Duke Energy 2013 Annual Report Download - page 148

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PART II
DUKE ENERGY CORPORATION • DUKE ENERGY CAROLINAS, LLC • PROGRESS ENERGY, INC. •
DUKE ENERGY PROGRESS, INC. • DUKE ENERGY FLORIDA, INC. • DUKE ENERGY OHIO, INC. • DUKE ENERGY INDIANA, INC.
Combined Notes to Consolidated Financial Statements – (Continued)
The following table presents future minimum lease payments under
capital leases.
December 31, 2013
(in millions)
Duke
Energy
Duke
Energy
Carolinas
Progress
Energy
Duke
Energy
Progress
Duke
Energy
Florida
Duke
Energy
Ohio
Duke
Energy
Indiana
2014 $ 171 $ 6 $ 47 $ 20 $ 26 $ 9 $ 5
2015 167 6 47 20 27 7 4
2016 169 6 47 21 26 6 4
2017 166 6 46 21 26 3 2
2018 176 6 45 21 25 3 2
Thereafter 1,453 25 475 261 213 2 28
Minimum annual
payments 2,302 55 707 364 343 30 45
Less amount
representing
interest (786) (27) (454) (275) (179) (3) (30)
Total $ 1,516 $ 28 $ 253 $ 89 $ 164 $ 27 $ 15
6. DEBT AND CREDIT FACILITIES
SUMMARY OF DEBT AND RELATED TERMS
The following tables summarize outstanding debt.
December 31, 2013
(in millions)
Weighted
Average
Interest Rate
Duke
Energy
Duke
Energy
Carolinas
Progress
Energy
Duke
Energy
Progress
Duke
Energy
Florida
Duke
Energy
Ohio
Duke
Energy
Indiana
Unsecured debt, maturing 2014 - 2073 5.18 % $ 13,550 $ 1,157 $ 4,150 $ — $ 150 $ 805 $ 744
Secured debt, maturing 2014 - 2037 2.69 % 2,559 400 305 305 — — —
First mortgage bonds, maturing 2015 - 2043(a) 4.90 % 17,831 6,161 8,450 4,125 4,325 900 2,319
Capital leases, maturing 2014 - 2051(b) 5.23 % 1,516 30 327 148 179 27 20
Other debt, maturing 2027 4.77 % 8 — — — — 8 —
Tax-exempt bonds, maturing 2014 - 2041(c) 1.28 % 2,356 395 910 669 241 479 573
Notes payable and commercial paper(d) 1.02 % 1,289 — — — — — —
Money pool/intercompany borrowings — 300 1,213 462 181 43 150
Fair value hedge carrying value adjustment 9 9 — — — — —
Unamortized debt discount and premium, net(e) 1,977 (16) (27) (12) (9) (31) (10)
Total debt 41,095 8,436 15,328 5,697 5,067 2,231 3,796
Short-term notes payable and commercial paper (839) — — — — — —
Short-term money pool borrowings — — (1,213) (462) (181) (43) —
Current maturities of long-term debt (2,104) (47) (485) (174) (11) (47) (5)
Total long-term debt(f) $ 38,152 $ 8,389 $ 13,630 $ 5,061 $ 4,875 $ 2,141 $ 3,791
(a) Substantially all electric utility xed assets are mortgaged under mortgage bond indentures.
(b) Duke Energy includes $144 million and $838 million of capital lease purchase accounting adjustments related to Duke Energy Progress and Duke Energy Florida, respectively, related to power purchase agreements that are not
accounted for as leases in their nancial statements because of grandfathering provisions in GAAP.
(c) Substantially all tax-exempt bonds are secured by rst mortgage bonds or letters of credit.
(d) Includes $450 million that was classied as Long-term Debt on the Consolidated Balance Sheets due to the existence of long-term credit facilities that back-stop these commercial paper balances, along with Duke Energy’s
ability and intent to renance these balances on a long-term basis. The weighted-average days to maturity were 49 days.
(e) Duke Energy includes $2,067 million in purchase accounting adjustments related to the merger with Progress Energy. See Note 2 for additional information.
(f) Includes $1,966 million for Duke Energy, $400 million for Duke Energy Carolinas and $300 million for Progress Energy and Duke Energy Progress related to consolidated VIEs.