Quarterly Financial Data

12 Months Ended

Dec. 31, 2013

Quarterly Financial Information Disclosure [Abstract]

25. QUARTERLY FINANCIAL DATA (UNAUDITED)

DUKE ENERGY

The following table includes the results of Progress Energy beginning July 2, 2012. Quarterly EPS amounts are meant to be stand-alone calculations and are not always additive to the full-year amount due to rounding and the weighting of share issuances.

(in millions, except per share data)		First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total
2013
Operating revenues		$	5,898	$	5,879	$	6,709	$	6,112	$	24,598
Operating income			1,215		821		1,743		1,203		4,982
Income from continuing operations			634		345		994		686		2,659
Net income			634		342		1,008		692		2,676
Net income attributable to Duke Energy Corporation			634		339		1,004		688		2,665
Earnings per share:
Income from continuing operations attributable to Duke Energy Corporation common shareholders
	Basic	$	0.89	$	0.48	$	1.40	$	0.96	$	3.74
	Diluted	$	0.89	$	0.48	$	1.40	$	0.96	$	3.74
Net income attributable to Duke Energy Corporation common shareholders
	Basic	$	0.89	$	0.48	$	1.42	$	0.97	$	3.77
	Diluted	$	0.89	$	0.48	$	1.42	$	0.97	$	3.76

2012
Operating revenues		$	3,630	$	3,577	$	6,722	$	5,695	$	19,624
Operating income			495		786		1,078		767		3,126
Income from continuing operations			297		449		594		406		1,746
Net income			299		448		598		437		1,782
Net income attributable to Duke Energy Corporation			295		444		594		435		1,768
Earnings per share:
Income from continuing operations attributable to Duke Energy Corporation common shareholders
	Basic	$	0.66	$	0.99	$	0.84	$	0.57	$	3.01
	Diluted	$	0.66	$	0.99	$	0.84	$	0.57	$	3.01
Net income attributable to Duke Energy Corporation common shareholders
	Basic	$	0.66	$	0.99	$	0.85	$	0.62	$	3.07
	Diluted	$	0.66	$	0.99	$	0.85	$	0.62	$	3.07

The following table includes unusual or infrequently occurring items in each quarter during the two most recently completed fiscal years. All amounts discussed below are pretax unless otherwise noted.

(in millions)		First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total
2013^(a)
Costs to achieve Progress Energy merger (see Note 2)		$	(55)	$	(82)	$	(88)	$	(72)	$	(297)
Crystal River Unit 3 charges (see Note 4)			—		(295)		—		(57)		(352)
Harris and Levy nuclear development charges (see Note 4)			—		(87)		—		—		(87)
Gain on sale of DukeNet (see Note 12)			—		—		—		105		105
Total		$	(55)	$	(464)	$	(88)	$	(24)	$	(631)

2012
Costs to achieve Progress Energy merger (see Note 2)		$	(8)	$	(7)	$	(457)	$	(164)	$	(636)
Edwardsport IGCC charges (see Note 4)			(420)		—		(180)		(28)		(628)
Voluntary Opportunity Plan deferral (see Note 19)			101		—		—		—		101
Total		$	(327)	$	(7)	$	(637)	$	(192)	$	(1,163)

(a)	Revised retail rates became effective in January for Duke Energy Florida, May for Duke Energy Ohio, June for Duke Energy Progress and September for Duke Energy Carolinas (see Note 4 for further information).

DUKE ENERGY CAROLINAS

(in millions)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total
2013
Operating revenues	$	1,729	$	1,591	$	1,919	$	1,715	$	6,954
Operating income		434		351		604		420		1,809
Net income		244		181		342		209		976

2012
Operating revenues	$	1,501	$	1,616	$	1,939	$	1,609	$	6,665
Operating income		475		386		440		216		1,517
Net income		266		211		258		130		865

The following table includes unusual or infrequently occurring items in each quarter during the two most recently completed fiscal years. All amounts discussed below are pretax unless otherwise noted.

(in millions)		First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total
2013^(a)
Costs to achieve Progress Energy merger (see Note 2)		$	(22)	$	(35)	$	(34)	$	(29)	$	(120)

2012
Costs to achieve Progress Energy merger (see Note 2)		$	(4)	$	(5)	$	(184)	$	(46)	$	(239)
Voluntary Opportunity Plan deferral (see Note 19)			101		—		—		—		101
Total		$	97	$	(5)	$	(184)	$	(46)	$	(138)

(a)	Revised retail rates became effective in September in both North Carolina and South Carolina (see Note 4 for further information).

PROGRESS ENERGY

(in millions)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total
2013
Operating revenues	$	2,186	$	2,281	$	2,766	$	2,300	$	9,533
Operating income		430		114		671		403		1,618
Income (loss) from continuing operations		154		(13)		328		190		659
Net income (loss)		154		(17)		342		196		675
Net income (loss) attributable to Parent		153		(17)		341		195		672

2012
Operating revenues	$	2,102	$	2,288	$	2,788	$	2,227	$	9,405
Operating income		363		277		379		118		1,137
Income (loss) from continuing operations		141		68		154		(8)		355
Net income		152		64		157		34		407
Net income attributable to Parent		150		63		155		32		400

The following table includes unusual or infrequently occurring items in each quarter during the two most recently completed fiscal years. All amounts discussed below are pretax unless otherwise noted.

(in millions)		First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total
2013^(a)
Costs to achieve the merger with Duke Energy (see Note 2)		$	(19)	$	(33)	$	(42)	$	(28)	$	(122)
Crystal River Unit 3 charges (see Note 4)			―		(295)		―		(57)		(352)
Harris and Levy nuclear development charges (see Note 4)			―		(87)		―		―		(87)
Total		$	(19)	$	(415)	$	(42)	$	(85)	$	(561)

2012
Costs to achieve the merger with Duke Energy (see Note 2)		$	(7)	$	(20)	$	(217)	$	(82)	$	(326)
Florida replacement power refund (see Note 4)			―		―		(100)		―		(100)
Crystal River Unit 3 charges (see Note 4)			―		―		―		(192)		(192)
Total		$	(7)	$	(20)	$	(317)	$	(274)	$	(618)

(a)	Revised retail rates became effective in January in Florida and June in North Carolina (see Note 4 for further information).

DUKE ENERGY PROGRESS

(in millions)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total
2013
Operating revenues	$	1,216	$	1,135	$	1,430	$	1,211	$	4,992
Operating income		212		166		303		251		932
Net income		110		77		175		138		500

2012
Operating revenues	$	1,090	$	1,090	$	1,398	$	1,128	$	4,706
Operating income		107		83		172		148		510
Net income		52		31		96		93		272

The following table includes unusual or infrequently occurring items in each quarter during the two most recently completed fiscal years. All amounts discussed below are pretax unless otherwise noted.

(in millions)		First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total
2013^(a)
Costs to achieve the merger with Duke Energy (see Note 2)		$	(11)	$	(22)	$	(32)	$	(19)	$	(84)
Harris nuclear development charges (see Note 4)			―		(22)		―		―		(22)
Total		$	(11)	$	(44)	$	(32)	$	(19)	$	(106)

2012
Costs to achieve the merger with Duke Energy (see Note 2)		$	(4)	$	(12)	$	(180)	$	(36)	$	(232)

(a)	Revised retail rates became effective in June in North Carolina (see Note 4 for further information).

DUKE ENERGY FLORIDA

(in millions)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total
2013
Operating revenues	$	968	$	1,142	$	1,332	$	1,085	$	4,527
Operating income (loss)		221		(53)		369		151		688
Net income (loss)		110		(57)		197		75		325

2012
Operating revenues	$	1,010	$	1,196	$	1,388	$	1,095	$	4,689
Operating income (loss)		255		196		207		(29)		629
Net income (loss)		128		83		100		(45)		266

The following table includes unusual or infrequently occurring items in each quarter during the two most recently completed fiscal years. All amounts discussed below are pretax unless otherwise noted.

(in millions)		First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total
2013^(a)
Costs to achieve the merger with Duke Energy (see Note 2)		$	(8)	$	(11)	$	(10)	$	(9)	$	(38)
Crystal River Unit 3 charges (see Note 4)			―		(295)		―		(57)		(352)
Levy nuclear development charges (see Note 4)			―		(65)		―		―		(65)
Total		$	(8)	$	(371)	$	(10)	$	(66)	$	(455)

2012
Costs to achieve the merger with Duke Energy (see Note 2)		$	(3)	$	(8)	$	(37)	$	(46)	$	(94)
Replacement power refund (see Note 4)			―		―		(100)		―		(100)
Crystal River Unit 3 charges (see Note 4)			―		―		―		(192)		(192)
Total		$	(3)	$	(8)	$	(137)	$	(238)	$	(386)

(a)	Revised retail rates became effective in January (see Note 4 for further information).

DUKE ENERGY OHIO

(in millions)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total
2013
Operating revenues	$	747	$	811	$	819	$	868	$	3,245
Operating (loss) income		(17)		108		116		44		251
Net (loss) income		(21)		58		59		6		102

2012
Operating revenues	$	912	$	717	$	757	$	766	$	3,152
Operating income		138		95		42		74		349
Net income		74		45		14		42		175

The following table includes unusual or infrequently occurring items in each quarter during the two most recently completed fiscal years. All amounts discussed below are pretax unless otherwise noted.

(in millions)		First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total
2013^(a)
Costs to achieve Progress Energy merger (see Note 2)		$	(4)	$	(4)	$	(4)	$	(4)	$	(16)

2012
Costs to achieve Progress Energy merger (see Note 2)		$	(1)	$	(1)	$	(22)	$	(12)	$	(36)

(a)	Revised retail rates became effective in May (see Note 4 for further information).

DUKE ENERGY INDIANA

(in millions)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total
2013
Operating revenues	$	724	$	700	$	755	$	747	$	2,926
Operating income		181		168		203		181		733
Net income		90		82		104		82		358

2012
Operating revenues	$	688	$	685	$	718	$	626	$	2,717
Operating (loss) income		(272)		134		(30)		93		(75)
Net (loss) income		(167)		77		(19)		59		(50)

The following table includes unusual or infrequently occurring items in each quarter during the two most recently completed fiscal years. All amounts discussed below are pretax unless otherwise noted.

(in millions)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total
2013
Costs to achieve Progress Energy merger (see Note 2)	$	(4)	$	(5)	$	(5)	$	(5)	$	(19)

2012
Costs to achieve Progress Energy merger (see Note 2)	$	(1)	$	(1)	$	(21)	$	(11)	$	(34)
Edwardsport IGCC charges (see Note 4)		(420)		—		(180)		(28)		(628)
Total	$	(421)	$	(1)	$	(201)	$	(39)	$	(662)

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

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