Acquisition by Duke Energy Corporation

2 Months Ended

Dec. 31, 2016

Business Combinations [Abstract]

Acquisition by Duke Energy Corporation

ACQUISITION BY DUKE ENERGY CORPORATION

On October 3, 2016, the Acquisition of Piedmont by Duke Energy was consummated. In September 2016, the North Carolina Utilities Commission (NCUC) approved the Acquisition pursuant to the terms of the stipulation and settlement agreement, which included a one-time bill credit to our North Carolina customers collectively of $10.0 million. In October 2016, we reduced customers' bills by $4.7 million as a result of the one-time bill credit with the remaining $5.3 million reflected on November bills.

COSTS TO ACHIEVE THE ACQUISITION

The following table summarizes pre-tax acquisition consummation costs, integration and other related costs (collectively referred to as costs to achieve) that we recorded in connection with the Acquisition and are included in "Operations, maintenance and other" within "Operating Expenses" in the Condensed Consolidated Statements of Operations and Comprehensive Income for the two months ended December 31, 2016 and 2015.

(in millions)	2016			2015
Costs to achieve expenses	$	7.3	(1)	$	5.7	(2)
(1) See Note 13 for further information on employee benefit plan expenses and Note 14 for further information on severance costs.
(2) The prior period expense primarily relates to incremental share-based compensation expense from the accelerated vesting, payment and taxation of certain share-based awards for our former President and Chief Executive Officer and other eligible officers and participants with the issuance of restricted nonvested shares of our common stock in December 2015.