Duke Energy Florida 10-Q 6 Nov 09 2009 Q3 Quarterly report Financial data

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS of INCOME (USD $)
In Millions, except Per Share data	3 Months Ended Sep. 30, 2009	3 Months Ended Sep. 30, 2008	9 Months Ended Sep. 30, 2009	9 Months Ended Sep. 30, 2008
Operating revenues	$2,824	$2,696	$7,578	$7,006
Operating expenses
Fuel used in electric generation	1,075	869	2,855	2,262
Purchased power	125	450	599	1,012
Operation and maintenance	423	439	1,360	1,370
Depreciation, amortization and accretion	371	205	877	619
Taxes other than on income	152	141	425	387
Other	2	1	14	(6)
Total operating expenses	2,148	2,105	6,130	5,644
Operating income	676	591	1,448	1,362
Other income (expense)
Interest income	2	8	8	20
Allowance for equity funds used during construction	20	34	95	84
Other, net	1	(7)	13	(9)
Total other income, net	23	35	116	95
Interest charges
Interest charges	174	178	534	493
Allowance for borrowed funds used during construction	(6)	(11)	(30)	(27)
Total interest charges, net	168	167	504	466
Income from continuing operations before income tax	531	459	1,060	991
Income tax expense	181	150	352	329
Income from continuing operations	350	309	708	662
Discontinued operations, net of tax	(102)	1	(103)	67
Net income	248	310	605	729
Net income attributable to noncontrolling interests, net of tax	(1)	(1)	(2)	(6)
Net income attributable to controlling interests	247	309	603	723
Average common shares outstanding - basic	280	262	279	261
Earnings Per Share Basic, [Abstract]
Income from continuing operations attributable to controlling interests, net of tax	1.24	1.18	2.53	2.52
Discontinued operations attributable to controlling interests, net of tax	-0.36	$0	-0.37	0.25
Net income attributable to controlling interests	0.88	1.18	2.16	2.77
Earnings Per Share, Diluted [Abstract]
Income from continuing operations attributable to controlling interests, net of tax	1.24	1.18	2.53	2.52
Discontinued operations attributable to controlling interests, net of tax	-0.36	$0	-0.37	0.25
Net income attributable to controlling interests	0.88	1.18	2.16	2.77
Dividends declared per common share	0.62	0.615	1.86	1.845
Amounts attributable to controlling interests
Income from continuing operations attributable to controlling interests, net of tax	349	308	706	657
Discontinued operations attributable to controlling interests, net of tax	(102)	1	(103)	66
Net income attributable to controlling interests	$247	$309	$603	$723

1_UNAUDITED CONDENSED CONSOLIDA

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
In Millions	Sep. 30, 2009	Dec. 31, 2008
Utility plant
Utility plant in service	$28,041	$26,326
Accumulated depreciation	(11,539)	(11,298)
Utility plant in service, net	16,502	15,028
Held for future use	38	38
Construction work in progress	2,392	2,745
Nuclear fuel, net of amortization	502	482
Total utility plant, net	19,434	18,293
Current assets
Cash and cash equivalents	155	180
Receivables, net	939	867
Inventory	1,352	1,239
Regulatory assets	180	533
Derivative collateral posted	185	353
Income taxes receivable	8	194
Prepayments and other current assets	230	154
Total current assets	3,049	3,520
Deferred debits and other assets
Regulatory assets	2,463	2,567
Nuclear decommissioning trust funds	1,300	1,089
Miscellaneous other property and investments	446	446
Goodwill	3,655	3,655
Other assets and deferred debits	311	303
Total deferred debits and other assets	8,175	8,060
Total assets	30,658	29,873
Common stock equity
Common stock without par value, 500 million shares authorized, 279 million and 264 million shares issued and outstanding, respectively	6,797	6,206
Unearned ESOP shares (1 million shares)	(12)	(25)
Accumulated other comprehensive loss	(99)	(116)
Retained earnings	2,695	2,622
Total common stock equity	9,381	8,687
Noncontrolling interests	6	6
Total equity	9,387	8,693
Preferred stock of subsidiaries	93	93
Long-term debt, affiliate	272	272
Long-term debt, net	10,834	10,387
Total capitalization	20,586	19,445
Current liabilities
Current portion of long-term debt	400	0
Short-term debt	250	1,050
Accounts payable	771	912
Interest accrued	151	167
Dividends declared	174	164
Customer deposits	294	282
Derivative liabilities	246	493
Other current liabilities	474	418
Total current liabilities	2,760	3,486
Deferred credits and other liabilities
Noncurrent income tax liabilities	1,065	818
Accumulated deferred investment tax credits	119	127
Regulatory liabilities	2,420	2,181
Asset retirement obligations	1,540	1,471
Accrued pension and other benefits	1,393	1,594
Capital lease obligations	222	231
Derivative liabilities	207	269
Other liabilities and deferred credits	346	251
Total deferred credits and other liabilities	7,312	6,942
Commitments and contingencies (Notes 15 and 16)
Total capitalization and liabilities	$30,658	$29,873

PARENTHETICAL DATA TO THE UNAUD

PARENTHETICAL DATA TO THE UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Share data in Millions	Sep. 30, 2009	Dec. 31, 2008
Common stock equity
Common stock shares authorized	500	500
Common stock shares issued	279	264
Common stock shares outstanding	279	264
Unearned ESOP shares	1	1

2_UNAUDITED CONDENSED CONSOLIDA

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS of CASH FLOWS (USD $)
In Millions	9 Months Ended Sep. 30, 2009	9 Months Ended Sep. 30, 2008
Operating activities
Net income	$605	$729
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation, amortization and accretion	991	703
Deferred income taxes and investment tax credits, net	50	270
Deferred fuel cost (credit)	81	(330)
Allowance for equity funds used during construction	(95)	(84)
Loss (gain) on sales of assets	1	(71)
Litigation expense (Note 16C)	115	0
Other adjustments to net income	186	94
Cash (used) provided by changes in operating assets and liabilities
Receivables	(99)	150
Inventory	(118)	(124)
Derivative collateral posted	155	(6)
Prepayments and other current assets	9	32
Income taxes, net	190	(92)
Accounts payable	(91)	181
Other current liabilities	25	(24)
Other assets and deferred debits	51	(62)
Other liabilities and deferred credits	(286)	(7)
Net cash provided by operating activities	1,770	1,359
Investing activities
Gross property additions	(1,644)	(1,760)
Nuclear fuel additions	(148)	(158)
Proceeds from sales of discontinued operations and other assets, net of cash divested	0	63
Purchases of available-for-sale securities and other investments	(1,271)	(1,190)
Proceeds from available-for-sale securities and other investments	1,245	1,154
Other investing activities	(5)	(3)
Net cash used by investing activities	(1,823)	(1,894)
Financing activities
Issuance of common stock	557	106
Dividends paid on common stock	(520)	(481)
Payments of short-term debt with original maturities greater than 90 days	(29)	(176)
Net (decrease) increase in short-term debt	(871)	470
Proceeds from issuance of long-term debt, net	1,337	1,797
Retirement of long-term debt	(400)	(877)
Cash distributions to noncontrolling interests	(5)	(85)
Other financing activities	(41)	(71)
Net cash provided by financing activities	28	683
Net (decrease) increase in cash and cash equivalents	(25)	148
Cash and cash equivalents at beginning of period	180	255
Cash and cash equivalents at end of period	155	403
Significant noncash transactions
Accrued property additions	$265	$266

ORGANIZATION AND SUMMARY OF SIG

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	9 Months Ended Sep. 30, 2009 USD / shares
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A.ORGANIZATION In this report, Progress Energy, which includes Progress Energy, Inc. holding company (the Parent) and its regulated and nonregulated subsidiaries on a consolidated basis, is at times referred to as we, us or our. When discussing Progress Energys financial information, it necessarily includes the results of Carolina Power Light Company d/b/a Progress Energy Carolinas, Inc. (PEC) and Florida Power Corporation d/b/a Progress Energy Florida, Inc. (PEF) (collectively, the Utilities). The term Progress Registrants refers to each of the three separate registrants: Progress Energy, PEC and PEF. The information in these combined notes relates to each of the Progress Registrants as noted in the Index to the Combined Notes. However, neither of the Utilities makes any representation as to information related solely to Progress Energy or the subsidiaries of Progress Energy other than itself. PROGRESS ENERGY The Parent is a holding company headquartered in Raleigh, N.C. As such, we are subject to regulation by the Federal Energy Regulatory Commission (FERC) under the regulatory provisions of the Public Utility Holding Company Act of 2005 (PUHCA 2005). Our reportable segments are PEC and PEF, both of which are primarily engaged in the generation, transmission, distribution and sale of electricity. The Corporate and Other segment primarily includes amounts applicable to the activities of the Parent and Progress Energy Service Company, LLC (PESC) and other miscellaneous nonregulated businesses that do not separately meet the quantitative disclosure requirements as a reportable business segment. See Note 13 for further information about our segments. PEC PEC is a regulated public utility primarily engaged in the generation, transmission, distribution and sale of electricity in portions of North Carolina and South Carolina. PECs subsidiaries are involved in insignificant nonregulated business activities. PEC is subject to the regulatory provisions of the North Carolina Utilities Commission (NCUC), the Public Service Commission of South Carolina (SCPSC), the United States Nuclear Regulatory Commission (NRC) and the FERC. PEF PEF is a regulated public utility primarily engaged in the generation, transmission, distribution and sale of electricity in west central Florida. PEF is subject to the regulatory provisions of the Florida Public Service Commission (FPSC), the NRC and the FERC. B.BASIS OF PRESENTATION These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for annual financial statements. The December31, 2008 condensed balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. Because the accompanying interim financial statements do not include all of the information and footnotes required by GAAP for annual fina

NEW ACCOUNTING STANDARDS

NEW ACCOUNTING STANDARDS
	9 Months Ended Sep. 30, 2009 USD / shares
NEW ACCOUNTING STANDARDS
NEW ACCOUNTING STANDARDS	2. NEW ACCOUNTING STANDARDS Effective July 1, 2009, changes to the source of authoritative U.S. GAAP, the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC), are communicated through an Accounting Standards Update (ASU). ASUs will be published for all authoritative U.S. GAAP promulgated by the FASB, regardless of the form in which such guidance may have been issued prior to release of the FASB Codification (e.g., FASB Statements, EITF Abstracts, FASB Staff Positions, etc.). ASC 810-10-65 (SFAS No. 160, Noncontrolling Interests in Consolidated Financial Statements, an amendment of ARB No. 51) In December 2007, the FASB issued ASC 810-10-65, which was previously referred to as SFAS No. 160, Noncontrolling Interests in Consolidated Financial Statements, an amendment of ARB No. 51. ASC 810-10-65 introduces significant changes in the accounting for noncontrolling interests in a partially owned consolidated subsidiary. ASC 810-10-65 was adopted on January 1, 2009. See Note 6B for information regarding our first quarter 2009 implementation of ASC 810-10-65. The adoption of ASC 810-10-65 resulted in a change in presentation of the financial statements and additional disclosures but did not have a material impact on our or the Utilities' financial position or results of operations. SFAS No. 167, Amendments to FASB Interpretation No. 46(R) In June 2009, the FASB issued SFAS No. 167, Amendments to FASB Interpretation No. 46(R), Consolidation of Variable Interest Entities, which makes significant changes to the model for determining who should consolidate a VIE and addresses how often this assessment should be performed. SFAS No. 167 requires all existing arrangements with VIEs to be evaluated, and must be adopted through a cumulative-effect adjustment. The guidance is effective for us on January1, 2010. We are currently evaluating the impact adoption may have on our or the Utilities financial position, results of operations and cash flows. ASC 815-10-65 (SFAS No. 161, Disclosures about Derivative Instruments and Hedging Activities an amendment of FASB Statement No. 133) On January 1, 2009, we implemented ASC 815-10-65, which was previously referred to as SFAS Statement No. 161, Disclosures about Derivative Instruments and Hedging Activities an amendment of FASB Statement No. 133. ASC 815-10-65 requires entities to provide enhanced disclosures about how and why an entity uses derivative instruments, how derivative instruments and related hedged items are accounted for and its related interpretations and how derivative instruments and related hedged items affect an entitys financial position, financial performance and cash flows. See Note 12 for information regarding our first quarter 2009 implementation of ASC 815-10-65. The adoption of ASC 815-10-65 did not have a material impact on our or the Utilities' financial position or results of operations. ASC 260-10-45 (FSP EITF 03-6-1, Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities) On January 1, 2009, we implemented ASC 260-10-45, which was previously referred to as FSP EITF 03-6

DIVESTITURES

DIVESTITURES
	9 Months Ended Sep. 30, 2009 USD / shares
DIVESTITURES
DIVESTITURES	3. DIVESTITURES A. TERMINALS OPERATIONS AND SYNTHETIC FUELS BUSINESSES On March 7, 2008, we sold coal terminals and docks in West Virginia and Kentucky (Terminals) for $71 million in gross cash proceeds. The terminals had a total annual capacity in excess of 40 million tons for transloading, blending and storing coal and other commodities. Proceeds from the sale were used for general corporate purposes. During the nine months ended September30, 2008, we recorded an after-tax gain of $41 million on the sale of these assets. The accompanying consolidated financial statements reflect the operations of Terminals as discontinued operations. Prior to 2008, we had substantial operations associated with the production of coal-based solid synthetic fuels (Synthetic Fuels) as defined under Section 29 (Section 29) of the Code and as redesignated effective 2006 as Section 45K of the Code (Section 45K and, collectively, Section 29/45K). The production and sale of these products qualified for federal income tax credits so long as certain requirements were satisfied. As a result of the expiration of the tax credit program, all of our synthetic fuels businesses were abandoned and all operations ceased as of December31, 2007. On October 21, 2009, a jury delivered a verdict in a lawsuit against Progress Energy and a number of our Synthetic Fuels subsidiaries and affiliates. As a result, during the three months ended September 30, 2009, we recorded a charge of $101 million to discontinued operations, which was net of a previously recorded indemnification liability (See Note 1C) and estimated tax impacts. The ultimate resolution of these matters could result in further adjustments to Synthetic Fuels earnings from discontinued operations. See Note 16C for additional information. The accompanying consolidated statements of income reflect the abandoned operations of our synthetic fuels businesses as discontinued operations. Results of Terminals and Synthetic Fuels discontinued operations for the three and nine months ended September30 were as follows: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2009 2008 2009 2008 Revenues $ $ $ $ 17 (Loss) earnings before income taxes and noncontrolling interest (117 ) (1 ) (119 ) 9 Income tax benefit, including tax credits and tax levelization 14 1 16 13 Earnings attributable to noncontrolling interests of Synthetic Fuels (1 ) Net (loss) earnings from discontinued operations attributable to controlling interests (103 ) (103 ) 21 Gain on disposal of discontinued operations, including income tax expense of $7 41 (Loss) earnings from discontinued operations attributable to controlling interests $ (103 ) $ $ (103 ) $ 62 B. COAL MINING BUSINESSES On March 7, 2008, we sold the remaining operations of Progress Fuels subsidiaries engaged in the coal mining business (Coal Mining) for gross cash proceeds of $23 million. Procee

REGULATORY MATTERS

REGULATORY MATTERS
	9 Months Ended Sep. 30, 2009 USD / shares
REGULATORY MATTERS
REGULATORY MATTERS	4. REGULATORY MATTERS A. PEC RETAIL RATE MATTERS FUEL COST RECOVERY On May 7, 2009, PEC filed with the SCPSC for a decrease in the fuel rate charged to its South Carolina ratepayers. On May 28, 2009, PEC jointly filed a settlement agreement with the South Carolina Office of Regulatory Staff (ORS) and Nucor Steel. Under the terms of the settlement agreement, the parties agreed to PECs proposed rate reduction of approximately $13 million. On June 19, 2009, the SCPSC approved the settlement agreement. The decrease was effective July 1, 2009, and decreased residential electric bills by $2.08 per 1,000 kilowatt-hours (kWh), or 2.0 percent, for fuel cost recovery. On June 4, 2009, PEC filed with the NCUC for a decrease in the fuel rate charged to its North Carolina ratepayers. The filing was updated on August 17, 2009. PEC is asking the NCUC to approve a $14 million decrease in the fuel rates driven by declining fuel prices. If approved, the decrease would take effect December 1, 2009, and would decrease residential electric bills by $0.45 per 1,000 kWh, or 0.4 percent, for fuel cost recovery. A hearing on the matter was held on September 15, 2009, and an order is expected in November 2009. We cannot predict the outcome of this matter. DEMAND-SIDE MANAGEMENT AND ENERGY-EFFICIENCY COST RECOVERY See Note 7B in the 2008 Form 10-K for discussion of North Carolinas comprehensive energy legislation, which became law on August 20, 2007. As a result of the legislation, PEC has implemented a series of demand-side management (DSM) and energy-efficiency programs and will continue to pursue additional programs. These programs must be approved by the NCUC, and we cannot predict the outcome of the DSM and energy-efficiency filings currently pending approval by the NCUC or whether the implemented programs will produce the expected operational and economic results. 24 On June 6, 2008, and as subsequently amended, PEC filed an application with the NCUC for approval of a DSM and energy-efficiency rider to recover all program costs,including the recovery of appropriate incentives for investing in such programs. On November 14, 2008, the NCUC issued an order allowing PEC to implement the rates requested in PECs November 14, 2008 revision to its initial application. The new rates, subject to true-up to the final order, were implemented on December 1, 2008, increasing residential electrical bills by $0.74 per 1,000 kWh, or 0.8 percent. On December 9, 2008, the North Carolina Public Staff filed an Agreement and Stipulation of Partial Settlement with PEC and some of the other parties to the proceedings. The NCUC held a hearing on the matter on January 7, 2009. On June 15, 2009, the NCUC issued an order approving the Agreement and Stipulation of Partial Settlement, subject to certain modifications. PEC estimates the year-to-date impact of these modifications to be immaterial. On July 13, 2009, PEC filed a motion asking the NCUC to reconsider certain provisions of the June 15, 2009 order and stay the requirements for PEC to revise its cost-recovery filings in accordance with the decisions approved in the order. On July 20, 2009, th

GOODWILL

GOODWILL
	9 Months Ended Sep. 30, 2009 USD / shares
GOODWILL
GOODWILL	5. GOODWILL Goodwill is required to be tested for impairment at least annually and more frequently when indicators of impairment exist. All of our goodwill is allocated to our utility segments and our goodwill impairment tests are performed at the utility segment level. The carrying amounts of goodwill at September30, 2009 and December31, 2008, for reportable segments PEC and PEF, were $1.922 billion and $1.733 billion, respectively. The amounts assigned to PEC and PEF are recorded in our Corporate and Other business segment. We perform our annual impairment tests as of April 1 each year. During the second quarter of 2009, we completed the 2009 annual tests, which indicated the goodwill was not impaired.

EQUITY AND COMPREHENSIVE INCOME

EQUITY AND COMPREHENSIVE INCOME
	9 Months Ended Sep. 30, 2009 USD / shares
EQUITY AND COMPREHENSIVE INCOME
EQUITY AND COMPREHENSIVE INCOME	6. EQUITY AND COMPREHENSIVE INCOME A. EARNINGS PER COMMON SHARE A reconciliation of our weighted-average number of common shares outstanding for basic and dilutive earnings per share purposes follows: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2009 2008 2009 2008 Weighted-average common shares basic 280 262 279 261 Net effect of dilutive stock-based compensation plans Weighted-average shares fully dilutive 280 262 279 261 B.RECONCILIATION OF TOTAL EQUITY PROGRESS ENERGY The consolidated financial statements include the accounts of Progress Energy and its majority-owned subsidiaries. Noncontrolling interests principally represent minority shareholders proportionate share of the equity of our subsidiary, Progress Telecom Holdings LLC and several variable interest entities (see Note 1C). The following table presents changes in total equity for the year to date: (in millions) Total Common Stock Equity Noncontrolling Interests Total Equity Balance, December 31, 2008 $ 8,687 $ 6 $ 8,693 Net income (a) 603 603 Other comprehensive income 17 17 Comprehensive income 620 Issuance of shares through offerings and stock-based compensation plans (See Note 6D) 603 603 Dividends paid and declared (529 ) (529 ) Distributions to noncontrolling interest (1 ) (1 ) Other transactions 1 1 Balance, September 30, 2009 $ 9,381 $ 6 $ 9,387 (a) Consolidated net income of $605 million includes $2 million attributable to preferred shareholders of subsidiaries, which is not a component of total equity and is excluded from the table above. 29 (in millions) Total Common Stock Equity Noncontrolling Interests Total Equity Balance, December 31, 2007 $ 8,395 $ 84 $ 8,479 Net income 723 6 729 Other comprehensive income 8 8 Comprehensive income 737 Issuance of shares through offerings and stock-based compensation plans (See Note 6D) 156 156 Dividends paid and declared (483 ) (483 ) Contributions from noncontrolling interest 2 2 Distributions to noncontrolling interest (85 ) (85 ) Balance, September 30, 2008 $ 8,799 $ 7 $ 8,806 PEC The consolidated financial statements include the accounts of PEC and its majority-owned subsidiaries. Noncontrolling interests principally represent minority shareholders proportionate share of the equity of several variable interest entities (see Note 1C). The following table presents changes in total equity for the year to date: (in millions) Total Common Stock Equity Noncontrolling Interests Total Equity Balance, December 31, 2008 $

PREFERRED STOCK OF SUBSIDIARIES

PREFERRED STOCK OF SUBSIDIARIES
	9 Months Ended Sep. 30, 2009 USD / shares
PREFERRED STOCK OF SUBSIDIARIES
PREFERRED STOCK OF SUBSIDIARIES	7. PREFERRED STOCK OF SUBSIDIARIES As discussed in Note 10 in the 2008 Form 10-K, all of our preferred stock was issued by the Utilities. The preferred stock is considered temporary equity due to certain provisions that could require us to redeem the preferred stock for cash. In the event of a default by PEC or PEF equivalent to the payment of four quarterly dividends on the preferred stock, the holders of the preferred stock are entitled to elect a majority of PEC or PEFs respective Board of Directors until all accrued and unpaid dividends are paid. All classes of preferred stock are entitled to cumulative dividends with preference to the common stock dividends, are redeemable by vote of the Utilities respective Board of Directors at any time, and do not have any preemptive rights. All classes of preferred stock have a liquidation preference equal to $100 per share plus any accumulated unpaid dividends except for PEFs 4.75%, $100 par value class, which does not have a liquidation preference. Each holder of PECs preferred stock is entitled to one vote. Each holder of PEFs preferred stock has no right to vote except for certain circumstances regarding dividends payable on preferred stock in default or potential changes to the preferred stocks rights and preferences.

DEBT AND CREDIT FACILITIES

DEBT AND CREDIT FACILITIES
	9 Months Ended Sep. 30, 2009 USD / shares
DEBT AND CREDIT FACILITIES
DEBT AND CREDIT FACILITIES	8. DEBT AND CREDIT FACILITIES Material changes, if any, to Progress Energys, PECs and PEFs debt and credit facilities and financing activities since December31, 2008, are as follows: On January 15, 2009, PEC issued $600 million of First Mortgage Bonds, 5.30% Series due 2019. A portion of the proceeds was used to repay the maturity of PECs $400 million 5.95% Senior Notes, due March 1, 2009. The remaining proceeds were used to repay PECs outstanding short-term debt and for general corporate purposes. On February 3, 2009, the Parent repaid $100 million of the $600 million outstanding balance at December31, 2008, borrowed under its RCA with proceeds from its 14.4 million share common stock issuance discussed in Note 6D. During the third quarter of 2009,the Parentfurther reduced the outstanding RCA balance by $300 million with cash on hand, resulting in an outstanding balance of $200 million at September30, 2009. Subsequent to September30, 2009, the Parent repaid an additional $100 million of the outstanding balance with proceeds from commercial paper borrowings. At November 6,2009, the outstanding balance of the RCA loan was $100 million. We will continue to monitor the commercial paper and short-term credit markets to determine when to repay the remaining outstanding balance of the RCA loan, while maintaining an appropriate level of liquidity. On March 19, 2009, the Parent issued an aggregate $750 million of Senior Notes consisting of $300 million of 6.05% Senior Notes due 2014 and $450 million of 7.05% Senior Notes due 2019. A portion of the proceeds was used to fund PEFs capital expenditures through an equity contribution with the remaining proceeds used for general corporate purposes. On June 18, 2009, PEC entered into a Seventy-seventh Supplemental Indenture to its Mortgage and Deed of Trust, dated May 1, 1940, as supplemented, in connection with certain amendments to the mortgage. The amendments are set forth in the Seventy-seventh Supplemental Indenture and include an amendment to extend the maturity date of the mortgage by 100 years. The maturity date of the mortgage is now May 1, 2140.

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES
	9 Months Ended Sep. 30, 2009 USD / shares
FAIR VALUE DISCLOSURES
FAIR VALUE DISCLOSURES	9. FAIR VALUE DISCLOSURES A. DEBT AND INVESTMENTS PROGRESS ENERGY DEBT The carrying amount of our long-term debt, including current maturities, was $11.506 billion and $10.659 billion at September30, 2009 and December31, 2008, respectively. The estimated fair value of this debt, as obtained from quoted market prices for the same or similar issues, was $12.8 billion and $11.3 billion at September30, 2009 and December31, 2008, respectively. INVESTMENTS Certain investments in debt and equity securities that have readily determinable market values are accounted for as available-for-sale securities at fair value. Our available-for-sale securities include investments in stocks, bonds and cash equivalents held in trust funds, pursuant to NRC requirements, to fund certain costs of decommissioning the Utilities nuclear plants as discussed in Note 4D of the 2008 Form 10-K. Nuclear decommissioning trust (NDT) funds are presented on the Consolidated Balance Sheets at fair value. In addition to the NDT funds, we hold other debt and equity investments classified as available-for-sale, which are included in miscellaneous other property and investments on the Consolidated Balance Sheets at fair value. The following table summarizes our available-for-sale securities at September30, 2009 and December31, 2008. September 30, 2009 (in millions) Unrealized Losses Unrealized Gains Fair Value Equity securities $ (25 ) $ 268 $ 807 Debt securities (2 ) 21 426 Cash equivalents 112 Total $ (27 ) $ 289 $ 1,345 December 31, 2008 (in millions) Unrealized Losses Unrealized Gains Fair Value Equity securities $ (93 ) $ 134 $ 559 Debt securities (27 ) 15 466 Cash equivalents 114 Total $ (120 ) $ 149 $ 1,139 The NDT funds and other available-for-sale debt and equity investments held in certain benefit trusts are managed by third-party investment managers who have a right to sell securities without our authorization. Net unrealized gains and losses of the NDT funds that would be recorded in earnings or other comprehensive income by a nonregulated entity are recorded as regulatory assets and liabilities pursuant to ratemaking treatment. Therefore, the preceding tables include the unrealized gains and losses for the NDT funds based on the original cost of the trust investments; $27 million of the unrealized losses and $287 million of the unrealized gains at September30, 2009, and $118 million of the unrealized losses and $148 million of the unrealized gains at December31, 2008, relate to the NDT funds. There were no material unrealized losses for the other available-for-sale debt and equity securities held in benefit trusts at September30, 2009 and December31, 2008. The aggregate fair value of investments with unrealized losses at September30, 2009 and December31, 2008 was $146 million and $374 million, respectively. 34 At September30, 2009, the fair value of available-for-sale debt securities by contractual maturity was:

INCOME TAXES

INCOME TAXES
	9 Months Ended Sep. 30, 2009 USD / shares
INCOME TAXES
INCOME TAXES	10. INCOME TAXES Progress Energy The accounting for income taxes prescribes a minimum recognition threshold that a tax position is required to meet before being recognized in the financial statements. A two-step process is required; recognition of the tax benefit based on a more-likely-than-not threshold and measurement of the largest amount of tax benefit that is greater than 50 percent likely of being realized upon ultimate settlement with the taxing authority. Our liability for unrecognized tax benefits at January 1, 2009, was $104 million. Of the total amount of unrecognized tax benefits at January 1, 2009, $8 million would have affected the effective tax rate for income from continuing operations, if recognized. At September30, 2009, our liability for unrecognized tax benefits increased to $159 million. The amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate for income from continuing operations was $8 million at September30, 2009. We and our subsidiaries file income tax returns in the U.S. federal jurisdiction and various state jurisdictions. Our open federal tax years are from 2004 forward, and our open state tax years in our major jurisdictions are generally from 2003 forward. The IRS is currently examining our federal tax returns for years 2004 through 2005. We cannot predict when those examinations will be completed. We are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease during the 12-month period ending September30, 2010. We include interest expense related to unrecognized tax benefits in interest charges and we include penalties in other, net on the Consolidated Statements of Income. At January 1, 2009, we had accrued $27 million for interest and penalties. At September30, 2009, we had accrued $32 million for interest and penalties. During the three months ended September 30, 2009, we recorded a valuation allowance of $29 million against the deferred tax asset related to a loss on a legal judgment (see Note 16C). The tax expense related to the valuation allowance was recorded as part of loss from discontinued operations. Management continues to evaluate its options regarding this litigation, including grounds to appeal the judgment. Managements decisions could have a significant impact on the realization of part or all of the $29 million deferred tax asset in a future period. We cannot predict the outcome of these matters. PEC PECs liability for unrecognized tax benefits at January 1, 2009, was $38 million. Of the total amount of unrecognized tax benefits at January 1, 2009, $5 million would have affected the effective tax rate, if recognized. At September30, 2009, PECs liability for unrecognized tax benefits increased to $57 million. The amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate for income from continuing operations was $5 million at September30, 2009. We file consolidated federal and state income tax returns that include PEC. In addition, PEC files stand-alone tax returns in various state jurisd

BENEFIT PLANS

BENEFIT PLANS
	9 Months Ended Sep. 30, 2009 USD / shares
BENEFIT PLANS
BENEFIT PLANS	11. BENEFIT PLANS We have noncontributory defined benefit retirement plans that provide pension benefits for substantially all full-time employees. We also have supplementary defined benefit pension plans that provide benefits to higher-level employees. In addition to pension benefits, we provide contributory other postretirement benefits (OPEB), including certain health care and life insurance benefits, for retired employees who meet specified criteria. The components of the net periodic benefit cost for the respective Progress Registrants for the three and nine months ended September 30 were: Progress Energy Pension Benefits Other Postretirement Benefits Three months ended September 30, (in millions) 2009 2008 2009 2008 Service cost $ 11 $ 11 $ 1 $ 2 Interest cost 36 33 6 9 Expected return on plan assets (31 ) (45 ) (1 ) Amortization of actuarial loss (gain)(a) 16 (2 ) Other amortization, net(a) 2 1 1 1 Net periodic cost before deferral (see below) $ 34 $ $ 6 $ 11 Pension Benefits Other Postretirement Benefits Nine months ended September 30, (in millions) 2009 2008 2009 2008 Service cost $ 31 $ 35 $ 5 $ 6 Interest cost 104 95 23 25 Expected return on plan assets (100 ) (127 ) (3 ) (4 ) Amortization of actuarial loss(a) 40 5 1 1 Other amortization, net(a) 5 2 4 3 Net periodic cost before deferral (see below) $ 80 $ 10 $ 30 $ 31 (a)Adjusted to reflect PEFs rate treatment. See Note 16B in the 2008 Form 10-K. 42 PEC Pension Benefits Other Postretirement Benefits Three months ended September 30 (in millions) 2009 2008 2009 2008 Service cost $ 5 $ 5 $ 1 $ 1 Interest cost 17 15 3 5 Expected return on plan assets (15 ) (17 ) (1 ) Amortization of actuarial loss (gain) 4 (1 ) Other amortization, net 1 1 Net periodic cost $ 12 $ 4 $ 3 $ 5 Pension Benefits Other Postretirement Benefits Nine months ended September 30 (in millions) 2009 2008 2009 2008 Service cost $ 13 $ 17 $ 3 $ 3 Interest cost 48 43 12 13 Expected return on plan assets (49 ) (49 ) (1 ) (3 ) Amortization of actuarial loss 8 4 Other amortization, net 4 2 1 1 Net periodic cost $ 24 $ 17 $ 15 $ 14 PEF Pension Benefits Other Postretirement Benefits Three months ended September 30 (in millions) 2009 2008 2009 2008 Service cost $ 5 $ 4 $

RISK MANAGEMENT ACTIVITIES AND

RISK MANAGEMENT ACTIVITIES AND DERIVATIVE TRANSACTIONS
	9 Months Ended Sep. 30, 2009 USD / shares
RISK MANAGEMENT ACTIVITIES AND DERIVATIVE TRANSACTIONS
RISK MANAGEMENT ACTIVITIES AND DERIVATIVE TRANSACTIONS	12. RISK MANAGEMENT ACTIVITIES AND DERIVATIVE TRANSACTIONS We are exposed to various risks related to changes in market conditions. We have a risk management committee that includes senior executives from various business groups. The risk management committee is responsible for administering risk management policies and monitoring compliance with those policies by all subsidiaries. Under our risk policy, we may use a variety of instruments, including swaps, options and forward contracts, to manage exposure to fluctuations in commodity prices and interest rates. Such instruments contain credit risk if the counterparty fails to perform under the contract. We minimize such risk by performing credit and financial reviews using a combination of financial analysis and publicly available credit ratings of such counterparties. Potential nonperformance by counterparties is not expected to have a material effect on our financial position or results of operations. A.COMMODITY DERIVATIVES GENERAL Most of our physical commodity contracts are not derivatives or qualify as normal purchases or sales. Therefore, such contracts are not recorded at fair value. ECONOMIC DERIVATIVES Derivative products, primarily natural gas and oil contracts, may be entered into from time to time for economic hedging purposes. While management believes the economic hedges mitigate exposures to fluctuations in commodity prices, these instruments are not designated as hedges for accounting purposes and are monitored consistent with trading positions. The Utilities have derivative instruments related to their exposure to price fluctuations on fuel oil and natural gas purchases. Substantially all of these instruments receive regulatory accounting treatment. Related unrealized gains and losses are recorded in regulatory liabilities and regulatory assets, respectively, on the Balance Sheets until the contracts are settled. After settlement of the derivatives and the fuel is consumed, any realized gains or losses are passed through the fuel cost-recovery clause. Certain hedge agreements may result in the receipt of, or posting of, derivative collateral with our counterparties, depending on the daily derivative position. Fluctuations in commodity prices that lead to our return of collateral received and/or our posting of collateral with our counterparties negatively impact our liquidity. We manage open positions with strict policies that limit our exposure to market risk and require daily reporting to management of potential financial exposures. Certain counterparties have posted or held cash collateral in support of these instruments. PEC had a cash collateral asset included in prepayments and other current assets of $3 million and $18 million on the PEC Consolidated Balance Sheet at September30, 2009 and December31, 2008, respectively. At September30, 2009, PEC had 51.8 million MMBtu notional of natural gas related to outstanding commodity derivative swaps that were entered into to hedge forecasted natural gas purchases. Changes in natural gas prices and settlements of financial hedge agreements since December31, 2008, have impacted PEFs cash coll

FINANCIAL INFORMATION BY BUSINE

FINANCIAL INFORMATION BY BUSINESS SEGMENT
	9 Months Ended Sep. 30, 2009 USD / shares
FINANCIAL INFORMATION BY BUSINESS SEGMENT
FINANCIAL INFORMATION BY BUSINESS SEGMENT	13. FINANCIAL INFORMATION BY BUSINESS SEGMENT Our reportable PEC and PEF business segments are primarily engaged in the generation, transmission, distribution and sale of electricity in portions of North Carolina, South Carolina and Florida. These electric operations also distribute and sell electricity to other utilities, primarily on the east coast of the United States. In addition to the reportable operating segments, the Corporate and Other segment includes the operations of the Parent and PESC and other miscellaneous nonregulated businesses that do not separately meet the quantitative thresholds for disclosure as separate reportable business segments. The profit or loss of our reportable segments plus the profit or loss of Corporate and Other represents our total income from continuing operations. Income of discontinued operations is not included in the table presented below. The following information is for the three and nine months ended September 30: Income (Loss) Revenues from Continuing (in millions) Unaffiliated Intersegment Total Operations Assets Three Months Ended September 30, 2009 PEC $ 1,307 $ $ 1,307 $ 207 $ 13,615 PEF 1,516 1,516 177 13,026 Corporate and Other 1 51 52 (34 ) 19,433 Eliminations (51 ) (51 ) (15,416 ) Totals $ 2,824 $ $ 2,824 $ 350 $ 30,658 Three Months Ended September 30, 2008 PEC $ 1,266 $ $ 1,266 $ 200 PEF 1,428 1,428 143 Corporate and Other 2 92 94 (34 ) Eliminations (92 ) (92 ) Totals $ 2,696 $ $ 2,696 $ 309 Income (Loss) Revenues from Continuing (in millions) Unaffiliated Intersegment Total Operations Assets Nine Months Ended September 30, 2009 PEC $ 3,561 $ $ 3,561 $ 429 $ 13,615 PEF 4,012 4,012 384 13,026 Corporate and Other 5 171 176 (105 ) 19,433 Eliminations (171 ) (171 ) (15,416 ) Totals $ 7,578 $ $ 7,578 $ 708 $ 30,658 Nine Months Ended September 30, 2008 PEC $ 3,382 $ $ 3,382 $ 426 PEF 3,618 3,618 334 Corporate and Other 6 268 274 (98 ) Eliminations (268 ) (268 ) Totals $ 7,006 $ $ 7,006 $ 662

OTHER INCOME AND OTHER EXPENSE

OTHER INCOME AND OTHER EXPENSE
	9 Months Ended Sep. 30, 2009 USD / shares
OTHER INCOME AND OTHER EXPENSE
OTHER INCOME AND OTHER EXPENSE	14. OTHER INCOME AND OTHER EXPENSE Other income and expense includes interest income; AFUDC equity, which represents the estimated equity costs of capital funds necessary to finance the construction of new regulated assets; and other, net. The components of other, net as shown on the accompanying Statements of Income are presented below. Nonregulated energy and delivery services include power protection services and mass market programs such as surge protection, appliance services and area light sales, and delivery, transmission and substation work for other utilities. Progress Energy Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2009 2008 2009 2008 Nonregulated energy and delivery services (expense) income, net $ (2 ) $ (3 ) $ 7 $ 10 Fair value loss transition adjustment amortization (see Note 12) 1 1 2 2 CVOs unrealized gain (loss), net 3 11 (2 ) Donations (3 ) (3 ) (8 ) (14 ) Other, net 2 (2 ) 1 (5 ) Other, net Progress Energy $ 1 $ (7 ) $ 13 $ (9 ) PEC Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2009 2008 2009 2008 Nonregulated energy and delivery services (expense) income, net $ (5 ) $ (4 ) $ (1 ) $ 5 Fair value loss transition adjustment amortization (see Note 12) 1 1 2 2 Donations (1 ) (2 ) (4 ) (8 ) Other, net 3 (2 ) 1 Other, net PEC $ (2 ) $ (5 ) $ (5 ) $ PEF Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2009 2008 2009 2008 Nonregulated energy and delivery services income, net $ 2 $ 2 $ 8 $ 6 Donations (1 ) (1 ) (4 ) (6 ) Other, net (1 ) 4 (1 ) Other, net PEF $ 1 $ $ 8 $ (1 )

ENVIRONMENTAL MATTERS

ENVIRONMENTAL MATTERS
	9 Months Ended Sep. 30, 2009 USD / shares
ENVIRONMENTAL MATTERS
ENVIRONMENTAL MATTERS	15. ENVIRONMENTAL MATTERS We are subject to regulation by various federal, state and local authorities in the areas of air quality, water quality, control of toxic substances and hazardous and solid wastes, and other environmental matters. We believe that we are in substantial compliance with those environmental regulations currently applicable to our business and operations and believe we have all necessary permits to conduct such operations. Environmental laws and regulations frequently change and the ultimate costs of compliance cannot always be precisely estimated. A. HAZARDOUS AND SOLID WASTE The provisions of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended (CERCLA), authorize the EPA to require the cleanup of hazardous waste sites. This statute imposes retroactive joint and several liability. Some states, including North Carolina, South Carolina and Florida, have 55 similar types of statutes. We are periodically notified by regulators, including the EPA and various state agencies, of our involvement or potential involvement in sites that may require investigation and/or remediation. There are presently several sites with respect to which we have been notified of our potential liability by the EPA, the state of North Carolina, the state of Florida, or potentially responsible party (PRP) groups as described below in greater detail. Various organic materials associated with the production of manufactured gas, generally referred to as coal tar, are regulated under federal and state laws. PEC and PEF are each PRPs at several manufactured gas plant (MGP) sites. We are also currently in the process of assessing potential costs and exposures at other sites. These costs are eligible for regulatory recovery through either base rates or cost-recovery clauses. Both PEC and PEF evaluate potential claims against other PRPs and insurance carriers and plan to submit claims for cost recovery where appropriate. The outcome of potential and pending claims cannot be predicted. A discussion of sites by legal entity follows. We record accruals for probable and estimable costs related to environmental sites on an undiscounted basis. We measure our liability for these sites based on available evidence including our experience in investigating and remediating environmentally impaired sites. The process often involves assessing and developing cost-sharing arrangements with other PRPs. For all sites, as assessments are developed and analyzed, we will accrue costs for the sites to the extent our liability is probable and the costs can be reasonably estimated. Because the extent of environmental impact, allocation among PRPs for all sites, remediation alternatives (which could involve either minimal or significant efforts), and concurrence of the regulatory authorities have not yet reached the stage where a reasonable estimate of the remediation costs can be made, we cannot determine the total costs that may be incurred in connection with the remediation of all sites at this time. It is probable that current estimates will change and additional losses, which could be material, may be

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES
	9 Months Ended Sep. 30, 2009 USD / shares
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	16. COMMITMENTS AND CONTINGENCIES Contingencies and significant changes to the commitments discussed in Note 22 in the 2008 Form 10-K are described below. A. PURCHASE OBLIGATIONS As part of our ordinary course of business, we and the Utilities enter into various long- and short-term contracts for fuel requirements at our generating plants. Significant changes from the commitment amounts reported in Note 22A in the 2008 Form 10-K can result from new contracts, changes in existing contracts, along with the impact of fluctuations in current estimates of future market prices for those contracts that are market price indexed. In most cases, these contracts contain provisions for price adjustments, minimum purchase levels, and other financial commitments. Additional commitments for fuel and related transportation will be required to supply the Utilities future needs. PEC In October 2009, PEC entered into conditional agreements for firm pipeline transportation capacity to support PECs gas supply needs for the period from July 2012 through August 2032. The total cost to PEC associated with these agreements is estimated to be approximately $1.0 billion. These agreements are subject to several conditions precedent, including various federal regulatory approvals, the completion and commencement of operation of necessary related interstate and intrastate natural gas pipeline system expansions, and other contractual provisions. Due to the conditions of these agreements, the estimated costs associated with these agreements are not currently included in PECs fuel and purchased power commitments. PEF On May 1, 2009, PEF announced that it expects the construction schedule for Levy to shift. Although the overall schedule impact is not certain at this time, PEF expects the schedule for the commercial operation of Levy to shift later than the 2016 to 2018 timeframe by a minimum of 20 months. We anticipate amending the Levy Engineering, Procurement, and Construction agreement due to the schedule shift but cannot predict the impact, if any, such amendment might have on the projects total cost. However, consistent with nuclear cost-recovery filings with the FPSC (See Note 4B), PEF anticipates that approximately $1 billion of the construction obligations disclosed in Note 22A in the 2008 Form 10-K for the three-year period following December31, 2008, could be deferred to later periods as a result of the schedule shift. 59 During the second quarter of 2009, PEF entered into conditional agreements for firm pipeline transportation capacity to support PEFs gas supply needs for the period from April 2011 through March 2036. The total cost to PEF associated with these agreements is estimated to be approximately $281 million. These agreements are subject to several conditions precedent, including various federal regulatory approvals, the completion and commencement of operation of necessary related interstate natural gas pipeline system expansions, and other contractual provisions. Due to the conditions of these agreements, the estimated costs associated with these agreements are not currently included in PEFs fuel and purchase

CONDENSED CONSOLIDATING STATEME

CONDENSED CONSOLIDATING STATEMENTS
	9 Months Ended Sep. 30, 2009 USD / shares
CONDENSED CONSOLIDATING STATEMENTS
CONDENSED CONSOLIDATING STATEMENTS	17. CONDENSED CONSOLIDATING STATEMENTS As discussed in Note 23 in the 2008 Form 10-K, we have guaranteed certain payments of two wholly owned indirect subsidiaries, FPC Capital I (the Trust) and Florida Progress Funding Corporation (Funding Corp.) since September 2005. Our guarantees are joint and several, full and unconditional and are in addition to the joint and several, full and unconditional guarantees previously issued to the Trust and Funding Corp. by Florida Progress. Our subsidiaries have provisions restricting the payment of dividends to the Parent in certain limited circumstances and as disclosed in Note 11B in the 2008 Form 10-K, there were no restrictions on PECs or PEFs retained earnings. The Trust is a variable-interest entity for which we are not the primary beneficiary. Separate financial statements and other disclosures concerning the Trust have not been presented because we believe that such information is not material to investors. Presented below are the condensed consolidating Statements of Income, Balance Sheets and Statements of Cash Flows as required by Rule 3-10 of Regulation S-X. In these condensed consolidating statements, the Parent column includes the financial results of the parent holding company only. The Subsidiary Guarantor column includes the consolidated financial results of Florida Progress only, which is primarily comprised of its wholly owned subsidiary PEF. The Non-Guarantor Subsidiary column includes the consolidated financial results of our wholly owned subsidiary PEC. The Other column includes the consolidated financial results of all other non-guarantor subsidiaries and elimination entries for all intercompany transactions. Financial statements for PEC and PEF are separately presented elsewhere in this Form 10-Q. All applicable corporate expenses have been allocated appropriately among the guarantor and non-guarantor subsidiaries. The financial information may not necessarily be indicative of results of operations or financial position had the subsidiary guarantor or other non-guarantor subsidiaries operated as independent entities. 62 Condensed Consolidating Statement of Income Three Months Ended September 30, 2009 (in millions) Parent Subsidiary Guarantor Non- Guarantor Subsidiary Other Progress Energy, Inc. Operating revenues $ $ 1,517 $ 1,307 $ $ 2,824 Operating expenses Fuel used in electric generation 618 457 1,075 Purchased power 43 82 125 Operation and maintenance 2 198 225 (2 ) 423 Depreciation, amortization and accretion 247 120 4 371 Taxes other than on income 96 56 152 Other 2 2 Total operating expenses 2 1,204 940 2 2,148 Operating (loss) income (2 ) 313 367 (2 ) 676 Other income (expense) Interest income 2 1 (1 ) 2 Allowance for equity funds use

Document Information

Document Information
	9 Months Ended Sep. 30, 2009 USD / shares
Document Information [Line Items]
Document Type	10-Q
Document Period End Date	2009-09-30
Amendment Flag	false

Entity Information

Entity Information (USD $)
	9 Months Ended Sep. 30, 2009	Nov. 02, 2009	Jun. 30, 2008
Entity Information [Line Items]
Entity Registrant Name	PROGRESS ENERGY INC
Entity Central Index Key	0001094093
Current Fiscal Year End Date	--12-31
Entity Well Known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$10,917,873,785
Entity Common Stock Shares Outstanding		279,626,073