Segment Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Information

11. Segment Information

Segments are determined based on how TEC's chief operating decision maker (CODM) evaluates, measures and makes decisions with respect to the operations of the entity, resulting in segments based on products and services (i.e., electric and gas). Management reports segments based on each segment’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 Financial Statements of TEC but are included in determining operating segments.

TEC is a public utility operating within the State of Florida. Prior to January 1, 2023, TEC’s segments were comprised of Tampa Electric, the electric division, and PGS, the natural gas division of TEC. Due to the separation of PGS from TEC, TEC operates under a single operating and reportable segment effective January 1, 2023 because the operations of TEC only include the operations of the electric division. See "Separation of PGS from TEC" in Note 1 for further information regarding the separation of PGS from TEC. Through its Tampa Electric division, it is engaged in the generation, purchase, transmission, distribution and sale of electric energy to approximately 855,000 customers in West Central Florida.

TEC's CODM is the Chief Executive Officer. The CODM uses several measures to allocate capital and resources for TEC, predominantly in the annual budget and forecasting processes. The CODM evaluates performance by considering budget-to-actual variances for these measures monthly. The measure used by the CODM that is the most consistent with US GAAP measurement principles is net income.

	Tampa					Eliminations/
(millions)	Electric			PGS		Reclassifications				TEC
2024
Revenues - external	$	2,526								$	2,526
Less:
Fuel		517									517
Purchased power		105									105
Operations & maintenance, excluding FPSC-approved regulatory deferrals		372									372
Operations & maintenance related to FPSC-approved regulatory deferrals		173									173
Depreciation and amortization		454									454
Interest charges		193									193
Other segment items (1)		176									176
Provision for income taxes		68									68
Net income		468									468
Total assets		13,107									13,107
Capital expenditures		1,422									1,422
2023
Revenues - external	$	2,637								$	2,637
Less:
Fuel		605									605
Purchased power		78									78
Operations & maintenance, excluding FPSC-approved regulatory deferrals		358									358
Operations & maintenance related to FPSC-approved regulatory deferrals		237									237
Depreciation and amortization		422									422
Interest charges		239									239
Interest income from affiliates		(38	)								(38	)
Other segment items (1)		183									183
Provision for income taxes		87									87
Net income		466									466
Total assets		11,831									11,831
Capital expenditures		1,294									1,294
2022
Revenues - external	$	2,519		$	650	$	0			$	3,169
Intracompany sales		4			6		(10	)			0
Total revenues		2,523			656		(10	)			3,169
Less:
Fuel		681			0		(5	)			676
Purchased power		151			0		0				151
Cost of natural gas sold		0			257		0				257
Operations & maintenance, excluding FPSC-approved regulatory deferrals		353			129		(4	)			478
Operations & maintenance related to FPSC-approved regulatory deferrals		106			35		0				141
Depreciation and amortization		389			47		0				436
Interest charges		142			25		0				167
Other segment items (1)		149			54		(1	)			202
Provision for income taxes		94			27		0				121
Net income		458			82		0				540
Total assets		12,064			2,471		(732	)	(2)		13,803
Capital expenditures		1,099			328		0				1,427

(1)Other segment items include taxes other than income, partially offset by AFUDC and other income, net.

(2) Amounts relate to consolidated deferred tax reclassifications. Deferred tax assets are reclassified and netted with deferred tax liabilities upon consolidation