Long-Term Debt

3 Months Ended

Mar. 31, 2015

Long-Term Debt

7. Long-Term Debt

Fair Value of Long-Term Debt

At Mar. 31, 2015, total long-term debt had a carrying amount of $3,627.7 million and an estimated fair market value of $4,035.8 million. At Dec. 31, 2014, total long-term debt had a carrying amount of $3,628.5 million and an estimated fair market value of $3,987.8 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 TECO Finance Floating Rate Notes due 2018

On Apr. 10, 2015, TECO Finance completed an offering of $250 million aggregate principal amount of floating rate notes due 2018, which are guaranteed by TECO Energy. See Note 16 for additional information.

Tampa Electric Company [Member]

Long-Term Debt

7. Long-Term Debt

Fair Value of Long-Term Debt

At Mar. 31, 2015, TEC’s total long-term debt had a carrying amount of $2,097.1 million and an estimated fair market value of $2,414.8 million. At Dec. 31, 2014, TEC’s total long-term debt had a carrying amount of $2,097.1 million and an estimated fair market value of $2,372.2 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.