ | 0.1 | $ | 0 | |||||||||||||
2013 | |||||||||||||||||
Interest rate contracts | $ | 0 | Interest expense | ($ | 0.2 | ) | |||||||||||
Commodity contracts: | |||||||||||||||||
Diesel fuel derivatives | (0.4 | ) | Mining related costs | (0.1 | ) | ||||||||||||
Total | ($ | 0.4 | ) | ($ | 0.3 | ) | |||||||||||
For the six months ended Jun 30: | Amount of | Location of Gain/(Loss) | Amount of | ||||||||||||||
Gain/(Loss) on | Reclassified From AOCI | Gain/(Loss) | |||||||||||||||
(millions) | Derivatives | Into Income | Reclassified | ||||||||||||||
Recognized in | From AOCI | ||||||||||||||||
OCI | Into Income | ||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Effective Portion (1) | Effective Portion | (1) | ||||||||||||||
2014 | |||||||||||||||||
Interest rate contracts | $ | 0 | Interest expense | ($ | 0.2 | ) | |||||||||||
Commodity contracts: | |||||||||||||||||
Diesel fuel derivatives | 0 | Mining related costs | (0.1 | ) | |||||||||||||
Total | $ | 0 | ($ | 0.3 | ) | ||||||||||||
2013 | |||||||||||||||||
Interest rate contracts | $ | 0 | Interest expense | ($ | 0.4 | ) | |||||||||||
Commodity contracts: | |||||||||||||||||
Diesel fuel derivatives | (0.2 | ) | Mining related costs | (0.1 | ) | ||||||||||||
Total | ($ | 0.2 | ) | ($ | 0.5 | ) | |||||||||||
-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 six months ended June 30, 2014 and 2013, all hedges were effective. | |||||||||||||||||
The following table presents the derivative activity for instruments classified as qualifying cash flow hedges for the six months ended June 30: | |||||||||||||||||
(millions) | Fair Value | Amount of | Amount of | ||||||||||||||
Asset/ | Gain/(Loss) | Gain/(Loss) | |||||||||||||||
(Liability) | Recognized | Reclassified From | |||||||||||||||
in OCI (1) | AOCI Into Income | ||||||||||||||||
2014 | |||||||||||||||||
Interest rate swaps | $ | 0 | $ | 0 | ($ | 0.2 | ) | ||||||||||
Diesel fuel derivatives | 0.1 | 0 | (0.1 | ) | |||||||||||||
Total | $ | 0.1 | $ | 0 | ($ | 0.3 | ) | ||||||||||
2013 | |||||||||||||||||
Interest rate swaps | $ | 0 | $ | 0 | ($ | 0.4 | ) | ||||||||||
Diesel fuel derivatives | (1.1 | ) | (0.2 | ) | (0.1 | ) | |||||||||||
Total | ($ | 1.1 | ) | ($ | 0.2 | ) | ($ | 0.5 | ) | ||||||||
-1 | Changes in OCI and AOCI are reported in after-tax dollars. | ||||||||||||||||
Derivative Volumes Expected to Settle | ' | ||||||||||||||||
The maximum length of time over which the company is hedging its exposure to the variability in future cash flows extends to Dec. 31, 2014 for financial diesel fuel contracts and Dec. 31, 2016 for financial natural gas contracts. The following table presents by commodity type the company’s derivative volumes that, as of June 30, 2014, are expected to settle during the 2014, 2015 and 2016 fiscal years: | |||||||||||||||||
(millions) | Diesel Fuel Contracts | Natural Gas Contracts | |||||||||||||||
(Gallons) | (MMBTUs) | ||||||||||||||||
Year | Physical | Financial | Physical | Financial | |||||||||||||
2014 | 0 | 1 | 0 | 19.4 | |||||||||||||
2015 | 0 | 0 | 0 | 25 | |||||||||||||
2016 | 0 | 0 | 0 | 2.8 | |||||||||||||
Total | 0 | 1 | 0 | 47.2 | |||||||||||||
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 June 30, 2014 and Dec. 31, 2013: | |||||||||||||||||
Derivatives Designated as Hedging Instruments | |||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
(millions) | Balance Sheet | Fair | Balance Sheet | Fair | |||||||||||||
30-Jun-14 | Location | Value | Location | Value | |||||||||||||
Commodity Contracts: | |||||||||||||||||
Diesel fuel derivatives: | |||||||||||||||||
Current | Derivative assets | $ | 0.1 | Derivative liabilities | $ | 0 | |||||||||||
Long-term | Derivative assets | 0 | Derivative liabilities | 0 | |||||||||||||
Natural gas derivatives: | |||||||||||||||||
Current | Derivative assets | 8.1 | Derivative liabilities | 0.2 | |||||||||||||
Long-term | Derivative assets | 0.5 | Derivative liabilities | 0.1 | |||||||||||||
Total derivatives designated as hedging instruments | $ | 8.7 | $ | 0.3 | |||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
(millions) | Balance Sheet | Fair | Balance Sheet | Fair | |||||||||||||
31-Dec-13 | Location | Value | Location | Value | |||||||||||||
Commodity Contracts: | |||||||||||||||||
Diesel fuel derivatives: | |||||||||||||||||
Current | Derivative assets | $ | 0.2 | Derivative liabilities | $ | 0.1 | |||||||||||
Long-term | Derivative assets | 0 | Derivative liabilities | 0 | |||||||||||||
Natural gas derivatives: | |||||||||||||||||
Current | Derivative assets | 9.5 | Derivative liabilities | 0 | |||||||||||||
Long-term | Derivative assets | 0.3 | Derivative liabilities | 0.2 | |||||||||||||
Total derivatives designated as hedging instruments | $ | 10 | $ | 0.3 | |||||||||||||
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 June 30, 2014 and Dec. 31, 2013 to limit the exposure to changes in the market price for diesel fuel used in the production of coal: | |||||||||||||||||
Diesel Fuel Derivatives | |||||||||||||||||
(millions) | Jun 30, | Dec 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||||
Current assets | $ | 0.1 | $ | 0.2 | |||||||||||||
Long-term assets | 0 | 0 | |||||||||||||||
Total assets | $ | 0.1 | $ | 0.2 | |||||||||||||
Current liabilities | $ | 0 | $ | 0.1 | |||||||||||||
Long-term liabilities | 0 | 0 | |||||||||||||||
Total liabilities | $ | 0 | $ | 0.1 | |||||||||||||
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 June 30, 2014 and Dec. 31, 2013 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) | Jun 30, | Dec 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||||
Current assets | $ | 8.1 | $ | 9.5 | |||||||||||||
Long-term assets | 0.5 | 0.3 | |||||||||||||||
Total assets | $ | 8.6 | $ | 9.8 | |||||||||||||
Current liabilities | $ | 0.2 | $ | 0 | |||||||||||||
Long-term liabilities | 0.1 | 0.2 | |||||||||||||||
Total liabilities | $ | 0.3 | $ | 0.2 | |||||||||||||
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 Sheets as of June 30, 2014 and Dec. 31, 2013: | |||||||||||||||||
Energy Related Derivatives | |||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
(millions) | Balance Sheet | Fair | Balance Sheet | Fair | |||||||||||||
30-Jun-14 | Location (1) | Value | Location (1) | Value | |||||||||||||
Commodity Contracts: | |||||||||||||||||
Natural gas derivatives: | |||||||||||||||||
Current | Regulatory liabilities | $ | 8.1 | Regulatory assets | $ | 0.2 | |||||||||||
Long-term | Regulatory liabilities | 0.5 | Regulatory assets | 0.1 | |||||||||||||
Total | $ | 8.6 | $ | 0.3 | |||||||||||||
(millions) | Balance Sheet | Fair | Balance Sheet | Fair | |||||||||||||
31-Dec-13 | Location (1) | Value | Location (1) | Value | |||||||||||||
Commodity Contracts: | |||||||||||||||||
Natural gas derivatives: | |||||||||||||||||
Current | Regulatory liabilities | $ | 9.5 | Regulatory assets | $ | 0 | |||||||||||
Long-term | Regulatory liabilities | 0.3 | Regulatory assets | 0.2 | |||||||||||||
Total | $ | 9.8 | $ | 0.2 | |||||||||||||
-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 derivative hedges of natural gas contracts at June 30, 2014 and Dec. 31, 2013 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) | Jun 30, | Dec 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||||
Current assets | $ | 8.1 | $ | 9.5 | |||||||||||||
Long-term assets | 0.5 | 0.3 | |||||||||||||||
Total assets | $ | 8.6 | $ | 9.8 | |||||||||||||
Current liabilities (1) | $ | 0.2 | $ | 0 | |||||||||||||
Long-term liabilities | 0.1 | 0.2 | |||||||||||||||
Total liabilities | $ | 0.3 | $ | 0.2 | |||||||||||||
-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 June 30, 2014 and Dec. 31, 2013. There was no collateral posted with or received from any counterparties: | |||||||||||||||||
Offsetting of Derivative Assets and Liabilities | |||||||||||||||||
(millions) | Gross Amounts | Gross Amounts | Net Amounts of | ||||||||||||||
of Recognized | offset on the | Assets (Liabilities) | |||||||||||||||
Assets | Balance Sheet | Presented on the | |||||||||||||||
(Liabilities) | Balance Sheet | ||||||||||||||||
30-Jun-14 | |||||||||||||||||
Description | |||||||||||||||||
Derivative assets | $ | 9.8 | $ | (1.2 | ) | $ | 8.6 | ||||||||||
Derivative liabilities | $ | (1.5 | ) | $ | 1.2 | $ | (0.3 | ) | |||||||||
31-Dec-13 | |||||||||||||||||
Description | |||||||||||||||||
Derivative assets | $ | 10.3 | $ | (0.5 | ) | $ | 9.8 | ||||||||||
Derivative liabilities | $ | (0.7 | ) | $ | 0.5 | $ | (0.2 | ) | |||||||||
Effect of Hedging Instruments on OCI and Income | ' | ||||||||||||||||
The following table presents the effect of hedging instruments on OCI and income for the three months and six months ended June 30: | |||||||||||||||||
(millions) | Location of Gain/(Loss) | Amount of Gain/(Loss) Reclassified | |||||||||||||||
Reclassified From AOCI Into | From AOCI Into Income | ||||||||||||||||
Income | |||||||||||||||||
Derivatives in Cash Flow | Effective Portion (1) | Three months | Six months ended | ||||||||||||||
Hedging Relationships | ended Jun 30: | Jun 30: | |||||||||||||||
2014 | |||||||||||||||||
Interest rate contracts: | Interest expense | $ | 0 | $ | 0.2 | ||||||||||||
Total | $ | 0 | $ | 0.2 | |||||||||||||
2013 | |||||||||||||||||
Interest rate contracts: | Interest expense | ($ | 0.2 | ) | ($ | 0.4 | ) | ||||||||||
Total | ($ | 0.2 | ) | ($ | 0.4 | ) | |||||||||||
-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 June 30, 2014, are expected to settle during the 2014, 2015 and 2016 fiscal years: | |||||||||||||||||
(millions) | Natural Gas Contracts | ||||||||||||||||
(MMBTUs) | |||||||||||||||||
Year | Physical | Financial | |||||||||||||||
2014 | 0 | 19.4 | |||||||||||||||
2015 | 0 | 25 | |||||||||||||||
2016 | 0 | 2.8 | |||||||||||||||
Total | 0 | 47.2 | |||||||||||||||
Tampa Electric Company [Member] | Energy Related Derivatives [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 Sheets as of June 30, 2014 and Dec. 31, 2013: | |||||||||||||||||
Energy Related Derivatives | |||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
(millions) | Balance Sheet | Fair | Balance Sheet | Fair | |||||||||||||
30-Jun-14 | Location (1) | Value | Location (1) | Value | |||||||||||||
Commodity Contracts: | |||||||||||||||||
Natural gas derivatives: | |||||||||||||||||
Current | Regulatory liabilities | $ | 8.1 | Regulatory assets | $ | 0.2 | |||||||||||
Long-term | Regulatory liabilities | 0.5 | Regulatory assets | 0.1 | |||||||||||||
Total | $ | 8.6 | $ | 0.3 | |||||||||||||
(millions) | Balance Sheet | Fair | Balance Sheet | Fair | |||||||||||||
31-Dec-13 | Location (1) | Value | Location (1) | Value | |||||||||||||
Commodity Contracts: | |||||||||||||||||
Natural gas derivatives: | |||||||||||||||||
Current | Regulatory liabilities | $ | 9.5 | Regulatory assets | $ | 0 | |||||||||||
Long-term | Regulatory liabilities | 0.3 | Regulatory assets | 0.2 | |||||||||||||
Total | $ | 9.8 | $ | 0.2 | |||||||||||||
-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. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
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 Jun 30, 2014 | |||||||||||||||||
(millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | |||||||||||||||||
Natural gas swaps | $ | 0 | $ | 8.6 | $ | 0 | $ | 8.6 | |||||||||
Diesel fuel swaps | 0 | 0.1 | 0 | 0.1 | |||||||||||||
Total | $ | 0 | $ | 8.7 | $ | 0 | $ | 8.7 | |||||||||
Liabilities | |||||||||||||||||
Natural gas swaps | $ | 0 | $ | 0.3 | $ | 0 | $ | 0.3 | |||||||||
Diesel fuel swaps | 0 | 0 | 0 | 0 | |||||||||||||
Total | $ | 0 | $ | 0.3 | $ | 0 | $ | 0.3 | |||||||||
At fair value as of Dec 31, 2013 | |||||||||||||||||
(millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | |||||||||||||||||
Natural gas swaps | $ | 0 | $ | 9.8 | $ | 0 | $ | 9.8 | |||||||||
Diesel fuel swaps | 0 | 0.2 | 0 | 0.2 | |||||||||||||
Total | $ | 0 | $ | 10 | $ | 0 | $ | 10 | |||||||||
Liabilities | |||||||||||||||||
Natural gas swaps | $ | 0 | $ | 0.2 | $ | 0 | $ | 0.2 | |||||||||
Diesel fuel swaps | 0 | 0.1 | 0 | 0.1 | |||||||||||||
Total | $ | 0 | $ | 0.3 | $ | 0 | $ | 0.3 | |||||||||
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 Jun 30, 2014 | |||||||||||||||||
(millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | |||||||||||||||||
Natural gas swaps | $ | 0 | $ | 8.6 | $ | 0 | $ | 8.6 | |||||||||
Total | $ | 0 | $ | 8.6 | $ | 0 | $ | 8.6 | |||||||||
Liabilities | |||||||||||||||||
Natural gas swaps | $ | 0 | $ | 0.3 | $ | 0 | $ | 0.3 | |||||||||
Total | $ | 0 | $ | 0.3 | $ | 0 | $ | 0.3 | |||||||||
At fair value as of Dec 31, 2013 | |||||||||||||||||
(millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | |||||||||||||||||
Natural gas swaps | $ | 0 | $ | 9.8 | $ | 0 | $ | 9.8 | |||||||||
Total | $ | 0 | $ | 9.8 | $ | 0 | $ | 9.8 | |||||||||
Liabilities | |||||||||||||||||
Natural gas swaps | $ | 0 | $ | 0.2 | $ | 0 | $ | 0.2 | |||||||||
Total | $ | 0 | $ | 0.2 | $ | 0 | $ | 0.2 | |||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) (TECO Guatemala [Member]) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
TECO Guatemala [Member] | ' | ||||||||||||||||
Components of Discontinued Operations | ' | ||||||||||||||||
The following table provides selected components of discontinued operations: | |||||||||||||||||
Components of income from discontinued operations | Three months ended | Six months ended | |||||||||||||||
Jun 30, | Jun 30, | ||||||||||||||||
(millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenues | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
(Loss) Income from operations | 0 | (0.2 | ) | 5 | 0.2 | ||||||||||||
(Loss) Income from discontinued operations | 0 | (0.2 | ) | 5 | 0.2 | ||||||||||||
Less: Provision for income taxes | 0 | 0 | 1.9 | 0.1 | |||||||||||||
(Loss) Income from discontinued operations, net | 0 | (0.2 | ) | 3.1 | 0.1 | ||||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
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 | ' | ' | ' | ' | ' | ' | ' | ' | $57 | $46.70 | $57 | $46.70 |
Franchise fees and gross receipts taxes | $27.80 | $26.70 | $55 | $52.10 | $27.80 | $26.70 | $55 | $52.10 | ' | ' | ' | ' |
Regulatory_Additional_Informat
Regulatory - Additional Information (Detail) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Storm damage reserve | $687.10 | $717.20 |
Tampa Electric Company [Member] | ' | ' |
Annual accrual storm damage reserve | 8 | ' |
Storm damage reserve | 687.1 | 717.2 |
Tampa Electric Company [Member] | Transmission and Delivery Storm Reserve [Member] | ' | ' |
Storm damage reserve | $56.10 | $56.10 |
Storm damage cost recovery period | '12 months | ' |
Regulatory_Schedule_of_Regulat
Regulatory - Schedule of Regulatory Assets and Regulatory Liabilities (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Regulatory assets: | ' | ' |
Regulatory assets | $317.60 | $327.40 |
Less: Current portion | 33.7 | 34.3 |
Long-term regulatory assets | 283.9 | 293.1 |
Regulatory liabilities: | ' | ' |
Regulatory liabilities | 687.1 | 717.2 |
Less: Current portion | 65.7 | 85.8 |
Long-term regulatory liabilities | 621.4 | 631.4 |
Tampa Electric Company [Member] | ' | ' |
Regulatory assets: | ' | ' |
Regulatory assets | 317.6 | 327.4 |
Less: Current portion | 33.7 | 34.3 |
Long-term regulatory assets | 283.9 | 293.1 |
Regulatory liabilities: | ' | ' |
Regulatory liabilities | 687.1 | 717.2 |
Less: Current portion | 65.7 | 85.8 |
Long-term regulatory liabilities | 621.4 | 631.4 |
Regulatory Tax Liability [Member] | ' | ' |
Regulatory liabilities: | ' | ' |
Regulatory liabilities | 5.6 | 9.8 |
Regulatory Tax Liability [Member] | Tampa Electric Company [Member] | ' | ' |
Regulatory liabilities: | ' | ' |
Regulatory liabilities | 5.6 | 9.8 |
Cost-Recovery Clauses [Member] | ' | ' |
Regulatory liabilities: | ' | ' |
Regulatory liabilities | 34.8 | 54.5 |
Cost-Recovery Clauses [Member] | Tampa Electric Company [Member] | ' | ' |
Regulatory liabilities: | ' | ' |
Regulatory liabilities | 34.8 | 54.5 |
Transmission and Delivery Storm Reserve [Member] | ' | ' |
Regulatory liabilities: | ' | ' |
Regulatory liabilities | 56.1 | 56.1 |
Transmission and Delivery Storm Reserve [Member] | Tampa Electric Company [Member] | ' | ' |
Regulatory liabilities: | ' | ' |
Regulatory liabilities | 56.1 | 56.1 |
Deferred Gain on Property Sales [Member] | ' | ' |
Regulatory liabilities: | ' | ' |
Regulatory liabilities | 1.4 | 2 |
Deferred Gain on Property Sales [Member] | Tampa Electric Company [Member] | ' | ' |
Regulatory liabilities: | ' | ' |
Regulatory liabilities | 1.4 | 2 |
Provision for Stipulation and Other [Member] | ' | ' |
Regulatory liabilities: | ' | ' |
Regulatory liabilities | 0.8 | 0.8 |
Provision for Stipulation and Other [Member] | Tampa Electric Company [Member] | ' | ' |
Regulatory liabilities: | ' | ' |
Regulatory liabilities | 0.8 | 0.8 |
Accumulated Reserve - Cost of Removal [Member] | ' | ' |
Regulatory liabilities: | ' | ' |
Regulatory liabilities | 588.4 | 594 |
Accumulated Reserve - Cost of Removal [Member] | Tampa Electric Company [Member] | ' | ' |
Regulatory liabilities: | ' | ' |
Regulatory liabilities | 588.4 | 594 |
Total Other Regulatory Liabilities [Member] | ' | ' |
Regulatory liabilities: | ' | ' |
Regulatory liabilities | 681.5 | 707.4 |
Total Other Regulatory Liabilities [Member] | Tampa Electric Company [Member] | ' | ' |
Regulatory liabilities: | ' | ' |
Regulatory liabilities | 681.5 | 707.4 |
Regulatory Tax Asset [Member] | ' | ' |
Regulatory assets: | ' | ' |
Regulatory assets | 68.1 | 67.4 |
Regulatory Tax Asset [Member] | Tampa Electric Company [Member] | ' | ' |
Regulatory assets: | ' | ' |
Regulatory assets | 68.1 | 67.4 |
Cost-Recovery Clauses [Member] | ' | ' |
Regulatory assets: | ' | ' |
Regulatory assets | 1.8 | 6.1 |
Cost-Recovery Clauses [Member] | Tampa Electric Company [Member] | ' | ' |
Regulatory assets: | ' | ' |
Regulatory assets | 1.8 | 6.1 |
Postretirement Benefit Asset [Member] | ' | ' |
Regulatory assets: | ' | ' |
Regulatory assets | 177.6 | 182.7 |
Postretirement Benefit Asset [Member] | Tampa Electric Company [Member] | ' | ' |
Regulatory assets: | ' | ' |
Regulatory assets | 177.6 | 182.7 |
Deferred Bond Refinancing Costs [Member] | ' | ' |
Regulatory assets: | ' | ' |
Regulatory assets | 7.6 | 8 |
Deferred Bond Refinancing Costs [Member] | Tampa Electric Company [Member] | ' | ' |
Regulatory assets: | ' | ' |
Regulatory assets | 7.6 | 8 |
Environmental Remediation [Member] | ' | ' |
Regulatory assets: | ' | ' |
Regulatory assets | 52 | 51.4 |
Environmental Remediation [Member] | Tampa Electric Company [Member] | ' | ' |
Regulatory assets: | ' | ' |
Regulatory assets | 52 | 51.4 |
Competitive Rate Adjustment [Member] | ' | ' |
Regulatory assets: | ' | ' |
Regulatory assets | 2.8 | 4.1 |
Competitive Rate Adjustment [Member] | Tampa Electric Company [Member] | ' | ' |
Regulatory assets: | ' | ' |
Regulatory assets | 2.8 | 4.1 |
Other [Member] | ' | ' |
Regulatory assets: | ' | ' |
Regulatory assets | 7.7 | 7.7 |
Other [Member] | Tampa Electric Company [Member] | ' | ' |
Regulatory assets: | ' | ' |
Regulatory assets | 7.7 | 7.7 |
Total Other Regulatory Assets [Member] | ' | ' |
Regulatory assets: | ' | ' |
Regulatory assets | 249.5 | 260 |
Total Other Regulatory Assets [Member] | Tampa Electric Company [Member] | ' | ' |
Regulatory assets: | ' | ' |
Regulatory assets | $249.50 | $260 |
Regulatory_Schedule_of_Regulat1
Regulatory - Schedule of Regulatory Assets and Regulatory Liabilities (Parenthetical) (Detail) | 6 Months Ended |
Jun. 30, 2014 | |
Schedule Of Regulatory Assets And Liabilities [Line Items] | ' |
Amortization period | '5-year |
Tampa Electric Company [Member] | ' |
Schedule Of Regulatory Assets And Liabilities [Line Items] | ' |
Amortization period | '5-year |
Regulatory_Regulatory_Assets_a
Regulatory - Regulatory Assets and Related Recovery Periods (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets | $317.60 | $327.40 |
Tampa Electric Company [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets | 317.6 | 327.4 |
Clause Recoverable [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets | 4.6 | 10.2 |
Clause Recoverable [Member] | Tampa Electric Company [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets | 4.6 | 10.2 |
Regulatory Tax Asset [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets | 68.1 | 67.4 |
Regulatory Tax Asset [Member] | Tampa Electric Company [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets | 68.1 | 67.4 |
Capital Structure and Other [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets | 64.2 | 64.2 |
Capital Structure and Other [Member] | Tampa Electric Company [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets | 64.2 | 64.2 |
Components of Rate Base [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets | 180.7 | 185.6 |
Components of Rate Base [Member] | Tampa Electric Company [Member] | ' | ' |
Regulatory Assets [Line Items] | ' | ' |
Regulatory assets | $180.70 | $185.60 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Income Taxes [Line Items] | ' | ' |
Income tax examination period | '1 year | ' |
Effective tax rate | 36.71% | 35.64% |
Tampa Electric Company [Member] | ' | ' |
Income Taxes [Line Items] | ' | ' |
Statutes of limitations | '3 years | ' |
Income tax examination period | '1 year | ' |
Minimum [Member] | ' | ' |
Income Taxes [Line Items] | ' | ' |
Statutes of limitations | '3 years | ' |
Maximum [Member] | ' | ' |
Income Taxes [Line Items] | ' | ' |
Statutes of limitations | '4 years | ' |
Employee_Postretirement_Benefi2
Employee Postretirement Benefits - Schedule of Net Periodic Benefit Cost (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Pension Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $4.20 | $4.30 | $8.30 | $9.10 |
Interest cost on projected benefit obligations | 8.2 | 7.2 | 16.4 | 14.4 |
Expected return on assets | -10.4 | -9.5 | -20.7 | -19.2 |
Amortization of: | ' | ' | ' | ' |
Prior service (benefit) cost | -0.1 | -0.1 | -0.2 | -0.2 |
Actuarial loss | 3.5 | 5.3 | 6.7 | 10.3 |
Net pension expense recognized in the TECO Energy Consolidated Condensed Statements of Income | 5.4 | 7.2 | 10.5 | 14.4 |
Other Postretirement Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 0.6 | 0.5 | 1.2 | 1.2 |
Interest cost on projected benefit obligations | 2.6 | 2.4 | 5.2 | 4.7 |
Expected return on assets | 0 | 0 | 0 | 0 |
Amortization of: | ' | ' | ' | ' |
Prior service (benefit) cost | -0.1 | -0.1 | -0.1 | -0.2 |
Actuarial loss | 0.1 | 0.2 | 0.1 | 0.5 |
Net pension expense recognized in the TECO Energy Consolidated Condensed Statements of Income | $3.20 | $3 | $6.40 | $6.20 |
Employee_Postretirement_Benefi3
Employee Postretirement Benefits - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Long-term EROA | ' | ' | 7.25% | ' |
Contributions to pension plan | ' | ' | $26.50 | ' |
Reclassification of AOCI to net income as part of periodic benefit expense | 0.7 | ' | 1.3 | ' |
Reclassification of regulatory assets to net income as part of periodic benefit expense | 2.7 | ' | 5.2 | ' |
Tampa Electric Company [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Long-term EROA | ' | ' | 7.25% | ' |
Contributions to pension plan | ' | ' | 21.5 | ' |
Reclassification of regulatory assets to net income as part of periodic benefit expense | 2.7 | ' | 5.2 | ' |
Pension Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Discount rate | 5.12% | ' | 5.12% | ' |
Pension Benefits [Member] | Tampa Electric Company [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Discount rate | 5.12% | ' | 5.12% | ' |
Contributions to pension plan | ' | ' | 26.5 | ' |
Net pension expense | 3.9 | 5.6 | 7.7 | 10.9 |
Other Postretirement Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Discount rate | 5.10% | ' | 5.10% | ' |
Other Postretirement Benefits [Member] | Tampa Electric Company [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Discount rate | 5.10% | ' | 5.10% | ' |
Net pension expense | $2.60 | $2.40 | $5.20 | $5 |
ShortTerm_Debt_Credit_Faciliti
Short-Term Debt - Credit Facilities (Detail) (USD $) | Jun. 30, 2014 | Feb. 14, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | |||
Line of Credit Facility [Line Items] | ' | ' | ' |
Credit Facilities | $675 | ' | $675 |
Borrowings Outstanding | 0 | ' | 84 |
Letters of Credit Outstanding | 0.7 | ' | 0.7 |
Tampa Electric Company [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Credit Facilities | 475 | ' | 475 |
Borrowings Outstanding | 0 | ' | 84 |
Letters of Credit Outstanding | 0.7 | ' | 0.7 |
Tampa Electric Company [Member] | 5-year Facility [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Credit Facilities | 325 | ' | 325 |
Borrowings Outstanding | 0 | ' | 6 |
Letters of Credit Outstanding | 0.7 | ' | 0.7 |
Tampa Electric Company [Member] | 1-year Accounts Receivable Facility [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Credit Facilities | 150 | 150 | 150 |
Borrowings Outstanding | 0 | ' | 78 |
Letters of Credit Outstanding | 0 | ' | 0 |
TECO Energy [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) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Line of Credit Facility [Line Items] | ' | ' |
Credit facility maturity date | 17-Dec-18 | 17-Dec-18 |
Tampa Electric Company [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Credit facility maturity date | 17-Dec-18 | 17-Dec-18 |
ShortTerm_Debt_Additional_Info
Short-Term Debt - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Feb. 14, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
In Millions, unless otherwise specified | 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] | ||
1-year Accounts Receivable Facility [Member] | 1-year Accounts Receivable Facility [Member] | 1-year Accounts Receivable Facility [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | |||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fees, percentage | ' | ' | 0.70% | ' | 0.70% | ' | ' | 0.13% | 0.13% | 0.30% | 0.30% |
Weighted-average interest rate | ' | ' | ' | 0.56% | ' | ' | ' | ' | ' | ' | ' |
Outstanding borrowings | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' |
Amended credit facility | $675 | $675 | $475 | $475 | $150 | $150 | $150 | ' | ' | ' | ' |
Debt instrument maturity date | ' | ' | 'Feb. 13, 2015 | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on federal funds rate | ' | ' | 0.50% | ' | 0.50% | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | 15-May-14 | Jun. 30, 2014 |
In Millions, unless otherwise specified | Tampa Electric Company [Member] | Tampa Electric Company [Member] | Tampa Electric Company [Member] | Tampa Electric Company [Member] | ||
4.35% Notes [Member] | 4.35% Notes [Member] | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Long-term debt, carrying amount | $3,137.60 | $2,921.10 | $2,097.20 | $1,880.80 | ' | ' |
Estimated fair value | 3,469.60 | 3,184.10 | 2,329.60 | 2,042 | ' | ' |
Aggregate principal amount issued | ' | ' | ' | ' | 300 | ' |
Interest at the initial term rate per annum | ' | ' | ' | ' | 4.35% | ' |
Debt instrument principal amount market price percentage | ' | ' | ' | ' | 99.93% | ' |
Proceeds from notes net of issuance | ' | ' | ' | ' | $296.60 | ' |
Redeemable principal amount percentage | ' | ' | ' | ' | 100.00% | ' |
Libor interest rate | ' | ' | ' | ' | ' | '15 |
Issuance of notes, maturity year | ' | ' | ' | ' | 1-Jan-44 | ' |
Debt instrument, maturity year | ' | ' | ' | ' | '2044 | ' |
Debt instrument, stated interest rate | ' | ' | ' | ' | 4.35% | ' |
Debt instrument, redemption price percentage | ' | ' | ' | ' | 100.00% | ' |
Discount rate, basis points to be added | ' | ' | 0.50% | ' | 0.15% | ' |
Debt instrument, start date of redemption | ' | ' | ' | ' | 15-Nov-43 | ' |
Debt instrument, offering date | ' | ' | ' | ' | 15-May-14 | ' |
Other_Comprehensive_Income_Oth
Other Comprehensive Income - Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Unrealized gain (loss) on cash flow hedges, Gross | $0.10 | ($0.70) | $0 | ($0.40) |
Reclassification from AOCI to net income, Gross | 0.1 | 0.5 | 0.5 | 0.8 |
Gain (Loss) on cash flow hedges, Gross | 0.2 | -0.2 | 0.5 | 0.4 |
Amortization of unrecognized benefit costs, Gross | 0.8 | 1.1 | 1.6 | 2.2 |
Increase in unrecognized post employment costs, Gross | 0 | ' | -12.9 | ' |
Total other comprehensive income (loss), Gross | 1 | 0.9 | -10.8 | 2.6 |
Unrealized gain (loss) on cash flow hedges, Tax | 0 | 0.3 | 0 | 0.2 |
Reclassification from AOCI to net income, Tax | -0.1 | -0.2 | -0.2 | -0.3 |
Gain (loss) on cash flow hedges, Tax | -0.1 | 0.1 | -0.2 | -0.1 |
Amortization of unrecognized benefit costs, Tax | -0.3 | -0.4 | -0.6 | -0.8 |
Increase in unrecognized post employment costs, Tax | 0 | ' | 4.7 | ' |
Total other comprehensive income (loss), Tax | -0.4 | -0.3 | 3.9 | -0.9 |
Unrealized gain (loss) on cash flow hedges, Net | 0.1 | -0.4 | 0 | -0.2 |
Reclassification from AOCI to net income, Net | 0 | 0.3 | 0.3 | 0.5 |
Gain (loss) on cash flow hedges, Net | 0.1 | -0.1 | 0.3 | 0.3 |
Amortization of unrecognized benefit costs, Net | 0.5 | 0.7 | 1 | 1.4 |
Increase in unrecognized post employment costs, Net | 0 | 0 | -8.2 | 0 |
Total other comprehensive income (loss), Net | 0.6 | 0.6 | -6.9 | 1.7 |
Tampa Electric Company [Member] | ' | ' | ' | ' |
Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Unrealized gain (loss) on cash flow hedges, Gross | ' | 0 | ' | 0 |
Reclassification from AOCI to net income, Gross | ' | 0.4 | ' | 0.7 |
Gain (Loss) on cash flow hedges, Gross | ' | 0.4 | ' | 0.7 |
Total other comprehensive income (loss), Gross | ' | 0.4 | ' | 0.7 |
Unrealized gain (loss) on cash flow hedges, Tax | 0 | 0 | 0 | 0 |
Reclassification from AOCI to net income, Tax | 0 | -0.2 | -0.2 | -0.3 |
Gain (loss) on cash flow hedges, Tax | 0 | -0.2 | -0.2 | -0.3 |
Total other comprehensive income (loss), Tax | 0 | -0.2 | -0.2 | -0.3 |
Unrealized gain (loss) on cash flow hedges, Net | 0 | 0 | 0 | 0 |
Reclassification from AOCI to net income, Net | 0 | 0.2 | 0.2 | 0.4 |
Gain (loss) on cash flow hedges, Net | 0 | 0.2 | 0.2 | 0.4 |
Total other comprehensive income (loss), Net | $0 | $0.20 | $0.20 | $0.40 |
Other_Comprehensive_Income_Acc
Other Comprehensive Income - Accumulated Other Comprehensive Loss (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Net unrealized losses from cash flow hedges | ($7.50) | ($7.80) |
Total accumulated other comprehensive loss | -20.1 | -13.2 |
Tampa Electric Company [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Net unrealized losses from cash flow hedges | -7.6 | -7.8 |
Total accumulated other comprehensive loss | -7.6 | -7.8 |
Pension Benefits [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Unrecognized pension loss and prior service credit | -19.7 | -20.5 |
Other Postretirement Benefits [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Unrecognized other benefit loss, prior service cost and transition obligation | $7.10 | $15.10 |
Other_Comprehensive_Income_Acc1
Other Comprehensive Income - Accumulated Other Comprehensive Loss (Parenthetical) (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Net unrealized losses from cash flow hedges, tax benefit | $4.70 | $4.90 |
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) | 12.1 | 12.6 |
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) | 4.4 | 9.1 |
Tampa Electric Company [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Net unrealized losses from cash flow hedges, tax benefit | $4.70 | $4.90 |
Earnings_Per_Share_Schedule_of
Earnings Per Share - Schedule of Earnings Per Share (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Basic earnings per share | ' | ' | ' | ' |
Net income from continuing operations | $58.40 | $51.60 | $105.40 | $92.80 |
Amount allocated to nonvested participating shareholders | -0.2 | -0.2 | -0.4 | -0.3 |
Income before discontinued operations available to common shareholders - Basic | 58.2 | 51.4 | 105 | 92.5 |
Income (Loss) from discontinued operations, net | 0 | -0.2 | 3.1 | 0.1 |
Amount allocated to nonvested participating shareholders | 0 | 0 | 0 | 0 |
Income (Loss) from discontinued operations available to common shareholders - Basic | 0 | -0.2 | 3.1 | 0.1 |
Net income | 58.4 | 51.4 | 108.5 | 92.9 |
Amount allocated to nonvested participating shareholders | -0.2 | -0.2 | -0.4 | -0.3 |
Net income available to common shareholders - Basic | 58.2 | 51.2 | 108.1 | 92.6 |
Average common shares outstanding - Basic | 215.4 | 215 | 215.3 | 214.8 |
Earnings per share from continuing operations available to common shareholders - Basic | $0.27 | $0.24 | $0.49 | $0.43 |
Earnings per share from discontinued operations available to common shareholders - Basic | $0 | $0 | $0.01 | $0 |
Earnings per share - Basic | $0.27 | $0.24 | $0.50 | $0.43 |
Diluted earnings per share | ' | ' | ' | ' |
Net income from continuing operations | 58.4 | 51.6 | 105.4 | 92.8 |
Amount allocated to nonvested participating shareholders | -0.2 | -0.2 | -0.4 | -0.3 |
Income before discontinued operations available to common shareholders - Diluted | 58.2 | 51.4 | 105 | 92.5 |
Income (Loss) from discontinued operations, net | 0 | -0.2 | 3.1 | 0.1 |
Amount allocated to nonvested participating shareholders | 0 | 0 | 0 | 0 |
Income (Loss) from discontinued operations available to common shareholders - Diluted | 0 | -0.2 | 3.1 | 0.1 |
Net income | 58.4 | 51.4 | 108.5 | 92.9 |
Amount allocated to nonvested participating shareholders | -0.2 | -0.2 | -0.4 | -0.3 |
Net income available to common shareholders - Diluted | $58.20 | $51.20 | $108.10 | $92.60 |
Unadjusted average common shares outstanding - Diluted | 215.4 | 215 | 215.3 | 214.8 |
Assumed conversion of stock options, unvested restricted stock and contingent performance shares, net | 0.5 | 0.5 | 0.5 | 0.5 |
Average common shares outstanding - Diluted | 215.9 | 215.5 | 215.8 | 215.3 |
Earnings per share from continuing operations available to common shareholders - Diluted | $0.27 | $0.24 | $0.49 | $0.43 |
Earnings per share from discontinued operations available to common shareholders - Diluted | $0 | $0 | $0.01 | $0 |
Earnings per share - Diluted | $0.27 | $0.24 | $0.50 | $0.43 |
Anti-dilutive shares | 0 | 0 | 0 | 0 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 0 Months Ended | 6 Months Ended |
In Millions, unless otherwise specified | Dec. 19, 2013 | Jun. 30, 2014 |
Site Contingency [Line Items] | ' | ' |
Duration of annulment proceedings | ' | '2 years |
TECO Guatemala Holdings, LLC v. The Republic of Guatemala [Member] | ' | ' |
Site Contingency [Line Items] | ' | ' |
litigation settlement expenses | $21.10 | ' |
litigation settlement interest | ' | 'U.S. prime rate plus 2% |
litigation settlement amount | 7.5 | ' |
Settlement agreement payment term | ' | '120 days after the date of the Award |
PGS [Member] | ' | ' |
Site Contingency [Line Items] | ' | ' |
Ultimate financial liability to superfund sites and former MGP sites | ' | 35.9 |
PGS [Member] | Tampa Electric Company [Member] | ' | ' |
Site Contingency [Line Items] | ' | ' |
Ultimate financial liability to superfund sites and former MGP sites | ' | 35.9 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Letters of Credit and Guarantees (Detail) (USD $) | Jun. 30, 2014 |
In Millions, unless otherwise specified | |
Guarantor Obligations [Line Items] | ' |
2014 | $0 |
2015-2018 | 0.7 |
After 2018 | 96.9 |
Total | 97.6 |
Liabilities Recognized at Jun 30, 2014 | 0.7 |
Tampa Electric Company [Member] | ' |
Guarantor Obligations [Line Items] | ' |
2014 | 0 |
2015-2018 | 0 |
After 2018 | 0.7 |
Total | 0.7 |
Liabilities Recognized at Jun 30, 2014 | 0.1 |
Tampa Electric Company [Member] | Letters of Credit [Member] | ' |
Guarantor Obligations [Line Items] | ' |
2014 | 0 |
2015-2018 | 0 |
After 2018 | 0.7 |
Total | 0.7 |
Liabilities Recognized at Jun 30, 2014 | 0.1 |
TECO Coal [Member] | Fuel Purchase Related [Member] | ' |
Guarantor Obligations [Line Items] | ' |
2014 | 0 |
2015-2018 | 0.7 |
After 2018 | 4 |
Total | 4.7 |
Liabilities Recognized at Jun 30, 2014 | 0.6 |
Other Subsidiaries [Member] | Fuel Purchase / Energy Management [Member] | ' |
Guarantor Obligations [Line Items] | ' |
2014 | 0 |
2015-2018 | 0 |
After 2018 | 92.9 |
Total | 92.9 |
Liabilities Recognized at Jun 30, 2014 | $0.10 |
Segment_Information_Schedule_o
Segment Information - Schedule of Segment Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total revenues | $726.30 | $735.90 | $1,410.40 | $1,397 | ' |
Depreciation and amortization | 84.2 | 83.9 | 169.1 | 165.9 | ' |
Total interest charges | 42.2 | 42.7 | 83.3 | 85.1 | ' |
Internally allocated interest | 0 | 0 | 0 | 0 | ' |
Provision (benefit) for income taxes | 34.4 | 28.2 | 61.1 | 51.4 | ' |
Net income (loss) from continuing operations | 58.4 | 51.6 | 105.4 | 92.8 | ' |
Income from discontinued operations, net | 0 | -0.2 | 3.1 | 0.1 | ' |
Net income | 58.4 | 51.4 | 108.5 | 92.9 | ' |
Total assets | 7,620.80 | ' | 7,620.80 | ' | 7,448 |
Other & Eliminations [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total revenues | 1.9 | 2.8 | 4.1 | 6.1 | ' |
Depreciation and amortization | 0.4 | 0.4 | 0.9 | 0.7 | ' |
Total interest charges | 14 | 14.4 | 28.2 | 28.3 | ' |
Internally allocated interest | -1.5 | -1.7 | -3 | -3.3 | ' |
Provision (benefit) for income taxes | -6.8 | -7.4 | -13.7 | -12.6 | ' |
Net income (loss) from continuing operations | -12.1 | -7.6 | -23.3 | -15 | ' |
Income from discontinued operations, net | 0 | -0.2 | 3.1 | 0.1 | ' |
Net income | -12.1 | -7.8 | -20.2 | -14.9 | ' |
Total assets | -58.5 | ' | -58.5 | ' | -16.4 |
Revenues - External [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total revenues | 726.3 | 735.9 | 1,410.40 | 1,397 | ' |
Revenues - External [Member] | Other & Eliminations [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total revenues | 2.5 | 3.6 | 5.2 | 7.1 | ' |
Sales to Affiliates [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales to affiliates | 0 | 0 | 0 | 0 | ' |
Sales to Affiliates [Member] | Other & Eliminations [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales to affiliates | -0.6 | -0.8 | -1.1 | -1 | ' |
Tampa Electric [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total revenues | 512.7 | 502.9 | 965.9 | 920.9 | ' |
Depreciation and amortization | 61.7 | 60.8 | 123.8 | 119.8 | ' |
Total interest charges | 23.3 | 23.3 | 45.3 | 46.7 | ' |
Internally allocated interest | 0 | 0 | 0 | 0 | ' |
Provision (benefit) for income taxes | 37.1 | 31.5 | 63.7 | 51.3 | ' |
Net income (loss) from continuing operations | 62.2 | 50.6 | 107.4 | 82.4 | ' |
Income from discontinued operations, net | 0 | 0 | 0 | 0 | ' |
Net income | 62.2 | 50.6 | 107.4 | 82.4 | ' |
Total assets | 6,311.90 | ' | 6,311.90 | ' | 6,126.90 |
Tampa Electric [Member] | Revenues - External [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total revenues | 512.5 | 502.6 | 965.4 | 920.4 | ' |
Tampa Electric [Member] | Sales to Affiliates [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales to affiliates | 0.2 | 0.3 | 0.5 | 0.5 | ' |
People Gas [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total revenues | 91.1 | 101.8 | 213.7 | 223.7 | ' |
Depreciation and amortization | 13.4 | 13.2 | 26.7 | 26.2 | ' |
Total interest charges | 3.4 | 3.3 | 6.8 | 6.7 | ' |
Internally allocated interest | 0 | 0 | 0 | 0 | ' |
Provision (benefit) for income taxes | 4.8 | 5 | 14 | 13.7 | ' |
Net income (loss) from continuing operations | 7.5 | 7.9 | 22.1 | 21.7 | ' |
Income from discontinued operations, net | 0 | 0 | 0 | 0 | ' |
Net income | 7.5 | 7.9 | 22.1 | 21.7 | ' |
Total assets | 1,034.10 | ' | 1,034.10 | ' | 1,021.20 |
People Gas [Member] | Revenues - External [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total revenues | 90.7 | 101.3 | 213.1 | 223.2 | ' |
People Gas [Member] | Sales to Affiliates [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales to affiliates | 0.4 | 0.5 | 0.6 | 0.5 | ' |
TECO Coal [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total revenues | 120.6 | 128.4 | 226.7 | 246.3 | ' |
Depreciation and amortization | 8.7 | 9.5 | 17.7 | 19.2 | ' |
Total interest charges | 1.5 | 1.7 | 3 | 3.4 | ' |
Internally allocated interest | 1.5 | 1.7 | 3 | 3.3 | ' |
Provision (benefit) for income taxes | -0.7 | -0.9 | -2.9 | -1 | ' |
Net income (loss) from continuing operations | 0.8 | 0.7 | -0.8 | 3.7 | ' |
Income from discontinued operations, net | 0 | 0 | 0 | 0 | ' |
Net income | 0.8 | 0.7 | -0.8 | 3.7 | ' |
Total assets | 333.3 | ' | 333.3 | ' | 316.3 |
TECO Coal [Member] | Revenues - External [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total revenues | 120.6 | 128.4 | 226.7 | 246.3 | ' |
TECO Coal [Member] | Sales to Affiliates [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales to affiliates | 0 | 0 | 0 | 0 | ' |
Tampa Electric Company [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total revenues | 603.3 | 604.1 | 1,178.80 | 1,143.90 | ' |
Depreciation and amortization | 75.1 | 74 | 150.5 | 146 | ' |
Total interest charges | 26.7 | 26.6 | 52.1 | 53.4 | ' |
Provision (benefit) for income taxes | 41.9 | 36.5 | 77.7 | 65 | ' |
Net income | 69.7 | 58.5 | 129.5 | 104.1 | ' |
Total assets | 7,051.90 | 6,875.80 | 7,051.90 | 6,875.80 | 6,875.80 |
Tampa Electric Company [Member] | Other & Eliminations [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total revenues | -0.5 | -0.6 | -0.8 | -0.7 | ' |
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 | -12.4 | -8.9 | -12.4 | -8.9 | ' |
Tampa Electric Company [Member] | Revenues - External [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total revenues | 603.3 | 604.1 | 1,178.80 | 1,143.90 | ' |
Tampa Electric Company [Member] | Revenues - External [Member] | Other & Eliminations [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total revenues | 0 | 0 | 0 | 0 | ' |
Tampa Electric Company [Member] | Sales to Affiliates [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales to affiliates | 0 | 0 | 0 | 0 | ' |
Tampa Electric Company [Member] | Sales to Affiliates [Member] | Other & Eliminations [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales to affiliates | -0.5 | -0.6 | -0.8 | -0.7 | ' |
Tampa Electric Company [Member] | Tampa Electric [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total revenues | 512.7 | 502.9 | 965.9 | 920.9 | ' |
Depreciation and amortization | 61.7 | 60.8 | 123.8 | 119.8 | ' |
Total interest charges | 23.3 | 23.3 | 45.3 | 46.7 | ' |
Provision (benefit) for income taxes | 37.1 | 31.5 | 63.7 | 51.3 | ' |
Net income | 62.2 | 50.6 | 107.4 | 82.4 | ' |
Total assets | 6,061.90 | 5,895.40 | 6,061.90 | 5,895.40 | ' |
Tampa Electric Company [Member] | Tampa Electric [Member] | Revenues - External [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total revenues | 512.6 | 502.8 | 965.7 | 920.7 | ' |
Tampa Electric Company [Member] | Tampa Electric [Member] | Sales to Affiliates [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales to affiliates | 0.1 | 0.1 | 0.2 | 0.2 | ' |
Tampa Electric Company [Member] | People Gas [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total revenues | 91.1 | 101.8 | 213.7 | 223.7 | ' |
Depreciation and amortization | 13.4 | 13.2 | 26.7 | 26.2 | ' |
Total interest charges | 3.4 | 3.3 | 6.8 | 6.7 | ' |
Provision (benefit) for income taxes | 4.8 | 5 | 14 | 13.7 | ' |
Net income | 7.5 | 7.9 | 22.1 | 21.7 | ' |
Total assets | 1,002.40 | 989.3 | 1,002.40 | 989.3 | ' |
Tampa Electric Company [Member] | People Gas [Member] | Revenues - External [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total revenues | 90.7 | 101.3 | 213.1 | 223.2 | ' |
Tampa Electric Company [Member] | People Gas [Member] | Sales to Affiliates [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales to affiliates | $0.40 | $0.50 | $0.60 | $0.50 | ' |
Segment_Information_Schedule_o1
Segment Information - Schedule of Segment Information (Parenthetical) (Detail) | 6 Months Ended |
Jun. 30, 2014 | |
Segment Reporting [Abstract] | ' |
Internally allocated interest costs, pre tax rate | 6.00% |
Capital structure assumption, debt to equity ratio | 50.00% |
Accounting_for_Derivative_Inst2
Accounting for Derivative Instruments and Hedging Activities - Derivatives Designated as Cash Flow Hedges (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Current assets | $8.20 | $9.70 |
Long-term assets | 0.5 | 0.3 |
Total assets | 8.7 | 10 |
Current liabilities | 0.2 | 0.1 |
Long-term liabilities | 0.1 | 0.2 |
Total liabilities | 0.3 | 0.3 |
Tampa Electric Company [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Current assets | 8.1 | 9.5 |
Long-term assets | 0.5 | 0.3 |
Current liabilities | 0.2 | 0 |
Long-term liabilities | 0.1 | 0.2 |
Natural Gas Derivatives [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Current assets | 8.1 | 9.5 |
Long-term assets | 0.5 | 0.3 |
Total assets | 8.6 | 9.8 |
Current liabilities | 0.2 | 0 |
Long-term liabilities | 0.1 | 0.2 |
Total liabilities | 0.3 | 0.2 |
Natural Gas Derivatives [Member] | Tampa Electric Company [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Current assets | 8.1 | 9.5 |
Long-term assets | 0.5 | 0.3 |
Total assets | 8.6 | 9.8 |
Current liabilities | 0.2 | 0 |
Long-term liabilities | 0.1 | 0.2 |
Total liabilities | 0.3 | 0.2 |
Diesel Fuel Derivatives [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Current assets | 0.1 | 0.2 |
Long-term assets | 0 | 0 |
Total assets | 0.1 | 0.2 |
Current liabilities | 0 | 0.1 |
Long-term liabilities | 0 | 0 |
Total liabilities | $0 | $0.10 |
Accounting_for_Derivative_Inst3
Accounting for Derivative Instruments and Hedging Activities - Additional Information (Detail) (USD $) | 6 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
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 | 7.5 | 7.8 |
Net pretax gain expected to be reclassified from regulatory assets or liabilities | 7.9 | ' |
Tampa Electric Company [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Net loss related to cash flow hedges and interest rate swaps in AOCI, after tax | 7.6 | 7.8 |
Net pretax gain expected to be reclassified from regulatory assets or liabilities | 7.9 | ' |
Interest Rate Swap [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Net loss related to cash flow hedges and interest rate swaps in AOCI, after tax | $7.50 | $7.80 |
Diesel Fuel [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Maximum length of time hedging in future cash flow | 31-Dec-14 | ' |
Natural Gas Contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Maximum length of time hedging in future cash flow | 31-Dec-16 | ' |
Accounting_for_Derivative_Inst4
Accounting for Derivative Instruments and Hedging Activities - Gross Amounts of Derivatives and Their Related Offset Amounts (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Derivative assets, Gross Amounts of Recognized Assets | $9.90 | $10.50 |
Derivative liabilities, Gross Amounts of Recognized (Liabilities) | -1.5 | -0.8 |
Derivative assets, Gross Amounts offset on the Balance Sheet | -1.2 | -0.5 |
Derivative liabilities, Gross Amounts offset on the Balance Sheet | 1.2 | 0.5 |
Derivative assets, Net Amounts of Assets | 8.7 | 10 |
Derivative assets, Net Amounts of Liabilities | -0.3 | -0.3 |
Tampa Electric Company [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative assets, Gross Amounts of Recognized Assets | 9.8 | 10.3 |
Derivative liabilities, Gross Amounts of Recognized (Liabilities) | -1.5 | -0.7 |
Derivative assets, Gross Amounts offset on the Balance Sheet | -1.2 | -0.5 |
Derivative liabilities, Gross Amounts offset on the Balance Sheet | 1.2 | 0.5 |
Derivative assets, Net Amounts of Assets | 8.6 | 9.8 |
Derivative assets, Net Amounts of Liabilities | ($0.30) | ($0.20) |
Accounting_for_Derivative_Inst5
Accounting for Derivative Instruments and Hedging Activities - Derivatives Designated as Hedging Instruments (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Current liabilities | $0.20 | $0.10 |
Long-term derivative liabilities | 0.1 | 0.2 |
Total derivatives designated as hedging instruments | 0.3 | 0.3 |
Current assets | 8.2 | 9.7 |
Long-term derivative assets | 0.5 | 0.3 |
Total assets | 8.7 | 10 |
Current liabilities | -33.7 | -34.3 |
Long-term derivative liabilities | 283.9 | 293.1 |
Diesel Fuel Derivatives [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Current liabilities | 0 | 0.1 |
Long-term derivative liabilities | 0 | 0 |
Total derivatives designated as hedging instruments | 0 | 0.1 |
Current assets | 0.1 | 0.2 |
Long-term derivative assets | 0 | 0 |
Total assets | 0.1 | 0.2 |
Derivatives Designated as Hedging Instruments [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total derivatives designated as hedging instruments | 0.3 | 0.3 |
Total assets | 8.7 | 10 |
Derivatives Designated as Hedging Instruments [Member] | Diesel Fuel Derivatives [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Current liabilities | 0 | 0.1 |
Long-term derivative liabilities | 0 | 0 |
Current assets | 0.1 | 0.2 |
Long-term derivative assets | 0 | 0 |
Derivatives Designated as Hedging Instruments [Member] | Natural Gas Derivatives [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Current liabilities | 0.2 | ' |
Long-term derivative liabilities | 0.1 | ' |
Current assets | 8.1 | 9.5 |
Long-term derivative assets | 0.5 | 0.3 |
Current liabilities | ' | 0 |
Long-term derivative liabilities | ' | $0.20 |
Accounting_for_Derivative_Inst6
Accounting for Derivative Instruments and Hedging Activities - Energy Related Derivatives (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Current regulatory assets | $33.70 | $34.30 |
Long-term regulatory assets | 283.9 | 293.1 |
Regulatory assets | 317.6 | 327.4 |
Current regulatory liabilities | 65.7 | 85.8 |
Long-term regulatory liabilities | 621.4 | 631.4 |
Regulatory liabilities | 687.1 | 717.2 |
Tampa Electric Company [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Current regulatory assets | 33.7 | 34.3 |
Long-term regulatory assets | 283.9 | 293.1 |
Regulatory assets | 317.6 | 327.4 |
Current regulatory liabilities | 65.7 | 85.8 |
Long-term regulatory liabilities | 621.4 | 631.4 |
Regulatory liabilities | 687.1 | 717.2 |
Energy Related Derivatives [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Current regulatory assets | 0.2 | 0 |
Long-term regulatory assets | 0.1 | 0.2 |
Regulatory assets | 0.3 | 0.2 |
Current regulatory liabilities | 8.1 | 9.5 |
Long-term regulatory liabilities | 0.5 | 0.3 |
Regulatory liabilities | 8.6 | 9.8 |
Energy Related Derivatives [Member] | Tampa Electric Company [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Current regulatory assets | 0.2 | 0 |
Long-term regulatory assets | 0.1 | 0.2 |
Regulatory assets | 0.3 | 0.2 |
Current regulatory liabilities | 8.1 | 9.5 |
Long-term regulatory liabilities | 0.5 | 0.3 |
Regulatory liabilities | $8.60 | $9.80 |
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 | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain/(Loss) on Derivatives Recognized in OCI | $0.10 | ($0.40) | $0 | ($0.20) |
Amount of Gain/(Loss) Reclassified From AOCI Into Income | 0 | -0.3 | -0.3 | -0.5 |
Tampa Electric Company [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain/(Loss) Reclassified From AOCI Into Income | 0 | -0.2 | 0.2 | -0.4 |
Diesel Fuel Derivatives [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain/(Loss) on Derivatives Recognized in OCI | 0.1 | -0.4 | 0 | -0.2 |
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) Reclassified From AOCI Into Income | 0 | -0.1 | -0.1 | -0.1 |
Interest rate contracts [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain/(Loss) on Derivatives Recognized in OCI | 0 | 0 | 0 | 0 |
Location of Gain/(Loss) Reclassified From AOCI Into Income | 'Interest expense | 'Interest expense | 'Interest expense | 'Interest expense |
Amount of Gain/(Loss) Reclassified From AOCI Into Income | 0 | -0.2 | -0.2 | -0.4 |
Interest rate contracts [Member] | Tampa Electric Company [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Location of Gain/(Loss) Reclassified From AOCI Into Income | ' | ' | 'Interest expense | 'Interest expense |
Amount of Gain/(Loss) Reclassified From AOCI Into Income | $0 | ($0.20) | $0.20 | ($0.40) |
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 | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Fair Value Asset/(Liability) | $0.10 | ($1.10) | $0.10 | ($1.10) |
Amount of Gain/(Loss) Recognized in OCI | 0.1 | -0.4 | 0 | -0.2 |
Amount of Gain/(Loss) Reclassified From AOCI Into Income | 0 | -0.3 | -0.3 | -0.5 |
Diesel Fuel Derivatives [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Fair Value Asset/(Liability) | 0.1 | -1.1 | 0.1 | -1.1 |
Amount of Gain/(Loss) Recognized in OCI | 0.1 | -0.4 | 0 | -0.2 |
Amount of Gain/(Loss) Reclassified From AOCI Into Income | 0 | -0.1 | -0.1 | -0.1 |
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 | 0 |
Amount of Gain/(Loss) Reclassified From AOCI Into Income | ' | ' | ($0.20) | ($0.40) |
Accounting_for_Derivative_Inst9
Accounting for Derivative Instruments and Hedging Activities - Derivative Volumes Expected to Settle (Detail) | Jun. 30, 2014 |
gal | |
Diesel Fuel Derivatives [Member] | Physical [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 0 |
Diesel Fuel Derivatives [Member] | Financial [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 1,000,000 |
Diesel Fuel Derivatives [Member] | 2014 [Member] | Physical [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 0 |
Diesel Fuel Derivatives [Member] | 2014 [Member] | Financial [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 1,000,000 |
Diesel Fuel Derivatives [Member] | 2015 [Member] | Physical [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 0 |
Diesel Fuel Derivatives [Member] | 2015 [Member] | Financial [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 0 |
Diesel Fuel Derivatives [Member] | 2016 [Member] | Physical [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 0 |
Diesel Fuel Derivatives [Member] | 2016 [Member] | Financial [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] | Financial [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 47,200,000 |
Natural Gas Contracts [Member] | Financial [Member] | Tampa Electric Company [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 47,200,000 |
Natural Gas Contracts [Member] | 2014 [Member] | Physical [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 0 |
Natural Gas Contracts [Member] | 2014 [Member] | Physical [Member] | Tampa Electric Company [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 0 |
Natural Gas Contracts [Member] | 2014 [Member] | Financial [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 19,400,000 |
Natural Gas Contracts [Member] | 2014 [Member] | Financial [Member] | Tampa Electric Company [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 19,400,000 |
Natural Gas Contracts [Member] | 2015 [Member] | Physical [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 0 |
Natural Gas Contracts [Member] | 2015 [Member] | Physical [Member] | Tampa Electric Company [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 0 |
Natural Gas Contracts [Member] | 2015 [Member] | Financial [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 25,000,000 |
Natural Gas Contracts [Member] | 2015 [Member] | Financial [Member] | Tampa Electric Company [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 25,000,000 |
Natural Gas Contracts [Member] | 2016 [Member] | Physical [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 0 |
Natural Gas Contracts [Member] | 2016 [Member] | Physical [Member] | Tampa Electric Company [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 0 |
Natural Gas Contracts [Member] | 2016 [Member] | Financial [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 2,800,000 |
Natural Gas Contracts [Member] | 2016 [Member] | Financial [Member] | Tampa Electric Company [Member] | ' |
Derivative [Line Items] | ' |
Derivative, Nonmonetary Notional Amount | 2,800,000 |
Fair_Value_Measurements_Schedu
Fair Value Measurements - Schedule of Recurring Fair Value Measurements (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total Swap Assets | $8.70 | $10 |
Total Swap Liabilities | 0.3 | 0.3 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total Swap Assets | 8.7 | 10 |
Total Swap Liabilities | 0.3 | 0.3 |
Natural Gas Derivatives [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total Swap Assets | 8.6 | 9.8 |
Total Swap Liabilities | 0.3 | 0.2 |
Diesel Fuel Derivatives [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 | 0 | 0.1 |
Tampa Electric Company [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total Swap Assets | 8.6 | 9.8 |
Total Swap Liabilities | 0.3 | 0.2 |
Tampa Electric Company [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total Swap Assets | 8.6 | 9.8 |
Total Swap Liabilities | 0.3 | 0.2 |
Tampa Electric Company [Member] | Natural Gas Derivatives [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total Swap Assets | 8.6 | 9.8 |
Total Swap Liabilities | 0.3 | 0.2 |
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] | Natural Gas Derivatives [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] | Diesel Fuel Derivatives [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] | Tampa Electric Company [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] | Tampa Electric Company [Member] | Natural Gas Derivatives [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 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total Swap Assets | 8.7 | 10 |
Total Swap Liabilities | 0.3 | 0.3 |
Level 2 [Member] | Natural Gas Derivatives [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total Swap Assets | 8.6 | 9.8 |
Total Swap Liabilities | 0.3 | 0.2 |
Level 2 [Member] | Diesel Fuel Derivatives [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 | 0 | 0.1 |
Level 2 [Member] | Tampa Electric Company [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total Swap Assets | 8.6 | 9.8 |
Total Swap Liabilities | 0.3 | 0.2 |
Level 2 [Member] | Tampa Electric Company [Member] | Natural Gas Derivatives [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total Swap Assets | 8.6 | 9.8 |
Total Swap Liabilities | 0.3 | 0.2 |
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] | Natural Gas Derivatives [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] | Diesel Fuel Derivatives [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] | Tampa Electric Company [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] | Tampa Electric Company [Member] | Natural Gas Derivatives [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 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Total Swap Assets | $8.70 | $10 |
Total Swap Liabilities | 0.3 | 0.3 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Total Swap Assets | 8.7 | 10 |
Total Swap Liabilities | 0.3 | 0.3 |
Tampa Electric Company [Member] | ' | ' |
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Total Swap Assets | 8.6 | 9.8 |
Total Swap Liabilities | 0.3 | 0.2 |
Tampa Electric Company [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value Assets Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Total Swap Assets | 8.6 | 9.8 |
Total Swap Liabilities | 0.3 | 0.2 |
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 | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Long-term Contract for Purchase of Electric Power [Line Items] | ' | ' | ' | ' |
Purchased power | $19.90 | $20.50 | $38.10 | $35.10 |
Tampa Electric Company [Member] | ' | ' | ' | ' |
Long-term Contract for Purchase of Electric Power [Line Items] | ' | ' | ' | ' |
Purchased power | 19.9 | 20.5 | 38.1 | 35.1 |
Power Purchase Agreements [Member] | Variable Interest Entities [Member] | ' | ' | ' | ' |
Long-term Contract for Purchase of Electric Power [Line Items] | ' | ' | ' | ' |
Purchased power | 7 | 5 | 12.8 | 9.9 |
Power Purchase Agreements [Member] | Variable Interest Entities [Member] | Tampa Electric Company [Member] | ' | ' | ' | ' |
Long-term Contract for Purchase of Electric Power [Line Items] | ' | ' | ' | ' |
Purchased power | $7 | $5 | $12.80 | $9.90 |
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 | ' | ' | 160 | ' |
Maximum [Member] | Tampa Electric Company [Member] | ' | ' | ' | ' |
Long-term Contract for Purchase of Electric Power [Line Items] | ' | ' | ' | ' |
Multiple PPAs range | ' | ' | 160 | ' |
Discontinued_Operations_Compon
Discontinued Operations - Components of Discontinued Operations (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
(Loss) Income from discontinued operations | $0 | ($0.20) | $5 | $0.20 |
Less: Provision for income taxes | 0 | 0 | 1.9 | 0.1 |
(Loss) Income from discontinued operations, net | 0 | -0.2 | 3.1 | 0.1 |
TECO Guatemala [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Revenues | 0 | 0 | 0 | 0 |
(Loss) Income from operations | 0 | -0.2 | 5 | 0.2 |
(Loss) Income from discontinued operations | 0 | -0.2 | 5 | 0.2 |
Less: Provision for income taxes | 0 | 0 | 1.9 | 0.1 |
(Loss) Income from discontinued operations, net | $0 | ($0.20) | $3.10 | $0.10 |
Asset_Impairments_Additional_I
Asset Impairments - Additional Information (Detail) (TECO Coal [Member], USD $) | 6 Months Ended |
Jun. 30, 2014 | |
TECO Coal [Member] | ' |
Asset Impairment Charges [Line Items] | ' |
Impairment charge | $0 |
Forecast period | '20 years |
Impaired assets recoverability threshold percentage | 15.00% |
Pending_Acquisition_of_New_Mex1
Pending Acquisition of New Mexico Gas Company - Additional Information (Detail) (Subsequent Event [Member], USD $) | 1 Months Ended |
In Millions, unless otherwise specified | Jul. 30, 2014 |
NMGC [Member] | ' |
Business Acquisition [Line Items] | ' |
Proceeds from issuance of notes | $70 |
NMGI [Member] | ' |
Business Acquisition [Line Items] | ' |
Proceeds from issuance of notes | $200 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (Subsequent Event [Member], USD $) | 0 Months Ended | 1 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jul. 01, 2014 | Jul. 01, 2014 | Jul. 30, 2014 | Jul. 30, 2014 |
Underwriter [Member] | Underwriter [Member] | NMGC [Member] | NMGI [Member] | |
Subsequent Event [Line Items] | ' | ' | ' | ' |
Number of shares issued through underwriting agreement | 15,500,000 | ' | ' | ' |
Shares offered, price per share | ' | $18.10 | ' | ' |
Additional shares to be offered under underwriting agreement | ' | 2,300,000 | ' | ' |
Number of days option granted to underwriters | '30 days | ' | ' | ' |
Proceeds from issuance to underwriters | ' | $21 | ' | ' |
Underwriters exercised this option for an additional, shares | ' | 1,200,000 | ' | ' |
Net proceeds from offering through the underwriting | 271 | ' | ' | ' |
Proceeds from issuance of public offering | ' | ' | $70 | $200 |