Employee Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Change in Benefit Obligation

Obligations and Plan Assets	Pension Benefits						Other Benefits
(millions)	2015			2014			2015			2014
Change in benefit obligation
Net benefit obligation at beginning of year	$	728.9		$	666.0		$	201.5		$	208.1
Service cost		20.9			18.3			2.2			2.5
Interest cost		30.3			32.0			8.2			10.8
Plan participants’ contributions		0.0			0.0			2.0			2.8
Plan amendments		0.0			0.0			(3.7	)		(23.2	)
Actuarial loss (gain)		5.8			48.3			(0.4	)		1.5
Benefits paid		(53.0	)		(39.9	)		(14.6	)		(16.0	)
Transfer in due to the effect of business combination		0.0			0.0			0.0			26.7
Plan curtailment		0.0			4.0			0.0			(11.7	)
Special termination benefit		0.0			0.2			0.0			0.0
Net benefit obligation at end of year	$	732.9		$	728.9		$	195.2		$	201.5

Schedule of Change in Plan Assets

Change in plan assets
Fair value of plan assets at beginning of year	$	648.0		$	593.0		$	18.8		$	0.0
Actual return on plan assets		(25.5	)		46.4			(0.6	)		0.1
Employer contributions		55.0			47.5			1.5			(1.0	)
Employer direct benefit payments		0.9			1.0			13.5			16.0
Plan participants’ contributions		0.0			0.0			2.0			2.8
Transfer in due to acquisition		0.0			0.0			0.0			16.9
Benefits paid		(53.0	)		(39.9	)		(14.6	)		(16.0	)
Fair value of plan assets at end of year ⁽¹⁾	$	625.4		$	648.0		$	20.6			18.8

Schedule of Funded status

At Dec. 31, the aggregate financial position for pension plans and other postretirement plans with benefit obligations in excess of plan assets was as follows:

Funded Status	Pension Benefits						Other Benefits
(millions)	2015			2014			2015			2014
Benefit obligation (PBO/APBO)	$	732.9		$	728.9		$	195.2		$	201.5
Less: Fair value of plan assets		625.4			648.0			20.6			18.8
Funded status at end of year	$	(107.5	)	$	(80.9	)	$	(174.6	)	$	(182.7	)

Schedule of Amount Recognized in Balance Sheet

The amounts recognized in the Consolidated Balance Sheets for pension and other postretirement benefit obligations, plan assets, and unrecognized costs at Dec. 31 were as follows:

Amounts recognized in balance sheet	Pension Benefits						Other Benefits
(millions)	2015			2014			2015			2014
Regulatory assets	$	208.2		$	167.4		$	32.4		$	26.6
Accrued benefit costs and other current liabilities		(10.5	)		(4.9	)		(10.7	)		(10.7	)
Deferred credits and other liabilities		(97.0	)		(76.0	)		(163.9	)		(172.0	)
Accumulated other comprehensive loss (income), pretax		55.7			36.3			(41.6	)		(34.6	)
Net amount recognized at end of year	$	156.4		$	122.8		$	(183.8	)	$	(190.7	)

Schedule of Postretirement Benefit Amounts Recognized in Accumulated Other Comprehensive Income, Pretax and Regulatory Assets

The following table provides a detail of the unrecognized gains and losses and prior service credits and costs.

Amounts recognized in accumulated other comprehensive income, pretax, and regulatory assets	Pension Benefits				Other Benefits
(millions)	2015		2014		2015			2014
Net actuarial loss	$	263.6	$	203.7	$	10.9		$	9.6
Prior service cost (credit)		0.3		0.0		(25.0	)		(23.6	)
Unrecognized costs in regulated asset acquired in business combination		0.0		0.0		4.9			6.0
Amount recognized, pretax	$	263.9	$	203.7	$	(9.2	)	$	(8.0	)

Schedule of Net Periodic Benefit Cost

(millions)	Pension Benefits									Other Benefits
	2015			2014			2013			2015			2014			2013

Service cost	$	20.9		$	18.3		$	18.2		$	2.2		$	2.5		$	2.5
Interest cost		30.3			32.0			28.9			8.2			10.8			9.3
Expected return on plan assets		(43.3	)		(41.8	)		(38.4	)		(1.1	)		(0.3	)		0.0
Amortization of:
Actuarial loss		15.1			13.5			20.5			0.0			0.2			1.0
Prior service (benefit) cost		(0.2	)		(0.4	)		(0.4	)		(2.4	)		(0.2	)		(0.4	)
Curtailment loss (gain)		0.0			3.9			0.0			0.0			(0.2	)		0.0
Special termination benefit		0.0			0.2			0.0			0.0			0.0			0.0
Settlement loss		0.0			0.0			1.0			0.0			0.0			0.0
Net periodic benefit cost	$	22.8		$	25.7		$	29.8		$	6.9		$	12.8		$	12.4

Schedule of Amounts Recognized in OCI and Regulatory Assets

New prior service cost	$	0.0		$	0.0		$	0.0		$	(3.7	)	$	(23.6	)	$	0.0
Net loss (gain) arising during the year		74.5			44.1			(75.7	)		1.3			(9.9	)		(15.6	)
Unrecognized costs in regulated asset acquired in business combination		0.0			0.0			0.0			0.0			6.4			0.0
Amounts recognized as component of net periodic benefit cost:
Amortization of actuarial gain (loss)		(15.1	)		(13.5	)		(21.5	)		0.0			(0.2	)		(1.0	)
Amortization of prior service (benefit) cost		0.2		0.4				0.4			2.4			0.2			0.3
Total recognized in OCI and regulatory assets	$	59.6		$	31.0		$	(96.8	)	$	0.0		$	(27.1	)	$	(16.3	)
Total recognized in net periodic benefit cost, OCI and regulatory assets	$	82.4		$	56.7		$	(67.0	)	$	6.9		$	(14.3	)	$	(3.9	)

Schedule of Pension Plan Assets

The company’s strategy is to hire proven managers and allocate assets to reflect a mix of investment styles, emphasize preservation of principal to minimize the impact of declining markets, and stay fully invested except for cash to meet benefit payment obligations and plan expenses.

	Target Allocation			Actual Allocation, End of Year
Asset Category				2015			2014
Equity securities	47%-53%				53	%		50	%
Fixed income securities	47%-53%				47	%		50	%
Total		100	%		100	%		100	%

Schedule of Fair Value Hierarchy Plan's Investments

The following table sets forth by level within the fair value hierarchy the plan’s investments as of Dec. 31, 2015 and 2014.

(millions)	At Fair Value as of Dec. 31, 2015
	Level 1			Level 2			Level 3		Using NAV ⁽¹⁾		Total
Net cash
Cash	$	1.9		$	0.0		$	0.0	$	0.0	$	1.9
Accounts receivable		14.3			0.0			0.0		0.0		14.3
Accounts payable		(27.2	)		0.0			0.0		0.0		(27.2	)
Total net cash		(11.0	)		0.0			0.0		0.0		(11.0	)
Cash equivalents
Money markets		0.0			0.2			0.0		0.0		0.2
Discounted notes		0.0			0.7			0.0		0.0		0.7
Short-term investment funds (STIFs) ⁽¹⁾		0.0			0.0			0.0		12.4		12.4
Total cash equivalents		0.0			0.9			0.0		12.4		13.3
Equity securities
Common stocks		90.9			0.0			0.0		0.0		90.9
American depository receipts (ADRs)		5.7			0.0			0.0		0.0		5.7
Real estate investment trusts (REITs)		4.8			0.0			0.0		0.0		4.8
Commingled fund		0.0			53.7			0.0		0.0		53.7
Mutual funds ⁽¹⁾		0.0			0.0			0.0		175.6		175.6
Total equity securities		101.4			53.7			0.0		175.6		330.7
Fixed income securities
Municipal bonds		0.0			5.0			0.0		0.0		5.0
Government bonds		0.0			56.2			0.0		0.0		56.2
Corporate bonds		0.0			32.2			0.0		0.0		32.2
Asset backed securities (ABS)		0.0			0.3			0.0		0.0		0.3
Mortgage-backed securities (MBS), net short sales		0.0			8.7			0.0		0.0		8.7
Collateralized mortgage obligations (CMOs)		0.0			1.5			0.0		0.0		1.5
Commingled fund ⁽¹⁾		0.0			0.0			0.0		117.9		117.9
Mutual fund ⁽¹⁾		0.0			0.0			0.0		71.3		71.3
Total fixed income securities		0.0			103.9			0.0		189.2		293.1
Derivatives
Swaps		0.0			(0.9	)		0.0		0.0		(0.9	)
Purchased options (swaptions)		0.0			1.1			0.0		0.0		1.1
Written options (swaptions)		0.0			(1.0	)		0.0		0.0		(1.0	)
Total derivatives		0.0			(0.8	)		0.0		0.0		(0.8	)
Miscellaneous		0.0			0.1			0.0		0.0		0.1
Total	$	90.4		$	157.8		$	0.0	$	377.2	$	625.4

(1)

In accordance with accounting standards, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts in this table are to permit reconciliation of the fair value hierarchy to amounts presented in the Consolidated Balance Sheet.

(millions)	At Fair Value as of Dec. 31, 2014
	Level 1			Level 2			Level 3		Using NAV ⁽¹⁾		Total
Net cash
Cash	$	0.4		$	0.0		$	0.0	$	0.0	$	0.4
Accounts receivable		1.4			0.0			0.0		0.0		1.4
Accounts payable		(5.3	)		0.0			0.0		0.0		(5.3	)
Total net cash		(3.5	)		0.0			0.0		0.0		(3.5	)
Cash equivalents
Treasury bills (T bills)		0.0			0.2			0.0		0.0		0.2
Discounted notes		0.0			8.8			0.0		0.0		8.8
Short-term investment funds (STIFs) ⁽¹⁾		0.0			0.0			0.0		7.6		7.6
Total cash equivalents		0.0			9.0			0.0		7.6		16.6
Equity securities
Common stocks		98.0			0.0			0.0		0.0		98.0
American depository receipts (ADRs)		1.3			0.0			0.0		0.0		1.3
Real estate investment trusts (REITs)		2.5			0.0			0.0		0.0		2.5
Preferred stock		0.8			0.0			0.0		0.0		0.8
Commingled fund		0.0			45.6			0.0		0.0		45.6
Mutual funds ⁽¹⁾		0.0			0.0			0.0		171.3		171.3
Total equity securities		102.6			45.6			0.0		171.3		319.5
Fixed income securities
Municipal bonds		0.0			6.1			0.0		0.0		6.1
Government bonds		0.0			47.9			0.0		0.0		47.9
Corporate bonds		0.0			22.0			0.0		0.0		22.0
Asset backed securities (ABS)		0.0			0.3			0.0		0.0		0.3
Mortgage-backed securities (MBS), net short sales		0.0			9.6			0.0		0.0		9.6
Collateralized mortgage obligations (CMOs)		0.0			2.0			0.0		0.0		2.0
Commingled fund ⁽¹⁾		0.0			0.0			0.0		129.2		129.2
Mutual fund ⁽¹⁾		0.0			0.0			0.0		98.6		98.6
Total fixed income securities		0.0			87.9			0.0		227.8		315.7
Derivatives
Short futures		0.0			(0.3	)		0.0		0.0		(0.3	)
Purchased options (swaptions)		0.0			0.7			0.0		0.0		0.7
Written options (swaptions)		0.0			(0.8	)		0.0		0.0		(0.8	)
Total derivatives		0.0			(0.4	)		0.0		0.0		(0.4	)
Miscellaneous		0.0			0.1			0.0		0.0		0.1
Total	$	99.1		$	142.2		$	0.0	$	406.7	$	648.0

(1)

The following list details the pricing inputs and methodologies used to value the investments in the pension plan:

—

The primary pricing inputs in determining the fair value of the Level 1 assets are closing quoted prices in active markets.

—

The methodology and inputs used to value the investment in the equity commingled fund are broker dealer quotes sourced by State Street Custody System. The fund holds primarily international equity securities that are actively traded in over-the-counter markets. The fund honors subscription and redemption activity on an “as of” basis.

—

The money markets are valued at cost due to their short-term nature. Discounted notes are valued at amortized cost.

—

The primary pricing inputs in determining the fair value Level 2 municipal bonds are benchmark yields, historical spreads, sector curves, rating updates, and prepayment schedules. The primary pricing inputs in determining the fair value of government bonds are the U.S. treasury curve, CPI, and broker quotes, if available. The primary pricing inputs in determining the fair value of corporate bonds are the U.S. treasury curve, base spreads, YTM, and benchmark quotes. ABS and CMO are priced using TBA prices, treasury curves, swap curves, cash flow information, and bids and offers as inputs. MBS are priced using TBA prices, treasury curves, average lives, spreads, and cash flow information.

—

Futures are valued using futures data, cash rate data, swap rates, and cash flow analyses.

—

Swaps are valued using benchmark yields, swap curves, and cash flow analyses.

—

Options are valued using the bid-ask spread and the last price.

—

The STIF is valued at NAV as determined by JP Morgan. The funds are open-end investments. Additionally, shares may be redeemed any business day at the NAV calculated after the order is accepted. The NAV is validated with purchases and sales at NAV.

—

The primary pricing inputs in determining the equity mutual funds are the mutual funds’ NAVs. The funds are registered open-ended mutual funds and the NAVs are validated with purchases and sales at NAV.

—

The primary pricing input in determining the fair value of the fixed asset mutual fund is its NAV. It is an unregistered open-ended mutual fund.

—

The fixed income commingled fund is a private fund valued at NAV. The fund invests in long duration U.S. investment-grade fixed income assets and seeks to increase return through active management of interest rate and credit risks. The NAV is calculated based on bid prices of the underlying securities. The fund honors subscription activity on the first business day of the month and the first business day following the 15^th calendar day of the month. Redemptions are honored on the 15^th or last business day of the month, providing written notice is given at least ten business days prior to withdrawal date.

Schedule of Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:

Expected Benefit Payments

(including projected service and net of employee contributions)

			Other
	Pension		Postretirement
(millions)	Benefits		Benefits
2016	$	77.8	$	11.5
2017		49.5		11.9
2018		52.7		12.5
2019		59.2		13.0
2020		54.9		13.3
2021-2025		299.1		68.6

TECO Energy [Member]

Schedule of Change in Benefit Obligation

TECO Energy	Pension Benefits						Other Benefits
Obligations and Funded Status
(millions)	2015			2014			2015			2014
Change in benefit obligation
Net benefit obligation at beginning of year	$	728.9		$	666.0		$	201.5		$	208.1
Service cost		20.9			18.3			2.2			2.5
Interest cost		30.3			32.0			8.2			10.8
Plan participants’ contributions		0.0			0.0			2.0			2.8
Plan amendments		0.0			0.0			(3.7	)		(23.2	)
Actuarial loss (gain)		5.8			48.3			(0.4	)		1.5
Benefits paid		(53.0	)		(39.9	)		(14.6	)		(16.0	)
Transfer in due to the effect of business combination		0.0			0.0			0.0			26.7
Plan curtailment		0.0			4.0			0.0			(11.7	)
Special termination benefit		0.0			0.2			0.0			0.0
Net benefit obligation at end of year	$	732.9		$	728.9		$	195.2		$	201.5

Schedule of Change in Plan Assets

Change in plan assets
Fair value of plan assets at beginning of year	$	648.0		$	593.0		$	18.8		$	0.0
Actual return on plan assets		(25.5	)		46.4			(0.6	)		0.1
Employer contributions		55.0			47.5			1.5			(1.0	)
Employer direct benefit payments		0.9			1.0			13.5			16.0
Plan participants’ contributions		0.0			0.0			2.0			2.8
Transfer in due to acquisition		0.0			0.0			0.0			16.9
Benefits paid		(53.0	)		(39.9	)		(14.6	)		(16.0	)
Fair value of plan assets at end of year ⁽¹⁾	$	625.4		$	648.0		$	20.6			18.8

Schedule of Funded status

At Dec. 31, the aggregate financial position for TECO Energy pension plans and other postretirement plans with benefit obligations in excess of plan assets was as follows:

Funded Status	Pension Benefits						Other Benefits
(millions)	2015			2014			2015			2014
Benefit obligation (PBO/APBO)	$	732.9		$	728.9		$	195.2		$	201.5
Less: Fair value of plan assets		625.4			648.0			20.6			18.8
Funded status at end of year	$	(107.5	)	$	(80.9	)	$	(174.6	)	$	(182.7	)

Schedule of Net Periodic Benefit Cost

TECO Energy	Pension Benefits									Other Benefits
	2015			2014			2013			2015			2014			2013
(millions)
Service cost	$	20.9		$	18.3		$	18.2		$	2.2		$	2.5		$	2.5
Interest cost		30.3			32.0			28.9			8.2			10.8			9.3
Expected return on plan assets		(43.3	)		(41.8	)		(38.4	)		(1.1	)		(0.3	)		0.0
Amortization of:
Actuarial loss		15.1			13.5			20.5			0.0			0.2			1.0
Prior service (benefit) cost		(0.2	)		(0.4	)		(0.4	)		(2.4	)		(0.2	)		(0.4	)
Curtailment loss (gain)		0.0			3.9			0.0			0.0			(0.2	)		0.0
Special termination benefit		0.0			0.2			0.0			0.0			0.0			0.0
Settlement loss		0.0			0.0			1.0			0.0			0.0			0.0
Net periodic benefit cost	$	22.8		$	25.7		$	29.8		$	6.9		$	12.8		$	12.4

Schedule of Amounts Recognized in OCI and Regulatory Assets

New prior service cost	$	0.0		$	0.0		$	0.0		$	(3.7	)	$	(23.6	)	$	0.0
Net loss (gain) arising during the year		74.5			44.1			(75.7	)		1.3			(9.9	)		(15.6	)
Unrecognized costs in regulated asset acquired in business combination		0.0			0.0			0.0			0.0			6.4			0.0
Amounts recognized as component of net periodic benefit cost:
Amortization of actuarial gain (loss)		(15.1	)		(13.5	)		(21.5	)		0.0			(0.2	)		(1.0	)
Amortization of prior service (benefit) cost		0.2		0.4				0.4			2.4			0.2			0.3
Total recognized in OCI and regulatory assets	$	59.6		$	31.0		$	(96.8	)	$	0.0		$	(27.1	)	$	(16.3	)
Total recognized in net periodic benefit cost, OCI and regulatory assets	$	82.4		$	56.7		$	(67.0	)	$	6.9		$	(14.3	)	$	(3.9	)

Schedule of Pension Plan Assets

TECO Energy’s strategy is to hire proven managers and allocate assets to reflect a mix of investment styles, emphasize preservation of principal to minimize the impact of declining markets, and stay fully invested except for cash to meet benefit payment obligations and plan expenses.

	Target Allocation		Actual Allocation, End of Year
Asset Category			2015			2014
Equity securities	47%-53%			53	%		50	%
Fixed income securities	47%-53%			47	%		50	%
Total		100%		100	%		100	%

Schedule of Fair Value Hierarchy Plan's Investments

The following table sets forth by level within the fair value hierarchy the plan’s investments as of Dec. 31, 2015 and 2014.

Pension Plan Investments

(millions)	At Fair Value as of Dec. 31, 2015
	Level 1			Level 2			Level 3		Using NAV ⁽¹⁾		Total
Net cash
Cash	$	1.9		$	0.0		$	0.0	$	0.0	$	1.9
Accounts receivable		14.3			0.0			0.0		0.0		14.3
Accounts payable		(27.2	)		0.0			0.0		0.0		(27.2	)
Total net cash		(11.0	)		0.0			0.0		0.0		(11.0	)
Cash equivalents
Money markets		0.0			0.2			0.0		0.0		0.2
Discounted notes		0.0			0.7			0.0		0.0		0.7
Short-term investment funds (STIFs) ⁽¹⁾		0.0			0.0			0.0		12.4		12.4
Total cash equivalents		0.0			0.9			0.0		12.4		13.3
Equity securities
Common stocks		90.9			0.0			0.0		0.0		90.9
American depository receipts (ADRs)		5.7			0.0			0.0		0.0		5.7
Real estate investment trusts (REITs)		4.8			0.0			0.0		0.0		4.8
Commingled fund		0.0			53.7			0.0		0.0		53.7
Mutual funds ⁽¹⁾		0.0			0.0			0.0		175.6		175.6
Total equity securities		101.4			53.7			0.0		175.6		330.7
Fixed income securities
Municipal bonds		0.0			5.0			0.0		0.0		5.0
Government bonds		0.0			56.2			0.0		0.0		56.2
Corporate bonds		0.0			32.2			0.0		0.0		32.2
Asset backed securities (ABS)		0.0			0.3			0.0		0.0		0.3
Mortgage-backed securities (MBS), net short sales		0.0			8.7			0.0		0.0		8.7
Collateralized mortgage obligations (CMOs)		0.0			1.5			0.0		0.0		1.5
Commingled fund ⁽¹⁾		0.0			0.0			0.0		117.9		117.9
Mutual fund ⁽¹⁾		0.0			0.0			0.0		71.3		71.3
Total fixed income securities		0.0			103.9			0.0		189.2		293.1
Derivatives
Swaps		0.0			(0.9	)		0.0		0.0		(0.9	)
Purchased options (swaptions)		0.0			1.1			0.0		0.0		1.1
Written options (swaptions)		0.0			(1.0	)		0.0		0.0		(1.0	)
Total derivatives		0.0			(0.8	)		0.0		0.0		(0.8	)
Miscellaneous		0.0			0.1			0.0		0.0		0.1
Total	$	90.4		$	157.8		$	0.0	$	377.2	$	625.4

(1)

(millions)	At Fair Value as of Dec. 31, 2014
	Level 1			Level 2			Level 3		Using NAV ⁽¹⁾		Total
Net cash
Cash	$	0.4		$	0.0		$	0.0	$	0.0	$	0.4
Accounts receivable		1.4			0.0			0.0		0.0		1.4
Accounts payable		(5.3	)		0.0			0.0		0.0		(5.3	)
Total net cash		(3.5	)		0.0			0.0		0.0		(3.5	)
Cash equivalents
Treasury bills (T bills)		0.0			0.2			0.0		0.0		0.2
Discounted notes		0.0			8.8			0.0		0.0		8.8
Short-term investment funds (STIFs) ⁽¹⁾		0.0			0.0			0.0		7.6		7.6
Total cash equivalents		0.0			9.0			0.0		7.6		16.6
Equity securities
Common stocks		98.0			0.0			0.0		0.0		98.0
American depository receipts (ADRs)		1.3			0.0			0.0		0.0		1.3
Real estate investment trusts (REITs)		2.5			0.0			0.0		0.0		2.5
Preferred stock		0.8			0.0			0.0		0.0		0.8
Commingled fund		0.0			45.6			0.0		0.0		45.6
Mutual funds ⁽¹⁾		0.0			0.0			0.0		171.3		171.3
Total equity securities		102.6			45.6			0.0		171.3		319.5
Fixed income securities
Municipal bonds		0.0			6.1			0.0		0.0		6.1
Government bonds		0.0			47.9			0.0		0.0		47.9
Corporate bonds		0.0			22.0			0.0		0.0		22.0
Asset backed securities (ABS)		0.0			0.3			0.0		0.0		0.3
Mortgage-backed securities (MBS), net short sales		0.0			9.6			0.0		0.0		9.6
Collateralized mortgage obligations (CMOs)		0.0			2.0			0.0		0.0		2.0
Commingled fund ⁽¹⁾		0.0			0.0			0.0		129.20		129.2
Mutual fund ⁽¹⁾		0.0			0.0			0.0		98.6		98.6
Total fixed income securities		0.0			87.9			0.0		227.8		315.7
Derivatives
Short futures		0.0			(0.3	)		0.0		0.0		(0.3	)
Purchased options (swaptions)		0.0			0.7			0.0		0.0		0.7
Written options (swaptions)		0.0			(0.8	)		0.0		0.0		(0.8	)
Total derivatives		0.0			(0.4	)		0.0		0.0		(0.4	)
Miscellaneous		0.0			0.1			0.0		0.0		0.1
Total	$	99.1		$	142.2		$	0.0	$	406.7	$	648.0

The following list details the pricing inputs and methodologies used to value the investments in the pension plan:

—

The primary pricing inputs in determining the fair value of the Level 1 assets are closing quoted prices in active markets.

—

The money markets are valued at cost due to their short-term nature. Discounted notes are valued at amortized cost.

—

Futures are valued using futures data, cash rate data, swap rates, and cash flow analyses.

—

Swaps are valued using benchmark yields, swap curves, and cash flow analyses.

—

Options are valued using the bid-ask spread and the last price.

—

The primary pricing input in determining the fair value of the fixed asset mutual fund is its NAV. It is an unregistered open-ended mutual fund.

—

Schedule of Benefit Payments

Expected Benefit Payments—TECO Energy

(including projected service and net of employee contributions)			Other
	Pension		Postretirement
(millions)	Benefits		Benefits
2016	$	77.8	$	11.5
2017		49.5		11.9
2018		52.7		12.5
2019		59.2		13.0
2020		54.9		13.3
2021-2025		299.1		68.6

Tampa Electric Company [Member]

Schedule of Amount Recognized in Balance Sheet

The amounts recognized in TEC’s Consolidated Balance Sheets for pension and other postretirement benefit obligations, plan assets, and unrecognized costs at Dec. 31 were as follows:

Tampa Electric Company	Pension Benefits						Other Benefits
Amounts recognized in balance sheet
(millions)	2015			2014			2015			2014
Regulatory assets	$	208.2		$	167.4		$	30.2		$	20.4
Accrued benefit costs and other current liabilities		(0.6	)		(0.6	)		(9.2	)		(9.1	)
Deferred credits and other liabilities		(69.3	)		(53.5	)		(142.3	)		(137.1	)
	$	138.3		$	113.3		$	(121.3	)	$	(125.8	)

Schedule of Postretirement Benefit Amounts Recognized in Accumulated Other Comprehensive Income, Pretax and Regulatory Assets

The following table provides a detail of the unrecognized gains and losses and prior service credits and costs.

Amounts recognized in regulatory assets	Pension Benefits					Other Benefits
(millions)	2015		2014			2015			2014
Net actuarial loss (gain)	$	208.2	$	167.7		$	47.2		$	39.5
Prior service cost (credit)		0.0		(0.3	)		(17.0	)		(19.1	)
Amount recognized	$	208.2	$	167.4		$	30.2		$	20.4

Benefit Obligations [Member]

Schedule of Assumptions Used to Determine Benefit

Assumptions used to determine benefit obligations at Dec. 31:

	Pension Benefits						Other Benefits
	2015			2014			2015			2014
Discount rate		4.688	%		4.258	%		4.669	%		4.211	%
Rate of compensation increase—weighted		3.87	%		3.87	%		2.50	%		3.86	%
Healthcare cost trend rate
Immediate rate	n/a			n/a				7.05	%		7.09	%
Ultimate rate	n/a			n/a				4.50	%		4.57	%
Year rate reaches ultimate	n/a			n/a			2038			2025

Schedule of One-Percentage-Point Change in Assumed Health Care Cost

A one-percentage-point change in assumed health care cost trend rates would have the following effect on the benefit obligation:

		1%		1%
(millions)	Increase		Decrease
Effect on postretirement benefit obligation	$	9.0	$	(7.7	)

Benefit Obligations [Member] | Tampa Electric Company [Member]

Schedule of Assumptions Used to Determine Benefit

Assumptions used to determine benefit obligations at Dec. 31:

	Pension Benefits						Other Benefits
	2015			2014			2015			2014
Discount rate		4.688	%		4.258	%		4.669	%		4.211	%
Rate of compensation increase-weighted average		3.87	%		3.87	%		2.50	%		3.86	%
Healthcare cost trend rate
Immediate rate	n/a			n/a				7.05	%		7.09	%
Ultimate rate	n/a			n/a				4.50	%		4.57	%
Year rate reaches ultimate	n/a			n/a			2038			2025

Schedule of One-Percentage-Point Change in Assumed Health Care Cost

A one-percentage-point change in assumed health care cost trend rates would have the following effect on TEC’s benefit obligation:

(millions)		1% Increase				1 % Decrease
Effect on postretirement benefit obligation		$	6.1			$	(5.2	)

Net Periodic Benefit Cost [Member]

Schedule of Assumptions Used to Determine Benefit

Assumptions used to determine net periodic benefit cost for years ended Dec. 31:

	Pension Benefits									Other Benefits
	2015			2014 ⁽¹⁾			2013			2015			2014			2013
Discount rate		4.258	%	5.118%/4.277%/4.331%				4.196	%		4.211	%		5.096	%		4.180	%
Expected long-term return on plan assets		7.00	%	7.25%/7.00%/7.00%				7.50	%		5.75			5.75		n/a
Rate of compensation increase		3.87	%		3.73	%		3.76	%		3.86	%		3.71	%		3.74	%
Healthcare cost trend rate
Initial rate	n/a			n/a			n/a				7.09	%		7.25	%		7.50	%
Ultimate rate	n/a			n/a			n/a				4.57	%		4.50	%		4.50	%
Year rate reaches ultimate	n/a			n/a			n/a			2025			2025			2025

Schedule of One-Percentage-Point Change in Assumed Health Care Cost

A one-percentage-point change in assumed health care cost trend rates would have the following effect on expense:

		1%		1%
(millions)	Increase		Decrease
Effect on periodic cost	$	0.4	$	(0.3	)

Net Periodic Benefit Cost [Member] | Tampa Electric Company [Member]

Schedule of Assumptions Used to Determine Benefit

Assumptions used to determine net periodic benefit cost for years ended Dec. 31:

	Pension Benefits									Other Benefits
	2015			2014 ⁽¹⁾			2013			2015			2014			2013
Discount rate		4.258	%	5.118%/4.277%/4.331%				4.196	%		4.211	%		5.096	%		4.180	%
Expected long-term return on plan assets		7.00	%	7.25%/7.00%/7.00%				7.50	%		5.75			5.75		n/a
Rate of compensation increase		3.87	%		3.73	%		3.76	%		3.86	%		3.71	%		3.74	%
Healthcare cost trend rate
Initial rate	n/a			n/a			n/a				7.09	%		7.25	%		7.50	%
Ultimate rate	n/a			n/a			n/a				4.57	%		4.50	%		4.50	%
Year rate reaches ultimate	n/a			n/a			n/a			2025			2025			2025
(1)TECO Energy performed a valuation as of Jan. 1, 2014. TECO remeasured its Retirement Plan on Sept. 2, 2014 for the acquisition of NMGC and on Oct. 31, 2014 for the expected curtailment of TECO Coal, resulting in the respective updated discount rates and EROAs.

Effect on Expenses [Member] | Tampa Electric Company [Member]

Schedule of One-Percentage-Point Change in Assumed Health Care Cost

A one-percentage-point change in assumed health care cost trend rates would have the following effect on TEC’s expense:

(millions)		1% Increase				1% Decrease
Effect on periodic cost		$	0.2			$	(0.2	)