Duke Energy 2014 Annual Report Download - page 158

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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)
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 4.52% 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(f) (2,104) (47) (485) (174) (11) (47) (5)
Total long-term debt(f) 4.59% $ 38,152 $ 8,389 $ 13,630 $ 5,061 $ 4,875 $ 2,141 $ 3,791
(a) Substantially all electric utility property is 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 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 $450 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 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) Refer to Note 17 for additional information on amounts from consolidated VIE’s.
CURRENT MATURITIES OF LONG-TERM DEBT
The following table shows the signifi cant components of Current maturities of Long-Term Debt on the Consolidated Balance Sheets. The Duke Energy Registrants
currently anticipate satisfying these obligations with cash on hand and proceeds from additional borrowings.
(in millions) Maturity Date Interest Rate December 31, 2014
Unsecured Debt
Duke Energy (Parent) April 2015 3.350% $ 450
First Mortgage Bonds
Duke Energy Ohio March 2015 0.375% 150
Duke Energy Progress April 2015 5.150% 300
Duke Energy Carolinas October 2015 5.300% 500
Duke Energy Florida November 2015 0.650% 250
Duke Energy Florida December 2015 5.100% 300
Duke Energy Progress December 2015 5.250% 400
Tax-exempt Bonds
Duke Energy Progress January 2015 0.108% 243
Other 214
Current maturities of long-term debt $ 2,807