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Condensed Consolidating Statements
 12 Months Ended
Dec. 31, 2011
Condensed Consolidating Statements Disclosure [Abstract]  
Condensed consolidating financials

23.       CONDENSED CONSOLIDATING STATEMENTS

Presented below are the Condensed Consolidating Statements of Income, Balance Sheets and Cash Flows as required by Rule 3-10 of Regulation S-X. In September 2005, we issued our guarantee of certain payments of two wholly owned indirect subsidiaries, FPC Capital I (the Trust) and Florida Progress Funding Corporation (Funding Corp.). Our guarantees are in addition to the previously issued guarantees of our wholly owned subsidiary, Florida Progress.

The Trust, a finance subsidiary, was established in 1999 for the sole purpose of issuing $300 million of 7.10% Cumulative Quarterly Income Preferred Securities due 2039, Series A (Preferred Securities), and using the proceeds thereof to purchase from Funding Corp. $300 million of 7.10% Junior Subordinated Deferrable Interest Notes due 2039 (Subordinated Notes). The Trust has no other operations and its sole assets are the Subordinated Notes and Notes Guarantee (as discussed below). Funding Corp. is a wholly owned subsidiary of Florida Progress and was formed for the sole purpose of providing financing to Florida Progress and its subsidiaries. Funding Corp. does not engage in business activities other than such financing and has no independent operations. Since 1999, Florida Progress has fully and unconditionally guaranteed the obligations of Funding Corp. under the Subordinated Notes. In addition, Florida Progress guaranteed the payment of all distributions related to the Preferred Securities required to be made by the Trust, but only to the extent that the Trust has funds available for such distributions (the Preferred Securities Guarantee). The two guarantees considered together constitute a full and unconditional guarantee by Florida Progress of the Trust's obligations under the Preferred Securities. The Preferred Securities and the Preferred Securities Guarantee are listed on the New York Stock Exchange.

The Subordinated Notes may be redeemed at the option of Funding Corp. at par value plus accrued interest through the redemption date. The proceeds of any redemption of the Subordinated Notes will be used by the Trust to redeem proportional amounts of the Preferred Securities and common securities in accordance with their terms. Upon liquidation or dissolution of Funding Corp., holders of the Preferred Securities would be entitled to the liquidation preference of $25 per share plus all accrued and unpaid dividends thereon to the date of payment. The annual interest expense related to the Subordinated Notes is reflected in the Consolidated Statements of Income.

We have guaranteed the payment of all distributions related to the Trust's Preferred Securities. At December 31, 2011, the Trust had outstanding 12 million shares of the Preferred Securities with a liquidation value of $300 million. Our guarantees are joint and several, full and unconditional, and are in addition to the joint and several, full and unconditional guarantees previously issued to the Trust and Funding Corp. by Florida Progress. Our subsidiaries have provisions restricting the payment of dividends to the Parent in certain limited circumstances, and as disclosed in Note 12B, there were no restrictions on PEC's or PEF's retained earnings.

The Trust is a variable-interest entity of which we are not the primary beneficiary. Separate financial statements and other disclosures concerning the Trust have not been presented because we believe that such information is not material to investors.

In these condensed consolidating statements, the Parent column includes the financial results of the parent holding company only. The Subsidiary Guarantor column includes the consolidated financial results of Florida Progress only, which is primarily comprised of its wholly owned subsidiary PEF. The Non-Guarantor Subsidiaries column includes the consolidated financial results of all non-guarantor subsidiaries, which is primarily comprised of our wholly owned subsidiary PEC. The Other column includes elimination entries for all intercompany transactions and other consolidation adjustments. Financial statements for PEC and PEF are separately presented elsewhere in this Form 10-K. All applicable corporate expenses have been allocated appropriately among the guarantor and non-guarantor subsidiaries. The financial information may not necessarily be indicative of results of operations or financial position had the subsidiary guarantor or other non-guarantor subsidiaries operated as independent entities.

Condensed Consolidating Statement of Income
Year ended December 31, 2011
(in millions)Parent Subsidiary Guarantor Non-Guarantor Subsidiaries OtherProgress Energy, Inc.
Operating revenues              
 Operating revenues$ - $ 4,379 $ 4,528 $ - $ 8,907
 Affiliate revenues  -   -   272   (272)   -
  Total operating revenues  -   4,379   4,800   (272)   8,907
Operating expenses              
 Fuel used in electric generation  -   1,506   1,387   -   2,893
 Purchased power  -   778   315   -   1,093
 Operation and maintenance  10   881   1,407   (262)   2,036
 Depreciation, amortization and accretion  -   169   532   -   701
 Taxes other than on income  -   350   218   (6)   562
 Other  -   (1)   35   -   34
  Total operating expenses  10   3,683   3,894   (268)   7,319
Operating (loss) income  (10)   696   906   (4)   1,588
Other income (expense)              
 Interest income  -   1   2   (1)   2
 Allowance for equity funds used during construction  -   32   71   -   103
 Other, net  (61)   5   (4)   2   (58)
  Total other (expense) income, net  (61)   38   69   1   47
Interest charges              
 Interest charges  279   276   205   -   760
 Allowance for borrowed funds used during construction  -   (14)   (21)   -   (35)
  Total interest charges, net  279   262   184   -   725
(Loss) income from continuing operations before income tax and equity in earnings of consolidated subsidiaries  (350)   472   791   (3)   910
Income tax (benefit) expense  (127)   170   275   5   323
Equity in earnings of consolidated subsidiaries  798   -   -   (798)   -
Income from continuing operations  575   302   516   (806)   587
Discontinued operations, net of tax  -   (3)   (2)   -   (5)
Net income  575   299   514   (806)   582
Net income attributable to noncontrolling interests, net of tax  -   (4)   -   (3)   (7)
Net income attributable to controlling interests$ 575 $ 295 $ 514 $ (809) $ 575
                 

Condensed Consolidating Statement of Income
Year ended December 31, 2010
(in millions)Parent Subsidiary Guarantor Non-Guarantor Subsidiaries Other Progress Energy, Inc.
Operating revenues              
 Operating revenues$ - $ 5,268 $ 4,922 $ - $ 10,190
 Affiliate revenues  -   -   248   (248)   -
  Total operating revenues  -   5,268   5,170   (248)   10,190
Operating expenses              
 Fuel used in electric generation  -   1,614   1,686   -   3,300
 Purchased power  -   977   302   -   1,279
 Operation and maintenance  7   912   1,345   (237)   2,027
 Depreciation, amortization and accretion  -   426   494   -   920
 Taxes other than on income  -   362   225   (7)   580
 Other  -   17   13   -   30
  Total operating expenses  7   4,308   4,065   (244)   8,136
Operating (loss) income  (7)   960   1,105   (4)   2,054
Other income (expense)              
 Interest income  7   2   5   (7)   7
 Allowance for equity funds used during construction  -   28   64   -   92
 Other, net  (1)   1   (3)   3   -
  Total other income, net  6   31   66   (4)   99
Interest charges              
 Interest charges  282   293   211   (7)   779
 Allowance for borrowed funds used during construction  -   (13)   (19)   -   (32)
  Total interest charges, net  282   280   192   (7)   747
(Loss) income from continuing operations before income tax and equity in earnings of consolidated subsidiaries  (283)   711   979   (1)   1,406
Income tax (benefit) expense  (111)   267   378   5   539
Equity in earnings of consolidated subsidiaries  1,027   -   -   (1,027)   -
Income from continuing operations  855   444   601   (1,033)   867
Discontinued operations, net of tax  1   (1)   (4)   -   (4)
Net income  856   443   597   (1,033)   863
Net (income) loss attributable to noncontrolling interests, net of tax  -   (4)   1   (4)   (7)
Net income attributable to controlling interests$ 856 $ 439 $ 598 $ (1,037) $ 856
                 

Condensed Consolidating Statement of Income
Year ended December 31, 2009
(in millions)Parent Subsidiary Guarantor Non-Guarantor Subsidiaries Other Progress Energy, Inc.
Operating revenues              
 Operating revenues$ - $ 5,259 $ 4,626 $ - $ 9,885
 Affiliate revenues  -   -   235   (235)   -
  Total operating revenues  -   5,259   4,861   (235)   9,885
Operating expenses              
 Fuel used in electric generation  -   2,072   1,680   -   3,752
 Purchased power  -   682   229   -   911
 Operation and maintenance  8   839   1,269   (222)   1,894
 Depreciation, amortization and accretion  -   502   484   -   986
 Taxes other than on income  -   347   216   (6)   557
 Other  -   13   -   -   13
  Total operating expenses  8   4,455   3,878   (228)   8,113
Operating (loss) income  (8)   804   983   (7)   1,772
Other income (expense)              
 Interest income  10   5   9   (10)   14
 Allowance for equity funds used during construction  -   91   33   -   124
 Other, net  18   6   (22)   4   6
  Total other income, net  28   102   20   (6)   144
Interest charges              
 Interest charges  233   280   215   (10)   718
 Allowance for borrowed funds used during construction  -   (27)   (12)   -   (39)
  Total interest charges, net  233   253   203   (10)   679
(Loss) income from continuing operations before income tax and equity in earnings of consolidated subsidiaries  (213)   653   800   (3)   1,237
Income tax (benefit) expense  (93)   200   286   4   397
Equity in earnings of consolidated subsidiaries  875   -   -   (875)   -
Income from continuing operations  755   453   514   (882)   840
Discontinued operations, net of tax  2   (43)   (38)   -   (79)
Net income  757   410   476   (882)   761
Net (income) loss attributable to noncontrolling interests, net of tax  -   (3)   2   (3)   (4)
Net income attributable to controlling interests$ 757 $ 407 $ 478 $ (885) $ 757
                 

Condensed Consolidating Balance Sheet
December 31, 2011
(in millions)Parent Subsidiary Guarantor Non-Guarantor Subsidiaries Other  Progress Energy, Inc.
ASSETS              
Utility plant, net$ - $ 10,523 $ 11,887 $ 87 $ 22,497
Current assets              
 Cash and cash equivalents  117   92   21   -   230
 Receivables, net  -   372   517   -   889
 Notes receivable from affiliated companies  53   -   219   (272)   -
 Regulatory assets  -   244   31   -   275
 Derivative collateral posted   -   123   24   -   147
 Prepayments and other current assets  128   852   1,049   (87)   1,942
  Total current assets  298   1,683   1,861   (359)   3,483
Deferred debits and other assets              
 Investment in consolidated subsidiaries  14,043   -   -   (14,043)   -
 Regulatory assets  -   1,602   1,423   -   3,025
 Goodwill  -   -   -   3,655   3,655
 Nuclear decommissioning trust funds  -   559   1,088   -   1,647
 Other assets and deferred debits  140   242   856   (486)   752
  Total deferred debits and other assets  14,183   2,403   3,367   (10,874)   9,079
  Total assets$ 14,481 $ 14,609 $ 17,115 $ (11,146) $ 35,059
CAPITALIZATION AND LIABILITIES              
Equity              
 Common stock equity$ 10,021 $ 4,728 $ 5,646 $ (10,374) $ 10,021
 Noncontrolling interests  -   4   -   -   4
  Total equity  10,021   4,732   5,646   (10,374)   10,025
 Preferred stock of subsidiaries  -   34   59   -   93
 Long-term debt, affiliate  -   309   -   (36)   273
 Long-term debt, net  3,543   4,482   3,693   -   11,718
  Total capitalization  13,564   9,557   9,398   (10,410)   22,109
Current liabilities              
 Current portion of long-term debt  450   -   500   -   950
 Short-term debt  250   233   188   -   671
 Notes payable to affiliated companies  -   238   34   (272)   -
 Derivative liabilities  38   268   130   -   436
 Other current liabilities  161   839   1,112   (84)   2,028
  Total current liabilities  899   1,578   1,964   (356)   4,085
Deferred credits and other liabilities              
 Noncurrent income tax liabilities  -   837   1,976   (458)   2,355
 Regulatory liabilities  -   1,071   1,543   86   2,700
 Other liabilities and deferred credits  18   1,566   2,234   (8)   3,810
  Total deferred credits and other liabilities  18   3,474   5,753   (380)   8,865
  Total capitalization and liabilities$ 14,481 $ 14,609 $ 17,115 $ (11,146) $ 35,059

Condensed Consolidating Balance Sheet
December 31, 2010
(in millions)Parent Subsidiary Guarantor Non-Guarantor Subsidiaries Other  Progress Energy, Inc.
ASSETS              
Utility plant, net$ - $ 10,189 $ 10,961 $ 90 $ 21,240
Current assets              
 Cash and cash equivalents  110   270   231   -   611
 Receivables, net  -   497   536   -   1,033
 Notes receivable from affiliated companies  14   48   115   (177)   -
 Regulatory assets  -   105   71   -   176
 Derivative collateral posted   -   140   24   -   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   -   -   (14,316)   -
 Regulatory assets  -   1,387   987   -   2,374
 Goodwill  -   -   -   3,655   3,655
 Nuclear decommissioning trust funds  -   554   1,017   -   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  -   4   -   -   4
  Total equity  10,023   4,961   5,686   (10,643)   10,027
 Preferred stock of subsidiaries  -   34   59   -   93
 Long-term debt, affiliate  -   309   -   (36)   273
 Long-term debt, net  3,989   4,182   3,693   -   11,864
  Total capitalization  14,012   9,486   9,438   (10,679)   22,257
Current liabilities              
 Current portion of long-term debt  205   300   -   -   505
 Notes payable to affiliated companies  -   175   3   (178)   -
 Derivative liabilities  18   188   53   -   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  -   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
Year ended December 31, 2011
(in millions)Parent Subsidiary Guarantor Non-Guarantor Subsidiaries Other Progress Energy, Inc.
Net cash provided by operating activities$ 756 $ 706 $ 1,251 $ (1,098) $ 1,615
Investing activities              
Gross property additions  -   (818)   (1,248)   -   (2,066)
Nuclear fuel additions  -   (15)   (211)   -   (226)
Purchases of available-for-sale securities and other investments  -   (4,438)   (579)   -   (5,017)
Proceeds from available-for-sale securities and other investments  -   4,441   529   -   4,970
Changes in advances to affiliated companies  (38)   48   (104)   94   -
Contributions to consolidated subsidiaries  (11)   -   -   11   -
Other investing activities  (24)   121   29   1   127
Net cash used by investing activities  (73)   (661)   (1,584)   106   (2,212)
Financing activities              
Issuance of common stock, net  53   -   -   -   53
Dividends paid on common stock  (734)   -   -   -   (734)
Dividends paid to parent  -   (513)   (585)   1,098   -
Net decrease in short-term debt  250   233   185   (1)   667
Proceeds from issuance of long-term debt, net  495   296   495   -   1,286
Retirement of long-term debt  (700)   (300)   -   -   (1,000)
Changes in advances from affiliated companies  -   63   31   (94)   -
Contributions from parent  -   10   1   (11)   -
Other financing activities  (40)   (12)   (4)   -   (56)
Net cash (used) provided by financing activities  (676)   (223)   123   992   216
Net increase (decrease) in cash and cash equivalents  7   (178)   (210)   -   (381)
Cash and cash equivalents at beginning of year  110   270   231   -   611
Cash and cash equivalents at end of year$ 117 $ 92 $ 21 $ - $ 230

Condensed Consolidating Statement of Cash Flows
Year ended December 31, 2010
(in millions)Parent Subsidiary Guarantor Non-Guarantor Subsidiaries Other Progress Energy, Inc.
Net cash provided by operating activities$ 16 $ 1,181 $ 1,562 $ (222) $ 2,537
Investing activities              
Gross property additions  -   (1,014)   (1,231)   24   (2,221)
Nuclear fuel additions  -   (38)   (183)   -   (221)
Purchases of available-for-sale securities and other investments  -   (6,391)   (618)   -   (7,009)
Proceeds from available-for-sale securities and other investments  -   6,395   595   -   6,990
Changes in advances to affiliated companies  15   (2)   188   (201)   -
Return of investment in consolidated subsidiaries  54   -   -   (54)   -
Contributions to consolidated subsidiaries  (171)   -   -   171   -
Other investing activities  113   60   3   (115)   61
Net cash provided (used) by investing activities  11   (990)   (1,246)   (175)   (2,400)
Financing activities              
Issuance of common stock, net  434   -   -   -   434
Dividends paid on common stock  (717)   -   -   -   (717)
Dividends paid to parent  -   (102)   (100)   202   -
Dividends paid to parent in excess of retained earnings  -   -   (54)   54   -
Net decrease in short-term debt  (140)   -   -   -   (140)
Proceeds from issuance of long-term debt, net  -   591   -   -   591
Retirement of long-term debt  (100)   (300)   -   -   (400)
Changes in advances from affiliated companies  -   (201)   -   201   -
Contributions from parent  -   33   152   (185)   -
Other financing activities  -   (14)   (130)   125   (19)
Net cash (used) provided by financing activities  (523)   7   (132)   397   (251)
Net (decrease) increase in cash and cash equivalents  (496)   198   184   -   (114)
Cash and cash equivalents at beginning of year  606   72   47   -   725
Cash and cash equivalents at end of year$ 110 $ 270 $ 231 $ - $ 611

Condensed Consolidating Statement of Cash Flows
Year ended December 31, 2009
(in millions)Parent Subsidiary Guarantor Non-Guarantor Subsidiaries Other Progress Energy, Inc.
Net cash provided by operating activities$ 108 $ 1,079 $ 1,282 $ (198) $ 2,271
Investing activities              
Gross property additions  -   (1,449)   (858)   12   (2,295)
Nuclear fuel additions  -   (78)   (122)   -   (200)
Proceeds from sales of assets to affiliated companies  -   -   11   (11)   -
Purchases of available-for-sale securities and other investments  -   (1,548)   (802)   -   (2,350)
Proceeds from available-for-sale securities and other investments  -   1,558   756   -   2,314
Changes in advances to affiliated companies  4   (2)   (172)   170   -
Return of investment in consolidated subsidiaries  12   -   -   (12)   -
Contributions to consolidated subsidiaries  (688)   -   -   688   -
Other investing activities  -   -   (1)   -   (1)
Net cash used by investing activities  (672)   (1,519)   (1,188)   847   (2,532)
Financing activities              
Issuance of common stock, net  623   -   -   -   623
Dividends paid on common stock  (693)   -   -   -   (693)
Dividends paid to parent  -   (1)   (200)   201   -
Dividends paid to parent in excess of retained earnings  -   -   (12)   12   -
Payments of short-term debt with original maturities greater than 90 days  (629)   -   -   -   (629)
Net increase (decrease) in short-term debt  100   (371)   (110)   -   (381)
Proceeds from issuance of long-term debt, net  1,683   -   595   -   2,278
Retirement of long-term debt  -   -   (400)   -   (400)
Changes in advances from affiliated companies  -   170   -   (170)   -
Contributions from parent  -   653   49   (702)   -
Other financing activities  (2)   (12)   12   10   8
Net cash provided (used) by financing activities  1,082   439   (66)   (649)   806
Net increase (decrease) in cash and cash equivalents  518   (1)   28   -   545
Cash and cash equivalents at beginning of year  88   73   19   -   180
Cash and cash equivalents at end of year$ 606 $ 72 $ 47 $ - $ 725