v3.25.2
Segment Information
6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information

10. 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. TEC operates under a single operating and reportable segment because the operations of TEC only include the operations of the electric division. TEC is a public utility operating within the State of Florida and is engaged in the generation, purchase, transmission, distribution and sale of electric energy 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.

 

(millions)

 

 

 

 

 

Three months ended June 30,

2025

 

 

2024

 

Revenues

$

839

 

 

$

672

 

Less:

 

 

 

 

 

Fuel

 

120

 

 

 

131

 

Purchased power

 

68

 

 

 

35

 

Operations & maintenance, excluding FPSC-approved regulatory deferrals

 

100

 

 

 

96

 

Operations & maintenance related to FPSC-approved regulatory deferrals

 

106

 

 

 

46

 

Depreciation and amortization

 

124

 

 

 

113

 

Interest charges

 

52

 

 

 

47

 

Other segment items (1)

 

48

 

 

 

50

 

Provision for income taxes

 

33

 

 

 

18

 

Net income

$

188

 

 

$

136

 

Capital expenditures

$

459

 

 

$

339

 

 

 

 

 

 

 

Six months ended June 30,

 

 

 

 

 

Revenues

$

1,488

 

 

$

1,220

 

Less:

 

 

 

 

 

Fuel

 

243

 

 

 

264

 

Purchased power

 

106

 

 

 

43

 

Operations & maintenance, excluding FPSC-approved regulatory deferrals

 

197

 

 

 

191

 

Operations & maintenance related to FPSC-approved regulatory deferrals

 

151

 

 

 

85

 

Depreciation and amortization

 

246

 

 

 

225

 

Interest charges

 

104

 

 

 

96

 

Other segment items (1)

 

88

 

 

 

91

 

Provision for income taxes

 

51

 

 

 

26

 

Net income

$

302

 

 

$

199

 

Capital expenditures

$

768

 

 

$

607

 

 

 

 

 

 

 

Total assets at June 30, 2025

$

13,730

 

 

 

 

Total assets at December 31, 2024

$

13,107

 

 

 

 

 

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