Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2011

Benefit Plans Tables [Abstract]

Schedule of Net Benefit Costs [Tables]

PROGRESS ENERGY
			Pension Benefits						OPEB
(in millions)			2011		2010		2009		2011		2010		2009
Service cost		$	53	$	48	$	42	$	11	$	16	$	7
Interest cost			141		140		138		41		45		31
Expected return on plan assets			(182)		(157)		(133)		(2)		(4)		(4)
Amortization of actuarial loss(a)			69		51		54		12		13		1
Other amortization, net (a)			7		6		6		5		5		5
	Net periodic cost before deferral(b)	$	88	$	88	$	107	$	67	$	75	$	40
(a)	Adjusted to reflect PEF’s rate treatment (See Note 17B).
(b)	PEF received permission from the FPSC to defer the retail portion of certain 2009 pension expense. The FPSC order did not change the total net periodic pension cost, but deferred a portion of the costs to be recovered in future periods. During 2009, PEF deferred $34 million of net periodic pension costs as a regulatory asset. See Note 8C.

Schedule of amounts recognized in OCI, other net income or regulatory assets [Tables]

PROGRESS ENERGY
				Pension Benefits						OPEB
(in millions)				2011		2010		2009		2011		2010		2009
Other comprehensive income (loss)
	Recognized for the year
		Net actuarial (loss) gain	$	(20)	$	(11)	$	(1)	$	(2)	$	(10)	$	4
		Regulatory asset adjustment		84		-		-		(4)		-		-
	Reclassification adjustments
		Net actuarial loss		10		4		5		-		-		1
		Other, net		2		-		-		-		-		1
Regulatory asset (increase) decrease
	Recognized for the year
		Net actuarial (loss) gain		(307)		(65)		10		(95)		(164)		64
		Reclassification adjustment		(84)		-		-		4		-		-
		Other, net		-		-		(3)		-		-		-
	Amortized to income(a)
		Net actuarial loss		59		47		49		12		13		-
		Other, net		5		6		6		5		5		4
(a)		These amounts were amortized as a component of net periodic cost, as reflected in the previous net periodic cost table. Refer to that table for information regarding the deferral of a portion of net periodic pension cost.

Net periodic cost weighted-average actuarial assumptions [Tables]

		Pension Benefits						OPEB
		2011		2010		2009		2011		2010		2009
Discount rate		5.60	%	6.00	%	6.30	%	5.70	%	6.05	%	6.20	%
Rate of increase in future compensation
	Bargaining	4.50	%	4.50	%	4.25	%	-		-		-
	Supplementary plans	5.25	%	5.25	%	5.25	%	-		-		-
Expected long-term rate of return on plan assets		8.50	%	8.75	%	8.75	%	5.00	%	6.60	%	6.80	%

Reconciliation of benefit obligations and funded status [Tables]

PROGRESS ENERGY
			Pension Benefits				OPEB
(in millions)			2011		2010		2011		2010
Projected benefit obligation at January 1		$	2,609	$	2,422	$	733	$	543
Service cost			53		48		11		16
Interest cost			141		140		41		45
Settlements			(6)		-		-		-
Benefit payments			(129)		(129)		(42)		(44)
Plan amendment			-		1		-		-
Actuarial loss			238		127		98		173
	Obligation at December 31		2,906		2,609		841		733
Fair value of plan assets at December 31			2,191		1,891		37		33
	Funded status	$	(715)	$	(718)	$	(804)	$	(700)

Schedule of amounts recognized in balance sheet [Tables]

			Pension Benefits				OPEB
(in millions)			2011		2010		2011		2010
Current liabilities		$	(10)	$	(10)	$	(22)	$	(22)
Noncurrent liabilities			(705)		(708)		(782)		(678)
	Funded status	$	(715)	$	(718)	$	(804)	$	(700)

Summary of amounts not yet recognized as a component of net periodic cost [Tables]

			Pension Benefits				OPEB
(in millions)			2011		2010		2011		2010
Recognized in accumulated other comprehensive loss
	Net actuarial loss	$	34	$	90	$	-	$	5
	Other, net		2		9		-		1
Recognized in regulatory assets, net
	Net actuarial loss		1,139		824		274		183
	Other, net		56		55		3		9
	Total not yet recognized as a component of net periodic cost(a)	$	1,231	$	978	$	277	$	198
(a)	All components are adjusted to reflect PEF's rate treatment (See Note 17B).

Amounts expected to recognize as components of net periodic cost next year [Tables]

(in millions)		Pension Benefits				OPEB
Amortization of actuarial loss(a)			$	91	$	23
Amortization of other, net(a)				9		4
(a)	Adjusted to reflect PEF’s rate treatment (See Note 17B).

Weighted-average actuarial assumptions in year-end obligation calculations [Tables]

		Pension Benefits				OPEB
		2011		2010		2011		2010
Discount rate		4.75	%	5.65	%	4.85	%	5.75	%
Rate of increase in future compensation
	Bargaining	4.00	%	4.50	%	-		-
	Supplementary plans	5.25	%	5.25	%	-		-
Initial medical cost trend rate for pre-Medicare Act benefits		-		-		8.75	%	8.50	%
Initial medical cost trend rate for post-Medicare Act benefits		-		-		8.75	%	8.50	%
Ultimate medical cost trend rate		-		-		5.00	%	5.00	%
Year ultimate medical cost trend rate is achieved		-		-		2020		2017

Medical cost trend rate sensitivity [Tables]

		Progress Energy				PEC		PEF
1 percent increase in medical cost trend rate
	Effect on total of service and interest cost		$	3	$	1	$	1
	Effect on postretirement benefit obligation			43		21		19
1 percent decrease in medical cost trend rate
	Effect on total of service and interest cost			(2)		(1)		(1)
	Effect on postretirement benefit obligation			(31)		(15)		(14)

Reconciliation of the fair value of plan assets [Tables]

PROGRESS ENERGY
			Pension Benefits				OPEB
(in millions)			2011		2010		2011		2010
Fair value of plan assets January 1		$	1,891	$	1,673	$	33	$	55
Actual return on plan assets			91		208		3		2
Benefit payments, including settlements			(135)		(129)		(42)		(44)
Employer contributions			344		139		43		20
	Fair value of plan assets at December 31	$	2,191	$	1,891	$	37	$	33

Fair value hierarchy of pension plan assets [Tables]

			Pension Benefit Plan Assets
(in millions)		Level 1		Level 2		Level 3			Total
2011
Assets
Cash and cash equivalents		$	82	$	33	$	-	$	115
International equity securities			47		-		-		47
Domestic equity securities			266		-		-		266
Private equity securities			-		-		153		153
Corporate bonds			-		407		-		407
U.S. state and municipal debt			-		42		-		42
U.S. and foreign government debt			247		102		-		349
Commingled funds			-		490		-		490
Hedge funds			-		159		147		306
Timber investments			-		-		11		11
Other investments			-		5		-		5
	Fair value of plan assets	$	642	$	1,238	$	311	$	2,191
			Pension Benefit Plan Assets
(in millions)		Level 1		Level 2		Level 3			Total
2010
Assets
Cash and cash equivalents		$	-	$	94	$	-	$	94
International equity securities			40		-		-		40
Domestic equity securities			286		-		-		286
Private equity securities			-		-		147		147
Corporate bonds			-		216		-		216
U.S. state and municipal debt			-		19		-		19
U.S. and foreign government debt			144		30		-		174
Commingled funds			-		847		-		847
Hedge funds			-		51		2		53
Timber investments			-		-		11		11
Other investments			-		4		-		4
	Fair value of plan assets	$	470	$	1,261	$	160	$	1,891

Reconciliation of changes of Level 3 pension plan assets [Tables]

(in millions)		Private Equity Securities		Hedge Funds		Timber Investments			Total
2011
Balance at January 1		$	147	$	2	$	11	$	160
Net realized and unrealized gains (a)			-		4		1		5
Transfers in			-		52		-		52
Purchases, sales and distributions, net			6		89		(1)		94
Balance at December 31		$	153	$	147	$	11	$	311
(in millions)		Private Equity Securities		Hedge Funds		Timber Investments			Total
2010
Balance at January 1		$	122	$	2	$	14	$	138
Net realized and unrealized gains (losses)(a)			7		-		(2)		5
Purchases, sales and distributions, net			18		-		(1)		17
Balance at December 31		$	147	$	2	$	11	$	160
(a)	Substantially all amounts relate to investments held at December 31.