Duke Energy 2014 Annual Report Download - page 157

137
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
operating leases, which at inception had a non-cancelable term of more than
one year.
December 31, 2014
(in millions)
Duke
Energy
Duke
Energy
Carolinas
Progress
Energy
Duke
Energy
Progress
Duke
Energy
Florida
Duke
Energy
Ohio
Duke
Energy
Indiana
2015 $ 205 $ 33 $ 129 $ 65 $ 64 $ 12 $17
2016 198 29 130 66 64 11 15
2017 172 26 111 65 46 9 13
2018 157 20 109 64 45 7 10
2019 148 17 103 58 45 6 9
Thereafter 938 64 709 421 288 18 9
Total $ 1,818 $ 189 $ 1,291 $739 $552 $ 63 $73
The following table presents future minimum lease payments under
capital leases.
December 31, 2014
(in millions)
Duke
Energy
Duke
Energy
Carolinas
Progress
Energy
Duke
Energy
Progress
Duke
Energy
Florida
Duke
Energy
Ohio
Duke
Energy
Indiana
2015 $ 178 $ 6 $ 46 $ 21 $ 26 $ 7 $ 4
2016 188 6 47 21 26 7 4
2017 190 7 47 21 26 3 2
2018 198 7 48 22 26 4 2
2019 208 8 51 25 26 2 2
Thereafter 1,771 60 678 398 280 — 42
Minimum annual
payments 2,733 94 917 508 410 23 56
Less: amount
representing
interest (1,305) (67) (603) (361) (242) (3) (39)
Total $ 1,428 $ 27 $ 314 $ 147 $ 168 $ 20 $ 17
6. DEBT AND CREDIT FACILITIES
SUMMARY OF DEBT AND RELATED TERMS
The following tables summarize outstanding debt.
December 31, 2014
(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 2015 - 2073 4.92% $ 12,937 $ 1,155 $ 3,850 $ — $ 150 $ 773 $ 742
Secured debt, maturing 2016 - 2037 2.50% 2,806 400 525 300 225 — —
First mortgage bonds, maturing 2015 - 2044(a) 4.76% 19,180 6,161 9,800 5,475 4,325 900 2,319
Capital leases, maturing 2015 - 2051(b) 5.30% 1,428 27 314 146 168 20 16
Tax-exempt bonds, maturing 2015 - 2041(c) 2.13% 1,296 355 291 291 — 77 573
Notes payable and commercial paper(d) 0.70% 2,989 — — — — — —
Money pool/intercompany borrowings — 300 835 — 84 516 221
Fair value hedge carrying value adjustment 88—————
Unamortized debt discount and premium, net(e) 1,890 (15) (26) (11) (8) (29) (9)
Total debt 4.29% 42,534 8,391 15,589 6,201 4,944 2,257 3,862
Short-term notes payable and commercial paper (2,514) — — — — — —
Short-term money pool borrowings — — (835) — (84) (491) (71)
Current maturities of long-term debt(f) (2,807) (507) (1,507) (945) (562) (157) (5)
Total long-term debt(f) 4.58% $ 37,213 $ 7,884 $ 13,247 $ 5,256 $ 4,298 $ 1,609 $ 3,786
(a) Substantially all electric utility property is mortgaged under mortgage bond indentures.
(b) Duke Energy includes $129 million and $787 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 capital leases in their respective fi nancial statements because of grandfathering provisions in GAAP.
(c) Substantially all tax-exempt bonds are secured by fi rst mortgage bonds or letters of credit.
(d) Includes $475 million that was classifi 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 refi nance these balances on a long-term basis. The weighted-average days to maturity was 27 days.
(e) Duke Energy includes $1,975 million in purchase accounting adjustments related to the merger with Progress Energy. See Note 2 for additional information.
(f) Refer to Note 17 for additional information on amounts from consolidated VIE’s.