Duke Energy 2014 Annual Report Download - page 179

159
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)
DUKE ENERGY OHIO
The following table shows the fair value of derivatives and the line
items in the Consolidated Balance Sheets where they are reported. Although
derivatives subject to master netting arrangements are netted on the
Consolidated Balance Sheets, the fair values presented below are shown gross
and cash collateral on the derivatives has not been netted against the fair
values shown.
December 31,
2014 2013
(in millions) Asset Liability Asset Liability
Derivatives Not Designated as Hedging Instruments
Commodity contracts
Current assets: other $1 $—$186 $163
Current assets: assets held for sale 28 4 ——
Investments and other assets: other ——202 130
Investments and other assets: assets held for sale 26 4 ——
Current liabilities: other ——136
Current liabilities: assets held for sale 175 252 ——
Deferred credits and other liabilities: other ——256
Deferred credits and other liabilities:
assets held for sale 111 207 ——
Interest rate contracts
Current liabilities: other —1
—1
Deferred credits and other liabilities: other —5—4
Total Derivatives Not Designated as Hedging
Instruments 341 473 391 390
Total Derivatives $341 $473 $ 391 $390
The tables below show the balance sheet location of derivative contracts
subject to enforceable master netting agreements and include collateral posted
to offset the net position. This disclosure is intended to enable users to evaluate
the effect of netting arrangements on fi nancial position. The amounts shown
were calculated by counterparty. Accounts receivable or accounts payable may
also be available to offset exposures in the event of bankruptcy. These amounts
are not included in the tables below.
Derivative Assets
December 31, 2014 December 31, 2013
(in millions) Current(a)
Non-
Current(b) Current(e)
Non-
Current(f)
Gross amounts recognized $ 204 $ 137 $ 186 $ 205
Gross amounts offset (179) (114) (165) (132)
Net amounts recognized on the
Consolidated Balance Sheet $25 $23 $21 $73
Derivative Liabilities
December 31, 2014 December 31, 2013
(in millions) Current(c)
Non-
Current(d) Current(g)
Non-
Current(h)
Gross amounts recognized $ 257 $ 216 $ 199 $ 186
Gross amounts offset (222) (193) (173) (143)
Net amounts subject to master netting 35 23 26 43
Amounts not subject to master netting —— 14
Net amounts recognized on the
Consolidated Balance Sheet $35 $23 $27 $ 47
(a) Included in Other and Assets Held for Sale within Current Assets on the Consolidated Balance Sheet.
(b) Included in Other and Assets held for Sale within Investments and Other Assets on the Consolidated
Balance Sheet.
(c) Included in Other and Liabilities Associated with Assets Held for Sale within Current Liabilities on the
Consolidated Balance Sheet.
(d) Included in Other and Liabilities Associated with Assets Held for Sale within Deferred Credits and Other
Liabilities on the Consolidated Balance Sheet.
(e) Included in Other within Current Assets on the Consolidated Balance Sheet.
(f) Included in Other within Investments and Other Assets on the Consolidated Balance Sheet.
(g) Included in Other within Current Liabilities on the Consolidated Balance Sheet.
(h) Included in Other within Deferred Credits and Other Liabilities on the Consolidated Balance Sheet.
The following table shows the gains and losses during the year recognized
on undesignated derivatives and the line items on the Consolidated Statements
of Operations and Comprehensive Income or the Consolidated Balance Sheets
where the pretax gains and losses were reported. Amounts included in Regulatory
Assets or Liabilities for commodity contracts are reclassifi ed to earnings to
match recovery through the fuel clause. Amounts included in Regulatory Assets
or Liabilities for interest rate contracts are reclassifi ed to earnings as interest
expense over the term of the related debt.
Years Ended
December 31,
(in millions) 2014 2013 2012
Location of Pretax Gains and (Losses) Recognized in Earnings
Commodity contracts
Income (Loss) from discontinued operations $(758) $ (56) $ 78
Interest rate contracts
Interest expense (1) (1) (1)
Total Pretax (Losses) Gains Recognized in Earnings $(759) $(57) $ 77
Location of Pretax Gains and (Losses)
Recognized as Regulatory Assets or Liabilities
Commodity contracts
Regulatory assets $1$ — $ 2
Regulatory liabilities 5—(1)
Interest rate contracts
Regulatory assets (2) 4—
Total Pretax Gains (Losses) Recognized
as Regulatory Assets or Liabilities $ 4 $ 4 $ 1