| Authorized Shares of Stock as of
December 31, 1998 and 1997
|
 |
|
Par Value |
|
Shares
(in millions) |
|
| Preferred Stock |
$ |
100 |
|
|
|
12.5 |
|
| Preferred Stock A |
$ |
25 |
|
|
|
10.0 |
|
| Preference Stock |
$ |
100 |
|
|
|
1.5 |
|
|
As of December 31, 1998 and 1997, there were no shares of preference stock outstanding.
| Preferred Stock with Sinking Fund Requirements
|
|
|
|
|
December 31, |
| (Dollars in millions) |
|
Shares Outstanding |
|
| Rate/Series |
Year Issued |
at December 31, 1998 |
1998 |
1997 |
|
| 5.95% B (Preferred Stock A) |
1992 |
800,000 |
$ |
20 |
|
$ |
20 |
|
| 6.10% C (Preferred Stock A) |
1992 |
800,000 |
|
20 |
|
|
20 |
|
| 6.20% D (Preferred Stock A) |
1992 |
800,000 |
|
20 |
|
|
20 |
|
| 6.20% T |
1992 |
130,000 |
|
13 |
|
|
13 |
|
| 6.30% U |
1992 |
130,000 |
|
13 |
|
|
13 |
|
| 6.40% V |
1992 |
130,000 |
|
13 |
|
|
13 |
|
| 6.75% X |
1993 |
250,000 |
|
25 |
|
|
50 |
|
|
|
|
|
| Total |
|
|
$ |
124 |
|
$ |
149 |
|
 |
The annual sinking fund requirements for 1999 through 2003 are $20 million, $33 million, $33 million, $13 million and $1 million, respectively. Some additional redemptions are permitted at Duke Energy's option.
| Preferred Stock without Sinking Fund Requirements
|
|
|
|
|
December 31, |
| (Dollars in millions) |
|
Shares Outstanding |
|
| Rate/Series |
Year Issued |
at December 31, 1998 |
1998 |
1997 |
|
| 4.50% C |
1964 |
175,000 |
$ |
18 |
|
$ |
35 |
|
| 7.85% S |
1992 |
300,000 |
|
30 |
|
|
60 |
|
| 7.00% W |
1993 |
249,989 |
|
25 |
|
|
50 |
|
| 7.04% Y |
1993 |
299,995 |
|
30 |
|
|
60 |
|
| 6.375% (Preferred Stock A) |
1993 |
1,257,185 |
|
31 |
|
|
60 |
|
| Auction Series A |
1990 |
750,000 |
|
75 |
|
|
75 |
|
|
|
|
|
| Total |
|
|
$ |
209 |
|
$ |
340 |
|
|
The call provisions for the outstanding preferred stock specify various redemption prices not exceeding 104% of par value, plus accumulated dividends to the redemption date.
During December 1997, Duke Energy redeemed approximately three million shares of preferred stock for $203 million. During February 1998, Duke Energy purchased approximately two million shares of its preferred stock for $180 million. The premiums related to these redemptions were included in the Consolidated Statements of Income as Dividends and Premiums on Redemptions of Preferred and Preference Stock for 1997.
|
|
