Commission file number | Registrant, State of Incorporation or Organization, Address of Principal Executive Offices, and Telephone Number | IRS Employer Identification No. | ||
1-32853 | DUKE ENERGY CORPORATION (a Delaware corporation) 550 South Tryon Street Charlotte, North Carolina 28202-1803 704-382-3853 | 20-2777218 |
Commission file number | Registrant, State of Incorporation or Organization, Address of Principal Executive Offices, Telephone Number and IRS Employer Identification Number | Commission file number | Registrant, State of Incorporation or Organization, Address of Principal Executive Offices, Telephone Number and IRS Employer Identification Number | |
1-4928 | DUKE ENERGY CAROLINAS, LLC (a North Carolina limited liability company) 526 South Church Street Charlotte, North Carolina 28202-1803 704-382-3853 56-0205520 | 1-1232 | DUKE ENERGY OHIO, INC. (an Ohio corporation) 139 East Fourth Street Cincinnati, Ohio 45202 704-382-3853 31-0240030 | |
1-3382 | DUKE ENERGY PROGRESS, LLC (a North Carolina limited liability company) 410 South Wilmington Street Raleigh, North Carolina 27601-1748 704-382-3853 56-0165465 | 1-3543 | DUKE ENERGY INDIANA, LLC. (an Indiana limited liability company) 1000 East Main Street Plainfield, Indiana 46168 704-382-3853 35-0594457 | |
1-3274 | DUKE ENERGY FLORIDA, LLC (a Florida limited liability company) 299 First Avenue North St. Petersburg, Florida 33701 704-382-3853 59-0247770 | 1-6196 | PIEDMONT NATURAL GAS COMPANY, INC. (a North Carolina corporation) 4720 Piedmont Row Drive Charlotte, North Carolina 28210 704-364-3120 56-556998 |
DUKE ENERGY CORPORATION | |||
DUKE ENERGY CAROLINAS, LLC | |||
DUKE ENERGY PROGRESS, LLC | |||
DUKE ENERGY FLORIDA, LLC | |||
DUKE ENERGY OHIO, INC. | |||
DUKE ENERGY INDIANA, LLC | |||
PIEDMONT NATURAL GAS COMPANY, INC. | |||
Date: | August 18, 2017 | By: | /s/ William E. Currens Jr. |
Name: | William E. Currens Jr. | ||
Title: | Senior Vice President, Chief Accounting Officer and Controller |
Exhibit | Description | ||
99.1 | Second Quarter 2017 Statistical Supplement |
Table of Contents | ||||
Duke Energy Corporation (Unaudited) | Electric and Natural Gas Revenues by Customer Class | |||
Consolidating Statements of Operations | Revenues by Customer Class (Unaudited) | |||
Consolidating Balance Sheets | ||||
Non-GAAP Disclosures (Unaudited) | ||||
Electric Utilities and Infrastructure (Unaudited) | Reported to Adjusted Earnings Reconciliations | |||
Consolidating Segment Income | Non-GAAP Financial Measures | |||
Consolidating Balance Sheets | ||||
Gas Utilities and Infrastructure (Unaudited) | ||||
Consolidating Segment Income | ||||
Consolidating Balance Sheets | ||||
Six Months Ended June 30, 2017 | ||||||||||||||||||
(in millions) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial Renewables | Other | Eliminations / Adjustments | Duke Energy | ||||||||||||
Operating Revenues | ||||||||||||||||||
Regulated electric | $ | 10,105 | $ | — | $ | — | $ | — | $ | (74 | ) | $ | 10,031 | |||||
Regulated natural gas | — | 966 | — | — | (45 | ) | 921 | |||||||||||
Nonregulated electric and other | — | 5 | 238 | 68 | 21 | 332 | ||||||||||||
Total operating revenues | 10,105 | 971 | 238 | 68 | (98 | ) | 11,284 | |||||||||||
Operating Expenses | ||||||||||||||||||
Fuel used in electric generation and purchased power | 3,003 | — | — | 29 | (42 | ) | 2,990 | |||||||||||
Cost of natural gas | — | 334 | — | — | — | 334 | ||||||||||||
Operation, maintenance and other | 2,536 | 198 | 135 | 26 | (55 | ) | 2,840 | |||||||||||
Depreciation and amortization | 1,451 | 114 | 77 | 52 | — | 1,694 | ||||||||||||
Property and other taxes | 531 | 56 | 17 | 7 | — | 611 | ||||||||||||
Impairment charges | 2 | — | — | 7 | — | 9 | ||||||||||||
Total operating expenses | 7,523 | 702 | 229 | 121 | (97 | ) | 8,478 | |||||||||||
Gains on Sales of Other Assets and Other, net | 4 | — | 4 | 11 | (1 | ) | 18 | |||||||||||
Operating Income (Loss) | 2,586 | 269 | 13 | (42 | ) | (2 | ) | 2,824 | ||||||||||
Other Income and Expenses | ||||||||||||||||||
Equity in earnings (losses) of unconsolidated affiliates | 1 | 36 | (2 | ) | 30 | — | 65 | |||||||||||
Other income and expenses, net | 154 | 2 | — | 19 | (8 | ) | 167 | |||||||||||
Total Other Income and Expenses | 155 | 38 | (2 | ) | 49 | (8 | ) | 232 | ||||||||||
Interest Expense | 620 | 52 | 42 | 273 | (10 | ) | 977 | |||||||||||
Income (Loss) from Continuing Operations Before Income Taxes | 2,121 | 255 | (31 | ) | (266 | ) | — | 2,079 | ||||||||||
Income Tax Expense (Benefit) from Continuing Operations | 757 | 95 | (81 | ) | (100 | ) | — | 671 | ||||||||||
Income (Loss) from Continuing Operations | 1,364 | 160 | 50 | (166 | ) | — | 1,408 | |||||||||||
Less: Net (Loss) Income Attributable to Noncontrolling Interest | — | — | (1 | ) | 5 | — | 4 | |||||||||||
Segment Income / Other Net Expense | $ | 1,364 | $ | 160 | $ | 51 | $ | (171 | ) | $ | — | $ | 1,404 | |||||
Loss from Discontinued Operations, net of tax | (2 | ) | ||||||||||||||||
Net Income Attributable to Duke Energy Corporation | $ | 1,402 | ||||||||||||||||
Segment Income / Other Net Expense | $ | 1,364 | $ | 160 | $ | 51 | $ | (171 | ) | $ | — | $ | 1,404 | |||||
Special Items | — | — | — | 29 | — | 29 | ||||||||||||
Adjusted Earnings(a) | $ | 1,364 | $ | 160 | $ | 51 | $ | (142 | ) | $ | — | $ | 1,433 |
(a) | See page 16 for a detailed reconciliation of Segment Income / Other Net Expense to Adjusted Earnings. |
Six Months Ended June 30, 2016(a) | |||||||||||||||||||||
(in millions) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial Renewables | Other | International Energy | Eliminations / Adjustments | Duke Energy | ||||||||||||||
Operating Revenues | |||||||||||||||||||||
Regulated electric | $ | 10,090 | $ | — | $ | — | $ | — | $ | — | $ | (72 | ) | $ | 10,018 | ||||||
Regulated natural gas | — | 269 | — | — | — | (3 | ) | 266 | |||||||||||||
Nonregulated electric and other | — | — | 226 | 59 | — | 21 | 306 | ||||||||||||||
Total operating revenues | 10,090 | 269 | 226 | 59 | — | (54 | ) | 10,590 | |||||||||||||
Operating Expenses | |||||||||||||||||||||
Fuel used in electric generation and purchased power | 3,086 | — | — | 23 | — | — | 3,109 | ||||||||||||||
Cost of natural gas | — | 58 | — | — | — | — | 58 | ||||||||||||||
Operation, maintenance and other | 2,528 | 60 | 155 | 75 | — | (51 | ) | 2,767 | |||||||||||||
Depreciation and amortization | 1,410 | 40 | 62 | 71 | — | — | 1,583 | ||||||||||||||
Property and other taxes | 525 | 32 | 12 | 17 | — | (1 | ) | 585 | |||||||||||||
Impairment charges | 3 | — | — | 2 | — | (1 | ) | 4 | |||||||||||||
Total operating expenses | 7,552 | 190 | 229 | 188 | — | (53 | ) | 8,106 | |||||||||||||
Gains on Sales of Other Assets and Other, net | 2 | — | 2 | 11 | — | — | 15 | ||||||||||||||
Operating Income (Loss) | 2,540 | 79 | (1 | ) | (118 | ) | — | (1 | ) | 2,499 | |||||||||||
Other Income and Expenses | |||||||||||||||||||||
Equity in earnings (losses) of unconsolidated affiliates | 1 | 6 | (2 | ) | 19 | — | (1 | ) | 23 | ||||||||||||
Other income and expenses, net | 139 | — | — | 17 | — | (5 | ) | 151 | |||||||||||||
Total other income and expenses | 140 | 6 | (2 | ) | 36 | — | (6 | ) | 174 | ||||||||||||
Interest Expense(b) | 542 | 13 | 23 | 396 | — | (7 | ) | 967 | |||||||||||||
Income (Loss) from Continuing Operations Before Income Taxes | 2,138 | 72 | (26 | ) | (478 | ) | — | — | 1,706 | ||||||||||||
Income Tax Expense (Benefit) from Continuing Operations | 770 | 24 | (62 | ) | (227 | ) | — | — | 505 | ||||||||||||
Income (Loss) from Continuing Operations | 1,368 | 48 | 36 | (251 | ) | — | — | 1,201 | |||||||||||||
Less: Net (Loss) Income Attributable to Noncontrolling Interest | — | — | (1 | ) | 4 | — | — | 3 | |||||||||||||
Segment Income / Other Net Expense | $ | 1,368 | $ | 48 | $ | 37 | $ | (255 | ) | $ | — | $ | — | $ | 1,198 | ||||||
Income from Discontinued Operations, net of tax | 5 | ||||||||||||||||||||
Net Income Attributable to Duke Energy Corporation | $ | 1,203 | |||||||||||||||||||
Segment Income / Other Net Expense | $ | 1,368 | $ | 48 | $ | 37 | $ | (255 | ) | $ | — | $ | — | $ | 1,198 | ||||||
Special Items(c) | — | — | — | 170 | 148 | — | 318 | ||||||||||||||
Adjusted Earnings(d) | $ | 1,368 | $ | 48 | $ | 37 | $ | (85 | ) | $ | 148 | $ | — | $ | 1,516 |
(a) | Amounts have been recast to conform to the current segment structure. |
(b) | Other includes $183 million related to Piedmont acquisition financing, primarily due to losses on forward-starting interest rate swaps. |
(c) | International Energy amount represents the operating results of the International Disposal Group classified as discontinued operations. |
(d) | See page 17 for a detailed reconciliation of Segment Income / Other Net Expense to Adjusted Earnings. |
June 30, 2017 | ||||||||||||||||||
(in millions) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial Renewables | Other | Eliminations / Adjustments | Duke Energy | ||||||||||||
Current Assets | ||||||||||||||||||
Cash and cash equivalents | $ | 60 | $ | 15 | $ | 8 | $ | 215 | $ | — | $ | 298 | ||||||
Receivables, net | 380 | 65 | 10 | 43 | — | 498 | ||||||||||||
Receivables of variable interest entities, net | 1,854 | — | 26 | — | — | 1,880 | ||||||||||||
Receivables from affiliated companies | 36 | 16 | 1,148 | 350 | (1,550 | ) | — | |||||||||||
Notes receivable from affiliated companies | 84 | 22 | — | 1,098 | (1,204 | ) | — | |||||||||||
Inventory | 3,253 | 77 | 13 | 26 | — | 3,369 | ||||||||||||
Regulatory assets | 966 | 123 | — | 103 | — | 1,192 | ||||||||||||
Other | 263 | 89 | 102 | 20 | (38 | ) | 436 | |||||||||||
Total current assets | 6,896 | 407 | 1,307 | 1,855 | (2,792 | ) | 7,673 | |||||||||||
Property, Plant and Equipment | ||||||||||||||||||
Cost | 108,912 | 9,227 | 4,376 | 1,924 | — | 124,439 | ||||||||||||
Accumulated depreciation and amortization | (36,688 | ) | (2,133 | ) | (648 | ) | (1,054 | ) | 1 | (40,522 | ) | |||||||
Generation facilities to be retired, net | 487 | — | — | — | — | 487 | ||||||||||||
Net property, plant and equipment | 72,711 | 7,094 | 3,728 | 870 | 1 | 84,404 | ||||||||||||
Other Noncurrent Assets | ||||||||||||||||||
Goodwill | 17,379 | 1,924 | 122 | — | — | 19,425 | ||||||||||||
Regulatory assets | 11,586 | 742 | — | 480 | — | 12,808 | ||||||||||||
Nuclear decommissioning trust funds | 6,601 | — | — | — | — | 6,601 | ||||||||||||
Investments in equity method unconsolidated affiliates | 95 | 879 | 185 | 107 | 1 | 1,267 | ||||||||||||
Investments and advances to (from) subsidiaries | 237 | 6 | 8 | 55,009 | (55,260 | ) | — | |||||||||||
Other | 1,930 | 28 | 112 | 1,393 | (637 | ) | 2,826 | |||||||||||
Total other noncurrent assets | 37,828 | 3,579 | 427 | 56,989 | (55,896 | ) | 42,927 | |||||||||||
Total Assets | 117,435 | 11,080 | 5,462 | 59,714 | (58,687 | ) | 135,004 | |||||||||||
Segment reclassifications, intercompany balances and other | (426 | ) | (7 | ) | (1,156 | ) | (57,279 | ) | 58,868 | — | ||||||||
Segment Assets | $ | 117,009 | $ | 11,073 | $ | 4,306 | $ | 2,435 | $ | 181 | $ | 135,004 |
June 30, 2017 | ||||||||||||||||||
(in millions) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial Renewables | Other | Eliminations / Adjustments | Duke Energy | ||||||||||||
Current Liabilities | ||||||||||||||||||
Accounts payable | $ | 1,644 | $ | 185 | $ | 20 | $ | 328 | $ | — | $ | 2,177 | ||||||
Accounts payable to affiliated companies | 365 | 68 | 8 | 1,085 | (1,526 | ) | — | |||||||||||
Notes payable to affiliated companies | 996 | 167 | — | 51 | (1,214 | ) | — | |||||||||||
Notes payable and commercial paper | — | — | — | 3,487 | 1 | 3,488 | ||||||||||||
Taxes accrued | 460 | 31 | (309 | ) | 250 | — | 432 | |||||||||||
Interest accrued | 336 | 35 | — | 135 | — | 506 | ||||||||||||
Current maturities of long-term debt | 1,831 | 35 | 157 | 1,449 | — | 3,472 | ||||||||||||
Asset retirement obligations | 397 | — | — | — | — | 397 | ||||||||||||
Regulatory liabilities | 281 | — | — | 5 | — | 286 | ||||||||||||
Other | 1,234 | 72 | 48 | 407 | (53 | ) | 1,708 | |||||||||||
Total current liabilities | 7,544 | 593 | (76 | ) | 7,197 | (2,792 | ) | 12,466 | ||||||||||
Long-Term Debt | 28,046 | 2,559 | 1,557 | 13,881 | — | 46,043 | ||||||||||||
Long-Term Debt Payable to Affiliated Companies | 618 | 7 | 9 | — | (634 | ) | — | |||||||||||
Other Noncurrent Liabilities | ||||||||||||||||||
Deferred income taxes | 16,259 | 1,526 | 342 | (3,432 | ) | — | 14,695 | |||||||||||
Asset retirement obligations | 10,033 | 43 | 88 | 1 | — | 10,165 | ||||||||||||
Regulatory liabilities | 6,271 | 750 | — | 28 | (1 | ) | 7,048 | |||||||||||
Accrued pension and other post-retirement benefit costs | 720 | 31 | — | 357 | — | 1,108 | ||||||||||||
Investment tax credits | 531 | 3 | — | — | — | 534 | ||||||||||||
Other | 831 | 223 | 269 | 328 | — | 1,651 | ||||||||||||
Total other noncurrent liabilities | 34,645 | 2,576 | 699 | (2,718 | ) | (1 | ) | 35,201 | ||||||||||
Equity | ||||||||||||||||||
Total Duke Energy Corporation stockholders' equity | 46,582 | 5,345 | 3,255 | 41,362 | (55,260 | ) | 41,284 | |||||||||||
Noncontrolling interests | — | — | 18 | (8 | ) | — | 10 | |||||||||||
Total equity | 46,582 | 5,345 | 3,273 | 41,354 | (55,260 | ) | 41,294 | |||||||||||
Total Liabilities and Equity | 117,435 | 11,080 | 5,462 | 59,714 | (58,687 | ) | 135,004 | |||||||||||
Segment reclassifications, intercompany balances and other | (426 | ) | (7 | ) | (1,156 | ) | (57,279 | ) | 58,868 | — | ||||||||
Segment Liabilities and Equity | $ | 117,009 | $ | 11,073 | $ | 4,306 | $ | 2,435 | $ | 181 | $ | 135,004 |
Six Months Ended June 30, 2017 | ||||||||||||||||||||||||
(in millions) | Duke Energy Carolinas | Duke Energy Progress | Duke Energy Florida | Duke Energy Ohio(a) | Duke Energy Indiana | Commercial Transmission | Eliminations/ Adjustments | Electric Utilities and Infrastructure | ||||||||||||||||
Operating Revenues | $ | 3,445 | $ | 2,418 | $ | 2,150 | $ | 665 | $ | 1,500 | $ | — | $ | (73 | ) | $ | 10,105 | |||||||
Operating Expenses | ||||||||||||||||||||||||
Fuel used in electric generation and purchased power | 863 | 739 | 817 | 183 | 485 | — | (84 | ) | 3,003 | |||||||||||||||
Operation, maintenance and other | 932 | 668 | 386 | 188 | 362 | 1 | (1 | ) | 2,536 | |||||||||||||||
Depreciation and amortization | 523 | 354 | 269 | 88 | 216 | — | 1 | 1,451 | ||||||||||||||||
Property and other taxes | 139 | 80 | 166 | 109 | 37 | — | — | 531 | ||||||||||||||||
Impairment charges | — | — | 2 | 1 | (1 | ) | — | — | 2 | |||||||||||||||
Total operating expenses | 2,457 | 1,841 | 1,640 | 569 | 1,099 | 1 | (84 | ) | 7,523 | |||||||||||||||
Gains on Sales of Other Assets and Other, net | — | 3 | — | 1 | — | — | — | 4 | ||||||||||||||||
Operating Income (Loss) | 988 | 580 | 510 | 97 | 401 | (1 | ) | 11 | 2,586 | |||||||||||||||
Other Income and Expenses, net(b) | 73 | 33 | 30 | 6 | 18 | 2 | (7 | ) | 155 | |||||||||||||||
Interest Expense | 206 | 152 | 140 | 31 | 88 | — | 3 | 620 | ||||||||||||||||
Income Before Income Taxes | 855 | 461 | 400 | 72 | 331 | 1 | 1 | 2,121 | ||||||||||||||||
Income Tax Expense | 300 | 153 | 147 | 26 | 131 | — | — | 757 | ||||||||||||||||
Segment Income | $ | 555 | $ | 308 | $ | 253 | $ | 46 | $ | 200 | $ | 1 | $ | 1 | $ | 1,364 |
(a) | Includes results of the wholly owned subsidiary, Duke Energy Kentucky. |
(b) | Includes an equity component of allowance for funds used during construction of $59 million for Duke Energy Carolinas, $26 million for Duke Energy Progress, $22 million for Duke Energy Florida, $4 million for Duke Energy Ohio, and $12 million for Duke Energy Indiana. |
Six Months Ended June 30, 2016(a) | ||||||||||||||||||||||||
(in millions) | Duke Energy Carolinas | Duke Energy Progress | Duke Energy Florida | Duke Energy Ohio(b) | Duke Energy Indiana | Commercial Transmission | Eliminations / Adjustments | Electric Utilities and Infrastructure | ||||||||||||||||
Operating Revenues | $ | 3,416 | $ | 2,520 | $ | 2,157 | $ | 663 | $ | 1,416 | $ | — | $ | (82 | ) | $ | 10,090 | |||||||
Operating Expenses | ||||||||||||||||||||||||
Fuel used in electric generation and purchased power | 810 | 872 | 841 | 211 | 448 | — | (96 | ) | 3,086 | |||||||||||||||
Operation, maintenance and other | 946 | 684 | 391 | 161 | 342 | 2 | 2 | 2,528 | ||||||||||||||||
Depreciation and amortization | 523 | 346 | 235 | 85 | 221 | — | — | 1,410 | ||||||||||||||||
Property and other taxes | 138 | 80 | 159 | 103 | 44 | — | 1 | 525 | ||||||||||||||||
Impairment charges | — | — | 3 | — | — | — | — | 3 | ||||||||||||||||
Total operating expenses | 2,417 | 1,982 | 1,629 | 560 | 1,055 | 2 | (93 | ) | 7,552 | |||||||||||||||
Gains on Sales of Other Assets and Other, net | — | 1 | — | — | — | — | 1 | 2 | ||||||||||||||||
Operating Income (Loss) | 999 | 539 | 528 | 103 | 361 | (2 | ) | 12 | 2,540 | |||||||||||||||
Other Income and Expenses, net(c) | 82 | 29 | 18 | 2 | 9 | 2 | (2 | ) | 140 | |||||||||||||||
Interest Expense | 214 | 127 | 81 | 27 | 90 | — | 3 | 542 | ||||||||||||||||
Income Before Income Taxes | 867 | 441 | 465 | 78 | 280 | — | 7 | 2,138 | ||||||||||||||||
Income Tax Expense | 301 | 157 | 175 | 23 | 93 | — | 21 | 770 | ||||||||||||||||
Segment Income | $ | 566 | $ | 284 | $ | 290 | $ | 55 | $ | 187 | $ | — | $ | (14 | ) | $ | 1,368 |
(a) | Amounts have been recast to conform to the current segment structure. |
(b) | Includes results of the wholly owned subsidiary, Duke Energy Kentucky. |
(c) | Includes an equity component of allowance for funds used during construction of $48 million for Duke Energy Carolinas, $20 million for Duke Energy Progress, $9 million for Duke Energy Florida, $2 million for Duke Energy Ohio, and $7 million for Duke Energy Indiana. |
June 30, 2017 | ||||||||||||||||||||||||
(in millions) | Duke Energy Carolinas | Duke Energy Progress | Duke Energy Florida | Duke Energy Ohio(a) | Duke Energy Indiana | Commercial Transmission | Eliminations/ Adjustments(b) | Electric Utilities and Infrastructure | ||||||||||||||||
Current Assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 16 | $ | 12 | $ | 8 | $ | 7 | $ | 17 | $ | — | $ | — | $ | 60 | ||||||||
Receivables, net | 165 | 32 | 61 | 74 | 45 | — | 3 | 380 | ||||||||||||||||
Receivables of variable interest entities, net | 611 | 422 | 354 | — | — | — | 467 | 1,854 | ||||||||||||||||
Receivables from affiliated companies | 85 | 5 | 1 | 43 | 87 | 2 | (187 | ) | 36 | |||||||||||||||
Notes receivable from affiliated companies | — | — | 230 | 38 | 19 | — | (203 | ) | 84 | |||||||||||||||
Inventory | 1,066 | 1,053 | 568 | 95 | 470 | — | 1 | 3,253 | ||||||||||||||||
Regulatory assets | 249 | 212 | 321 | 6 | 159 | — | 19 | 966 | ||||||||||||||||
Other | 34 | 73 | 50 | 17 | 88 | — | 1 | 263 | ||||||||||||||||
Total current assets | 2,226 | 1,809 | 1,593 | 280 | 885 | 2 | 101 | 6,896 | ||||||||||||||||
Property, Plant and Equipment | ||||||||||||||||||||||||
Cost | 41,881 | 28,936 | 17,369 | 5,550 | 14,573 | 4 | 599 | 108,912 | ||||||||||||||||
Accumulated depreciation and amortization | (14,632 | ) | (10,734 | ) | (4,910 | ) | (1,918 | ) | (4,484 | ) | (1 | ) | (9 | ) | (36,688 | ) | ||||||||
Generation facilities to be retired, net | — | 487 | — | — | — | — | — | 487 | ||||||||||||||||
Net property, plant and equipment | 27,249 | 18,689 | 12,459 | 3,632 | 10,089 | 3 | 590 | 72,711 | ||||||||||||||||
Other Noncurrent Assets | ||||||||||||||||||||||||
Goodwill | — | — | — | 596 | — | — | 16,783 | 17,379 | ||||||||||||||||
Regulatory assets | 3,060 | 3,379 | 2,474 | 357 | 1,100 | — | 1,216 | 11,586 | ||||||||||||||||
Nuclear decommissioning trust funds | 3,499 | 2,380 | 723 | — | — | — | (1 | ) | 6,601 | |||||||||||||||
Investments in equity method unconsolidated affiliates | — | — | — | — | — | 94 | 1 | 95 | ||||||||||||||||
Investments and advances to (from) subsidiaries | 47 | 11 | 3 | 173 | 3 | — | — | 237 | ||||||||||||||||
Other | 929 | 536 | 279 | 17 | 159 | — | 10 | 1,930 | ||||||||||||||||
Total other noncurrent assets | 7,535 | 6,306 | 3,479 | 1,143 | 1,262 | 94 | 18,009 | 37,828 | ||||||||||||||||
Total Assets | 37,010 | 26,804 | 17,531 | 5,055 | 12,236 | 99 | 18,700 | 117,435 | ||||||||||||||||
Intercompany balances and other | (180 | ) | (95 | ) | (202 | ) | (176 | ) | (50 | ) | (55 | ) | 332 | (426 | ) | |||||||||
Reportable Segment Assets | $ | 36,830 | $ | 26,709 | $ | 17,329 | $ | 4,879 | $ | 12,186 | $ | 44 | $ | 19,032 | $ | 117,009 |
(a) | Includes balances of the wholly owned subsidiary, Duke Energy Kentucky. |
(b) | Includes the elimination of intercompany balances, purchase accounting adjustments and restricted receivables related to Cinergy Receivables Company. |
June 30, 2017 | ||||||||||||||||||||||||
(in millions) | Duke Energy Carolinas | Duke Energy Progress | Duke Energy Florida | Duke Energy Ohio(a) | Duke Energy Indiana | Commercial Transmission | Eliminations/ Adjustments(b) | Electric Utilities and Infrastructure | ||||||||||||||||
Current Liabilities | ||||||||||||||||||||||||
Accounts payable | $ | 639 | $ | 277 | $ | 372 | $ | 183 | $ | 171 | $ | — | $ | 2 | $ | 1,644 | ||||||||
Accounts payable to affiliated companies | 127 | 169 | 42 | 10 | 50 | 55 | (88 | ) | 365 | |||||||||||||||
Notes payable to affiliated companies | 534 | 633 | — | 22 | — | — | (193 | ) | 996 | |||||||||||||||
Taxes accrued | 166 | 61 | 113 | 84 | 29 | 1 | 6 | 460 | ||||||||||||||||
Interest accrued | 104 | 101 | 58 | 15 | 59 | — | (1 | ) | 336 | |||||||||||||||
Current maturities of long-term debt | 704 | 203 | 819 | 1 | 3 | — | 101 | 1,831 | ||||||||||||||||
Asset retirement obligations | 227 | 170 | — | — | — | — | — | 397 | ||||||||||||||||
Regulatory liabilities | 115 | 113 | 7 | 10 | 36 | — | — | 281 | ||||||||||||||||
Other | 409 | 308 | 323 | 74 | 122 | — | (2 | ) | 1,234 | |||||||||||||||
Total current liabilities | 3,025 | 2,035 | 1,734 | 399 | 470 | 56 | (175 | ) | 7,544 | |||||||||||||||
Long-Term Debt | 8,520 | 6,407 | 6,160 | 1,490 | 3,631 | — | 1,838 | 28,046 | ||||||||||||||||
Long-Term Debt Payable to Affiliated Companies | 300 | 150 | — | 18 | 150 | — | — | 618 | ||||||||||||||||
Other Noncurrent Liabilities | ||||||||||||||||||||||||
Deferred income taxes | 6,786 | 3,546 | 2,895 | 1,005 | 2,013 | 4 | 10 | 16,259 | ||||||||||||||||
Asset retirement obligations | 3,644 | 4,520 | 768 | 46 | 865 | — | 190 | 10,033 | ||||||||||||||||
Regulatory liabilities | 2,885 | 2,048 | 462 | 131 | 745 | — | — | 6,271 | ||||||||||||||||
Accrued pension and other post-retirement benefit costs | 103 | 246 | 258 | 36 | 77 | — | — | 720 | ||||||||||||||||
Investment tax credits | 235 | 145 | 3 | 1 | 148 | — | (1 | ) | 531 | |||||||||||||||
Other | 573 | 48 | 99 | 93 | 23 | — | (5 | ) | 831 | |||||||||||||||
Total other noncurrent liabilities | 14,226 | 10,553 | 4,485 | 1,312 | 3,871 | 4 | 194 | 34,645 | ||||||||||||||||
Equity | 10,939 | 7,659 | 5,152 | 1,836 | 4,114 | 39 | 16,843 | 46,582 | ||||||||||||||||
Total Liabilities and Equity | 37,010 | 26,804 | 17,531 | 5,055 | 12,236 | 99 | 18,700 | 117,435 | ||||||||||||||||
Intercompany balances and other | (180 | ) | (95 | ) | (202 | ) | (176 | ) | (50 | ) | (55 | ) | 332 | (426 | ) | |||||||||
Reportable Segment Liabilities and Equity | $ | 36,830 | $ | 26,709 | $ | 17,329 | $ | 4,879 | $ | 12,186 | $ | 44 | $ | 19,032 | $ | 117,009 |
(a) | Includes balances of the wholly owned subsidiary, Duke Energy Kentucky. |
(b) | Includes the elimination of intercompany balances and purchase accounting adjustments. |
Six Months Ended June 30, 2017 | |||||||||||||||
(in millions) | Duke Energy Ohio(a) | Piedmont Natural Gas LDC | Midstream Pipelines and Storage(b) | Eliminations/ Adjustments | Gas Utilities and Infrastructure | ||||||||||
Operating Revenues | |||||||||||||||
Regulated natural gas | $ | 270 | $ | 696 | $ | — | $ | — | $ | 966 | |||||
Nonregulated natural gas and other | — | 5 | — | — | 5 | ||||||||||
Operating Revenues | 270 | 701 | — | — | 971 | ||||||||||
Operating Expenses | |||||||||||||||
Cost of natural gas | 64 | 270 | — | — | 334 | ||||||||||
Operation, maintenance and other | 57 | 141 | 2 | (2 | ) | 198 | |||||||||
Depreciation and amortization | 42 | 71 | — | 1 | 114 | ||||||||||
Property and other taxes | 31 | 25 | — | — | 56 | ||||||||||
Total operating expenses | 194 | 507 | 2 | (1 | ) | 702 | |||||||||
Operating Income (Loss) | 76 | 194 | (2 | ) | 1 | 269 | |||||||||
Other Income and Expenses | |||||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | 36 | — | 36 | ||||||||||
Other income and expenses, net | 2 | — | — | — | 2 | ||||||||||
Total other income and expenses | 2 | — | 36 | — | 38 | ||||||||||
Interest Expense | 13 | 38 | — | 1 | 52 | ||||||||||
Income Before Income Taxes | 65 | 156 | 34 | — | 255 | ||||||||||
Income Tax Expense | 23 | 59 | 13 | — | 95 | ||||||||||
Segment Income | $ | 42 | $ | 97 | $ | 21 | $ | — | $ | 160 |
(a) | Includes results of the wholly owned subsidiary, Duke Energy Kentucky. |
(b) | Includes earnings from investments in ACP, Sabal Trail, Constitution and Cardinal pipelines, as well as Hardy and Pine Needle storage facilities. |
Six Months Ended June 30, 2016 | ||||||||||||
(in millions) | Duke Energy Ohio(a) | Midstream Pipelines | Eliminations/ Adjustments | Gas Utilities and Infrastructure | ||||||||
Operating Revenues | $ | 269 | $ | — | $ | — | $ | 269 | ||||
Operating Expenses | ||||||||||||
Cost of natural gas | 58 | — | — | 58 | ||||||||
Operation, maintenance and other | 59 | 1 | — | 60 | ||||||||
Depreciation and amortization | 40 | — | — | 40 | ||||||||
Property and other taxes | 32 | — | — | 32 | ||||||||
Total operating expenses | 189 | 1 | — | 190 | ||||||||
Operating Income (Loss) | 80 | (1 | ) | — | 79 | |||||||
Other Income and Expenses, net | — | 6 | — | 6 | ||||||||
Interest Expense | 13 | — | — | 13 | ||||||||
Income Before Income Taxes | 67 | 5 | — | 72 | ||||||||
Income Tax Expense | 22 | 2 | — | 24 | ||||||||
Segment Income | $ | 45 | $ | 3 | $ | — | $ | 48 |
(a) | Includes results of the wholly owned subsidiary, Duke Energy Kentucky. |
June 30, 2017 | |||||||||||||||
(in millions) | Duke Energy Ohio(a) | Piedmont Natural Gas LDC | Midstream Pipelines and Storage | Eliminations/ Adjustments(b) | Gas Utilities and Infrastructure | ||||||||||
Current Assets | |||||||||||||||
Cash and cash equivalents | $ | 2 | $ | 13 | $ | — | $ | — | $ | 15 | |||||
Receivables, net | (15 | ) | 80 | — | — | 65 | |||||||||
Receivables from affiliated companies | 16 | 53 | — | (53 | ) | 16 | |||||||||
Notes receivable from affiliated companies | 25 | — | — | (3 | ) | 22 | |||||||||
Inventory | 39 | 38 | — | — | 77 | ||||||||||
Regulatory assets | 4 | 119 | — | — | 123 | ||||||||||
Other | (1 | ) | 88 | — | 2 | 89 | |||||||||
Total current assets | 70 | 391 | — | (54 | ) | 407 | |||||||||
Property, Plant and Equipment | |||||||||||||||
Cost | 2,797 | 6,430 | — | — | 9,227 | ||||||||||
Accumulated depreciation and amortization | (708 | ) | (1,425 | ) | — | — | (2,133 | ) | |||||||
Net property, plant and equipment | 2,089 | 5,005 | — | — | 7,094 | ||||||||||
Other Noncurrent Assets | |||||||||||||||
Goodwill | 324 | 49 | — | 1,551 | 1,924 | ||||||||||
Regulatory assets | 195 | 345 | — | 202 | 742 | ||||||||||
Investments in equity method unconsolidated affiliates | — | — | 879 | — | 879 | ||||||||||
Investments and advances from subsidiaries | — | — | — | 6 | 6 | ||||||||||
Other | 3 | 13 | 13 | (1 | ) | 28 | |||||||||
Total other noncurrent assets | 522 | 407 | 892 | 1,758 | 3,579 | ||||||||||
Total Assets | 2,681 | 5,803 | 892 | 1,704 | 11,080 | ||||||||||
Intercompany balances and other | (9 | ) | (68 | ) | (26 | ) | 96 | (7 | ) | ||||||
Reportable Segment Assets | $ | 2,672 | $ | 5,735 | $ | 866 | $ | 1,800 | $ | 11,073 |
(a) | Includes balances of the wholly owned subsidiary, Duke Energy Kentucky. |
(b) | Includes the elimination of intercompany balances and purchase accounting adjustments. |
June 30, 2017 | |||||||||||||||
(in millions) | Duke Energy Ohio(a) | Piedmont Natural Gas LDC | Midstream Pipelines and Storage | Eliminations/ Adjustments(b) | Gas Utilities and Infrastructure | ||||||||||
Current Liabilities | |||||||||||||||
Accounts payable | $ | 80 | $ | 105 | $ | — | $ | — | $ | 185 | |||||
Accounts payable to affiliated companies | — | 57 | 63 | (52 | ) | 68 | |||||||||
Notes payable to affiliated companies | 2 | 167 | — | (2 | ) | 167 | |||||||||
Taxes accrued | (9 | ) | 6 | 34 | — | 31 | |||||||||
Interest accrued | 5 | 30 | — | — | 35 | ||||||||||
Current maturities of long-term debt | — | 35 | — | — | 35 | ||||||||||
Regulatory liabilities | 7 | (6 | ) | — | (1 | ) | — | ||||||||
Other | 4 | 69 | — | (1 | ) | 72 | |||||||||
Total current liabilities | 89 | 463 | 97 | (56 | ) | 593 | |||||||||
Long-Term Debt | 461 | 1,911 | — | 187 | 2,559 | ||||||||||
Long-Term Debt Payable to Affiliated Companies | 7 | — | — | — | 7 | ||||||||||
Other Noncurrent Liabilities | |||||||||||||||
Deferred income taxes | 495 | 992 | 40 | (1 | ) | 1,526 | |||||||||
Asset retirement obligations | 29 | 15 | — | (1 | ) | 43 | |||||||||
Regulatory liabilities | 109 | 625 | — | 16 | 750 | ||||||||||
Accrued pension and other post-retirement benefit costs | 17 | 14 | — | — | 31 | ||||||||||
Investment tax credits | 2 | 1 | — | — | 3 | ||||||||||
Other | 61 | 162 | — | — | 223 | ||||||||||
Total other noncurrent liabilities | 713 | 1,809 | 40 | 14 | 2,576 | ||||||||||
Equity | 1,411 | 1,620 | 755 | 1,559 | 5,345 | ||||||||||
Total Liabilities and Equity | 2,681 | 5,803 | 892 | 1,704 | 11,080 | ||||||||||
Intercompany balances and other | (9 | ) | (68 | ) | (26 | ) | 96 | (7 | ) | ||||||
Reportable Segment Liabilities and Equity | $ | 2,672 | $ | 5,735 | $ | 866 | $ | 1,794 | $ | 11,073 |
(a) | Includes balances of the wholly owned subsidiary, Duke Energy Kentucky. |
(b) | Includes the elimination of intercompany balances and purchase accounting adjustments. |
Six Months Ended June 30, 2017 | ||||||||||||||||||||||||
(in millions) | Duke Energy Carolinas | Duke Energy Progress | Duke Energy Florida | Duke Energy Ohio (a) | Duke Energy Indiana | Piedmont Natural Gas | Eliminations / Adjustments | Total | ||||||||||||||||
Regulated Electric Revenues | ||||||||||||||||||||||||
Residential | $ | 1,302 | $ | 846 | $ | 1,103 | $ | 348 | $ | 497 | $ | — | $ | — | $ | 4,096 | ||||||||
General service | 1,029 | 594 | 665 | 211 | 372 | — | — | 2,871 | ||||||||||||||||
Industrial | 562 | 299 | 125 | 59 | 381 | — | — | 1,426 | ||||||||||||||||
Wholesale | 230 | 544 | 74 | 13 | 155 | — | — | 1,016 | ||||||||||||||||
Change in unbilled | (4 | ) | (5 | ) | 36 | (5 | ) | (6 | ) | — | — | 16 | ||||||||||||
Other revenues | 326 | 140 | 147 | 39 | 101 | — | (73 | ) | 680 | |||||||||||||||
Total Electric Revenues | $ | 3,445 | $ | 2,418 | $ | 2,150 | $ | 665 | $ | 1,500 | $ | — | $ | (73 | ) | $ | 10,105 | |||||||
Regulated Natural Gas Revenues | ||||||||||||||||||||||||
Residential | $ | — | $ | — | $ | — | $ | 191 | $ | — | $ | 398 | $ | — | $ | 589 | ||||||||
Commercial | — | — | — | 78 | — | 215 | — | 293 | ||||||||||||||||
Industrial | — | — | — | 11 | — | 68 | — | 79 | ||||||||||||||||
Power Generation | — | — | — | — | — | 40 | — | 40 | ||||||||||||||||
Change in unbilled | — | — | — | (22 | ) | — | (75 | ) | — | (97 | ) | |||||||||||||
Other revenues | — | — | — | 12 | — | 50 | — | 62 | ||||||||||||||||
Total Natural Gas Revenues | $ | — | $ | — | $ | — | $ | 270 | $ | — | $ | 696 | $ | — | $ | 966 |
Six Months Ended June 30, 2016 | ||||||||||||||||||||||
(in millions) | Duke Energy Carolinas | Duke Energy Progress | Duke Energy Florida | Duke Energy Ohio (a) | Duke Energy Indiana | Eliminations / Adjustments | Total | |||||||||||||||
Regulated Electric Revenues | ||||||||||||||||||||||
Residential | $ | 1,398 | $ | 900 | $ | 1,100 | $ | 356 | $ | 476 | $ | — | $ | 4,230 | ||||||||
General service | 1,071 | 622 | 642 | 215 | 344 | — | 2,894 | |||||||||||||||
Industrial | 604 | 303 | 123 | 59 | 349 | — | 1,438 | |||||||||||||||
Wholesale | 217 | 593 | 104 | 9 | 171 | — | 1,094 | |||||||||||||||
Change in unbilled | 73 | 20 | 35 | 8 | 13 | — | 149 | |||||||||||||||
Other revenues | 53 | 82 | 153 | 16 | 63 | (82 | ) | 285 | ||||||||||||||
Total Electric Revenues | $ | 3,416 | $ | 2,520 | $ | 2,157 | $ | 663 | $ | 1,416 | $ | (82 | ) | $ | 10,090 | |||||||
Regulated Natural Gas Revenues | ||||||||||||||||||||||
Residential | $ | — | $ | — | $ | — | $ | 183 | $ | — | $ | — | $ | 183 | ||||||||
Commercial | — | — | — | 75 | — | — | 75 | |||||||||||||||
Industrial | — | — | — | 10 | — | — | 10 | |||||||||||||||
Change in unbilled | — | — | — | (9 | ) | — | — | (9 | ) | |||||||||||||
Other revenues | — | — | — | 10 | — | — | 10 | |||||||||||||||
Total Natural Gas Revenues | $ | — | $ | — | $ | — | $ | 269 | $ | — | $ | — | $ | 269 |
(a) | Includes results of the wholly owned subsidiary, Duke Energy Kentucky. |
Special Item | ||||||||||||||||||||
Reported Earnings | Costs to Achieve Piedmont Merger | Discontinued Operations | Total Adjustments | Adjusted Earnings | ||||||||||||||||
SEGMENT INCOME | ||||||||||||||||||||
Electric Utilities and Infrastructure | $ | 1,364 | $ | — | $ | — | $ | — | $ | 1,364 | ||||||||||
Gas Utilities and Infrastructure | 160 | — | — | — | 160 | |||||||||||||||
Commercial Renewables | 51 | — | — | — | 51 | |||||||||||||||
Total Reportable Segment Income | 1,575 | — | — | — | 1,575 | |||||||||||||||
Other | (171 | ) | 29 | A | — | 29 | (142 | ) | ||||||||||||
Discontinued Operations | (2 | ) | — | 2 | B | 2 | — | |||||||||||||
Net Income Attributable to Duke Energy Corporation | $ | 1,402 | $ | 29 | $ | 2 | $ | 31 | $ | 1,433 | ||||||||||
EPS ATTRIBUTABLE TO DUKE ENERGY CORPORATION, DILUTED | $ | 2.00 | $ | 0.05 | $ | — | $ | 0.05 | $ | 2.05 |
Special Items | |||||||||||||||||||||||||||
Reported Earnings | Costs to Achieve Mergers | Cost Savings Initiatives | International Energy Operations | Discontinued Operations | Total Adjustments | Adjusted Earnings | |||||||||||||||||||||
SEGMENT INCOME | |||||||||||||||||||||||||||
Electric Utilities and Infrastructure | $ | 1,368 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,368 | |||||||||||||
Gas Utilities and Infrastructure | 48 | — | — | — | — | — | 48 | ||||||||||||||||||||
Commercial Renewables | 37 | — | — | — | — | — | 37 | ||||||||||||||||||||
Total Reportable Segment Income | 1,453 | — | — | — | — | — | 1,453 | ||||||||||||||||||||
International Energy | — | — | — | 148 | C | — | 148 | 148 | |||||||||||||||||||
Other | (255 | ) | 143 | A | 27 | B | — | — | 170 | (85 | ) | ||||||||||||||||
Discontinued Operations | 5 | — | — | (148 | ) | C | 143 | D | (5 | ) | — | ||||||||||||||||
Net Income Attributable to Duke Energy Corporation | $ | 1,203 | $ | 143 | $ | 27 | $ | — | $ | 143 | $ | 313 | $ | 1,516 | |||||||||||||
EPS ATTRIBUTABLE TO DUKE ENERGY CORPORATION, DILUTED | $ | 1.74 | $ | 0.21 | $ | 0.04 | $ | — | $ | 0.21 | $ | 0.46 | $ | 2.20 |
• | Costs to Achieve Mergers represent charges resulting from strategic acquisitions. |
• | Cost Savings Initiatives represents severance charges related to company-wide initiatives, excluding merger integration, to standardize processes and systems, leverage technology and workforce optimization. |
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