Condensed Consolidating Statements (Tables)

6 Months Ended

Jun. 30, 2011

Condensed Consolidating Statements Tables Abstract

Condensed Consolidating Statement of Income
Three months ended June 30, 2011
(in millions)			Parent		Subsidiary Guarantor		Non-Guarantor Subsidiaries		Other		Progress Energy, Inc.


Operating revenues
	Operating revenues		$	0	$	1,196	$	1,060	$	0	$	2,256
	Affiliate revenues			0		0		61		(61)		0
		Total operating revenues		0		1,196		1,121		(61)		2,256
Operating expenses
	Fuel used in electric generation			0		348		326		0		674
	Purchased power			0		256		73		0		329
	Operation and maintenance			1		223		343		(57)		510
	Depreciation, amortization and accretion			0		48		131		0		179
	Taxes other than on income			0		83		51		0		134
	Other			0		2		0		0		2
		Total operating expenses		1		960		924		(57)		1,828
Operating (loss) income				(1)		236		197		(4)		428
Other income (expense)
	Allowance for equity funds used during construction			0		8		18		0		26
	Other, net			4		1		0		2		7
		Total other income, net		4		9		18		2		33
Interest charges
	Interest charges			63		73		53		0		189
	Allowance for borrowed funds used during construction			0		(3)		(6)		0		(9)
		Total interest charges, net		63		70		47		0		180
(Loss) income from continuing operations before income tax and equity in earnings of consolidated subsidiaries				(60)		175		168		(2)		281
Income tax (benefit) expense				(24)		64		60		1		101
Equity in earnings of consolidated subsidiaries				212		0		0		(212)		0
Income from continuing operations				176		111		108		(215)		180
Discontinued operations, net of tax				0		(2)		0		0		(2)
Net income				176		109		108		(215)		178
Net income attributable to noncontrolling interests, net of tax				0		(1)		0		(1)		(2)
Net income attributable to controlling interests			$	176	$	108	$	108	$	(216)	$	176

Condensed Consolidating Statement of Income
Three months ended June 30, 2010
(in millions)			Parent		Subsidiary Guarantor		Non-Guarantor Subsidiaries		Other		Progress Energy, Inc.


Operating revenues
	Operating revenues		$	0	$	1,255	$	1,117	$	0	$	2,372
	Affiliate revenues			0		0		52		(52)		0
		Total operating revenues		0		1,255		1,169		(52)		2,372
Operating expenses
	Fuel used in electric generation			0		368		375		0		743
	Purchased power			0		239		76		0		315
	Operation and maintenance			0		208		347		(50)		505
	Depreciation, amortization and accretion			0		110		123		0		233
	Taxes other than on income			0		83		51		(1)		133
	Other			0		3		0		0		3
		Total operating expenses		0		1,011		972		(51)		1,932
Operating income				0		244		197		(1)		440
Other income (expense)
	Interest income			2		0		2		(3)		1
	Allowance for equity funds used during construction			0		10		15		0		25
	Other, net			0		0		3		2		5
		Total other income, net		2		10		20		(1)		31
Interest charges
	Interest charges			72		75		54		(2)		199
	Allowance for borrowed funds used during construction			0		(2)		(5)		0		(7)
		Total interest charges, net		72		73		49		(2)		192
(Loss) income from continuing operations before income tax and equity in earnings of consolidated subsidiaries				(70)		181		168		0		279
Income tax (benefit) expense				(28)		67		57		2		98
Equity in earnings of consolidated subsidiaries				222		0		0		(222)		0
Income from continuing operations				180		114		111		(224)		181
Discontinued operations, net of tax				0		0		(1)		0		(1)
Net income				180		114		110		(224)		180
Net (income) loss attributable to noncontrolling interests, net of tax				0		(1)		1		0		0
Net income attributable to controlling interests			$	180	$	113	$	111	$	(224)	$	180

Condensed Consolidating Statement of Income
Six months ended June 30, 2011
(in millions)			Parent		Subsidiary Guarantor		Non-Guarantor Subsidiaries		Other		Progress Energy, Inc.


Operating revenues
	Operating revenues		$	0	$	2,230	$	2,193	$	0	$	4,423
	Affiliate revenues			0		0		135		(135)		0
		Total operating revenues		0		2,230		2,328		(135)		4,423
Operating expenses
	Fuel used in electric generation			0		703		689		0		1,392
	Purchased power			0		409		140		0		549
	Operation and maintenance			4		434		694		(128)		1,004
	Depreciation, amortization and accretion			0		73		260		0		333
	Taxes other than on income			0		168		110		(4)		274
	Other			0		(8)		0		0		(8)
		Total operating expenses		4		1,779		1,893		(132)		3,544
Operating (loss) income				(4)		451		435		(3)		879
Other income (expense)
	Interest income			0		1		0		0		1
	Allowance for equity funds used during construction			0		17		38		0		55
	Other, net			4		6		(2)		2		10
		Total other income, net		4		24		36		2		66
Interest charges
	Interest charges			136		148		104		0		388
	Allowance for borrowed funds used during construction			0		(7)		(11)		0		(18)
		Total interest charges, net		136		141		93		0		370
(Loss) income from continuing operations before income tax and equity in earnings of consolidated subsidiaries				(136)		334		378		(1)		575
Income tax (benefit) expense				(55)		124		140		(1)		208
Equity in earnings of consolidated subsidiaries				441		0		0		(441)		0
Income from continuing operations				360		210		238		(441)		367
Discontinued operations, net of tax				0		(3)		(1)		0		(4)
Net income				360		207		237		(441)		363
Net income attributable to noncontrolling interests, net of tax				0		(2)		0		(1)		(3)
Net income attributable to controlling interests			$	360	$	205	$	237	$	(442)	$	360

Condensed Consolidating Statement of Income
Six months ended June 30, 2010
(in millions)			Parent		Subsidiary Guarantor		Non-Guarantor Subsidiaries		Other		Progress Energy, Inc.


Operating revenues
	Operating revenues		$	0	$	2,527	$	2,380	$	0	$	4,907
	Affiliate revenues			0		0		113		(113)		0
		Total operating revenues		0		2,527		2,493		(113)		4,907
Operating expenses
	Fuel used in electric generation			0		781		858		0		1,639
	Purchased power			0		452		126		0		578
	Operation and maintenance			3		413		676		(107)		985
	Depreciation, amortization and accretion			0		234		245		0		479
	Taxes other than on income			0		176		115		(4)		287
	Other			0		5		0		0		5
		Total operating expenses		3		2,061		2,020		(111)		3,973
Operating (loss) income				(3)		466		473		(2)		934
Other income (expense)
	Interest income			4		0		3		(4)		3
	Allowance for equity funds used during construction			0		18		28		0		46
	Other, net			(1)		3		(4)		2		0
		Total other income, net		3		21		27		(2)		49
Interest charges
	Interest charges			143		145		106		(4)		390
	Allowance for borrowed funds used during construction			0		(7)		(9)		0		(16)
		Total interest charges, net		143		138		97		(4)		374
(Loss) income from continuing operations before income tax and equity in earnings of consolidated subsidiaries				(143)		349		403		0		609
Income tax (benefit) expense				(58)		136		154		5		237
Equity in earnings of consolidated subsidiaries				455		0		0		(455)		0
Income from continuing operations before cumulative effect of changes in accounting principle				370		213		249		(460)		372
Discontinued operations, net of tax				0		1		(1)		0		0
Cumulative effect of changes in accounting principle, net of tax				0		0		(2)		0		(2)
Net income				370		214		246		(460)		370
Net (income) loss attributable to noncontrolling interests, net of tax				0		(2)		3		(1)		0
Net income attributable to controlling interests			$	370	$	212	$	249	$	(461)	$	370

Condensed Consolidating Balance Sheet
June 30, 2011
			Parent		Subsidiary Guarantor		Non-Guarantor Subsidiaries		Other		Progress Energy, Inc.
(in millions)			Parent		Subsidiary Guarantor		Non-Guarantor Subsidiaries		Other		Progress Energy, Inc.
ASSETS
Utility plant, net			$	0	$	10,294	$	11,367	$	88	$	21,749
Current assets
	Cash and cash equivalents			0		33		19		0		52
	Receivables, net			0		556		485		0		1,041
	Notes receivable from affiliated companies			94		27		75		(196)		0
	Regulatory assets			0		137		61		0		198
	Derivative collateral posted			0		104		18		0		122
	Prepayments and other current assets			42		769		982		(190)		1,603
		Total current assets		136		1,626		1,640		(386)		3,016
Deferred debits and other assets
	Investment in consolidated subsidiaries			14,096		0		0		(14,096)		0
	Regulatory assets			0		1,266		1,002		0		2,268
	Goodwill			0		0		0		3,655		3,655
	Nuclear decommissioning trust funds			0		589		1,097		0		1,686
	Other assets and deferred debits			141		236		896		(527)		746
		Total deferred debits and other assets		14,237		2,091		2,995		(10,968)		8,355
		Total assets	$	14,373	$	14,011	$	16,002	$	(11,266)	$	33,120
CAPITALIZATION AND LIABILITIES
Equity
	Common stock equity		$	10,046	$	4,769	$	5,654	$	(10,423)	$	10,046
	Noncontrolling interests			0		3		0		0		3
		Total equity		10,046		4,772		5,654		(10,423)		10,049
	Preferred stock of subsidiaries			0		34		59		0		93
	Long-term debt, affiliate			0		309		0		(36)		273
	Long-term debt, net			3,543		4,182		3,693		0		11,418
		Total capitalization		13,589		9,297		9,406		(10,459)		21,833
Current liabilities
	Current portion of long-term debt			450		300		0		0		750
	Short-term debt			49		67		198		0		314
	Notes payable to affiliated companies			0		191		5		(196)		0
	Derivative liabilities			9		160		45		0		214
	Other current liabilities			250		1,057		1,059		(187)		2,179
		Total current liabilities		758		1,775		1,307		(383)		3,457
Deferred credits and other liabilities
	Noncurrent income tax liabilities			0		653		1,754		(505)		1,902
	Regulatory liabilities			0		953		1,544		88		2,585
	Other liabilities and deferred credits			26		1,333		1,991		(7)		3,343
		Total deferred credits and other liabilities		26		2,939		5,289		(424)		7,830
		Total capitalization and liabilities	$	14,373	$	14,011	$	16,002	$	(11,266)	$	33,120

Condensed Consolidating Balance Sheet
December 31, 2010
			Parent		Subsidiary Guarantor		Non-Guarantor Subsidiaries		Other		Progress Energy, Inc.
(in millions)			Parent		Subsidiary Guarantor		Non-Guarantor Subsidiaries		Other		Progress Energy, Inc.
ASSETS
Utility plant, net			$	0	$	10,189	$	10,961	$	90	$	21,240
Current assets
	Cash and cash equivalents			110		270		231		0		611
	Receivables, net			0		497		536		0		1,033
	Notes receivable from affiliated companies			14		48		115		(177)		0
	Regulatory assets			0		105		71		0		176
	Derivative collateral posted			0		140		24		0		164
	Prepayments and other current assets			30		751		984		(273)		1,492
		Total current assets		154		1,811		1,961		(450)		3,476
Deferred debits and other assets
	Investment in consolidated subsidiaries			14,316		0		0		(14,316)		0
	Regulatory assets			0		1,387		987		0		2,374
	Goodwill			0		0		0		3,655		3,655
	Nuclear decommissioning trust funds			0		554		1,017		0		1,571
	Other assets and deferred debits			75		238		894		(469)		738
		Total deferred debits and other assets		14,391		2,179		2,898		(11,130)		8,338
		Total assets	$	14,545	$	14,179	$	15,820	$	(11,490)	$	33,054
CAPITALIZATION AND LIABILITIES
Equity
	Common stock equity		$	10,023	$	4,957	$	5,686	$	(10,643)	$	10,023
	Noncontrolling interests			0		4		0		0		4
		Total equity		10,023		4,961		5,686		(10,643)		10,027
	Preferred stock of subsidiaries			0		34		59		0		93
	Long-term debt, affiliate			0		309		0		(36)		273
	Long-term debt, net			3,989		4,182		3,693		0		11,864
		Total capitalization		14,012		9,486		9,438		(10,679)		22,257
Current liabilities
	Current portion of long-term debt			205		300		0		0		505
	Notes payable to affiliated companies			0		175		3		(178)		0
	Derivative liabilities			18		188		53		0		259
	Other current liabilities			278		1,002		1,184		(273)		2,191
		Total current liabilities		501		1,665		1,240		(451)		2,955
Deferred credits and other liabilities
	Noncurrent income tax liabilities			3		528		1,608		(443)		1,696
	Regulatory liabilities			0		1,084		1,461		90		2,635
	Other liabilities and deferred credits			29		1,416		2,073		(7)		3,511
		Total deferred credits and other liabilities		32		3,028		5,142		(360)		7,842
		Total capitalization and liabilities	$	14,545	$	14,179	$	15,820	$	(11,490)	$	33,054

Condensed Consolidating Statement of Cash Flows
Six months ended June 30, 2011
(in millions)	Parent		Subsidiary Guarantor		Non-Guarantor Subsidiaries		Other		Progress Energy, Inc.
Net cash provided by operating activities	$	477	$	413	$	567	$	(677)	$	780
Investing activities
Gross property additions		0		(419)		(585)		0		(1,004)
Nuclear fuel additions		0		(13)		(80)		0		(93)
Purchases of available-for-sale securities and other investments		0		(3,093)		(294)		0		(3,387)
Proceeds from available-for-sale securities and other investments		0		3,095		269		0		3,364
Changes in advances to affiliated companies		(80)		22		40		18		0
Contributions to consolidated subsidiaries		(10)		0		0		10		0
Other investing activities		0		74		8		0		82
Net cash used by investing activities		(90)		(334)		(642)		28		(1,038)
Financing activities
Issuance of common stock, net		26		0		0		0		26
Dividends paid on common stock		(366)		0		0		0		(366)
Dividends paid to parent		0		(403)		(275)		678		0
Net increase in short-term debt		49		67		198		0		314
Proceeds from issuance of long-term debt, net		494		0		0		0		494
Retirement of long-term debt		(700)		0		0		0		(700)
Changes in advances from affiliated companies		0		16		3		(19)		0
Contributions from parent		0		10		0		(10)		0
Other financing activities		0		(6)		(63)		0		(69)
Net cash used by financing activities		(497)		(316)		(137)		649		(301)
Net decrease in cash and cash equivalents		(110)		(237)		(212)		0		(559)
Cash and cash equivalents at beginning of period		110		270		231		0		611
Cash and cash equivalents at end of period	$	0	$	33	$	19	$	0	$	52

Condensed Consolidating Statement of Cash Flows
Six months ended June 30, 2010
(in millions)	Parent		Subsidiary Guarantor		Non-Guarantor Subsidiaries		Other		Progress Energy, Inc.
Net cash provided by operating activities	$	54	$	582	$	694	$	(171)	$	1,159
Investing activities
Gross property additions		0		(543)		(598)		25		(1,116)
Nuclear fuel additions		0		(13)		(106)		0		(119)
Purchases of available-for-sale securities and other investments		0		(3,507)		(308)		0		(3,815)
Proceeds from available-for-sale securities and other investments		0		3,509		283		0		3,792
Changes in advances to affiliated companies		(103)		(5)		294		(186)		0
Return of investment in consolidated subsidiaries		54		0		0		(54)		0
Contributions to consolidated subsidiaries		(56)		0		0		56		0
Other investing activities		0		14		0		0		14
Net cash used by investing activities		(105)		(545)		(435)		(159)		(1,244)
Financing activities
Issuance of common stock, net		405		0		0		0		405
Dividends paid on common stock		(354)		0		0		0		(354)
Dividends paid to parent		0		(102)		(50)		152		0
Dividends paid to parent in excess of retained earnings		0		0		(54)		54		0
Net decrease in short-term debt		(140)		0		0		0		(140)
Proceeds from issuance of long-term debt, net		0		591		0		0		591
Retirement of long-term debt		(100)		(300)		0		0		(400)
Changes in advances from affiliated companies		0		(210)		24		186		0
Contributions from parent		0		33		37		(70)		0
Other financing activities		0		(6)		(54)		8		(52)
Net cash (used) provided by financing activities		(189)		6		(97)		330		50
Net (decrease) increase in cash and cash equivalents		(240)		43		162		0		(35)
Cash and cash equivalents at beginning of period		606		72		47		0		725
Cash and cash equivalents at end of period	$	366	$	115	$	209	$	0	$	690

- Definition

Text block that encapsulates the detailed table comprising the condensed financial statements (balance sheet, income statement and statement of cash flows), normally using the registrant (parent) as the sole domain member. If condensed consolidating financial statements are being presented, other domain members (in addition to parent) such as guarantor subsidiaries, non-guarantor subsidiaries, and the consolidation eliminations, will be included in order that the respective monetary amounts for each of the domains will aggregate to the respective amounts on the consolidated financial statements. The line items are the various captions used to compile the condensed financial statements. Using extensions, most, if not all, of the elements representing condensed financial statement captions will be the same as those used for the consolidated financial statements captions.

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