Quarterly Financial Data

12 Months Ended

Dec. 31, 2012

Quarterly Financial Information Disclosure [Abstract]

27. 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
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

2011
Operating revenues			$	3,663	$	3,534	$	3,964	$	3,368	$	14,529
Operating income				814		679		767		517		2,777
Income from continuing operations				513		441		469		290		1,713
Net income				513		441		470		290		1,714
Net income attributable to Duke Energy Corporation				511		435		472		288		1,706
Earnings per share:
	Income from continuing operations attributable to Duke Energy Corporation common shareholders
		Basic	$	1.15	$	0.98	$	1.06	$	0.65	$	3.83
		Diluted	$	1.15	$	0.98	$	1.06	$	0.65	$	3.83
	Net income attributable to Duke Energy Corporation common shareholders
		Basic	$	1.15	$	0.98	$	1.06	$	0.65	$	3.83
		Diluted	$	1.15	$	0.98	$	1.06	$	0.65	$	3.83

The following table includes unusual or infrequently occurring items recorded by Duke Energy in each quarter during the two most recently completed fiscal years. All amounts discussed below are pre-tax unless otherwise noted.

(in millions)		First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2012
Costs to achieve the merger (see Note 2)		$	(8)	$	(7)	$	(457)	$	(164)
Edwardsport IGCC charges (see Note 4)			(420)		—		(180)		(28)
Voluntary Opportunity Plan deferral (see Note 21)			101		—		—		—
	Total	$	(327)	$	(7)	$	(637)	$	(192)
2011
Edwardsport IGCC impairment (see Note 4)		$	—	$	—	$	(222)	$	—
Emission allowance charges (see Note 12)			—		—		(79)		—
Energy efficiency revenue adjustment^(a)			—		—		—		59
	Total	$	—	$	—	$	(301)	$	59

(a)	In the fourth quarter of 2011, Duke Energy recorded $59 million of previously deferred revenue resulting from the receipt of an order from the NCUC which allowed the recognition of revenue in excess of amounts billed to customers.

Duke Energy Carolinas
(in millions)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total
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
2011
Operating revenues	$	1,552	$	1,607	$	1,868	$	1,466	$	6,493
Operating income		363		331		541		245		1,480
Net income		205		193		311		125		834

The following table includes unusual or infrequently occurring items recorded by Duke Energy Carolinas in each quarter during the two most recently completed fiscal years. All amounts discussed below are pre-tax unless otherwise noted.

(in millions)		First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2012
Costs to achieve the merger (see Note 2)		$	(4)	$	(5)	$	(184)	$	(46)
Voluntary Opportunity Plan deferral (see Note 21)			101		—		—		—
	Total	$	97	$	(5)	$	(184)	$	(46)
2011
Energy efficiency revenue adjustment^(a)		$	—	$	—	$	—	$	59

(a)	In the fourth quarter of 2011, Duke Energy Carolinas recorded $59 million of previously deferred revenue resulting from the receipt of an order from the NCUC which allowed the recognition of revenue in excess of amounts billed to customers.

Progress Energy

	Amounts shown as N/A in the following table are due to the July 2, 2012 merger between Progress Energy and Duke Energy. Under
the terms of the merger agreement, each share of Progress Energy common stock was converted into 0.87083 shares of Duke Energy
common stock as adjusted for the one-for-three reverse stock split of Duke Energy stock, effected in conjunction with, and immediately prior
to, the merger. Quarterly EPS amounts are meant to be stand-alone calculations and are not always additive to full-year amount due to
rounding.

(in millions)			First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total
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
Earnings per share:
	Income from continuing operations attributable to Progress Energy common shareholders
		Basic	$	0.47	$	0.23	$	N/A	$	N/A	$	N/A
		Diluted	$	0.47	$	0.23	$	N/A	$	N/A	$	N/A
	Net income attributable to Progress Energy common shareholders
		Basic	$	0.51	$	0.21	$	N/A	$	N/A	$	N/A
		Diluted	$	0.51	$	0.21	$	N/A	$	N/A	$	N/A

2011
Operating revenues			$	2,174	$	2,269	$	2,753	$	1,752	$	8,948
Operating income				447		433		687		16		1,583
Income (loss) from continuing operations				187		180		293		(73)		587
Net income (loss)				185		178		293		(74)		582
Net income (loss) attributable to controlling interests				184		176		291		(76)		575
Earnings per share:
	Income (loss) from continuing operations attributable to controlling interests
		Basic	$	0.63	$	0.60	$	0.98	$	(0.25)	$	1.96
		Diluted	$	0.63	$	0.60	$	0.98	$	(0.25)	$	1.96
	Net income (loss) attributable to controlling interests
		Basic	$	0.62	$	0.60	$	0.98	$	(0.25)	$	1.94
		Diluted	$	0.62	$	0.60	$	0.98	$	(0.25)	$	1.94

The following table includes unusual or infrequently occurring items recorded by Progress Energy in each quarter during the two most recently completed fiscal years. All amounts discussed below are pre-tax unless otherwise noted.

(in millions)		First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2012
Costs to achieve the merger (see Note 2)		$	(7)	$	(20)	$	(217)	$	(82)
Florida replacement power refund (see Note 4)			―		―		(100)		―
Charges related to decision to retire Crystal River Unit 3 (see Note 4)			―		―		―		(192)
	Total	$	(7)	$	(20)	$	(317)	$	(274)
2011
Florida customer refund (see Note 4)		$	―	$	―	$	―	$	(288)
CVO tender offer (see Note 15)			―		―		(59)		―
	Total	$	―	$	―	$	(59)	$	(288)

Progress Energy Carolinas
(in millions)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total
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
2011
Operating revenues	$	1,134	$	1,069	$	1,331	$	1,013	$	4,547
Operating income		223		196		324		133		876
Net income		131		107		199		79		516

The following table includes unusual or infrequently occurring items recorded by Progress Energy Carolinas in each quarter during the two most recently completed fiscal years. There are no unusual or infrequent items to report for 2011. All amounts discussed below are pre-tax unless otherwise noted.

(in millions)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2012
Costs to achieve the merger (see Note 2)	$	(4)	$	(12)	$	(180)	$	(36)

Progress Energy Florida
(in millions)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total
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
2011
Operating revenues	$	1,037	$	1,199	$	1,419	$	737	$	4,392
Operating income (loss)		216		236		363		(112)		703
Net income (loss)		102		113		203		(104)		314

The following table includes unusual or infrequently occurring items recorded by Progress Energy Florida in each quarter during the two most recently completed fiscal years. All amounts discussed below are pre-tax unless otherwise noted.

(in millions)		First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2012
Costs to achieve the merger (see Note 2)		$	(3)	$	(8)	$	(37)	$	(46)
Florida replacement power refund (see Note 4)			―		―		(100)		―
Charges related to decision to retire Crystal River Unit 3 (see Note 4)			―		―		―		(192)
	Total	$	(3)	$	(8)	$	(137)	$	(238)
2011
Florida customer refund (see Note 4)			―		―		―		(288)

Duke Energy Ohio
(in millions)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total
2012
Operating revenues	$	912	$	717	$	757	$	766	$	3,152
Operating income		138		95		42		74		349
Net income		74		45		14		42		175
2011
Operating revenues	$	879	$	694	$	838	$	770	$	3,181
Operating income		135		59		116		65		375
Net income		73		33		51		37		194

The following table includes unusual or infrequently occurring items recorded by Duke Energy Ohio in each quarter during the two most recently completed fiscal years. All amounts discussed below are pre-tax unless otherwise noted.

(in millions)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2012
Costs to achieve the merger (see Note 2)	$	(1)	$	(1)	$	(22)	$	(12)
2011
Emission allowance charges (see Note 12)	$	—	$	—	$	(79)	$	—

Duke Energy Indiana
(in millions)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total
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)
2011
Operating revenues	$	659	$	620	$	718	$	625	$	2,622
Operating income (loss)		130		109		(42)		85		282
Net income (loss)		76		68		(31)		55		168

The following table includes unusual or infrequently occurring items recorded by Duke Energy Indiana in each quarter during the two most recently completed fiscal years. All amounts discussed below are pre-tax unless otherwise noted.

(in millions)		First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2012
Costs to achieve the merger (see Note 2)		$	(1)	$	(1)	$	(21)	$	(11)
Edwardsport IGCC charges (see Note 4)			(420)		—		(180)		(28)
	Total	$	(421)	$	(1)	$	(201)	$	(39)
2011
Edwardsport IGCC impairment (see Note 4)		$	—	$	—	$	(222)	$	—

- 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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