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: | May 22, 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 | First 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 | ||||
Three Months Ended March 31, 2017 | ||||||||||||||||||
(in millions) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial Renewables | Other | Eliminations / Adjustments | Duke Energy | ||||||||||||
Operating Revenues | ||||||||||||||||||
Regulated electric | $ | 4,947 | $ | — | $ | — | $ | — | $ | (34 | ) | $ | 4,913 | |||||
Regulated natural gas | — | 668 | — | — | (22 | ) | 646 | |||||||||||
Nonregulated electric and other | — | 2 | 128 | 33 | 7 | 170 | ||||||||||||
Total operating revenues | 4,947 | 670 | 128 | 33 | (49 | ) | 5,729 | |||||||||||
Operating Expenses | ||||||||||||||||||
Fuel used in electric generation and purchased power | 1,454 | — | — | 15 | (20 | ) | 1,449 | |||||||||||
Cost of natural gas | — | 258 | — | — | — | 258 | ||||||||||||
Operation, maintenance and other | 1,271 | 105 | 77 | 8 | (28 | ) | 1,433 | |||||||||||
Depreciation and amortization | 737 | 57 | 39 | 26 | — | 859 | ||||||||||||
Property and other taxes | 261 | 30 | 9 | 3 | 1 | 304 | ||||||||||||
Total operating expenses | 3,723 | 450 | 125 | 52 | (47 | ) | 4,303 | |||||||||||
Gains on Sales of Other Assets and Other, net | 3 | — | 2 | 5 | 1 | 11 | ||||||||||||
Operating Income (Loss) | 1,227 | 220 | 5 | (14 | ) | (1 | ) | 1,437 | ||||||||||
Other Income and Expenses | ||||||||||||||||||
Equity in earnings (losses) of unconsolidated affiliates | — | 17 | (1 | ) | 13 | — | 29 | |||||||||||
Other income and expenses, net | 79 | 1 | — | 8 | (2 | ) | 86 | |||||||||||
Total Other Income and Expenses | 79 | 18 | (1 | ) | 21 | (2 | ) | 115 | ||||||||||
Interest Expense | 315 | 26 | 19 | 134 | (3 | ) | 491 | |||||||||||
Income (Loss) from Continuing Operations Before Income Taxes | 991 | 212 | (15 | ) | (127 | ) | — | 1,061 | ||||||||||
Income Tax Expense (Benefit) from Continuing Operations | 356 | 79 | (39 | ) | (52 | ) | — | 344 | ||||||||||
Income (Loss) from Continuing Operations | 635 | 133 | 24 | (75 | ) | — | 717 | |||||||||||
Less: Net (Loss) Income Attributable to Noncontrolling Interest | — | — | (1 | ) | 2 | — | 1 | |||||||||||
Segment Income / Other Net Expense / Net Income Attributable to Duke Energy Corporation | $ | 635 | $ | 133 | $ | 25 | $ | (77 | ) | $ | — | $ | 716 | |||||
Special Items | — | — | — | 10 | — | 10 | ||||||||||||
Adjusted Earnings(a) | $ | 635 | $ | 133 | $ | 25 | $ | (67 | ) | $ | — | $ | 726 |
(a) | See page 16 for a detailed reconciliation of Segment Income / Other Net Expense to Adjusted Earnings. |
Three Months Ended March 31, 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 | $ | 5,089 | $ | — | $ | — | $ | — | $ | — | $ | (36 | ) | $ | 5,053 | ||||||
Regulated natural gas | — | 170 | — | — | — | (1 | ) | 169 | |||||||||||||
Nonregulated electric and other | — | — | 114 | 29 | — | 12 | 155 | ||||||||||||||
Total operating revenues | 5,089 | 170 | 114 | 29 | — | (25 | ) | 5,377 | |||||||||||||
Operating Expenses | |||||||||||||||||||||
Fuel used in electric generation and purchased power | 1,577 | — | — | 11 | — | — | 1,588 | ||||||||||||||
Cost of natural gas | — | 49 | — | — | — | — | 49 | ||||||||||||||
Operation, maintenance and other | 1,298 | 32 | 73 | 36 | — | (23 | ) | 1,416 | |||||||||||||
Depreciation and amortization | 709 | 20 | 30 | 34 | — | — | 793 | ||||||||||||||
Property and other taxes | 262 | 18 | 6 | 9 | — | — | 295 | ||||||||||||||
Impairment charges | 2 | — | — | 2 | — | (1 | ) | 3 | |||||||||||||
Total operating expenses | 3,848 | 119 | 109 | 92 | — | (24 | ) | 4,144 | |||||||||||||
Gains on Sales of Other Assets and Other, net | 1 | — | 1 | 5 | — | — | 7 | ||||||||||||||
Operating Income (Loss) | 1,242 | 51 | 6 | (58 | ) | — | (1 | ) | 1,240 | ||||||||||||
Other Income and Expenses | |||||||||||||||||||||
Equity in earnings (losses) of unconsolidated affiliates | — | 2 | (2 | ) | 7 | — | 1 | 8 | |||||||||||||
Other income and expenses, net | 63 | 1 | — | 10 | — | (4 | ) | 70 | |||||||||||||
Total Other Income and Expenses | 63 | 3 | (2 | ) | 17 | — | (3 | ) | 78 | ||||||||||||
Interest Expense(b) | 270 | 7 | 11 | 205 | — | (4 | ) | 489 | |||||||||||||
Income (Loss) from Continuing Operations Before Income Taxes | 1,035 | 47 | (7 | ) | (246 | ) | — | — | 829 | ||||||||||||
Income Tax Expense (Benefit) from Continuing Operations | 371 | 15 | (33 | ) | (101 | ) | — | — | 252 | ||||||||||||
Income (Loss) from Continuing Operations | 664 | 32 | 26 | (145 | ) | — | — | 577 | |||||||||||||
Less: Net Income Attributable to Noncontrolling Interest | — | — | — | 3 | — | — | 3 | ||||||||||||||
Segment Income / Other Net Expense | $ | 664 | $ | 32 | $ | 26 | $ | (148 | ) | $ | — | $ | — | $ | 574 | ||||||
Income from Discontinued Operations, net of tax | 120 | ||||||||||||||||||||
Net Income Attributable to Duke Energy Corporation | $ | 694 | |||||||||||||||||||
Segment Income / Other Net Expense | $ | 664 | $ | 32 | $ | 26 | $ | (148 | ) | $ | — | $ | — | $ | 574 | ||||||
Special Items(c) | — | — | — | 86 | 117 | — | 203 | ||||||||||||||
Adjusted Earnings(d) | $ | 664 | $ | 32 | $ | 26 | $ | (62 | ) | $ | 117 | $ | — | $ | 777 |
(a) | Amounts have been recast to conform to the current segment structure. |
(b) | Other includes $100 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. |
March 31, 2017 | ||||||||||||||||||
(in millions) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial Renewables | Other | Eliminations / Adjustments | Duke Energy | ||||||||||||
Current Assets | ||||||||||||||||||
Cash and cash equivalents | $ | 56 | $ | 17 | $ | 9 | $ | 796 | $ | — | $ | 878 | ||||||
Receivables, net | 384 | 188 | 11 | 40 | — | 623 | ||||||||||||
Receivables of variable interest entities, net | 1,649 | — | 33 | — | — | 1,682 | ||||||||||||
Receivables from affiliated companies | 35 | 26 | 1,224 | 2,565 | (3,850 | ) | — | |||||||||||
Notes receivable from affiliated companies | 231 | 70 | — | 686 | (987 | ) | — | |||||||||||
Inventory | 3,276 | 52 | 12 | 26 | — | 3,366 | ||||||||||||
Regulatory assets | 847 | 97 | — | 86 | 1 | 1,031 | ||||||||||||
Other | 316 | 22 | 149 | (2 | ) | (60 | ) | 425 | ||||||||||
Total current assets | 6,794 | 472 | 1,438 | 4,197 | (4,896 | ) | 8,005 | |||||||||||
Property, Plant and Equipment | ||||||||||||||||||
Cost | 108,023 | 9,065 | 4,334 | 1,879 | — | 123,301 | ||||||||||||
Accumulated depreciation and amortization | (36,610 | ) | (2,084 | ) | (570 | ) | (1,028 | ) | (1 | ) | (40,293 | ) | ||||||
Generation facilities to be retired, net | 508 | — | — | — | — | 508 | ||||||||||||
Net property, plant and equipment | 71,921 | 6,981 | 3,764 | 851 | (1 | ) | 83,516 | |||||||||||
Other Noncurrent Assets | ||||||||||||||||||
Goodwill | 17,379 | 1,924 | 122 | — | — | 19,425 | ||||||||||||
Regulatory assets | 11,582 | 754 | — | 502 | — | 12,838 | ||||||||||||
Nuclear decommissioning trust funds | 6,448 | — | — | — | — | 6,448 | ||||||||||||
Investments in equity method unconsolidated affiliates | 93 | 751 | 184 | 94 | — | 1,122 | ||||||||||||
Investments and advances to (from) subsidiaries | 227 | — | 9 | 52,002 | (52,238 | ) | — | |||||||||||
Other | 1,909 | 33 | 116 | 1,327 | (631 | ) | 2,754 | |||||||||||
Total other noncurrent assets | 37,638 | 3,462 | 431 | 53,925 | (52,869 | ) | 42,587 | |||||||||||
Total Assets | 116,353 | 10,915 | 5,633 | 58,973 | (57,766 | ) | 134,108 | |||||||||||
Segment reclassifications, intercompany balances and other | (587 | ) | (49 | ) | (1,233 | ) | (56,075 | ) | 57,944 | — | ||||||||
Segment Assets | $ | 115,766 | $ | 10,866 | $ | 4,400 | $ | 2,898 | $ | 178 | $ | 134,108 |
March 31, 2017 | ||||||||||||||||||
(in millions) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial Renewables | Other | Eliminations / Adjustments | Duke Energy | ||||||||||||
Current Liabilities | ||||||||||||||||||
Accounts payable | $ | 1,664 | $ | 181 | $ | 26 | $ | 333 | $ | (1 | ) | $ | 2,203 | |||||
Accounts payable to affiliated companies | 3,149 | 3 | 8 | 662 | (3,822 | ) | — | |||||||||||
Notes payable to affiliated companies | 493 | 258 | — | 250 | (1,001 | ) | — | |||||||||||
Notes payable and commercial paper | — | — | — | 3,558 | — | 3,558 | ||||||||||||
Taxes accrued | 355 | 102 | (295 | ) | 201 | — | 363 | |||||||||||
Interest accrued | 374 | 37 | — | 115 | — | 526 | ||||||||||||
Current maturities of long-term debt | 1,015 | 35 | 227 | 700 | — | 1,977 | ||||||||||||
Asset retirement obligations | 404 | — | — | — | — | 404 | ||||||||||||
Regulatory liabilities | 332 | 2 | — | 5 | 1 | 340 | ||||||||||||
Other | 1,095 | 75 | 54 | 417 | (71 | ) | 1,570 | |||||||||||
Total current liabilities | 8,881 | 693 | 20 | 6,241 | (4,894 | ) | 10,941 | |||||||||||
Long-Term Debt | 28,909 | 2,439 | 1,645 | 14,027 | 1 | 47,021 | ||||||||||||
Long-Term Debt Payable to Affiliated Companies | 618 | 7 | 9 | — | (634 | ) | — | |||||||||||
Other Noncurrent Liabilities | ||||||||||||||||||
Deferred income taxes | 15,891 | 1,459 | 366 | (3,273 | ) | — | 14,443 | |||||||||||
Asset retirement obligations | 10,054 | 43 | 87 | 1 | 1 | 10,186 | ||||||||||||
Regulatory liabilities | 6,202 | 738 | — | 32 | — | 6,972 | ||||||||||||
Accrued pension and other post-retirement benefit costs | 724 | 31 | — | 360 | — | 1,115 | ||||||||||||
Investment tax credits | 533 | 3 | — | — | 1 | 537 | ||||||||||||
Other | 859 | 236 | 272 | 344 | (4 | ) | 1,707 | |||||||||||
Total other noncurrent liabilities | 34,263 | 2,510 | 725 | (2,536 | ) | (2 | ) | 34,960 | ||||||||||
Equity | ||||||||||||||||||
Total Duke Energy Corporation stockholders' equity | 43,682 | 5,266 | 3,217 | 41,251 | (52,237 | ) | 41,179 | |||||||||||
Noncontrolling interests | — | — | 17 | (10 | ) | — | 7 | |||||||||||
Total equity | 43,682 | 5,266 | 3,234 | 41,241 | (52,237 | ) | 41,186 | |||||||||||
Total Liabilities and Equity | 116,353 | 10,915 | 5,633 | 58,973 | (57,766 | ) | 134,108 | |||||||||||
Segment reclassifications, intercompany balances and other | (587 | ) | (49 | ) | (1,233 | ) | (56,075 | ) | 57,944 | — | ||||||||
Segment Liabilities and Equity | $ | 115,766 | $ | 10,866 | $ | 4,400 | $ | 2,898 | $ | 178 | $ | 134,108 |
Three Months Ended March 31, 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 | $ | 1,716 | $ | 1,219 | $ | 959 | $ | 337 | $ | 758 | $ | — | $ | (42 | ) | $ | 4,947 | |||||||
Operating Expenses | ||||||||||||||||||||||||
Fuel used in electric generation and purchased power | 428 | 364 | 362 | 97 | 251 | — | (48 | ) | 1,454 | |||||||||||||||
Operation, maintenance and other | 474 | 345 | 187 | 90 | 173 | 1 | 1 | 1,271 | ||||||||||||||||
Depreciation and amortization | 254 | 181 | 132 | 45 | 125 | — | — | 737 | ||||||||||||||||
Property and other taxes | 68 | 40 | 77 | 55 | 22 | — | (1 | ) | 261 | |||||||||||||||
Impairment charges | — | — | 1 | — | (1 | ) | — | — | — | |||||||||||||||
Total operating expenses | 1,224 | 930 | 759 | 287 | 570 | 1 | (48 | ) | 3,723 | |||||||||||||||
Gains on Sales of Other Assets and Other, net | 1 | 2 | — | — | — | — | — | 3 | ||||||||||||||||
Operating Income (Loss) | 493 | 291 | 200 | 50 | 188 | (1 | ) | 6 | 1,227 | |||||||||||||||
Other Income and Expenses, net(b) | 37 | 19 | 15 | 2 | 9 | 1 | (4 | ) | 79 | |||||||||||||||
Interest Expense | 103 | 82 | 70 | 15 | 44 | — | 1 | 315 | ||||||||||||||||
Income Before Income Taxes | 427 | 228 | 145 | 37 | 153 | — | 1 | 991 | ||||||||||||||||
Income Tax Expense | 151 | 78 | 53 | 13 | 60 | — | 1 | 356 | ||||||||||||||||
Segment Income | $ | 276 | $ | 150 | $ | 92 | $ | 24 | $ | 93 | $ | — | $ | — | $ | 635 |
(a) | Includes results of the wholly owned subsidiary, Duke Energy Kentucky. |
(b) | Includes an equity component of allowance for funds used during construction of $30 million for Duke Energy Carolinas, $13 million for Duke Energy Progress, $11 million for Duke Energy Florida, $2 million for Duke Energy Ohio, and $6 million for Duke Energy Indiana. |
Three Months Ended March 31, 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 | $ | 1,740 | $ | 1,307 | $ | 1,024 | $ | 340 | $ | 714 | $ | — | $ | (36 | ) | $ | 5,089 | |||||||
Operating Expenses | ||||||||||||||||||||||||
Fuel used in electric generation and purchased power | 421 | 448 | 412 | 111 | 228 | — | (43 | ) | 1,577 | |||||||||||||||
Operation, maintenance and other | 492 | 373 | 199 | 76 | 158 | 1 | (1 | ) | 1,298 | |||||||||||||||
Depreciation and amortization | 254 | 175 | 114 | 42 | 125 | — | (1 | ) | 709 | |||||||||||||||
Property and other taxes | 67 | 41 | 78 | 52 | 23 | — | 1 | 262 | ||||||||||||||||
Impairment charges | — | — | 2 | — | — | — | — | 2 | ||||||||||||||||
Total operating expenses | 1,234 | 1,037 | 805 | 281 | 534 | 1 | (44 | ) | 3,848 | |||||||||||||||
Gains on Sales of Other Assets and Other, net | — | 1 | — | — | — | — | — | 1 | ||||||||||||||||
Operating Income (Loss) | 506 | 271 | 219 | 59 | 180 | (1 | ) | 8 | 1,242 | |||||||||||||||
Other Income and Expenses, net(c) | 37 | 17 | 5 | 2 | 4 | 1 | (3 | ) | 63 | |||||||||||||||
Interest Expense | 107 | 63 | 41 | 14 | 44 | — | 1 | 270 | ||||||||||||||||
Income Before Income Taxes | 436 | 225 | 183 | 47 | 140 | — | 4 | 1,035 | ||||||||||||||||
Income Tax Expense | 148 | 80 | 69 | 11 | 43 | — | 20 | 371 | ||||||||||||||||
Segment Income | $ | 288 | $ | 145 | $ | 114 | $ | 36 | $ | 97 | $ | — | $ | (16 | ) | $ | 664 |
(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 $23 million for Duke Energy Carolinas, $10 million for Duke Energy Progress, $4 million for Duke Energy Florida, $1 million for Duke Energy Ohio, and $3 million for Duke Energy Indiana. |
March 31, 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 | $ | 11 | $ | 11 | $ | 7 | $ | 12 | $ | 15 | $ | — | $ | — | $ | 56 | ||||||||
Receivables, net | 166 | 28 | 50 | 65 | 72 | — | 3 | 384 | ||||||||||||||||
Receivables of variable interest entities, net | 563 | 364 | 248 | — | — | — | 474 | 1,649 | ||||||||||||||||
Receivables from affiliated companies | 109 | 6 | 2 | 50 | 83 | 2 | (217 | ) | 35 | |||||||||||||||
Notes receivable from affiliated companies | — | — | 293 | 109 | 199 | — | (370 | ) | 231 | |||||||||||||||
Inventory | 1,051 | 1,053 | 598 | 95 | 478 | — | 1 | 3,276 | ||||||||||||||||
Regulatory assets | 233 | 187 | 260 | 6 | 156 | — | 5 | 847 | ||||||||||||||||
Other | 61 | 100 | 105 | 13 | 35 | — | 2 | 316 | ||||||||||||||||
Total current assets | 2,194 | 1,749 | 1,563 | 350 | 1,038 | 2 | (102 | ) | 6,794 | |||||||||||||||
Property, Plant and Equipment | ||||||||||||||||||||||||
Cost | 41,600 | 28,769 | 17,122 | 5,467 | 14,411 | 4 | 650 | 108,023 | ||||||||||||||||
Accumulated depreciation and amortization | (14,649 | ) | (10,716 | ) | (4,894 | ) | (1,916 | ) | (4,426 | ) | (1 | ) | (8 | ) | (36,610 | ) | ||||||||
Generation facilities to be retired, net | — | 508 | — | — | — | — | — | 508 | ||||||||||||||||
Net property, plant and equipment | 26,951 | 18,561 | 12,228 | 3,551 | 9,985 | 3 | 642 | 71,921 | ||||||||||||||||
Other Noncurrent Assets | ||||||||||||||||||||||||
Goodwill | — | — | — | 596 | — | — | 16,783 | 17,379 | ||||||||||||||||
Regulatory assets | 3,098 | 3,338 | 2,476 | 345 | 1,066 | — | 1,259 | 11,582 | ||||||||||||||||
Nuclear decommissioning trust funds | 3,406 | 2,315 | 726 | — | — | — | 1 | 6,448 | ||||||||||||||||
Investments in equity method unconsolidated affiliates | — | — | 1 | — | — | 93 | (1 | ) | 93 | |||||||||||||||
Investments and advances to (from) subsidiaries | 47 | 10 | 3 | 164 | — | — | 3 | 227 | ||||||||||||||||
Other | 927 | 536 | 267 | 18 | 152 | — | 9 | 1,909 | ||||||||||||||||
Total other noncurrent assets | 7,478 | 6,199 | 3,473 | 1,123 | 1,218 | 93 | 18,054 | 37,638 | ||||||||||||||||
Total Assets | 36,623 | 26,509 | 17,264 | 5,024 | 12,241 | 98 | 18,594 | 116,353 | ||||||||||||||||
Intercompany balances and other | (297 | ) | (205 | ) | (80 | ) | (183 | ) | (6 | ) | (55 | ) | 239 | (587 | ) | |||||||||
Reportable Segment Assets | $ | 36,326 | $ | 26,304 | $ | 17,184 | $ | 4,841 | $ | 12,235 | $ | 43 | $ | 18,833 | $ | 115,766 |
(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. |
March 31, 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 | $ | 602 | $ | 317 | $ | 361 | $ | 172 | $ | 209 | $ | — | $ | 3 | $ | 1,664 | ||||||||
Accounts payable to affiliated companies | 250 | 244 | 77 | 15 | 6 | 55 | 2,502 | 3,149 | ||||||||||||||||
Notes payable to affiliated companies | 337 | 502 | — | 11 | — | — | (357 | ) | 493 | |||||||||||||||
Taxes accrued | 90 | 35 | 63 | 88 | 73 | 1 | 5 | 355 | ||||||||||||||||
Interest accrued | 134 | 90 | 76 | 23 | 52 | — | (1 | ) | 374 | |||||||||||||||
Current maturities of long-term debt | 404 | 202 | 319 | 1 | 3 | — | 86 | 1,015 | ||||||||||||||||
Asset retirement obligations | 224 | 180 | — | — | — | — | — | 404 | ||||||||||||||||
Regulatory liabilities | 118 | 149 | 7 | 14 | 44 | — | — | 332 | ||||||||||||||||
Other | 345 | 294 | 309 | 74 | 75 | — | (2 | ) | 1,095 | |||||||||||||||
Total current liabilities | 2,504 | 2,013 | 1,212 | 398 | 462 | 56 | 2,236 | 8,881 | ||||||||||||||||
Long-Term Debt | 8,787 | 6,409 | 6,662 | 1,490 | 3,631 | — | 1,930 | 28,909 | ||||||||||||||||
Long-Term Debt Payable to Affiliated Companies | 300 | 150 | — | 18 | 150 | — | — | 618 | ||||||||||||||||
Other Noncurrent Liabilities | ||||||||||||||||||||||||
Deferred income taxes | 6,712 | 3,460 | 2,802 | 980 | 1,922 | 4 | 11 | 15,891 | ||||||||||||||||
Asset retirement obligations | 3,658 | 4,516 | 773 | 47 | 867 | — | 193 | 10,054 | ||||||||||||||||
Regulatory liabilities | 2,860 | 2,012 | 459 | 128 | 743 | — | — | 6,202 | ||||||||||||||||
Accrued pension and other post-retirement benefit costs | 103 | 247 | 261 | 36 | 77 | — | — | 724 | ||||||||||||||||
Investment tax credits | 237 | 146 | 3 | 1 | 148 | — | (2 | ) | 533 | |||||||||||||||
Other | 595 | 50 | 101 | 94 | 25 | — | (6 | ) | 859 | |||||||||||||||
Total other noncurrent liabilities | 14,165 | 10,431 | 4,399 | 1,286 | 3,782 | 4 | 196 | 34,263 | ||||||||||||||||
Equity | 10,867 | 7,506 | 4,991 | 1,832 | 4,216 | 38 | 14,232 | 43,682 | ||||||||||||||||
Total Liabilities and Equity | 36,623 | 26,509 | 17,264 | 5,024 | 12,241 | 98 | 18,594 | 116,353 | ||||||||||||||||
Intercompany balances and other | (297 | ) | (205 | ) | (80 | ) | (183 | ) | (6 | ) | (55 | ) | 239 | (587 | ) | |||||||||
Reportable Segment Liabilities and Equity | $ | 36,326 | $ | 26,304 | $ | 17,184 | $ | 4,841 | $ | 12,235 | $ | 43 | $ | 18,833 | $ | 115,766 |
(a) | Includes balances of the wholly owned subsidiary, Duke Energy Kentucky. |
(b) | Includes the elimination of intercompany balances and purchase accounting adjustments. |
Three Months Ended March 31, 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 | $ | 170 | $ | 498 | $ | — | $ | — | $ | 668 | |||||
Nonregulated natural gas and other | — | 2 | — | — | 2 | ||||||||||
Operating Revenues | 170 | 500 | — | — | 670 | ||||||||||
Operating Expenses | |||||||||||||||
Cost of natural gas | 54 | 205 | — | (1 | ) | 258 | |||||||||
Operation, maintenance and other | 32 | 72 | 1 | — | 105 | ||||||||||
Depreciation and amortization | 22 | 35 | — | — | 57 | ||||||||||
Property and other taxes | 17 | 13 | — | — | 30 | ||||||||||
Total operating expenses | 125 | 325 | 1 | (1 | ) | 450 | |||||||||
Operating Income (Loss) | 45 | 175 | (1 | ) | 1 | 220 | |||||||||
Other Income and Expenses | |||||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | 17 | — | 17 | ||||||||||
Other income and expenses, net | 1 | — | — | — | 1 | ||||||||||
Total Other Income and Expenses | 1 | — | 17 | — | 18 | ||||||||||
Interest Expense | 7 | 19 | — | — | 26 | ||||||||||
Income Before Income Taxes | 39 | 156 | 16 | 1 | 212 | ||||||||||
Income Tax Expense | 13 | 59 | 6 | 1 | 79 | ||||||||||
Segment Income | $ | 26 | $ | 97 | $ | 10 | $ | — | $ | 133 |
(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. |
Three Months Ended March 31, 2016 | ||||||||||||
(in millions) | Duke Energy Ohio(a) | Midstream Pipelines | Eliminations/ Adjustments | Gas Utilities and Infrastructure | ||||||||
Operating Revenues | $ | 170 | $ | — | $ | — | $ | 170 | ||||
Operating Expenses | ||||||||||||
Cost of natural gas | 49 | — | — | 49 | ||||||||
Operation, maintenance and other | 32 | — | — | 32 | ||||||||
Depreciation and amortization | 20 | — | — | 20 | ||||||||
Property and other taxes | 18 | — | — | 18 | ||||||||
Total operating expenses | 119 | — | — | 119 | ||||||||
Operating Income | 51 | — | — | 51 | ||||||||
Other Income and Expenses | 1 | 2 | — | 3 | ||||||||
Interest Expense | 7 | — | — | 7 | ||||||||
Income Before Income Taxes | 45 | 2 | — | 47 | ||||||||
Income Tax Expense | 14 | 1 | — | 15 | ||||||||
Segment Income | $ | 31 | $ | 1 | $ | — | $ | 32 |
(a) | Includes results of the wholly owned subsidiary, Duke Energy Kentucky. |
March 31, 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 | $ | 15 | $ | — | $ | — | $ | 17 | |||||
Receivables, net | (4 | ) | 193 | — | (1 | ) | 188 | ||||||||
Receivables from affiliated companies | 17 | 7 | — | 2 | 26 | ||||||||||
Notes receivable from affiliated companies | 70 | — | — | — | 70 | ||||||||||
Inventory | 23 | 29 | — | — | 52 | ||||||||||
Regulatory assets | (1 | ) | 98 | — | — | 97 | |||||||||
Other | — | 21 | — | 1 | 22 | ||||||||||
Total current assets | 107 | 363 | — | 2 | 472 | ||||||||||
Property, Plant and Equipment | |||||||||||||||
Cost | 2,769 | 6,296 | — | — | 9,065 | ||||||||||
Accumulated depreciation and amortization | (695 | ) | (1,389 | ) | — | — | (2,084 | ) | |||||||
Net property, plant and equipment | 2,074 | 4,907 | — | — | 6,981 | ||||||||||
Other Noncurrent Assets | |||||||||||||||
Goodwill | 324 | 49 | — | 1,551 | 1,924 | ||||||||||
Regulatory assets | 196 | 350 | — | 208 | 754 | ||||||||||
Investments in equity method unconsolidated affiliates | — | — | 751 | — | 751 | ||||||||||
Other | 3 | 19 | 12 | (1 | ) | 33 | |||||||||
Total other noncurrent assets | 523 | 418 | 763 | 1,758 | 3,462 | ||||||||||
Total Assets | 2,704 | 5,688 | 763 | 1,760 | 10,915 | ||||||||||
Intercompany balances and other | — | 112 | (25 | ) | (136 | ) | (49 | ) | |||||||
Reportable Segment Assets | $ | 2,704 | $ | 5,800 | $ | 738 | $ | 1,624 | $ | 10,866 |
(a) | Includes balances of the wholly owned subsidiary, Duke Energy Kentucky. |
(b) | Includes the elimination of intercompany balances and purchase accounting adjustments. |
March 31, 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 | $ | 76 | $ | 104 | $ | — | $ | 1 | $ | 181 | |||||
Accounts payable to affiliated companies | — | — | 25 | (22 | ) | 3 | |||||||||
Notes payable to affiliated companies | (3 | ) | 261 | — | — | 258 | |||||||||
Taxes accrued | 11 | (5 | ) | 97 | (1 | ) | 102 | ||||||||
Interest accrued | 10 | 27 | — | — | 37 | ||||||||||
Current maturities of long-term debt | — | 35 | — | — | 35 | ||||||||||
Regulatory liabilities | 8 | (5 | ) | — | (1 | ) | 2 | ||||||||
Other | 5 | 70 | — | — | 75 | ||||||||||
Total current liabilities | 107 | 487 | 122 | (23 | ) | 693 | |||||||||
Long-Term Debt | 462 | 1,786 | — | 191 | 2,439 | ||||||||||
Long-Term Debt Payable to Affiliated Companies | 7 | — | — | — | 7 | ||||||||||
Other Noncurrent Liabilities | |||||||||||||||
Deferred income taxes | 485 | 951 | 24 | (1 | ) | 1,459 | |||||||||
Asset retirement obligations | 28 | 14 | — | 1 | 43 | ||||||||||
Regulatory liabilities | 109 | 613 | — | 16 | 738 | ||||||||||
Accrued pension and other post-retirement benefit costs | 17 | 14 | — | — | 31 | ||||||||||
Investment tax credits | 2 | 1 | — | — | 3 | ||||||||||
Other | 68 | 167 | — | 1 | 236 | ||||||||||
Total other noncurrent liabilities | 709 | 1,760 | 24 | 17 | 2,510 | ||||||||||
Equity | 1,419 | 1,655 | 617 | 1,575 | 5,266 | ||||||||||
Total Liabilities and Equity | 2,704 | 5,688 | 763 | 1,760 | 10,915 | ||||||||||
Intercompany balances and other | — | 112 | (25 | ) | (136 | ) | (49 | ) | |||||||
Reportable Segment Liabilities and Equity | $ | 2,704 | $ | 5,800 | $ | 738 | $ | 1,624 | $ | 10,866 |
(a) | Includes balances of the wholly owned subsidiary, Duke Energy Kentucky. |
(b) | Includes the elimination of intercompany balances and purchase accounting adjustments. |
Three Months Ended March 31, 2017 | ||||||||||||||||||||||||
(in millions) | Duke Energy Carolinas | Duke Energy Progress | Duke Energy Florida | Duke Energy Ohio | Duke Energy Indiana | Piedmont Natural Gas | Eliminations / Adjustments | Total | ||||||||||||||||
Regulated Electric Revenues | ||||||||||||||||||||||||
Residential | $ | 694 | $ | 463 | $ | 479 | $ | 193 | $ | 276 | $ | — | $ | — | $ | 2,105 | ||||||||
General service | 499 | 292 | 304 | 107 | 183 | — | — | 1,385 | ||||||||||||||||
Industrial | 266 | 146 | 60 | 29 | 185 | — | — | 686 | ||||||||||||||||
Wholesale | 119 | 275 | 39 | 7 | 79 | — | — | 519 | ||||||||||||||||
Change in unbilled | (18 | ) | (31 | ) | 8 | (15 | ) | (17 | ) | — | — | (73 | ) | |||||||||||
Other revenues | 156 | 74 | 69 | 16 | 52 | — | (42 | ) | 325 | |||||||||||||||
Total Electric Revenues | $ | 1,716 | $ | 1,219 | $ | 959 | $ | 337 | $ | 758 | $ | — | $ | (42 | ) | $ | 4,947 | |||||||
Regulated Natural Gas Revenues | ||||||||||||||||||||||||
Residential | $ | — | $ | — | $ | — | $ | 120 | $ | — | $ | 294 | $ | — | $ | 414 | ||||||||
Commercial | — | — | — | 51 | — | 144 | — | 195 | ||||||||||||||||
Industrial | — | — | — | 7 | — | 40 | — | 47 | ||||||||||||||||
Power Generation | — | — | — | — | — | 21 | — | 21 | ||||||||||||||||
Change in unbilled | — | — | — | (13 | ) | — | (38 | ) | — | (51 | ) | |||||||||||||
Other revenues | — | — | — | 5 | — | 37 | — | 42 | ||||||||||||||||
Total Natural Gas Revenues | $ | — | $ | — | $ | — | $ | 170 | $ | — | $ | 498 | $ | — | $ | 668 |
Three Months Ended March 31, 2016 | ||||||||||||||||||||||
(in millions) | Duke Energy Carolinas | Duke Energy Progress | Duke Energy Florida | Duke Energy Ohio | Duke Energy Indiana | Eliminations / Adjustments | Total | |||||||||||||||
Regulated Electric Revenues | ||||||||||||||||||||||
Residential | $ | 787 | $ | 514 | $ | 520 | $ | 198 | $ | 269 | $ | — | $ | 2,288 | ||||||||
General service | 526 | 311 | 307 | 108 | 171 | — | 1,423 | |||||||||||||||
Industrial | 287 | 148 | 62 | 29 | 171 | — | 697 | |||||||||||||||
Wholesale | 114 | 268 | 58 | 5 | 88 | — | 533 | |||||||||||||||
Change in unbilled | 6 | (9 | ) | 2 | (6 | ) | (9 | ) | — | (16 | ) | |||||||||||
Other revenues | 20 | 75 | 75 | 6 | 24 | (36 | ) | 164 | ||||||||||||||
Total Electric Revenues | $ | 1,740 | $ | 1,307 | $ | 1,024 | $ | 340 | $ | 714 | $ | (36 | ) | $ | 5,089 | |||||||
Regulated Natural Gas Revenues | ||||||||||||||||||||||
Residential | $ | — | $ | — | $ | — | $ | 115 | $ | — | $ | — | $ | 115 | ||||||||
Commercial | — | — | — | 48 | — | — | 48 | |||||||||||||||
Industrial | — | — | — | 7 | — | — | 7 | |||||||||||||||
Change in unbilled | — | — | — | (3 | ) | — | — | (3 | ) | |||||||||||||
Other revenues | — | — | — | 3 | — | — | 3 | |||||||||||||||
Total Natural Gas Revenues | $ | — | $ | — | $ | — | $ | 170 | $ | — | $ | — | $ | 170 |
Special Item | ||||||||||||
Reported Earnings | Costs to Achieve Piedmont Merger | Adjusted Earnings | ||||||||||
SEGMENT INCOME | ||||||||||||
Electric Utilities and Infrastructure | $ | 635 | $ | — | $ | 635 | ||||||
Gas Utilities and Infrastructure | 133 | — | 133 | |||||||||
Commercial Renewables | 25 | — | 25 | |||||||||
Total Reportable Segment Income | 793 | — | 793 | |||||||||
Other | (77 | ) | 10 | A | (67 | ) | ||||||
Net Income Attributable to Duke Energy Corporation | $ | 716 | $ | 10 | $ | 726 | ||||||
EPS ATTRIBUTABLE TO DUKE ENERGY CORPORATION, DILUTED | $ | 1.02 | $ | 0.02 | $ | 1.04 |
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 | $ | 664 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 664 | |||||||||||||
Gas Utilities and Infrastructure | 32 | — | — | — | — | — | 32 | ||||||||||||||||||||
Commercial Renewables | 26 | — | — | — | — | — | 26 | ||||||||||||||||||||
Total Reportable Segment Income | 722 | — | — | — | — | — | 722 | ||||||||||||||||||||
International Energy | — | — | — | 117 | C | — | 117 | 117 | |||||||||||||||||||
Other | (148 | ) | 74 | A | 12 | B | — | — | 86 | (62 | ) | ||||||||||||||||
Discontinued Operations | 120 | — | — | (117 | ) | C | (3 | ) | D | (120 | ) | — | |||||||||||||||
Net Income Attributable to Duke Energy Corporation | $ | 694 | $ | 74 | $ | 12 | $ | — | $ | (3 | ) | $ | 83 | $ | 777 | ||||||||||||
EPS ATTRIBUTABLE TO DUKE ENERGY CORPORATION, DILUTED | $ | 1.01 | $ | 0.11 | $ | 0.02 | $ | — | $ | (0.01 | ) | $ | 0.12 | $ | 1.13 |
• | 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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