Equity

9 Months Ended

Sep. 30, 2011

Equity And Comprehensive Income Disclosure [Line Items]

5. EQUITY AND COMPREHENSIVE INCOME

A. EARNINGS PER COMMON SHARE

There are no material differences between our basic and diluted earnings per share amounts or our basic and diluted weighted-average number of common shares outstanding for the three and nine months ended September 30, 2011 and 2010. The effects of performance share awards and stock options outstanding on diluted earnings per share are immaterial.

B. RECONCILIATION OF TOTAL EQUITY

PROGRESS ENERGY

The consolidated financial statements include the accounts of the Parent and its majority owned subsidiaries. Noncontrolling interests principally represent minority shareholders' proportionate share of the equity of a subsidiary and a VIE (See Note 1C).

The following table presents changes in total equity for the year to date:

(in millions)		Total Common Stock Equity		Noncontrolling Interests		Total Equity
Balance, December 31, 2010		$	10,023	$	4	$	10,027
Net income^(a)			651		2		653
Other comprehensive loss			(82)		0		(82)
Issuance of shares through offerings and stock- based compensation plans (See Note 5D)			70		0		70
Dividends declared			(550)		0		(550)
Distributions to noncontrolling interests			0		(3)		(3)
Balance, September 30, 2011		$	10,112	$	3	$	10,115

Balance, December 31, 2009		$	9,449	$	6	$	9,455
Cumulative effect of change in accounting principle			0		(2)		(2)
Net income^(a)			731		1		732
Other comprehensive loss			(77)		0		(77)
Issuance of shares through offerings and stock- based compensation plans (See Note 5D)			461		0		461
Dividends declared			(543)		0		(543)
Distributions to noncontrolling interests			0		(2)		(2)
Balance, September 30, 2010		$	10,021	$	3	$	10,024

^(a)	For the nine months ended September 30, 2011, consolidated net income of $656 million includes $3 million attributable to preferred shareholders of subsidiaries. For the nine months ended September 30, 2010, consolidated net income of $735 million includes $3 million attributable to preferred shareholders of subsidiaries. Income attributable to preferred shareholders of subsidiaries is not a component of total equity and is excluded from the table above.

PEC

Interim disclosures of changes in equity are required if the reporting entity has less than wholly owned subsidiaries, of which PEC has none. Therefore, an equity reconciliation for PEC has not been provided.

PEF

Interim disclosures of changes in equity are required if the reporting entity has less than wholly owned subsidiaries, of which PEF has none. Therefore, an equity reconciliation for PEF has not been provided.

C. COMPREHENSIVE INCOME

PROGRESS ENERGY
			Three months ended September 30
(in millions)				2011		2010
Net income			$	293	$	365
Other comprehensive income (loss)
	Reclassification adjustments included in net income
		Change in cash flow hedges (net of tax expense of $1 and $1)		2		1
		Change in unrecognized items for pension and other postretirement benefits (net of tax expense of $1 and $-)		2		1
	Net unrealized losses on cash flow hedges (net of tax benefit of $44 and $19)			(69)		(30)
	Net unrecognized items on pension and other postretirement benefits (net of tax benefit of $2)			0		(4)
	Other (net of tax expense of $-)			-		(1)
		Other comprehensive loss		(65)		(33)
Comprehensive income				228		332
Comprehensive income attributable to noncontrolling interests				(2)		(4)
Comprehensive income attributable to controlling interests			$	226	$	328


			Nine months ended September 30
(in millions)				2011		2010
Net income			$	656	$	735
Other comprehensive income (loss)
	Reclassification adjustments included in net income
		Change in cash flow hedges (net of tax expense of $3 and $3)		5		4
		Change in unrecognized items for pension and other postretirement benefits (net of tax expense of $3 and $1)		4		3
	Net unrealized losses on cash flow hedges (net of tax benefit of $53 and $51)			(83)		(80)
	Net unrecognized items on pension and other postretirement benefits (net of tax benefit of $5 and $2)			(8)		(4)
		Other comprehensive loss		(82)		(77)
Comprehensive income				574		658
Comprehensive income attributable to noncontrolling interests				(5)		(4)
Comprehensive income attributable to controlling interests			$	569	$	654

PEC
			Three months ended September 30
(in millions)				2011		2010
Net income			$	199	$	236
Other comprehensive income (loss)
	Reclassification adjustments included in net income
		Change in cash flow hedges (net of tax expense of $1 and $1)		1		1
	Net unrealized losses on cash flow hedges (net of tax benefit of $23 and $7)			(35)		(10)
		Other comprehensive loss		(34)		(9)
Comprehensive income				165		227
Comprehensive income attributable to noncontrolling interests				-		(2)
Comprehensive income attributable to controlling interests			$	165	$	225


			Nine months ended September 30
(in millions)				2011		2010
Net income			$	437	$	483
Other comprehensive income (loss)
	Reclassification adjustments included in net income
		Change in cash flow hedges (net of tax expense of $2 and $2)		3		3
	Net unrealized losses on cash flow hedges (net of tax benefit of $26 and $17)			(40)		(26)
		Other comprehensive loss		(37)		(23)
Comprehensive income				400		460
Comprehensive loss attributable to noncontrolling interests				-		1
Comprehensive income attributable to controlling interests			$	400	$	461

PEF
			Three months ended September 30
(in millions)				2011		2010
Net income			$	203	$	180
Other comprehensive loss
	Net unrealized losses on cash flow hedges (net of tax benefit of $11 and $3)			(17)		(6)
		Other comprehensive loss		(17)		(6)
Comprehensive income			$	186	$	174


			Nine months ended September 30
(in millions)				2011		2010
Net income			$	418	$	401
Other comprehensive loss
	Net unrealized losses on cash flow hedges (net of tax benefit of $14 and $10)			(22)		(16)
		Other comprehensive loss		(22)		(16)
Comprehensive income			$	396	$	385

D. COMMON STOCK

At September 30, 2011 and December 31, 2010, we had 500 million shares of common stock authorized under our charter, of which 295 million and 293 million shares were outstanding, respectively. We periodically issue shares of common stock through the Progress Energy 401(k) Savings & Stock Ownership Plan (401(k)), the Progress Energy Investor Plus Plan (IPP) and other benefit plans.

The following table presents information for our common stock issuances:

		2011			2010
(in millions)		Shares	Net Proceeds		Shares	Net Proceeds
Three months ended September 30
	Total issuances	0.3	$	16	0.3	$	14
	Issuances through 401(k) and/or IPP	0.0		0	0.3		13
Nine months ended September 30
	Total issuances	1.7	$	42	11.8	$	419
	Issuances through 401(k) and/or IPP	0.0		1	11.0		418

PEC

Equity And Comprehensive Income Disclosure [Line Items]

Equity

5. EQUITY AND COMPREHENSIVE INCOME

A. EARNINGS PER COMMON SHARE

B. RECONCILIATION OF TOTAL EQUITY

PEC

C. COMPREHENSIVE INCOME

PEC
			Three months ended September 30
(in millions)				2011		2010
Net income			$	199	$	236
Other comprehensive income (loss)
	Reclassification adjustments included in net income
		Change in cash flow hedges (net of tax expense of $1 and $1)		1		1
	Net unrealized losses on cash flow hedges (net of tax benefit of $23 and $7)			(35)		(10)
		Other comprehensive loss		(34)		(9)
Comprehensive income				165		227
Comprehensive income attributable to noncontrolling interests				-		(2)
Comprehensive income attributable to controlling interests			$	165	$	225


			Nine months ended September 30
(in millions)				2011		2010
Net income			$	437	$	483
Other comprehensive income (loss)
	Reclassification adjustments included in net income
		Change in cash flow hedges (net of tax expense of $2 and $2)		3		3
	Net unrealized losses on cash flow hedges (net of tax benefit of $26 and $17)			(40)		(26)
		Other comprehensive loss		(37)		(23)
Comprehensive income				400		460
Comprehensive loss attributable to noncontrolling interests				-		1
Comprehensive income attributable to controlling interests			$	400	$	461

D. COMMON STOCK

The following table presents information for our common stock issuances:

		2011			2010
(in millions)		Shares	Net Proceeds		Shares	Net Proceeds
Three months ended September 30
	Total issuances	0.3	$	16	0.3	$	14
	Issuances through 401(k) and/or IPP	0.0		0	0.3		13
Nine months ended September 30
	Total issuances	1.7	$	42	11.8	$	419
	Issuances through 401(k) and/or IPP	0.0		1	11.0		418

PEF

Equity And Comprehensive Income Disclosure [Line Items]

Equity

5. EQUITY AND COMPREHENSIVE INCOME

A. EARNINGS PER COMMON SHARE

B. RECONCILIATION OF TOTAL EQUITY

PEF

C. COMPREHENSIVE INCOME

PEF
			Three months ended September 30
(in millions)				2011		2010
Net income			$	203	$	180
Other comprehensive loss
	Net unrealized losses on cash flow hedges (net of tax benefit of $11 and $3)			(17)		(6)
		Other comprehensive loss		(17)		(6)
Comprehensive income			$	186	$	174


			Nine months ended September 30
(in millions)				2011		2010
Net income			$	418	$	401
Other comprehensive loss
	Net unrealized losses on cash flow hedges (net of tax benefit of $14 and $10)			(22)		(16)
		Other comprehensive loss		(22)		(16)
Comprehensive income			$	396	$	385

D. COMMON STOCK

The following table presents information for our common stock issuances:

		2011			2010
(in millions)		Shares	Net Proceeds		Shares	Net Proceeds
Three months ended September 30
	Total issuances	0.3	$	16	0.3	$	14
	Issuances through 401(k) and/or IPP	0.0		0	0.3		13
Nine months ended September 30
	Total issuances	1.7	$	42	11.8	$	419
	Issuances through 401(k) and/or IPP	0.0		1	11.0		418