Consolidated Statements of Capitalization

Current

Capital Stock Outstanding
Dec. 31,

Cash Dividends

Paid ⁽¹⁾

(millions, except share amounts)

Redemption

Price

Amount

Per
Share

Amount

Common stock - without par value

25 million shares authorized

2012

N/A

$ 1,970.4

⁽²⁾

228.3

2011

N/A

$ 1,852.4

⁽²⁾

240.7

Preferred stock - $100 par value

1.5 million shares authorized, none outstanding.

Preferred stock – no par

2.5 million shares authorized, none outstanding.

Preference stock – no par

2.5 million shares authorized, none outstanding.

(1)	Quarterly dividends paid on Feb. 28, May 29, Aug. 28 and Nov. 28 during 2012.

Quarterly dividends paid on Feb. 28, May 27, Aug. 26 and Nov. 28 during 2011.

(2)	Not meaningful.

The accompanying notes are an integral part of the consolidated financial statements.



Long-Term Debt
*(millions) Dec. 31,*		Due	2012		2011

Tampa Electric	Installment contracts payable ⁽¹⁾ :
	5.1% Refunding bonds (effective rate of 5.6% for 2011)	2013		$0.0		$60.7
	5.65% Refunding bonds (effective rate of 5.9%)	2018		54.2		54.2
	Variable rate bonds repurchased in 2008 ⁽²⁾	2020		0.0		0.0
	5.5% Refunding bonds (effective rate of 6.2% for 2011)	2023		0.0		86.4
	5.15% Refunding bonds (effective rate of 5.4%) ⁽³⁾	2025		51.6		51.6
	1.5% term rate bonds repurchased in 2011 ⁽⁴⁾	2030		0.0		0.0
	5.0% Refunding bonds repurchased in 2012 (effective rate of 5.8%)⁽⁵⁾	2034		0.0		86.0
	Notes ⁽⁶⁾: 6.875% (effective rate of 7.1% for 2011)	2012		0.0		99.6
	6.375% (effective rate of 7.9% for 2011)	2012		0.0		208.7
	6.25% (effective rate of 6.3%) ⁽⁷⁾	2014-2016		250.0		250.0
	6.1% (effective rate of 6.4%)	2018		200.0		200.0
	5.4% (effective rate of 5.9%)	2021		231.7		231.7
	2.6% (effective rate of 2.7%)	2022		225.0		0.0
	6.55% (effective rate of 6.6%)	2036		250.0		250.0
	6.15% (effective rate of 6.2%)	2037		190.0		190.0
	4.1% (effective rate of 4.2%)	2042		250.0		0.0

Total long-term debt of Tampa Electric				1,702.5		1,768.9

PGS	Senior Notes ⁽⁶⁾⁽⁷⁾: 8.00% for 2011	2012		0.0		3.4
	Notes ⁽⁶⁾: 6.875% (effective rate of 7.1% for 2011)	2012		0.0		19.0
	6.375% (effective rate of 7.9% for 2011)	2012		0.0		44.3
	6.1% (effective rate of 7.0%)	2018		50.0		50.0
	5.4% (effective rate of 5.8%)	2021		46.7		46.7
	2.6% (effective rate of 2.7%)	2022		25.0		0.0
	6.15% (effective rate of 6.2%)	2037		60.0		60.0
	4.1% (effective rate of 4.2%)	2042		50.0		0.0

Total long-term debt of PGS				231.7		223.4

Total long-term debt of Tampa Electric Company				1,934.2		1,992.3

Unamortized debt discount, net				(1.6)		(1.1)

Total carrying amount of long-term debt				1,932.6		1,991.2

Less amount due within one year				0.0		374.9

Total long-term debt				$1,932.6		$1,616.3

(1)	Tax-exempt securities.

(2)	In March 2008 these bonds, which were in auction rate mode, were purchased in lieu of redemption by TEC. These held variable rate bonds have a par amount of $20.0 million due in 2020.

(3)	These bonds were converted in March 2008 from an auction rate mode to a fixed rate mode for the term ending Sep. 1, 2013.

(4)	In March 2011 these bonds, which were in term rate mode, were purchased in lieu of redemption by TEC. These held term rate bonds have a par amount of $75.0 million due in 2030.

(5)	In March 2012 these bonds, which were in term rate mode, were purchased in lieu of redemption by TEC. These held term rate bonds have a par amount of $86.0 million due in 2034.

(6)	These securities are subject to redemption in whole or in part, at any time, at the option of the company.

(7)	These long-term debt agreements contain various restrictive financial covenants.

The accompanying notes are an integral part of the consolidated financial statements.

At Dec. 31, 2012, total long-term debt had a carrying amount of $1,932.6 million and an estimated fair market value of $2,270.3 million. At Dec. 31, 2011, total long-term debt had a carrying amount of $1,991.2 million and an estimated fair market value of $2,290.5 million. The estimated fair market value of long-term debt was based on quoted market prices for the same or similar issues, on the current rates offered for debt of the same remaining maturities, or for long-term debt issues with variable rates that approximate market rates, at carrying amounts.

A substantial part of Tampa Electric’s tangible assets are pledged as collateral to secure its first mortgage bonds. There are currently no bonds outstanding under Tampa Electric’s first mortgage bond indenture, and Tampa Electric could cause the lien associated with this indenture to be released at any time. Maturities and annual sinking fund requirements of long-term debt for the years 2013 through 2017 and thereafter are as follows:


Long-Term Debt Maturities

As of Dec. 31, (millions)	2013		2014		2015		2016		2017		Thereafter		Total Long-term debt

Tampa Electric		$0.0		$83.3		$83.3		$83.4		$0.0		$1,452.5		$1,702.5
PGS		0.0		0.0		0.0		0.0		0.0		231.7		231.7

Total long-term debt maturities		$0.0		$83.3		$83.3		$83.4		$0.0		$1,684.2		$1,934.2