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) Three months ended Jun 30,	Tampa Electric		Peoples Gas		TECO Coal			Other & Eliminations			TECO Energy
2014
Revenues - external	$	512.5	$	90.7	$	120.6		$	2.5		$	726.3
Sales to affiliates		0.2		0.4		0.0			(0.6	)		0.0
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			14.0			42.2
Internally allocated interest (1)		0.0		0.0		1.5			(1.5	)		0.0
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		0.0			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			(0.8	)		0.0
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		0.0		1.7			(1.7	)		0.0
Provision (benefit) for income taxes		31.5		5.0		(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		0.0			(0.2	)		(0.2	)
Net income (loss)	$	50.6	$	7.9	$	0.7		($	7.8	)	$	51.4
(millions) Six months ended Jun 30,	Tampa Electric		Peoples Gas		TECO Coal			Other & Eliminations			TECO Energy
2014
Revenues - external	$	965.4	$	213.1	$	226.7		$	5.2		$	1,410.4
Sales to affiliates		0.5		0.6		0.0			(1.1	)		0.0
Total revenues		965.9		213.7		226.7			4.1			1,410.4
Depreciation and amortization		123.8		26.7		17.7			0.9			169.1
Total interest charges(1)		45.3		6.8		3.0			28.2			83.3
Internally allocated interest (1)		0.0		0.0		3.0			(3.0	)		0.0
Provision (benefit) for income taxes		63.7		14.0		(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		0.0		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		$	1,397.0
Sales to affiliates		0.5		0.5		0.0			(1.0	)		0.0
Total revenues		920.9		223.7		246.3			6.1			1,397.0
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		0.0		3.3			(3.3	)		0.0
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		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	$	6,311.9	$	1,034.1	$	333.3		($	58.5	)	$	7,620.8
At Dec 31, 2013
Total assets	$	6,126.9	$	1,021.2	$	316.3		($	16.4	)	$	7,448.0

(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) Three months ended Jun 30,	Tampa Electric		Peoples Gas		Other & Eliminations			Tampa Electric Company
2014
Revenues - external	$	512.6	$	90.7	$	0.0		$	603.3
Sales to affiliates		0.1		0.4		(0.5	)		0.0
Total revenues		512.7		91.1		(0.5	)		603.3
Depreciation and amortization		61.7		13.4		0.0			75.1
Total interest charges		23.3		3.4		0.0			26.7
Provision for income taxes		37.1		4.8		0.0			41.9
Net income	$	62.2	$	7.5	$	0.0		$	69.7
2013
Revenues - external	$	502.8	$	101.3	$	0.0		$	604.1
Sales to affiliates		0.1		0.5		(0.6	)		0.0
Total revenues		502.9		101.8		(0.6	)		604.1
Depreciation and amortization		60.8		13.2		0.0			74.0
Total interest charges		23.3		3.3		0.0			26.6
Provision for income taxes		31.5		5.0		0.0			36.5
Net income	$	50.6	$	7.9	$	0.0		$	58.5
Six months ended Jun 30,
2014
Revenues - external	$	965.7	$	213.1	$	0.0		$	1,178.8
Sales to affiliates		0.2		0.6		(0.8	)		0.0
Total revenues		965.9		213.7		(0.8	)		1,178.8
Depreciation and amortization		123.8		26.7		0.0			150.5
Total interest charges		45.3		6.8		0.0			52.1
Provision for income taxes		63.7		14.0		0.0			77.7
Net income	$	107.4	$	22.1	$	0.0		$	129.5
Total assets at Jun 30, 2014	$	6,061.9	$	1,002.4	($	12.4	)	$	7,051.9
2013
Revenues - external	$	920.7	$	223.2	$	0.0		$	1,143.9
Sales to affiliates		0.2		0.5		(0.7	)		0.0
Total revenues		920.9		223.7		(0.7	)		1,143.9
Depreciation and amortization		119.8		26.2		0.0			146.0
Total interest charges		46.7		6.7		0.0			53.4
Provision for income taxes		51.3		13.7		0.0			65.0
Net income	$	82.4	$	21.7	$	0.0		$	104.1
Total assets at Dec 31, 2013	$	5,895.4	$	989.3	($	8.9	)	$	6,875.8