Progress Energy 2008 Annual Report Download - page 59

Progress Energy Annual Report 2008
57
CONSOLIDATED BALANCE SHEETS
See Notes to Consolidated Financial Statements.
(in millions)
December 31 2008 2007
ASSETS
Utility plant
Utility plant in service $26,326 $25,327
Accumulated depreciation (11,298) (10,895)
Utility plant in service, net 15,028 14,432
Held for future use 38 37
Construction work in progress 2,745 1,765
Nuclear fuel, net of amortization 482 371
Total utility plant, net 18,293 16,605
Current assets
Cash and cash equivalents 180 255
Receivables, net 867 1,122
Inventory 1,239 994
Regulatory assets 533 154
Derivative collateral posted 353 –
Income taxes receivable 194 24
Assets to be divested –52
Prepayments and other current assets 154 201
Total current assets 3,520 2,802
Deferred debits and other assets
Regulatory assets 2,567 946
Nuclear decommissioning trust funds 1,089 1,384
Miscellaneous other property and investments 446 448
Goodwill 3,655 3,655
Derivative assets 1119
Other assets and deferred debits 302 379
Total deferred debits and other assets 8,060 6,931
Total assets $29,873 $26,338
CAPITALIZATION AND LIABILITIES
Common stock equity
Common stock without par value, 500 million shares authorized, 264 million and 260 million
shares issued and outstanding, respectively $6,206 $6,028
Unearned ESOP shares (1 million and 2 million shares, respectively) (25) (37)
Accumulated other comprehensive loss (116) (34)
Retained earnings 2,622 2,438
Total common stock equity 8,687 8,395
Preferred stock of subsidiaries – not subject to mandatory redemption 93 93
Minority interest 684
Long-term debt, affiliate 272 271
Long-term debt, net 10,387 8,466
Total capitalization 19,445 17,309
Current liabilities
Current portion of long-term debt –877
Short-term debt 1,050 201
Accounts payable 912 819
Interest accrued 167 173
Dividends declared 164 160
Customer deposits 282 255
Regulatory liabilities 6173
Derivative liabilities 493 57
Liabilities to be divested –8
Other current liabilities 412 579
Total current liabilities 3,486 3,302
Deferred credits and other liabilities
Noncurrent income tax liabilities 818 361
Accumulated deferred investment tax credits 127 139
Regulatory liabilities 2,181 2,554
Asset retirement obligations 1,471 1,378
Accrued pension and other benefits 1,594 763
Capital lease obligations 231 239
Derivative liabilities 269 17
Other liabilities and deferred credits 251 276
Total deferred credits and other liabilities 6,942 5,727
Commitments and contingencies (Notes 21 and 22)
Total capitalization and liabilities $29,873 $26,338