PNY Piedmont Natural Gas Company, Inc.

Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 11-K

 

 

FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS

AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

(Mark One)

x	ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2014

OR

 

¨	TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition period from                      to                     

Commission file number 1-6196

 

 

 

A.	Full title of the plan and address of the plan, if different from that of the issuer named below:

Piedmont Natural Gas Company, Inc. 401(k) Plan

 

B.	Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

Piedmont Natural Gas Company, Inc.

4720 Piedmont Row Drive

Charlotte, North Carolina 28210

 

 

 

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Table of Contents

Contents

 

Report of Independent Registered Public Accounting Firm		1
Financial Statements
Statements of Net Assets Available for Benefits as of December 31, 2014 and 2013		2
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2014		3
Notes to Financial Statements		4 – 12
Supplemental Schedule as of December 31, 2014
Form 5500, Schedule H, Part IV, Line 4i – Schedule of Assets (Held at End of Year)		13
NOTE:     All other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.

 

 

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Report of Independent Registered Public Accounting Firm

Benefit Plan Committee

Piedmont Natural Gas Company, Inc. 401(k) Plan

Charlotte, North Carolina

We have audited the accompanying statements of net assets available for benefits of Piedmont Natural Gas Company, Inc. 401(k) Plan (the Plan) as of December 31, 2014 and 2013, and the related statement of changes in net assets available for benefits for the year ended December 31, 2014. The financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2014 and 2013, and the changes in net assets available for benefits for the year ended December 31, 2014 in conformity with accounting principles generally accepted in the United States of America.

The supplemental schedule of assets (held at end of year) (supplemental information) has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ CliftonLarsonAllen

Charlotte, North Carolina

June 19, 2015

 

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Piedmont Natural Gas Company, Inc. 401(k) Plan

Statements of Net Assets Available for Benefits

December 31, 2014 and 2013

 

		2014				2013
Assets
Participant-directed investments		$	234,236,800			$	211,663,927
Receivable - participant loans			7,826,822				8,188,458
Cash			225				2
Total assets			242,063,847				219,852,387
Net assets available for benefits at fair value			242,063,847				219,852,387
Adjustment from fair value to contract value for interest in collective investment trust funds relating to fully benefit-responsive investment contracts			(548,585	)			(291,451	)
Net assets available for benefits		$	241,515,262			$	219,560,936

The accompanying notes are an integral part of the financial statements.

 

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Piedmont Natural Gas Company, Inc. 401(k) Plan

Statement of Changes in Net Assets Available for Benefits

Year Ended December 31, 2014

 

Changes in net assets attributed to:
Investment income:
Net appreciation in fair value of investments		$	13,626,970
Interest, dividends and other			2,182,127
Total investment income			15,809,097
Interest income on participant notes receivable			479,259
Contributions:
Employer			6,240,293
Participant			9,559,593
Participant rollovers			506,290
Total contributions			16,306,176
Distributions:
Benefits paid to participants			(10,187,926	)
Expenses			(452,280	)
Total distributions			(10,640,206	)
Net increase			21,954,326
Net assets available for benefits:
Beginning of year			219,560,936
End of year		$	241,515,262

The accompanying notes are an integral part of the financial statements.

 

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Piedmont Natural Gas Company, Inc. 401(k) Plan

Notes to Financial Statements

 

 

 

Note 1.

Description of the Plan

The following description of Piedmont Natural Gas Company, Inc. (the “Company”) 401(k) Plan (“the Plan”) is provided for general information purposes only. Participants should refer to the Plan document for more complete information.

General: The Plan is a defined contribution plan providing benefits to participating employees or their beneficiaries upon retirement, death or termination of employment (following a break in service, as defined in the Plan). As a result of a plan merger effective on October 1, 2001, participants’ accounts in the Company’s employee stock ownership plan (ESOP) were transferred into the Plan. Former ESOP participants may remain invested in Piedmont Natural Gas Company, Inc. (“Piedmont”) common stock in the Plan or may sell the common stock at any time and reinvest the proceeds in other available investment options.

Employees become eligible to participate in the Plan after they have completed thirty days of continuous service with the Company and have attained age 18. The Benefits Committee of the Board of Directors of the Company controls and manages the operation and administration of the Plan. The Benefits Committee establishes an organizational structure with respect to the management, administration and investments of the Plan including the designation of a Benefit Plan Committee to serve as the named fiduciary of the Plan and to manage the day-to-day operational and administrative aspects of the Plan. The Benefit Plan Committee determines the appropriateness of the Plan’s investment offerings, monitors investment performance and reports to the Benefits Committee. Wells Fargo Bank, N.A. (“Wells Fargo”) serves as the trustee of the Plan. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”).

Plan administration: The Plan is administered by the Benefits Committee. Wells Fargo is responsible for the custody and management of the Plan’s assets.

Contributions: Employees are able to contribute up to 50% of eligible pay to the Plan on a pre-tax basis, up to the Tax Code annual contribution limit. Employees are able to receive a company match of 100% up to the first 5% of eligible pay contributed. The Company automatically enrolls all newly eligible employees in the Plan at a 2% contribution rate unless the employee chooses not to participate by notifying the Plan trustee. For employees who are automatically enrolled in the Plan, the Company will automatically increase their contributions by 1% each year to a maximum of 5% unless the employee chooses to opt out of the automatic increase by contacting the trustee. If the employee does not make an investment election, employee contributions and matches are automatically invested in a diversified portfolio of funds. Participants may invest in Piedmont common stock up to a maximum of 20% of their account. Employees may change their contribution rate and investments at any time. Additional amounts may be contributed by the Company at the discretion of the Company’s Board of Directors. There were no discretionary Company contributions during the year ended December 31, 2014. Participants may also contribute amounts representing distributions from other qualified defined benefit or defined contribution plans.

 

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Piedmont Natural Gas Company, Inc. 401(k) Plan

Notes to Financial Statements

 

 

 

Note 1.

Description of the Plan (Continued)

 

Participant accounts: Individual accounts are maintained for each Plan participant. Each participant’s account is credited with the participant’s contribution, the Company’s matching contribution, and allocations of Company discretionary contributions, if applicable, and Plan earnings, and charged with any benefit payments, and allocations of Plan losses and expenses. Allocations are based on participant earnings or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.

Investments: Participants direct the investment of their contributions into various investment options offered by the Plan. Currently, the Plan offers eleven mutual funds, two collective investment trust funds, and one common stock fund as investment options for participants.

Vesting: All participant contributions and earnings thereon are fully vested and nonforfeitable upon allocation to the participants’ accounts. A participant will become 100% vested in his employer matching contributions after the participant completes six months of service.

Notes receivable from participants: Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum of $50,000 or 50% of their account balances, whichever is less. Loans must be entirely repaid within 5 years unless the loan is for the purchase of a primary residence. Effective September 2014, the loan policy was amended to allow for only one loan to be outstanding at a time. The loans are secured by the balance in the participant’s account. Principal and interest are paid ratably through payroll deductions. Interest rates on loans ranged from 5.25% to 6.77% at December 31, 2014.

Payment of benefits: The Plan allows distributions for retirement, long-term disability, termination of employment, hardship or death. The vested balance of a participant’s account will be paid to the participant, or, in the case of death, to the spouse or beneficiary, if any, in a single, lump sum of cash or common stock as permitted by the Plan.

The Plan was amended on December 15, 2014 to allow for Age 59  ¹⁄₂ in-service withdrawals, effective January 1, 2015.

 

Note 2.

Summary of Significant Accounting Policies

Basis of accounting: The accompanying financial statements of the Plan are prepared under the accrual method of accounting.

Use of estimates: The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the financial statements and accompanying notes. Actual results could differ from those estimates.

Investment contracts: As described in the authoritative guidance, fully benefit-responsive investment contracts held by a defined contribution plan are required to be reported at fair value. However, contract value is the relevant measurement attribute for that portion of the net assets available for benefits of a defined contribution plan attributable to fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the plan.

 

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Piedmont Natural Gas Company, Inc. 401(k) Plan

Notes to Financial Statements

 

 

 

Note 2.

Summary of Significant Accounting Policies (Continued)

 

The Plan invests in investment contracts through a collective investment trust fund in the Wells Fargo Stable Return Fund (N). As required by the guidance, the statements of net assets available for benefits present the fair value of the investments in the collective investment trust fund as well as the adjustment of the investment in the collective investment trust fund from fair value to contract value relating to the investment contracts. The statement of changes in net assets available for benefits is prepared on a contract value basis.

Investment valuation and income recognition: Investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 7 for disclosure of the Plan’s fair value measurements.

The Plan utilizes market data or assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated or generally observable. The Plan primarily applies the market approach for recurring fair value measurements and endeavor to utilize the best available information. Accordingly, the Plan uses valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The Plan is able to classify fair value balances based on the observance of those inputs into the fair value hierarchy levels as set forth in the fair value accounting guidance.

Following is a description of the valuation methodologies used for the Plan’s investment assets measured at fair value. There have been no changes in the methodologies used at December 31, 2014 and 2013.

Common stock fund: Calculated based on the closing price reported on the active market on which the securities in the fund are traded.

Mutual funds: Valued at the NAV of shares held by the Plan at year-end.

Collective investment trust funds: Valued at NAV based on information provided by the trustee and using the audited financial statements of the collective investment trust funds at year-end.

Level 1 inputs are quoted prices (unadjusted) or NAVs in active markets that can be accessed as of the reporting date and consist of investments in common stock and mutual funds. Level 2 inputs are inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly corroborated or observable as of the reporting date and generally use valuation methodologies, and consist of collective investment trust funds as discussed in “Investment contracts” in Note 2. These investments are classified as Level 2 as their fair value is estimated using NAV as a practical expedient. Level 3 inputs include significant pricing inputs that are generally less observable from objective sources.

The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

 

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Piedmont Natural Gas Company, Inc. 401(k) Plan

Notes to Financial Statements

 

 

 

Note 2.

Summary of Significant Accounting Policies (Continued)

 

The Plan’s Benefit Plan Committee determines the Plan’s valuation policies utilizing information provided by its investment advisor and custodian.

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation includes the Plan’s gains and losses on investments bought and sold as well as held during the year.

Management fees and operating expenses charged to the Plan for investments in the mutual funds and collective investment trust funds are deducted from income earned on a daily basis and are not separately reflected. Consequently, management fees and operating expenses are reflected as a reduction of investment return for such investments. Additionally, the Plan received mutual fund rebate income of $332,313 during 2014. This income is reflected as an addition to the investment return for such investments.

Contributions: Contributions from employees of the Plan Sponsor and matching contributions from the Plan Sponsor are recorded in the year in which the employee contributions are withheld along with the applicable matching contribution. All employee and employer contributions are participant-directed.

Notes from participants: Notes from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Interest income is recorded on the accrual basis. Related fees are recorded as administrative expenses and are expensed as they are incurred. No allowance for credit losses has been recorded as of December 31, 2014 or 2013. Delinquent notes from participants are treated as distributions based upon the terms of the plan document.

Payment of benefits: Benefit payments to participants are recorded when paid.

Expenses: As provided by the Plan document, administrative expenses of the Plan are paid by the Plan.

Subsequent events: The Plan monitors significant events occurring after the statement of net assets available for benefits date and prior to the issuance of the financial statements to determine the impact, if any, of events on the financial statements to be issued. All subsequent events of which the Plan is aware were evaluated through the filing date of this Form 11-K.

 

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Piedmont Natural Gas Company, Inc. 401(k) Plan

Notes to Financial Statements

 

 

 

Note 3.

Investments

The Plan’s investments that represent 5% or more of net assets available for benefits as of December 31, 2014 and 2013 are as follows:

 

		2014				2013
Wells Fargo Enhanced Stock Market Fund (N)		$	31,918,431			$	22,970,495
Wells Fargo Stable Return Fund (N)		$	39,491,792			$	36,722,779
American Europacific Growth Fund (A)		$	17,851,925			$	14,575,390
Dodge & Cox Stock Fund		$	22,978,730			$	22,035,689
Harbor Capital Appreciation Investment		$	22,661,979			$	22,872,636
Munder Mid-Cap Core Growth (A)		$	14,655,393			$	14,608,815
Dodge & Cox Income Fund		$	24,289,591			$	23,136,715
T. Rowe Price New Horizons Fund			*			$	12,633,048

 

*	This investment balance was less than five percent of net assets available for benefits during the respective period.

During 2014, the Plan’s investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated in value by $13,626,970 as follows:

 

Collective Investment Trust Funds		$	3,853,500
Mutual Funds			8,259,874
Common Stock Fund			1,513,596
		$	13,626,970

The Plan invests in a fully benefit-responsive investment contract through the Wells Fargo Stable Return Fund in 2014 and 2013. The accounts are maintained in a general account. The account is credited with earnings on the underlying investments and charged for participant withdrawals and administrative expenses. The objective of the Fund is to protect principal while providing a higher rate of return than shorter maturity investments, such as money market funds or certificates of deposit. To achieve this, the Fund invests in instruments which are not expected to experience significant price fluctuations in most economic or interest rate environments. However, there is no assurance that this objective can be achieved.

Market value events may limit the ability of the Fund to transact at contract value with the issuer. Such events may include but are not limited to: Fund administration is amended or changed, merger or consolidation of investors, group terminations or layoffs, implementation of an early retirement program, termination or partial termination of the Fund, and failure to meet certain tax qualifications. The Plan does not believe that such events are likely to occur.

The fair value of the investment contract at December 31, 2014 and 2013 was $39,491,792 and $36,722,779, respectively. The average yield earned based on actual earnings was 1.3% and 1.6% for 2014 and 2013, respectively.

 

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Piedmont Natural Gas Company, Inc. 401(k) Plan

Notes to Financial Statements

 

 

 

Note 3.

Investments (Continued)

 

The Plan’s participants invest in various investment securities offered by the Plan. These investment securities are exposed to various risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur and that such changes could materially affect participants’ account balances and the amounts reported in the financial statements.

 

Note 4.

Federal Income Tax Status

The Internal Revenue Service has determined and informed the Company by a letter dated November 25, 2014, that the Plan was designed in accordance with the applicable regulations of the Internal Revenue Code (“IRC”). The Benefits Committee believes the Plan is currently designed and is being operated in compliance with the applicable requirements of the IRC and that the Plan and related trust continue to be tax exempt.

Accounting principles generally accepted in the United States of America require Plan management to evaluate tax positions taken by the Plan. Management evaluated the Plan’s tax positions and concluded that the Plan had maintained its tax exempt status and had taken no uncertain tax positions that require recognition or disclosure in the financial statements. With few exceptions, the Plan is no longer subject to income tax examinations by the U.S. federal, state, or local tax authorities for years before 2011.

 

Note 5.

Plan Termination

Although it has not expressed any intention to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA.

 

Note 6.

Exempt Party-in-Interest Transactions

Certain plan investments are units of participation in collective investment trust funds managed by Wells Fargo. Wells Fargo is the trustee as defined by the Plan, and therefore, these transactions qualify as exempt party-in-interest transactions. Fees paid by the Plan to Wells Fargo for investment management services amounted to $204,879 for the year ended December 31, 2014 and are included in the expenses line item in the Statement of Changes in Net Assets Available for Benefits. Additional expenses not paid to Wells Fargo include investment advisory fees and other various expenses.

At December 31, 2014 and 2013, the Plan held 400,969 and 375,795 units, respectively, of common stock of the Company, the sponsoring employer, with a cost basis of $7,486,323 and $6,665,073, respectively, and fair value of $10,288,742 and $8,195,304, respectively.

 

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Piedmont Natural Gas Company, Inc. 401(k) Plan

Notes to Financial Statements

 

 

 

Note 7.

Fair Value

The investments reported in the Statement of Net Assets Available for Benefits, are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Plan’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and their consideration within the fair value hierarchy levels. The following tables set forth, by level within the fair value hierarchy, the assets measured at fair value as of December 31, 2014 and 2013:

 

		December 31, 2014
		Quoted Prices in Active Markets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total
Mutual funds:
International		$	24,543,191			$	—			$	—			$	24,543,191
Small Cap			20,557,908				—				—				20,557,908
Mid Cap			21,789,996				—				—				21,789,996
Large Cap			45,640,709				—				—				45,640,709
Moderate Allocation			11,972,616				—				—				11,972,616
Bond funds - intermediate and inflation adjusted			28,033,415				—				—				28,033,415
Collective investment trust funds:
Enhanced stock			—				31,918,431				—				31,918,431
Stable Return			—				39,491,792				—				39,491,792
Common stock fund - energy			10,288,742				—				—				10,288,742
		$	162,826,577			$	71,410,223			$	—			$	234,236,800

 

		December 31, 2013
		Quoted Prices in Active Markets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total
Mutual funds:
International		$	21,606,906			$	—			$	—			$	21,606,906
Small Cap			21,182,972				—				—				21,182,972
Mid Cap			21,214,908				—				—				21,214,908
Large Cap			44,908,325				—				—				44,908,325
Moderate Allocation			10,372,614				—				—				10,372,614
Bond funds - intermediate and inflation adjusted			24,489,624				—				—				24,489,624
Collective investment trust funds:
Enhanced stock			—				22,970,495				—				22,970,495
Stable Return			—				36,722,779				—				36,722,779
Common stock fund - energy			8,195,304				—				—				8,195,304
		$	151,970,653			$	59,693,274			$	—			$	211,663,927

 

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Piedmont Natural Gas Company, Inc. 401(k) Plan

Notes to Financial Statements

 

 

 

Note 8.

Net Asset Value Per Share

The following table sets forth additional disclosures of the investments whose fair value is estimated using net asset value per share (or its equivalent) as of December 31, 2014 and 2013 for the Plan:

 

Fair Value Estimated Using Net Asset Value per Share December 31, 2014

Investment

Fair Value

Unfunded Commitment

Redemption Frequency

Other Redemption Restrictions

Redemption Notice Period

Collective investment trust fund-Stable (a)

$

39,491,792

$

—

Daily

Written notice

12 months

Collective investment trust fund-Enhanced Stock (b)

$

31,918,431

$

—

Daily

None

None

Fair Value Estimated Using Net Asset Value per Share December 31, 2013

Investment

Fair Value

Unfunded Commitment

Redemption Frequency

Other Redemption Restrictions

Redemption Notice Period

Collective investment trust fund-Stable (a)

$

36,722,779

$

—

Daily

Written notice

12 months

Collective investment trust fund-Enhanced Stock (b)

$

22,970,495

$

—

Daily

None

None

 

(a)

The objective of the Fund is to protect principal while providing a higher rate of return than shorter maturity investments, such as money market funds or certificates of deposit. To achieve this, the Fund invests in instruments which are not expected to experience significant price fluctuation in most economic or interest rate environments. However, there is no assurance that this objective can be achieved.

(b)	The objective of the Fund is to achieve long-term total return greater than the return on the S&P 500 Index while maintaining risk characteristics similar to the risk characteristics of the stocks in the S&P 500 Index.

 

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Piedmont Natural Gas Company, Inc. 401(k) Plan

Notes to Financial Statements

 

 

 

Note 9.

Reconciliation of Financial Statements to Form 5500

The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500:

 

		December 31
		2014				2013
Net assets available for benefits as presented in these financial statements		$	241,515,262			$	219,560,936
Adjustment from fair value to contract value for fully benefit-responsive investment contracts			548,585				291,451
Net assets available for benefits per the Form 5500		$	242,063,847				$219,852,387

The following is a reconciliation of the net increase in net assets available for benefits per the financial statements to the Form 5500:

 

		Year Ended
		December 31,
		2014
Total net increase per the financial statements		$	21,954,326
Change in adjustment from fair value to contract value for fully benefit-responsive investment contracts			257,134
Total net income per the Form 5500		$	22,211,460

 

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Piedmont Natural Gas Company, Inc. 401(k) Plan

Form 5500, Schedule H, Part IV, Line 4i - Schedule of Assets (Held at End of Year)

December 31, 2014

Plan #007

EIN: 56-0556998

 

				Description of investment
				including maturity date,
		Identity of issuer, borrower,		rate of interest, collateral,		Current
		lessor, or similar party		par or maturity value		value
*		Wells Fargo Enhanced Stock Market Fund (N)		Collective investment trust fund, 181,558 units		$	31,918,431
*,**		Wells Fargo Stable Return Fund (N)		Collective investment trust fund, 755,196 units			39,491,792
*		Piedmont Natural Gas Stock Fund		Common stock fund, 400,969 units			10,288,742
		American Funds Europacific Growth (A)		Mutual fund, 379,102 shares			17,851,925
		Dodge & Cox Stock Fund		Mutual fund, 126,996 shares			22,978,730
		Harbor Capital Appreciation Investment		Mutual fund, 387,252 shares			22,661,979
		JP Morgan Mid Cap Value Fund- SEL		Mutual fund, 192,049 shares			7,134,603
		Munder Mid Cap Core Growth Fund (A)		Mutual fund, 342,336 shares			14,655,393
		T. Rowe Price New Horizons Fund		Mutual fund, 268,431 shares			11,751,891
		Vanguard Total Intl Stock Index Admiral		Mutal fund, 257,356 shares			6,691,266
		Victory Small Co OPP F/C (A)		Mutual fund, 223,107 shares			8,806,017
		American Century Inflation Adjustment Bond (A)		Mutual fund, 322,465 shares			3,743,824
		Dodge & Cox Income Fund		Mutual fund, 1,762,670 shares			24,289,591
		American Balanced Fund (A)		Mutual fund, 483,547 shares			11,972,616
*		Participants		Loans to participants, at interest rates from 5.25% to 6.77% with maturities ranging from 2014 to 2029			7,826,822
						$	242,063,622

 

*	Represents a party-in-interest.

**	Represents fully benefit-responsive investment contracts at fair value.

All investments are participant-directed; therefore cost information has not been presented.

 

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SIGNATURE

The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

 

						Piedmont Natural Gas Company, Inc. 401(k) Plan
						(Name of Plan)
Date June 19, 2015						/s/ Renee H. Metzler
						Renee H. Metzler
						Managing Director – Total Rewards and Plan Administrator

 

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Exhibit Index

 

23.1		Consent of Independent Registered Public Accounting Firm-2014 – Piedmont Natural Gas Company, Inc. 401(k) Plan

 

15

EXHIBIT 23.1

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in Registration Statement Nos. 333-184895 and 333-196561 on Form S-3, and in Registration Statement Nos. 333-76140, 333-132738, 333-161888 and 333-166298 on Form S-8, and in Post-Effective Amendment No. 1 to Registration Statement No. 333-76140 on Form S-8 of our report dated June 19, 2015 relating to the Piedmont Natural Gas Company, Inc. 401(k) Plan appearing in this Annual Report on Form 11-K of Piedmont Natural Gas Company, Inc. for the year ended December 31, 2014.

/s/ CliftonLarsonAllen

Charlotte, North Carolina

June 19, 2015