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Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data (Unaudited)
QUARTERLY FINANCIAL DATA (UNAUDITED)
DUKE ENERGY
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(a)

 
Second
Quarter(a)

 
Third
Quarter(a)

 
Fourth
Quarter(a)

 
Total

2014
  
 
  
 
  
 
  
 
  
Operating revenues  
$
6,263

 
$
5,708

 
$
6,395

 
$
5,559

 
$
23,925

Operating income  
1,362

 
1,289

 
1,619

 
988

 
5,258

Income from continuing operations  
750

 
725

 
891

 
99

 
2,465

(Loss) income from discontinued operations, net of tax
(843
)
 
(112
)
 
378

 
1

 
(576
)
Net loss (income)
(93
)
 
613

 
1,269

 
100

 
1,889

Net loss (income) attributable to Duke Energy Corporation  
(97
)
 
609

 
1,274

 
97

 
1,883

Earnings per share:  
  
 
  
 
  
 
  
 
  
Income from continuing operations attributable to Duke Energy Corporation common shareholders  
  
 
  
 
  
 
  
 
  
Basic  
$
1.05

 
$
1.02

 
$
1.25

 
$
0.14

 
$
3.46

Diluted  
$
1.05

 
$
1.02

 
$
1.25

 
$
0.14

 
$
3.46

(Loss) income from discontinued operations attributable to Duke Energy Corporation common shareholders
 
 
 
 
 
 
 
 
 
Basic
$
(1.19
)
 
$
(0.16
)
 
$
0.55

 
$
—

 
$
(0.80
)
Diluted
$
(1.19
)
 
$
(0.16
)
 
$
0.55

 
$
—

 
$
(0.80
)
Net (loss) income attributable to Duke Energy Corporation common shareholders  
  
 
  
 
  
 
  
 
  
Basic  
$
(0.14
)
 
$
0.86

 
$
1.80

 
$
0.14

 
$
2.66

Diluted  
$
(0.14
)
 
$
0.86

 
$
1.80

 
$
0.14

 
$
2.66

2013
  
 
  
 
  
 
  
 
  
Operating revenues  
$
5,536

 
$
5,393

 
$
6,217

 
$
5,610

 
$
22,756

Operating income  
1,259

 
742

 
1,660

 
1,193

 
4,854

Income from continuing operations  
663

 
292

 
946

 
689

 
2,590

(Loss) income from discontinued operations, net of tax
(29
)
 
50

 
62

 
3

 
86

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  
$
0.93

 
$
0.40

 
$
1.33

 
$
0.96

 
$
3.64

Diluted  
$
0.93

 
$
0.40

 
$
1.33

 
$
0.96

 
$
3.63

(Loss) income from discontinued operations attributable to Duke Energy Corporation common shareholders
 
 
 
 
 
 
 
 
 
Basic
$
(0.04
)
 
$
0.08

 
$
0.09

 
$
0.01

 
$
0.13

Diluted
$
(0.04
)
 
$
0.08

 
$
0.09

 
$
0.01

 
$
0.13

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

(a)
Operating results reflect reclassifications due to the impact of discontinued operations (see Note 2 for further information).

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

2014 
  
 
  
 
  
 
  
 
  
Costs to achieve Progress Energy merger (see Note 2)  
$
(55
)
 
$
(61
)
 
$
(56
)
 
$
(33
)
 
$
(205
)
Midwest Generation Impairment (see Note 2)  
(1,287
)
 
—

 
477

 
(39
)
 
(849
)
Coal ash Plea Agreements Reserve (see Note 5)
—

 
—

 
—

 
(102
)
 
(102
)
International Tax Adjustment (see Note 22)
—

 
—

 
—

 
(373
)
 
(373
)
Asset Impairment (see Note 11)
(94
)
 
—

 
—

 
—

 
(94
)
Total  
$
(1,436
)
 
$
(61
)
 
$
421

 
$
(547
)
 
$
(1,623
)
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
)
(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

2014
  
 
  
 
  
 
  
 
  
Operating revenues
$
2,000

 
$
1,755

 
$
1,938

 
$
1,658

 
$
7,351

Operating income
509

 
438

 
630

 
318

 
1,895

Net income
286

 
270

 
377

 
139

 
1,072

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

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

2014
  
 
  
 
  
 
  
 
  
Costs to achieve Progress Energy merger (see Note 2)  
$
(29
)
 
$
(38
)
 
$
(25
)
 
$
(17
)
 
$
(109
)
Coal ash Plea Agreements Reserve (see Note 5)
—

 
—

 
—

 
(72
)
 
(72
)
Total
(29
)
 
(38
)
 
(25
)
 
(89
)
 
(181
)
2013(a)
  
 
  
 
  
 
  
 
  
Costs to achieve Progress Energy merger (see Note 2)  
$
(22
)
 
$
(35
)
 
$
(34
)
 
$
(29
)
 
$
(120
)
(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

2014
  
 
  
 
  
 
  
 
  
Operating revenues  
$
2,541

 
$
2,421

 
$
2,863

 
$
2,341

 
$
10,166

Operating income  
477

 
488

 
665

 
388

 
2,018

Income from continuing operations  
204

 
207

 
330

 
139

 
880

Net income
203

 
202

 
330

 
139

 
874

Net income attributable to Parent  
202

 
202

 
329

 
136

 
869

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

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

2014
  
 
  
 
  
 
  
 
  
Costs to achieve the merger with Duke Energy (see Note 2)  
$
(19
)
 
$
(12
)
 
$
(21
)
 
$
(13
)
 
$
(65
)
Coal ash Plea Agreements Reserve (see Note 5)
—

 
—

 
—

 
(30
)
 
(30
)
Total
(19
)
 
(12
)
 
(21
)
 
(43
)
 
(95
)
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
)
(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

2014
  
 
  
 
  
 
  
 
  
Operating revenues
$
1,422

 
$
1,191

 
$
1,367

 
$
1,196

 
$
5,176

Operating income
258

 
212

 
285

 
180

 
935

Net income
133

 
101

 
157

 
76

 
467

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

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

2014
  
 
  
 
  
 
  
 
  
Costs to achieve the merger with Duke Energy (see Note 2)  
$
(14
)
 
$
(3
)
 
$
(15
)
 
$
(10
)
 
$
(42
)
Coal ash Plea Agreements Reserve (see Note 5)
—

 
—

 
—

 
(30
)
 
(30
)
Total
(14
)

(3
)

(15
)

(40
)

(72
)
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
)
(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

2014
  
 
  
 
  
 
  
 
  
Operating revenues
$
1,116

 
$
1,225

 
$
1,491

 
$
1,143

 
$
4,975

Operating income
219

 
276

 
378

 
205

 
1,078

Net income
108

 
142

 
205

 
93

 
548

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


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

2014
  
 
  
 
  
 
  
 
  
Costs to achieve the merger with Duke Energy (see Note 2)  
$
(5
)
 
$
(9
)
 
$
(6
)
 
$
(3
)
 
$
(23
)
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
)
(a)
Revised retail rates became effective in January (see Note 4 for further information).
DUKE ENERGY OHIO
(in millions)
First
Quarter(a)

 
Second
Quarter(a)

 
Third
Quarter(a)

 
Fourth
Quarter(a)

 
Total

2014
  
 
  
 
  
 
  
 
  
Operating revenues
$
575

 
$
412

 
$
446

 
$
480

 
$
1,913

Operating (loss) income
(7
)
 
62

 
58

 
74

 
187

(Loss) income from discontinued operations, net of tax
(875
)
 
(135
)
 
413

 
34

 
(563
)
Net (loss) income
(890
)
 
(108
)
 
439

 
64

 
(495
)
2013
  
 
  
 
  
 
  
 
  
Operating revenues
$
503

 
$
408

 
$
438

 
$
456

 
$
1,805

Operating income
56

 
27

 
50

 
49

 
182

(Loss) income from discontinued operations, net of tax
(47
)
 
51

 
35

 
(4
)
 
35

Net (loss) income
(21
)
 
58

 
59

 
6

 
102

(a)
Operating results reflect reclassifications due to the impact of discontinued operations (see Note 2 for further information).

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

2014
  
 
  
 
  
 
  
 
  
Costs to achieve Progress Energy merger (see Note 2)  
$
(2
)
 
$
(4
)
 
$
(3
)
 
$
(2
)
 
$
(11
)
Midwest Generation Impairment (see Note 2)
(1,318
)
 
—

 
477

 
(39
)
 
(880
)
Asset Impairment (see Note 11)
(94
)
 
—

 
—

 
—

 
(94
)
Total
$
(1,414
)
 
$
(4
)
 
$
474

 
$
(41
)
 
$
(985
)
2013(a)
  
 
  
 
  
 
  
 
  
Costs to achieve Progress Energy merger (see Note 2)  
$
(4
)
 
$
(4
)
 
$
(4
)
 
$
(4
)
 
$
(16
)
(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

2014
  
 
  
 
  
 
  
 
  
Operating revenues
$
845

 
$
748

 
$
790

 
$
792

 
$
3,175

Operating income
215

 
178

 
182

 
130

 
705

Net income
113

 
87

 
101

 
58

 
359

2013
  
 
  
 
  
 
  
 
  
Operating revenues
$
724

 
$
700

 
$
755

 
$
747

 
$
2,926

Operating income
181

 
168

 
203

 
181

 
733

Net income
90

 
82

 
104

 
82

 
358


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

2014
  
 
  
 
  
 
  
 
  
Costs to achieve Progress Energy merger (see Note 2)  
$
(2
)
 
$
(5
)
 
$
(3
)
 
$
(2
)
 
$
(12
)
2013
  
 
  
 
  
 
  
 
  
Costs to achieve Progress Energy merger (see Note 2)  
$
(4
)
 
$
(5
)
 
$
(5
)
 
$
(5
)
 
$
(19
)