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PART II

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Duke Energy Corporation (Duke Energy)

Report of Independent Registered Public Accounting Firm .......................................... 66

Consolidated Statements of Operations ..................................................................... 67

Consolidated Statements of Comprehensive Income .................................................. 68

Consolidated Balance Sheets ..................................................................................... 69

Consolidated Statements of Cash Flows .................................................................... 71

Consolidated Statements of Changes in Equity........................................................... 73

Duke Energy Carolinas, LLC (Duke Energy Carolinas)

Report of Independent Registered Public Accounting Firm .......................................... 74

Consolidated Statements of Operations and Comprehensive Income .......................... 75

Consolidated Balance Sheets ..................................................................................... 76

Consolidated Statements of Cash Flows .................................................................... 77

Consolidated Statements of Changes in Equity........................................................... 78

Progress Energy, Inc. (Progress Energy)

Report of Independent Registered Public Accounting Firm .......................................... 79

Consolidated Statements of Operations and Comprehensive Income .......................... 80

Consolidated Balance Sheets ..................................................................................... 81

Consolidated Statements of Cash Flows .................................................................... 83

Consolidated Statements of Changes in Equity........................................................... 85

Duke Energy Progress, LLC (formerly Duke Energy Progress, Inc.)

(Duke Energy Progress)

Report of Independent Registered Public Accounting Firm .......................................... 86

Consolidated Statements of Operations and Comprehensive Income .......................... 87

Consolidated Balance Sheets ..................................................................................... 88

Consolidated Statements of Cash Flows .................................................................... 89

Consolidated Statements of Changes in Equity........................................................... 90

Duke Energy Florida, LLC (formerly Duke Energy Florida, Inc.)

(Duke Energy Florida)

Report of Independent Registered Public Accounting Firm .......................................... 91

Consolidated Statements of Operations and Comprehensive Income .......................... 92

Consolidated Balance Sheets ..................................................................................... 93

Consolidated Statements of Cash Flows .................................................................... 94

Consolidated Statements of Changes in Equity........................................................... 95

Duke Energy Ohio, Inc. (Duke Energy Ohio)

Report of Independent Registered Public Accounting Firm .......................................... 96

Consolidated Statements of Operations and Comprehensive Income .......................... 97

Consolidated Balance Sheets ..................................................................................... 98

Consolidated Statements of Cash Flows .................................................................... 99

Consolidated Statements of Changes in Equity........................................................... 100

Duke Energy Indiana, Inc. (subsequently Duke Energy Indiana, LLC)

(Duke Energy Indiana)

Report of Independent Registered Public Accounting Firm .......................................... 101

Consolidated Statements of Operations and Comprehensive Income .......................... 102

Consolidated Balance Sheets ..................................................................................... 103

Consolidated Statements of Cash Flows .................................................................... 104

Consolidated Statements of Changes in Equity........................................................... 105

Combined Notes to Consolidated Financial Statements

Note 1 – Summary of Signiﬁcant Accounting Policies ................................................. 106

Note 2 – Acquisitions, Dispositions and Sales of Other Assets ................................... 114

Note 3 – Business Segments ..................................................................................... 116

Note 4 – Regulatory Matters ...................................................................................... 121

Note 5 – Commitments and Contingencies ................................................................ 131

Note 6 – Debt and Credit Facilities ............................................................................ 140

Note 7 – Guarantees and Indemniﬁcations ................................................................ 145

Note 8 – Joint Ownership of Generating and Transmission Facilities........................... 146

Note 9 – Asset Retirement Obligations ....................................................................... 147

Note 10 – Property, Plant and Equipment .................................................................. 150

Note 11 – Goodwill and Intangible Assets .................................................................. 152

Note 12 – Investments in Unconsolidated Afﬁliates ................................................... 153

Note 13 – Related Party Transactions ........................................................................ 155

Note 14 – Derivatives and Hedging ............................................................................ 156

Note 15 – Investments in Debt and Equity Securities ................................................. 162

Note 16 – Fair Value Measurements .......................................................................... 169

Note 17 – Variable Interest Entities ............................................................................ 176

Note 18 – Common Stock .......................................................................................... 181

Note 19 – Severance ................................................................................................. 182

Note 20 – Stock-Based Compensation....................................................................... 183

Note 21 – Employee Beneﬁt Plans ............................................................................. 185

Note 22 – Income Taxes............................................................................................. 201

Note 23 – Other Income and Expenses, Net ............................................................... 208

Note 24 – Subsequent Events .................................................................................... 208

Note 25 – Quarterly Financial Data (Unaudited)......................................................... 209