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PART II

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Duke Energy Corporation (Duke Energy)

Report of Independent Registered Public Accounting Firm . . . . . . . . . . . . . . . . . . 69

Consolidated Statements of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70

Consolidated Statements of Comprehensive Income . . . . . . . . . . . . . . . . . . . . . . 71

Consolidated Balance Sheets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72

Consolidated Statements of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74

Consolidated Statements of Equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76

Duke Energy Carolinas, LLC (Duke Energy Carolinas)

Report of Independent Registered Public Accounting Firm . . . . . . . . . . . . . . . . . . 77

Consolidated Statements of Operations and Comprehensive Income . . . . . . . . . . 78

Consolidated Balance Sheets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79

Consolidated Statements of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80

Consolidated Statements of Member’s Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . 81

Progress Energy, Inc. (Progress Energy)

Report of Independent Registered Public Accounting Firm . . . . . . . . . . . . . . . . . . 82

Consolidated Statements of Operations and Comprehensive Income . . . . . . . . . . 83

Consolidated Balance Sheets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84

Consolidated Statements of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86

Consolidated Statements of Common Stockholder’s Equity . . . . . . . . . . . . . . . . . 88

Carolina Power & Light Company d/b/a Progress Energy Carolinas, Inc.

(Progress Energy Carolinas)

Report of Independent Registered Public Accounting Firm . . . . . . . . . . . . . . . . . . 89

Consolidated Statements of Operations and Comprehensive Income . . . . . . . . . . 90

Consolidated Balance Sheets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91

Consolidated Statements of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92

Consolidated Statements of Common Stockholder’s Equity . . . . . . . . . . . . . . . . . 93

Florida Power Corporation d/b/a Progress Energy Florida, Inc.

(Progress Energy Florida)

Report of Independent Registered Public Accounting Firm . . . . . . . . . . . . . . . . . . 94

Statements of Operations and Comprehensive Income . . . . . . . . . . . . . . . . . . . . 95

Balance Sheets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96

Statements of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97

Statements of Common Stockholder’s Equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . 98

Duke Energy Ohio, Inc. (Duke Energy Ohio)

Report of Independent Registered Public Accounting Firm . . . . . . . . . . . . . . . . . . 99

Consolidated Statements of Operations and Comprehensive Income . . . . . . . . . . 100

Consolidated Balance Sheets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101

Consolidated Statements of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102

Consolidated Statements of Common Stockholder’s Equity . . . . . . . . . . . . . . . . . 103

Duke Energy Indiana, Inc. (Duke Energy Indiana)

Report of Independent Registered Public Accounting Firm . . . . . . . . . . . . . . . . . . 104

Consolidated Statements of Operations and Comprehensive Income . . . . . . . . . . 105

Consolidated Balance Sheets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106

Consolidated Statements of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107

Consolidated Statements of Common Stockholder’s Equity . . . . . . . . . . . . . . . . . 108

Combined Notes to Consolidated Financial Statements

Note 1 – Summary of Signiﬁ cant Accounting Policies . . . . . . . . . . . . . . . . . . . . . 109

Note 2 – Acquisitions, Dispositions and Sales of Other Assets. . . . . . . . . . . . . . . 119

Note 3 – Business Segments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123

Note 4 – Regulatory Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129

Note 5 – Commitments and Contingencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142

Note 6 – Debt and Credit Facilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 152

Note 7 – Guarantees and Indemniﬁ cations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 158

Note 8 – Joint Ownership of Generating and Transmission Facilities . . . . . . . . . . 159

Note 9 – Asset Retirement Obligations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161

Note 10 – Property, Plant and Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 163

Note 11 – Other Income and Expenses, Net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165

Note 12 – Goodwill and Intangible Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 166

Note 13 – Investments in Unconsolidated Afﬁ liates. . . . . . . . . . . . . . . . . . . . . . . 168

Note 14 – Related Party Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 169

Note 15 – Risk Management, Derivative Instruments

and Hedging Activities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170

Note 16 – Fair Value of Financial Assets and Liabilities . . . . . . . . . . . . . . . . . . . . 180

Note 17 – Investments in Debt and Equity Securities. . . . . . . . . . . . . . . . . . . . . . 192

Note 18 – Variable Interest Entities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200

Note 19 – Earnings Per Common Share (EPS) . . . . . . . . . . . . . . . . . . . . . . . . . . . 205

Note 20 – Preferred Stock of Subsidiaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 206

Note 21 – Severance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 207

Note 22 – Stock-Based Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 208

Note 23 – Employee Beneﬁ t Plans. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 210

Note 24 – Income Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 232

Note 25 – Condensed Consolidating Statements . . . . . . . . . . . . . . . . . . . . . . . . . 238

Note 26 – Subsequent Events . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 246

Note 27 – Quarterly Financial Data (Unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . 247