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Fair Value Disclosures (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2012

Dec. 31, 2011

(in millions)		Fair Value		Unrealized Losses		Unrealized Gains
June 30, 2012
Common stock equity		$	1,109	$	29	$	462
Preferred stock and other equity			47		-		14
Corporate debt			88		-		7
U.S. state and municipal debt			135		2		9
U.S. and foreign government debt			293		-		17
Money market funds and other			85		-		1
	Total	$	1,757	$	31	$	510

December 31, 2011
Common stock equity		$	1,033	$	29	$	401
Preferred stock and other equity			29		-		11
Corporate debt			86		-		6
U.S. state and municipal debt			128		2		7
U.S. and foreign government debt			284		-		18
Money market funds and other			70		-		1
	Total	$	1,630	$	31	$	444

Available for sale debt securities by contractual maturity

(in millions)
Due in one year or less	$	54
Due after one through five years		213
Due after five through 10 years		156
Due after 10 years		107
Total	$	530

Sales of available for sale securities

	Three months ended June 30				Six months ended June 30
(in millions)		2012		2011		2012		2011
Proceeds	$	215	$	1,448	$	519	$	3,192
Realized gains		8		6		15		14
Realized losses		1		6		-		10

Fair value measurements- assets and liabilities

PROGRESS ENERGY
(in millions)				Level 1		Level 2		Level 3		Total
June 30, 2012
Assets
	Nuclear decommissioning trust funds
		Common stock equity	$	1,109	$	-	$	-	$	1,109
		Preferred stock and other equity		36		11		-		47
		Corporate debt		-		88		-		88
		U.S. state and municipal debt		-		135		-		135
		U.S. and foreign government debt		128		165		-		293
		Money market funds and other		1		84		-		85
	Total nuclear decommissioning trust funds			1,274		483		-		1,757
	Derivatives
		Commodity forward contracts		-		8		-		8
	Other marketable securities
		Money market and other		16		-		-		16
		Total assets	$	1,290	$	491	$	-	$	1,781

Liabilities
	Derivatives
		Commodity forward contracts	$	-	$	572	$	30	$	602
		Interest rate contracts		-		22		-		22
		Contingent value obligations		-		3		-		3
		Total liabilities	$	-	$	597	$	30	$	627

(in millions)				Level 1		Level 2		Level 3		Total
December 31, 2011
Assets
	Nuclear decommissioning trust funds
		Common stock equity	$	1,033	$	-	$	-	$	1,033
		Preferred stock and other equity		28		1		-		29
		Corporate debt		-		86		-		86
		U.S. state and municipal debt		-		128		-		128
		U.S. and foreign government debt		87		197		-		284
		Money market funds and other		-		87		-		87
	Total nuclear decommissioning trust funds			1,148		499		-		1,647
	Derivatives
		Commodity forward contracts		-		5		-		5
	Other marketable securities
		Money market and other		20		-		-		20
		Total assets	$	1,168	$	504	$	-	$	1,672

Liabilities
	Derivatives
		Commodity forward contracts	$	-	$	668	$	24	$	692
		Interest rate contracts		-		93		-		93
		Contingent value obligations		-		14		-		14
		Total liabilities	$	-	$	775	$	24	$	799

Fair value, liabilities measured on recurring basis, unobservable input reconciliation

PROGRESS ENERGY
		Three months ended June 30				Six months ended June 30
(in millions)			2012		2011		2012		2011
Derivatives, net at beginning of period		$	27	$	32	$	24	$	36
Total losses, realized and unrealized - commodities
	deferred as regulatory assets and liabilities, net		3		5		6		1
Derivatives, net at end of period		$	30	$	37	$	30	$	37

Fair value inputs liabilities quantitative information

PROGRESS ENERGY
(in millions)	Fair Value		Valuation Technique	Unobservable Input		Range (price per MMBtu)
June 30, 2012
Commodity natural gas hedges	$	30	Discounted cash flow	Forward natural gas curves	$	3.956	-	4.374

PEC

Fair Value Disclosures [Line Items]

Available for sale securities

(in millions)		Fair Value		Unrealized Losses		Unrealized Gains
June 30, 2012
Common stock equity		$	727	$	19	$	293
Preferred stock and other equity			22		-		9
Corporate debt			73		-		6
U.S. state and municipal debt			62		-		4
U.S. and foreign government debt			229		-		15
Money market funds and other			54		-		1
	Total	$	1,167	$	19	$	328

December 31, 2011
Common stock equity		$	673	$	20	$	255
Preferred stock and other equity			17		-		7
Corporate debt			69		-		5
U.S. state and municipal debt			56		-		3
U.S. and foreign government debt			226		-		16
Money market funds and other			60		-		1
	Total	$	1,101	$	20	$	287

Available for sale debt securities by contractual maturity

(in millions)
Due in one year or less	$	10
Due after one through five years		203
Due after five through 10 years		91
Due after 10 years		71
Total	$	375

Sales of available for sale securities

	Three months ended June 30				Six months ended June 30
(in millions)		2012		2011		2012		2011
Proceeds	$	120	$	119	$	250	$	250
Realized gains		5		3		10		6
Realized losses		1		4		3		5

Fair value measurements- assets and liabilities

PEC
(in millions)				Level 1		Level 2		Level 3		Total
June 30, 2012
Assets
	Nuclear decommissioning trust funds
		Common stock equity	$	727	$	-	$	-	$	727
		Preferred stock and other equity		22		-		-		22
		Corporate debt		-		73		-		73
		U.S. state and municipal debt		-		62		-		62
		U.S. and foreign government debt		105		124		-		229
		Money market funds and other		1		50		-		51
	Total nuclear decommissioning trust funds			855		309		-		1,164
	Derivatives
		Commodity forward contracts		-		2		-		2
	Other marketable securities			2		-		-		2
		Total assets	$	857	$	311	$	-	$	1,168

Liabilities
	Derivatives
		Commodity forward contracts	$	-	$	158	$	28	$	186
		Interest rate contracts		-		11		-		11
		Total liabilities	$	-	$	169	$	28	$	197

(in millions)				Level 1		Level 2		Level 3		Total
December 31, 2011
Assets
	Nuclear decommissioning trust funds
		Common stock equity	$	673	$	-	$	-	$	673
		Preferred stock and other equity		17		-		-		17
		Corporate debt		-		69		-		69
		U.S. state and municipal debt		-		56		-		56
		U.S. and foreign government debt		81		145		-		226
		Money market funds and other		-		47		-		47
	Total nuclear decommissioning trust funds			771		317		-		1,088
	Other marketable securities			6		-		-		6
		Total assets	$	777	$	317	$	-	$	1,094

Liabilities
	Derivatives
		Commodity forward contracts	$	-	$	177	$	24	$	201
		Interest rate contracts		-		47		-		47
		Total liabilities	$	-	$	224	$	24	$	248

Fair value, liabilities measured on recurring basis, unobservable input reconciliation

PEC
		Three months ended June 30				Six months ended June 30
(in millions)			2012		2011		2012		2011
Derivatives, net at beginning of period		$	27	$	32	$	24	$	36
Total losses, realized and unrealized - commodities
	deferred as regulatory assets and liabilities, net		1		5		4		1
Derivatives, net at end of period		$	28	$	37	$	28	$	37

Fair value inputs liabilities quantitative information


PEC
(in millions)	Fair Value		Valuation Technique	Unobservable Input		Range (price per MMBtu)
June 30, 2012
Commodity natural gas hedges	$	28	Discounted cash flow	Forward natural gas curves	$	3.956	-	4.374

PEF

Fair Value Disclosures [Line Items]

Available for sale securities

(in millions)		Fair Value		Unrealized Losses		Unrealized Gains
June 30, 2012
Common stock equity		$	382	$	10	$	169
Preferred stock and other equity			25		-		5
Corporate debt			15		-		1
U.S. state and municipal debt			73		2		5
U.S. and foreign government debt			64		-		2
Money market funds and other			31		-		-
	Total	$	590	$	12	$	182

December 31, 2011
Common stock equity		$	360	$	9	$	146
Preferred stock and other equity			12		-		4
Corporate debt			17		-		1
U.S. state and municipal debt			72		2		4
U.S. and foreign government debt			58		-		2
Money market funds and other			10		-		-
	Total	$	529	$	11	$	157

Available for sale debt securities by contractual maturity

(in millions)
Due in one year or less	$	44
Due after one through five years		10
Due after five through 10 years		65
Due after 10 years		36
Total	$	155

Sales of available for sale securities

	Three months ended June 30				Six months ended June 30
(in millions)		2012		2011		2012		2011
Proceeds	$	95	$	1,329	$	269	$	2,935
Realized gains		3		3		5		8
Realized losses		2		2		3		5

Fair value measurements- assets and liabilities

PEF
(in millions)				Level 1		Level 2		Level 3		Total
June 30, 2012
Assets
	Nuclear decommissioning trust funds
		Common stock equity	$	382	$	-	$	-	$	382
		Preferred stock and other equity		14		11		-		25
		Corporate debt		-		15		-		15
		U.S. state and municipal debt		-		73		-		73
		U.S. and foreign government debt		23		41		-		64
		Money market funds and other		-		34		-		34
	Total nuclear decommissioning trust funds			419		174		-		593
	Derivatives
		Commodity forward contracts		-		6		-		6
	Other marketable securities			1		-		-		1
		Total assets	$	420	$	180	$	-	$	600

Liabilities
	Derivatives
		Commodity forward contracts	$	-	$	414	$	2	$	416
		Interest rate contracts		-		11		-		11
		Total liabilities	$	-	$	425	$	2	$	427

(in millions)				Level 1		Level 2		Level 3		Total
December 31, 2011
Assets
	Nuclear decommissioning trust funds
		Common stock equity	$	360	$	-	$	-	$	360
		Preferred stock and other equity		11		1		-		12
		Corporate debt		-		17		-		17
		U.S. state and municipal debt		-		72		-		72
		U.S. and foreign government debt		6		52		-		58
		Money market funds and other		-		40		-		40
	Total nuclear decommissioning trust funds			377		182		-		559
	Derivatives
		Commodity forward contracts		-		5		-		5
	Other marketable securities			1		-		-		1
		Total assets	$	378	$	187	$	-	$	565

Liabilities
	Derivatives
		Commodity forward contracts	$	-	$	491	$	-	$	491
		Interest rate contracts		-		8		-		8
		Total liabilities	$	-	$	499	$	-	$	499

- Definition

Tabular disclosure of available-for-sale securities which consist of all investments in certain debt and equity securities neither classified as trading or held-to-maturity securities. A debt security represents a creditor relationship with an enterprise. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 320

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Staff Position (FSP)

-Number FAS115-1/124-1

-Paragraph 17

-Subparagraph a, b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 320

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62586-112803

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 115

-Paragraph 19, 20, 21

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27290-111563

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 03-1

-Paragraph 21

-Subparagraph a, b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27198-111563

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 7

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27337-111563

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27161-111563

+ Details

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References+ Details