Quarterly Financial Data

12 Months Ended

Dec. 31, 2011

Quarterly Financial Data

24. Quarterly Financial Data (Unaudited)

Duke Energy

	First Quarter		Second Quarter			Third Quarter		Fourth Quarter		Total
	(In millions, except per share data)
2011
Operating revenues	$	3,663	$	3,534		$	3,964	$	3,368	$	14,529
Operating income		814		679			767		517		2,777
Net income attributable to Duke Energy Corporation		511		435			472		288		1,706
Earnings per share:
Basic(a)	$	0.38	$	0.33		$	0.35	$	0.22	$	1.28
Diluted(a)	$	0.38	$	0.33		$	0.35	$	0.22	$	1.28
2010
Operating revenues	$	3,594	$	3,287		$	3,946	$	3,445	$	14,272
Operating income (loss)		761		(14	)		1,033		681		2,461
Net income (loss) attributable to Duke Energy Corporation		445		(222	)		670		427		1,320
Earnings (loss) per share:
Basic(a)	$	0.34	$	(0.17	)	$	0.51	$	0.32	$	1.00
Diluted(a)	$	0.34	$	(0.17	)	$	0.51	$	0.32	$	1.00

(a) Quarterly EPS amounts are meant to be stand-alone calculations and are not always additive to full-year amount due to rounding.

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.

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	(In millions)
2011
Edwardsport IGCC impairment (see Note 4)	$	—		$	—		$	(222	)	$	—
Emission Allowance impairment (see Note 12)		—			—			(79	)		—
Energy efficiency revenue adjustment(a)		—			—			—			59
Total	$	—		$	—		$	(301	)	$	-59
2010
Voluntary severance program expenses (see Note 19)	$	(68	)	$	(76	)	$	(20	)	$	(8	)
Commercial Power non-regulated Midwest generation goodwill impairment (see Note 12)		—			(500	)		—			—
Midwest generation asset and emission allowance impairment (see Note 12)		—			(160	)		—			—
Edwardsport IGCC impairment (see Note 4)		—			—			(44	)		—
Gain on sale of investment in Q-Comm (see Note 13)		—			—			—			109
Gain on sale of DukeNet (see Note 3)		—			—			—			139
Total	$	(68	)	$	(736	)	$	(64	)	$	240

(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

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total
	(In millions)
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
2010
Operating revenues	$	1,545	$	1,513	$	1,877	$	1,489	$	6,424
Operating income		347		313		521		264		1,445
Net income		192		202		315		129		838

The following table includes unusual or infrequently occurring items recorded by Duke Energy Carolinas in each quarter during 2011 and 2010. All amounts discussed below are pre-tax unless otherwise noted.

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	(In millions)
2011
Energy efficiency revenue adjustment(a)										$	59
2010
Voluntary severance program expenses (see Note 19)	$	(42	)	$	(43	)	$	(13	)	$	(1	)

(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.

Duke Energy Ohio

	First Quarter		Second Quarter			Third Quarter		Fourth Quarter		Total
	(In millions)
2011
Operating revenues	$	879	$	694		$	838	$	770	$	3,181
Operating income		135		59			116		65		375
Net income		73		33			51		37		194
2010
Operating revenues	$	977	$	649		$	923	$	780	$	3,329
Operating income (loss)		222		(781	)		279		55		(225	)
Net income (loss)		130		(759	)		176		12		(441	)

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.

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	(In millions)
2011
Emission Allowance impairment (see Note 12)	$	—		$	—		$	(79	)	$	—
2010
Voluntary severance program expenses (see Note 19)	$	(11	)	$	(10	)	$	(2	)	$	(1	)
Commercial Power non-regulated Midwest generation goodwill impairment (see Note 12)		—			(461	)		—			—
FE&G Ohio T&D goodwill impairment (see Note 12)		—			(216	)		—			—
Midwest generation asset and emission allowance impairment (see Note 12)		—			(160	)		—			—
Disallowance of previously deferred storm costs		—			—			—			(17	)
Total	$	(11	)	$	(847	)	$	(2	)	$	(18	)

Duke Energy Indiana

	First Quarter		Second Quarter		Third Quarter			Fourth Quarter		Total
	(In millions)
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
2010
Operating revenues	$	610	$	579	$	694		$	637	$	2,520
Operating income		121		109		149			127		506
Net income		70		57		92			66		285

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.

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	(In millions)
2011
Edwardsport IGCC impairment (see Note 4)	$	—		$	—		$	(222	)	$	—
2010
Voluntary severance program expenses (see Note 19)	$	(10	)	$	(16	)	$	(3	)	$	(4	)
Edwardsport IGCC impairment (see Note 4)		—			—			(44	)		—
Total	$	(10	)	$	(16	)	$	(47	)	$	(4	)

Duke Energy Corp [Member]

Quarterly Financial Data

24. Quarterly Financial Data (Unaudited)

Duke Energy

	First Quarter		Second Quarter			Third Quarter		Fourth Quarter		Total
	(In millions, except per share data)
2011
Operating revenues	$	3,663	$	3,534		$	3,964	$	3,368	$	14,529
Operating income		814		679			767		517		2,777
Net income attributable to Duke Energy Corporation		511		435			472		288		1,706
Earnings per share:
Basic(a)	$	0.38	$	0.33		$	0.35	$	0.22	$	1.28
Diluted(a)	$	0.38	$	0.33		$	0.35	$	0.22	$	1.28
2010
Operating revenues	$	3,594	$	3,287		$	3,946	$	3,445	$	14,272
Operating income (loss)		761		(14	)		1,033		681		2,461
Net income (loss) attributable to Duke Energy Corporation		445		(222	)		670		427		1,320
Earnings (loss) per share:
Basic(a)	$	0.34	$	(0.17	)	$	0.51	$	0.32	$	1.00
Diluted(a)	$	0.34	$	(0.17	)	$	0.51	$	0.32	$	1.00

(a) Quarterly EPS amounts are meant to be stand-alone calculations and are not always additive to full-year amount due to rounding.

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.

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	(In millions)
2011
Edwardsport IGCC impairment (see Note 4)	$	—		$	—		$	(222	)	$	—
Emission Allowance impairment (see Note 12)		—			—			(79	)		—
Energy efficiency revenue adjustment(a)		—			—			—			59
Total	$	—		$	—		$	(301	)	$	-59
2010
Voluntary severance program expenses (see Note 19)	$	(68	)	$	(76	)	$	(20	)	$	(8	)
Commercial Power non-regulated Midwest generation goodwill impairment (see Note 12)		—			(500	)		—			—
Midwest generation asset and emission allowance impairment (see Note 12)		—			(160	)		—			—
Edwardsport IGCC impairment (see Note 4)		—			—			(44	)		—
Gain on sale of investment in Q-Comm (see Note 13)		—			—			—			109
Gain on sale of DukeNet (see Note 3)		—			—			—			139
Total	$	(68	)	$	(736	)	$	(64	)	$	240

(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

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total
	(In millions)
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
2010
Operating revenues	$	1,545	$	1,513	$	1,877	$	1,489	$	6,424
Operating income		347		313		521		264		1,445
Net income		192		202		315		129		838

The following table includes unusual or infrequently occurring items recorded by Duke Energy Carolinas in each quarter during 2011 and 2010. All amounts discussed below are pre-tax unless otherwise noted.

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	(In millions)
2011
Energy efficiency revenue adjustment(a)										$	59
2010
Voluntary severance program expenses (see Note 19)	$	(42	)	$	(43	)	$	(13	)	$	(1	)

(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.

Duke Energy Ohio

	First Quarter		Second Quarter			Third Quarter		Fourth Quarter		Total
	(In millions)
2011
Operating revenues	$	879	$	694		$	838	$	770	$	3,181
Operating income		135		59			116		65		375
Net income		73		33			51		37		194
2010
Operating revenues	$	977	$	649		$	923	$	780	$	3,329
Operating income (loss)		222		(781	)		279		55		(225	)
Net income (loss)		130		(759	)		176		12		(441	)

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.

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	(In millions)
2011
Emission Allowance impairment (see Note 12)	$	—		$	—		$	(79	)	$	—
2010
Voluntary severance program expenses (see Note 19)	$	(11	)	$	(10	)	$	(2	)	$	(1	)
Commercial Power non-regulated Midwest generation goodwill impairment (see Note 12)		—			(461	)		—			—
FE&G Ohio T&D goodwill impairment (see Note 12)		—			(216	)		—			—
Midwest generation asset and emission allowance impairment (see Note 12)		—			(160	)		—			—
Disallowance of previously deferred storm costs		—			—			—			(17	)
Total	$	(11	)	$	(847	)	$	(2	)	$	(18	)

Duke Energy Indiana

	First Quarter		Second Quarter		Third Quarter			Fourth Quarter		Total
	(In millions)
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
2010
Operating revenues	$	610	$	579	$	694		$	637	$	2,520
Operating income		121		109		149			127		506
Net income		70		57		92			66		285

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.

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	(In millions)
2011
Edwardsport IGCC impairment (see Note 4)	$	—		$	—		$	(222	)	$	—
2010
Voluntary severance program expenses (see Note 19)	$	(10	)	$	(16	)	$	(3	)	$	(4	)
Edwardsport IGCC impairment (see Note 4)		—			—			(44	)		—
Total	$	(10	)	$	(16	)	$	(47	)	$	(4	)

Duke Energy Carolinas [Member]

Quarterly Financial Data

24. Quarterly Financial Data (Unaudited)

Duke Energy

	First Quarter		Second Quarter			Third Quarter		Fourth Quarter		Total
	(In millions, except per share data)
2011
Operating revenues	$	3,663	$	3,534		$	3,964	$	3,368	$	14,529
Operating income		814		679			767		517		2,777
Net income attributable to Duke Energy Corporation		511		435			472		288		1,706
Earnings per share:
Basic(a)	$	0.38	$	0.33		$	0.35	$	0.22	$	1.28
Diluted(a)	$	0.38	$	0.33		$	0.35	$	0.22	$	1.28
2010
Operating revenues	$	3,594	$	3,287		$	3,946	$	3,445	$	14,272
Operating income (loss)		761		(14	)		1,033		681		2,461
Net income (loss) attributable to Duke Energy Corporation		445		(222	)		670		427		1,320
Earnings (loss) per share:
Basic(a)	$	0.34	$	(0.17	)	$	0.51	$	0.32	$	1.00
Diluted(a)	$	0.34	$	(0.17	)	$	0.51	$	0.32	$	1.00

(a) Quarterly EPS amounts are meant to be stand-alone calculations and are not always additive to full-year amount due to rounding.

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.

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	(In millions)
2011
Edwardsport IGCC impairment (see Note 4)	$	—		$	—		$	(222	)	$	—
Emission Allowance impairment (see Note 12)		—			—			(79	)		—
Energy efficiency revenue adjustment(a)		—			—			—			59
Total	$	—		$	—		$	(301	)	$	-59
2010
Voluntary severance program expenses (see Note 19)	$	(68	)	$	(76	)	$	(20	)	$	(8	)
Commercial Power non-regulated Midwest generation goodwill impairment (see Note 12)		—			(500	)		—			—
Midwest generation asset and emission allowance impairment (see Note 12)		—			(160	)		—			—
Edwardsport IGCC impairment (see Note 4)		—			—			(44	)		—
Gain on sale of investment in Q-Comm (see Note 13)		—			—			—			109
Gain on sale of DukeNet (see Note 3)		—			—			—			139
Total	$	(68	)	$	(736	)	$	(64	)	$	240

(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

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total
	(In millions)
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
2010
Operating revenues	$	1,545	$	1,513	$	1,877	$	1,489	$	6,424
Operating income		347		313		521		264		1,445
Net income		192		202		315		129		838

The following table includes unusual or infrequently occurring items recorded by Duke Energy Carolinas in each quarter during 2011 and 2010. All amounts discussed below are pre-tax unless otherwise noted.

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	(In millions)
2011
Energy efficiency revenue adjustment(a)										$	59
2010
Voluntary severance program expenses (see Note 19)	$	(42	)	$	(43	)	$	(13	)	$	(1	)

(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.

Duke Energy Ohio

	First Quarter		Second Quarter			Third Quarter		Fourth Quarter		Total
	(In millions)
2011
Operating revenues	$	879	$	694		$	838	$	770	$	3,181
Operating income		135		59			116		65		375
Net income		73		33			51		37		194
2010
Operating revenues	$	977	$	649		$	923	$	780	$	3,329
Operating income (loss)		222		(781	)		279		55		(225	)
Net income (loss)		130		(759	)		176		12		(441	)

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.

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	(In millions)
2011
Emission Allowance impairment (see Note 12)	$	—		$	—		$	(79	)	$	—
2010
Voluntary severance program expenses (see Note 19)	$	(11	)	$	(10	)	$	(2	)	$	(1	)
Commercial Power non-regulated Midwest generation goodwill impairment (see Note 12)		—			(461	)		—			—
FE&G Ohio T&D goodwill impairment (see Note 12)		—			(216	)		—			—
Midwest generation asset and emission allowance impairment (see Note 12)		—			(160	)		—			—
Disallowance of previously deferred storm costs		—			—			—			(17	)
Total	$	(11	)	$	(847	)	$	(2	)	$	(18	)

Duke Energy Indiana

	First Quarter		Second Quarter		Third Quarter			Fourth Quarter		Total
	(In millions)
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
2010
Operating revenues	$	610	$	579	$	694		$	637	$	2,520
Operating income		121		109		149			127		506
Net income		70		57		92			66		285

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.

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	(In millions)
2011
Edwardsport IGCC impairment (see Note 4)	$	—		$	—		$	(222	)	$	—
2010
Voluntary severance program expenses (see Note 19)	$	(10	)	$	(16	)	$	(3	)	$	(4	)
Edwardsport IGCC impairment (see Note 4)		—			—			(44	)		—
Total	$	(10	)	$	(16	)	$	(47	)	$	(4	)

Duke Energy Ohio [Member]

Quarterly Financial Data

24. Quarterly Financial Data (Unaudited)

Duke Energy

	First Quarter		Second Quarter			Third Quarter		Fourth Quarter		Total
	(In millions, except per share data)
2011
Operating revenues	$	3,663	$	3,534		$	3,964	$	3,368	$	14,529
Operating income		814		679			767		517		2,777
Net income attributable to Duke Energy Corporation		511		435			472		288		1,706
Earnings per share:
Basic(a)	$	0.38	$	0.33		$	0.35	$	0.22	$	1.28
Diluted(a)	$	0.38	$	0.33		$	0.35	$	0.22	$	1.28
2010
Operating revenues	$	3,594	$	3,287		$	3,946	$	3,445	$	14,272
Operating income (loss)		761		(14	)		1,033		681		2,461
Net income (loss) attributable to Duke Energy Corporation		445		(222	)		670		427		1,320
Earnings (loss) per share:
Basic(a)	$	0.34	$	(0.17	)	$	0.51	$	0.32	$	1.00
Diluted(a)	$	0.34	$	(0.17	)	$	0.51	$	0.32	$	1.00

(a) Quarterly EPS amounts are meant to be stand-alone calculations and are not always additive to full-year amount due to rounding.

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.

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	(In millions)
2011
Edwardsport IGCC impairment (see Note 4)	$	—		$	—		$	(222	)	$	—
Emission Allowance impairment (see Note 12)		—			—			(79	)		—
Energy efficiency revenue adjustment(a)		—			—			—			59
Total	$	—		$	—		$	(301	)	$	-59
2010
Voluntary severance program expenses (see Note 19)	$	(68	)	$	(76	)	$	(20	)	$	(8	)
Commercial Power non-regulated Midwest generation goodwill impairment (see Note 12)		—			(500	)		—			—
Midwest generation asset and emission allowance impairment (see Note 12)		—			(160	)		—			—
Edwardsport IGCC impairment (see Note 4)		—			—			(44	)		—
Gain on sale of investment in Q-Comm (see Note 13)		—			—			—			109
Gain on sale of DukeNet (see Note 3)		—			—			—			139
Total	$	(68	)	$	(736	)	$	(64	)	$	240

(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

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total
	(In millions)
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
2010
Operating revenues	$	1,545	$	1,513	$	1,877	$	1,489	$	6,424
Operating income		347		313		521		264		1,445
Net income		192		202		315		129		838

The following table includes unusual or infrequently occurring items recorded by Duke Energy Carolinas in each quarter during 2011 and 2010. All amounts discussed below are pre-tax unless otherwise noted.

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	(In millions)
2011
Energy efficiency revenue adjustment(a)										$	59
2010
Voluntary severance program expenses (see Note 19)	$	(42	)	$	(43	)	$	(13	)	$	(1	)

(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.

Duke Energy Ohio

	First Quarter		Second Quarter			Third Quarter		Fourth Quarter		Total
	(In millions)
2011
Operating revenues	$	879	$	694		$	838	$	770	$	3,181
Operating income		135		59			116		65		375
Net income		73		33			51		37		194
2010
Operating revenues	$	977	$	649		$	923	$	780	$	3,329
Operating income (loss)		222		(781	)		279		55		(225	)
Net income (loss)		130		(759	)		176		12		(441	)

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.

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	(In millions)
2011
Emission Allowance impairment (see Note 12)	$	—		$	—		$	(79	)	$	—
2010
Voluntary severance program expenses (see Note 19)	$	(11	)	$	(10	)	$	(2	)	$	(1	)
Commercial Power non-regulated Midwest generation goodwill impairment (see Note 12)		—			(461	)		—			—
FE&G Ohio T&D goodwill impairment (see Note 12)		—			(216	)		—			—
Midwest generation asset and emission allowance impairment (see Note 12)		—			(160	)		—			—
Disallowance of previously deferred storm costs		—			—			—			(17	)
Total	$	(11	)	$	(847	)	$	(2	)	$	(18	)

Duke Energy Indiana

	First Quarter		Second Quarter		Third Quarter			Fourth Quarter		Total
	(In millions)
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
2010
Operating revenues	$	610	$	579	$	694		$	637	$	2,520
Operating income		121		109		149			127		506
Net income		70		57		92			66		285

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.

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	(In millions)
2011
Edwardsport IGCC impairment (see Note 4)	$	—		$	—		$	(222	)	$	—
2010
Voluntary severance program expenses (see Note 19)	$	(10	)	$	(16	)	$	(3	)	$	(4	)
Edwardsport IGCC impairment (see Note 4)		—			—			(44	)		—
Total	$	(10	)	$	(16	)	$	(47	)	$	(4	)

Duke Energy Indiana [Member]

Quarterly Financial Data

24. Quarterly Financial Data (Unaudited)

Duke Energy

	First Quarter		Second Quarter			Third Quarter		Fourth Quarter		Total
	(In millions, except per share data)
2011
Operating revenues	$	3,663	$	3,534		$	3,964	$	3,368	$	14,529
Operating income		814		679			767		517		2,777
Net income attributable to Duke Energy Corporation		511		435			472		288		1,706
Earnings per share:
Basic(a)	$	0.38	$	0.33		$	0.35	$	0.22	$	1.28
Diluted(a)	$	0.38	$	0.33		$	0.35	$	0.22	$	1.28
2010
Operating revenues	$	3,594	$	3,287		$	3,946	$	3,445	$	14,272
Operating income (loss)		761		(14	)		1,033		681		2,461
Net income (loss) attributable to Duke Energy Corporation		445		(222	)		670		427		1,320
Earnings (loss) per share:
Basic(a)	$	0.34	$	(0.17	)	$	0.51	$	0.32	$	1.00
Diluted(a)	$	0.34	$	(0.17	)	$	0.51	$	0.32	$	1.00

(a) Quarterly EPS amounts are meant to be stand-alone calculations and are not always additive to full-year amount due to rounding.

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.

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	(In millions)
2011
Edwardsport IGCC impairment (see Note 4)	$	—		$	—		$	(222	)	$	—
Emission Allowance impairment (see Note 12)		—			—			(79	)		—
Energy efficiency revenue adjustment(a)		—			—			—			59
Total	$	—		$	—		$	(301	)	$	-59
2010
Voluntary severance program expenses (see Note 19)	$	(68	)	$	(76	)	$	(20	)	$	(8	)
Commercial Power non-regulated Midwest generation goodwill impairment (see Note 12)		—			(500	)		—			—
Midwest generation asset and emission allowance impairment (see Note 12)		—			(160	)		—			—
Edwardsport IGCC impairment (see Note 4)		—			—			(44	)		—
Gain on sale of investment in Q-Comm (see Note 13)		—			—			—			109
Gain on sale of DukeNet (see Note 3)		—			—			—			139
Total	$	(68	)	$	(736	)	$	(64	)	$	240

(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

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total
	(In millions)
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
2010
Operating revenues	$	1,545	$	1,513	$	1,877	$	1,489	$	6,424
Operating income		347		313		521		264		1,445
Net income		192		202		315		129		838

The following table includes unusual or infrequently occurring items recorded by Duke Energy Carolinas in each quarter during 2011 and 2010. All amounts discussed below are pre-tax unless otherwise noted.

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	(In millions)
2011
Energy efficiency revenue adjustment(a)										$	59
2010
Voluntary severance program expenses (see Note 19)	$	(42	)	$	(43	)	$	(13	)	$	(1	)

(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.

Duke Energy Ohio

	First Quarter		Second Quarter			Third Quarter		Fourth Quarter		Total
	(In millions)
2011
Operating revenues	$	879	$	694		$	838	$	770	$	3,181
Operating income		135		59			116		65		375
Net income		73		33			51		37		194
2010
Operating revenues	$	977	$	649		$	923	$	780	$	3,329
Operating income (loss)		222		(781	)		279		55		(225	)
Net income (loss)		130		(759	)		176		12		(441	)

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.

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	(In millions)
2011
Emission Allowance impairment (see Note 12)	$	—		$	—		$	(79	)	$	—
2010
Voluntary severance program expenses (see Note 19)	$	(11	)	$	(10	)	$	(2	)	$	(1	)
Commercial Power non-regulated Midwest generation goodwill impairment (see Note 12)		—			(461	)		—			—
FE&G Ohio T&D goodwill impairment (see Note 12)		—			(216	)		—			—
Midwest generation asset and emission allowance impairment (see Note 12)		—			(160	)		—			—
Disallowance of previously deferred storm costs		—			—			—			(17	)
Total	$	(11	)	$	(847	)	$	(2	)	$	(18	)

Duke Energy Indiana

	First Quarter		Second Quarter		Third Quarter			Fourth Quarter		Total
	(In millions)
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
2010
Operating revenues	$	610	$	579	$	694		$	637	$	2,520
Operating income		121		109		149			127		506
Net income		70		57		92			66		285

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.

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	(In millions)
2011
Edwardsport IGCC impairment (see Note 4)	$	—		$	—		$	(222	)	$	—
2010
Voluntary severance program expenses (see Note 19)	$	(10	)	$	(16	)	$	(3	)	$	(4	)
Edwardsport IGCC impairment (see Note 4)		—			—			(44	)		—
Total	$	(10	)	$	(16	)	$	(47	)	$	(4	)