Duke Energy 2015 Annual Report Download - page 161

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PART II
DUKE ENERGY CORPORATION • DUKE ENERGY CAROLINAS, LLC • PROGRESS ENERGY, INC. •
DUKE ENERGY PROGRESS, LLC • DUKE ENERGY FLORIDA, LLC • DUKE ENERGY OHIO, INC. • DUKE ENERGY INDIANA, INC.
Combined Notes to Consolidated Financial Statements – (Continued)
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 8 8 — — — — —
Unamortized debt discount and premium, net(e) 1,890 (15) (26) (11) (8) (29) (9)
Unamortized debt issuance costs (152) (38) (86) (31) (37) (6) (22)
Total debt 4.29% $ 42,382 $ 8,353 $ 15,503 $ 6,170 $ 4,907 $ 2,251 $ 3,840
Short-term notes payable and commercial paper (2,514) — — — — — —
Short-term money pool/intercompany 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) $ 37,061 $ 7,846 $ 13,161 $ 5,225 $ 4,261 $ 1,603 $ 3,764
(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 financial statements because of grandfathering provisions in GAAP.
(c) Substantially all tax-exempt bonds are secured by first mortgage bonds or letters of credit.
(d) Includes $475 million that was classified 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 refinance these balances on a long-term basis. The weighted average days to maturity for commercial paper was 27 days.
(e) Duke Energy includes $1,975 million in purchase accounting adjustments related to the merger with Progress Energy.
(f) Refer to Note 17 for additional information on amounts from consolidated VIEs.
CURRENT MATURITIES OF LONG-TERM DEBT
The following table shows the significant 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, 2015
Unsecured Debt
Progress Energy (Parent) January 2016 5.625% $ 300
Duke Energy Indiana June 2016 6.05% 325
Duke Energy (Parent) November 2016 2.150% 500
First Mortgage Bonds
Duke Energy Indiana July 2016 0.670% 150
Duke Energy Carolinas December 2016 1.750% 350
Other 449
Current maturities of long-term debt $ 2,074