A transformer is a device that changes alternating current (ac) electric power at one voltage level to ac power at another voltage level through magnetic induction. It consists of two or more coils wound around a core and linked by a magnetic field. An ideal transformer has no losses and the power input equals the power output. Real transformers have losses due to winding resistance, core losses, and leakage fluxes. The performance of real transformers can be modeled using an equivalent circuit with parameters determined from open-circuit and short-circuit tests. Transformer voltage regulation and efficiency are important performance metrics.