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Other Comprehensive Income (Tables)
 9 Months Ended
Sep. 30, 2014
Other Comprehensive Income [Abstract]  
Other Comprehensive Income

TECO Energy reported the following OCI for the three and nine months ended Sept. 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 Sep 30,

 

 

Nine months ended Sep 30,

 

(millions)

Gross

 

 

Tax

 

 

Net

 

 

Gross

 

 

Tax

 

 

Net

 

2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized loss on cash flow hedges

$

(0.3

)

 

$

0.1

 

 

$

(0.2

)

 

$

(0.3

)

 

$

0.1

 

 

$

(0.2

)

Reclassification from AOCI to net income (1)

 

0.4

 

 

 

(0.1

)

 

 

0.3

 

 

 

0.9

 

 

 

(0.3

)

 

 

0.6

 

Gain on cash flow hedges

 

0.1

 

 

 

0.0

 

 

 

0.1

 

 

 

0.6

 

 

 

(0.2

)

 

 

0.4

 

Amortization of unrecognized benefit costs (2)

 

0.4

 

 

 

(0.2

)

 

 

0.2

 

 

 

2.4

 

 

 

(0.8

)

 

 

1.6

 

Increase in unrecognized postemployment costs (3)

 

0.0

 

 

 

0.0

 

 

 

0.0

 

 

 

(12.9

)

 

 

4.7

 

 

 

(8.2

)

Change in benefit obligation due to remeasurement

 

(1.1

)

 

 

0.4

 

 

 

(0.7

)

 

 

(1.1

)

 

 

0.4

 

 

 

(0.7

)

Total other comprehensive income (loss) from continuing operations

$

(0.6

)

 

$

0.2

 

 

$

(0.4

)

 

$

(11.0

)

 

$

4.1

 

 

$

(6.9

)

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain on cash flow hedges

$

1.1

 

 

$

(0.4

)

 

$

0.7

 

 

$

0.7

 

 

$

(0.3

)

 

$

0.4

 

Reclassification from AOCI to net income (1)

 

0.1

 

 

 

0.0

 

 

 

0.1

 

 

 

1.0

 

 

 

(0.3

)

 

 

0.7

 

Gain on cash flow hedges

 

1.2

 

 

 

(0.4

)

 

 

0.8

 

 

 

1.7

 

 

 

(0.6

)

 

 

1.1

 

Amortization of unrecognized benefit costs (2)

 

1.0

 

 

 

(0.4

)

 

 

0.6

 

 

 

3.2

 

 

 

(1.2

)

 

 

2.0

 

Recognized benefit costs due to settlement

 

2.6

 

 

 

(1.0

)

 

 

1.6

 

 

 

2.6

 

 

 

(1.0

)

 

 

1.6

 

Total other comprehensive income from continuing operations

$

4.8

 

 

$

(1.8

)

 

$

3.0

 

 

$

7.5

 

 

$

(2.8

)

 

$

4.7

 

(1)  Related to interest rate contracts recognized in Interest expense and commodity contracts recognized in Loss from discontinued operations.

 

(2)  Related to postretirement and postemployment benefits. See Note 5 for additional information.

 

(3)  Amounts reflect an out-of-period adjustment related to TECO Coal's unfunded black lung liability.

 

 

 

Other Comprehensive Income

Other Comprehensive Income

Three months ended Sep 30,

 

 

Nine months ended Sep 30,

 

(millions)

Gross

 

 

Tax

 

 

Net

 

 

Gross

 

 

Tax

 

 

Net

 

2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized loss on cash flow hedges

$

0.0

 

 

$

0.0

 

 

$

0.0

 

 

$

0.0

 

 

$

0.0

 

 

$

0.0

 

Reclassification from AOCI to net income

 

0.4

 

 

 

(0.1

)

 

 

0.3

 

 

 

0.8

 

 

 

(0.3

)

 

 

0.5

 

Gain on cash flow hedges

 

0.4

 

 

 

(0.1

)

 

 

0.3

 

 

 

0.8

 

 

 

(0.3

)

 

 

0.5

 

Total other comprehensive income

$

0.4

 

 

$

(0.1

)

 

$

0.3

 

 

$

0.8

 

 

$

(0.3

)

 

$

0.5

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized loss on cash flow hedges

$

0.0

 

 

$

0.0

 

 

$

0.0

 

 

$

0.0

 

 

$

0.0

 

 

$

0.0

 

Reclassification from AOCI to net income

 

0.4

 

 

 

(0.2

)

 

 

0.2

 

 

 

1.1

 

 

 

(0.4

)

 

 

0.7

 

Gain on cash flow hedges

 

0.4

 

 

 

(0.2

)

 

 

0.2

 

 

 

1.1

 

 

 

(0.4

)

 

 

0.7

 

Total other comprehensive income

$

0.4

 

 

$

(0.2

)

 

$

0.2

 

 

$

1.1

 

 

$

(0.4

)

 

$

0.7

 

 

 
Accumulated Other Comprehensive Loss

 

Accumulated Other Comprehensive Loss

 

 

 

 

 

 

 

 

 

(millions)

Sep 30, 2014

 

 

Dec 31, 2013

 

 

 

Unrecognized pension loss and prior service credit (1)

$

(19.9

)

 

$

(20.5

)

 

 

Unrecognized other benefit loss, prior service cost and

   transition obligation (2)

 

7.2

 

 

 

15.1

 

 

 

Net unrealized losses from cash flow hedges (3)

 

(7.4

)

 

 

(7.8

)

 

 

Total accumulated other comprehensive loss

$

(20.1

)

 

$

(13.2

)

 

 

 

 

 

 

 

 

 

 

 

 

(1)  Net of tax benefit of $12.3 million and $12.6 million as of Sept. 30, 2014 and Dec. 31, 2013, respectively.

(2)  Net of tax expense of $4.4 million and $9.1 million as of Sept. 30, 2014 and Dec. 31, 2013, respectively. Balance includes a $7.8 million loss related to TECO Coal's unfunded black lung liability that will be reclassified from AOCI to net income from discontinued operations upon the settlement of the black lung obligation at the sale date. See Note 18.

(3)  Net of tax benefit of $4.7 million and $4.9 million as of Sept. 30, 2014 and Dec. 31, 2013, respectively.

 

 

Accumulated Other Comprehensive Loss

 

 

 

 

 

 

 

(millions)

Sep 30, 2014

 

 

Dec 31, 2013

 

Net unrealized losses from cash flow

   hedges (1)

$

(7.3

)

 

$

(7.8

)

Total accumulated other

   comprehensive loss

$

(7.3

)

 

$

(7.8

)

(1)

Net of tax benefit of $4.6 million and $4.9 million as of Sept. 30, 2014 and Dec. 31, 2013, respectively.