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: | November 15, 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 |
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 | ||||
Nine Months Ended September 30, 2017 | ||||||||||||||||||
(in millions) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial Renewables | Other | Eliminations / Adjustments | Duke Energy | ||||||||||||
Operating Revenues | ||||||||||||||||||
Regulated electric | $ | 16,234 | $ | — | $ | — | $ | — | $ | (112 | ) | $ | 16,122 | |||||
Regulated natural gas | — | 1,237 | — | — | (69 | ) | 1,168 | |||||||||||
Nonregulated electric and other | — | 6 | 333 | 103 | 34 | 476 | ||||||||||||
Total operating revenues | 16,234 | 1,243 | 333 | 103 | (147 | ) | 17,766 | |||||||||||
Operating Expenses | ||||||||||||||||||
Fuel used in electric generation and purchased power | 4,875 | — | — | 42 | (64 | ) | 4,853 | |||||||||||
Cost of natural gas | — | 402 | — | — | — | 402 | ||||||||||||
Operation, maintenance and other | 3,833 | 291 | 191 | 47 | (80 | ) | 4,282 | |||||||||||
Depreciation and amortization | 2,228 | 171 | 116 | 79 | — | 2,594 | ||||||||||||
Property and other taxes | 808 | 81 | 26 | 10 | (1 | ) | 924 | |||||||||||
Impairment charges | 134 | — | 76 | 7 | (1 | ) | 216 | |||||||||||
Total operating expenses | 11,878 | 945 | 409 | 185 | (146 | ) | 13,271 | |||||||||||
Gains on Sales of Other Assets and Other, net | 4 | — | 5 | 15 | — | 24 | ||||||||||||
Operating Income (Loss) | 4,360 | 298 | (71 | ) | (67 | ) | (1 | ) | 4,519 | |||||||||
Other Income and Expenses | ||||||||||||||||||
Equity in earnings (losses) of unconsolidated affiliates | 3 | 57 | (5 | ) | 46 | — | 101 | |||||||||||
Other income and expenses, net | 219 | 3 | (7 | ) | 54 | (14 | ) | 255 | ||||||||||
Total Other Income and Expenses | 222 | 60 | (12 | ) | 100 | (14 | ) | 356 | ||||||||||
Interest Expense | 925 | 78 | 64 | 423 | (15 | ) | 1,475 | |||||||||||
Income (Loss) from Continuing Operations Before Income Taxes | 3,657 | 280 | (147 | ) | (390 | ) | — | 3,400 | ||||||||||
Income Tax Expense (Benefit) from Continuing Operations | 1,273 | 101 | (146 | ) | (193 | ) | — | 1,035 | ||||||||||
Income (Loss) from Continuing Operations | 2,384 | 179 | (1 | ) | (197 | ) | — | 2,365 | ||||||||||
Less: Net (Loss) Income Attributable to Noncontrolling Interest | — | — | (3 | ) | 8 | — | 5 | |||||||||||
Segment Income / Other Net Expense | $ | 2,384 | $ | 179 | $ | 2 | $ | (205 | ) | $ | — | $ | 2,360 | |||||
Loss from Discontinued Operations, net of tax | (4 | ) | ||||||||||||||||
Net Income Attributable to Duke Energy Corporation | $ | 2,356 | ||||||||||||||||
Segment Income / Other Net Expense | $ | 2,384 | $ | 179 | $ | 2 | $ | (205 | ) | $ | — | $ | 2,360 | |||||
Special Items | 84 | — | 56 | 43 | — | 183 | ||||||||||||
Adjusted Earnings(a) | $ | 2,468 | $ | 179 | $ | 58 | $ | (162 | ) | $ | — | $ | 2,543 |
(a) | See page 16 for a detailed reconciliation of Segment Income / Other Net Expense to Adjusted Earnings. |
Nine Months Ended September 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 | $ | 16,430 | $ | — | $ | — | $ | — | $ | — | $ | (109 | ) | $ | 16,321 | ||||||
Regulated natural gas | — | 358 | — | — | — | (3 | ) | 355 | |||||||||||||
Nonregulated electric and other | — | — | 365 | 91 | — | 34 | 490 | ||||||||||||||
Total operating revenues | 16,430 | 358 | 365 | 91 | — | (78 | ) | 17,166 | |||||||||||||
Operating Expenses | |||||||||||||||||||||
Fuel used in electric generation and purchased power | 5,102 | — | — | 37 | — | 1 | 5,140 | ||||||||||||||
Cost of natural gas | — | 64 | — | — | — | — | 64 | ||||||||||||||
Operation, maintenance and other | 3,819 | 90 | 253 | 145 | — | (80 | ) | 4,227 | |||||||||||||
Depreciation and amortization | 2,139 | 59 | 96 | 108 | — | — | 2,402 | ||||||||||||||
Property and other taxes | 799 | 44 | 20 | 25 | — | (1 | ) | 887 | |||||||||||||
Impairment charges | 12 | — | — | 2 | — | — | 14 | ||||||||||||||
Total operating expenses | 11,871 | 257 | 369 | 317 | — | (80 | ) | 12,734 | |||||||||||||
Gains on Sales of Other Assets and Other, net | 3 | — | 4 | 14 | — | — | 21 | ||||||||||||||
Operating Income (Loss) | 4,562 | 101 | — | (212 | ) | — | 2 | 4,453 | |||||||||||||
Other Income and Expenses | |||||||||||||||||||||
Equity in earnings (losses) of unconsolidated affiliates | 2 | 11 | (78 | ) | 28 | — | — | (37 | ) | ||||||||||||
Other income and expenses, net | 213 | 2 | — | 32 | — | (10 | ) | 237 | |||||||||||||
Total other income and expenses | 215 | 13 | (78 | ) | 60 | — | (10 | ) | 200 | ||||||||||||
Interest Expense(b) | 829 | 19 | 38 | 553 | — | (8 | ) | 1,431 | |||||||||||||
Income (Loss) from Continuing Operations Before Income Taxes | 3,948 | 95 | (116 | ) | (705 | ) | — | — | 3,222 | ||||||||||||
Income Tax Expense (Benefit) from Continuing Operations | 1,391 | 32 | (127 | ) | (276 | ) | — | — | 1,020 | ||||||||||||
Income (Loss) from Continuing Operations | 2,557 | 63 | 11 | (429 | ) | — | — | 2,202 | |||||||||||||
Less: Net (Loss) Income Attributable to Noncontrolling Interest | — | — | (2 | ) | 7 | — | — | 5 | |||||||||||||
Segment Income / Other Net Expense | $ | 2,557 | $ | 63 | $ | 13 | $ | (436 | ) | $ | — | $ | — | $ | 2,197 | ||||||
Income from Discontinued Operations, net of tax | 182 | ||||||||||||||||||||
Net Income Attributable to Duke Energy Corporation | $ | 2,379 | |||||||||||||||||||
Segment Income / Other Net Expense | $ | 2,557 | $ | 63 | $ | 13 | $ | (436 | ) | $ | — | $ | — | $ | 2,197 | ||||||
Special Items(c) | — | — | 45 | 234 | 203 | — | 482 | ||||||||||||||
Adjusted Earnings(d) | $ | 2,557 | $ | 63 | $ | 58 | $ | (202 | ) | $ | 203 | $ | — | $ | 2,679 |
(a) | Amounts have been recast to conform to the current segment structure. |
(b) | Other includes $234 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. |
September 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 | $ | 67 | $ | 14 | $ | 7 | $ | 194 | $ | — | $ | 282 | ||||||
Receivables, net | 429 | 63 | 1 | 36 | (1 | ) | 528 | |||||||||||
Receivables of variable interest entities, net | 2,064 | — | 25 | — | — | 2,089 | ||||||||||||
Receivables from affiliated companies | 21 | 8 | 1,599 | 403 | (2,031 | ) | — | |||||||||||
Notes receivable from affiliated companies | 145 | 21 | — | 541 | (707 | ) | — | |||||||||||
Inventory | 3,129 | 98 | 13 | 25 | — | 3,265 | ||||||||||||
Regulatory assets | 853 | 144 | — | 113 | (1 | ) | 1,109 | |||||||||||
Other | 260 | 129 | 148 | (87 | ) | (17 | ) | 433 | ||||||||||
Total current assets | 6,968 | 477 | 1,793 | 1,225 | (2,757 | ) | 7,706 | |||||||||||
Property, Plant and Equipment | ||||||||||||||||||
Cost | 109,941 | 9,424 | 4,325 | 1,893 | (1 | ) | 125,582 | |||||||||||
Accumulated depreciation and amortization | (37,257 | ) | (2,178 | ) | (688 | ) | (1,039 | ) | 1 | (41,161 | ) | |||||||
Generation facilities to be retired, net | 441 | — | — | — | — | 441 | ||||||||||||
Net property, plant and equipment | 73,125 | 7,246 | 3,637 | 854 | — | 84,862 | ||||||||||||
Other Noncurrent Assets | ||||||||||||||||||
Goodwill | 17,379 | 1,924 | 115 | — | — | 19,418 | ||||||||||||
Regulatory assets | 12,207 | 695 | — | 465 | — | 13,367 | ||||||||||||
Nuclear decommissioning trust funds | 6,814 | — | — | — | — | 6,814 | ||||||||||||
Investments in equity method unconsolidated affiliates | 86 | 975 | 183 | 121 | 1 | 1,366 | ||||||||||||
Investments and advances to (from) subsidiaries | 273 | 9 | 8 | 55,725 | (56,015 | ) | — | |||||||||||
Other | 1,962 | 35 | 88 | 1,341 | (634 | ) | 2,792 | |||||||||||
Total other noncurrent assets | 38,721 | 3,638 | 394 | 57,652 | (56,648 | ) | 43,757 | |||||||||||
Total Assets | 118,814 | 11,361 | 5,824 | 59,731 | (59,405 | ) | 136,325 | |||||||||||
Segment reclassifications, intercompany balances and other | (491 | ) | — | (1,608 | ) | (57,491 | ) | 59,590 | — | |||||||||
Segment Assets | $ | 118,323 | $ | 11,361 | $ | 4,216 | $ | 2,240 | $ | 185 | $ | 136,325 |
September 30, 2017 | ||||||||||||||||||
(in millions) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial Renewables | Other | Eliminations / Adjustments | Duke Energy | ||||||||||||
Current Liabilities | ||||||||||||||||||
Accounts payable | $ | 2,103 | $ | 156 | $ | 13 | $ | 374 | $ | (1 | ) | $ | 2,645 | |||||
Accounts payable to affiliated companies | 444 | 45 | 9 | 1,518 | (2,016 | ) | — | |||||||||||
Notes payable to affiliated companies | 372 | 271 | — | 74 | (717 | ) | — | |||||||||||
Notes payable and commercial paper | — | — | — | 1,899 | — | 1,899 | ||||||||||||
Taxes accrued | 921 | 63 | (311 | ) | (47 | ) | 1 | 627 | ||||||||||
Interest accrued | 375 | 35 | — | 129 | (1 | ) | 538 | |||||||||||
Current maturities of long-term debt | 1,574 | — | 162 | 749 | — | 2,485 | ||||||||||||
Asset retirement obligations | 619 | — | — | — | — | 619 | ||||||||||||
Regulatory liabilities | 264 | 3 | — | 5 | 1 | 273 | ||||||||||||
Other | 1,240 | 74 | 63 | 381 | (24 | ) | 1,734 | |||||||||||
Total current liabilities | 7,912 | 647 | (64 | ) | 5,082 | (2,757 | ) | 10,820 | ||||||||||
Long-Term Debt | 28,865 | 2,678 | 1,781 | 15,605 | — | 48,929 | ||||||||||||
Long-Term Debt Payable to Affiliated Companies | 618 | 7 | 9 | — | (634 | ) | — | |||||||||||
Other Noncurrent Liabilities | ||||||||||||||||||
Deferred income taxes | 16,558 | 1,555 | 286 | (3,342 | ) | 1 | 15,058 | |||||||||||
Asset retirement obligations | 9,451 | 44 | 89 | 1 | 1 | 9,586 | ||||||||||||
Regulatory liabilities | 6,252 | 753 | — | 23 | (1 | ) | 7,027 | |||||||||||
Accrued pension and other post-retirement benefit costs | 722 | 31 | — | 352 | — | 1,105 | ||||||||||||
Investment tax credits | 531 | 3 | — | — | — | 534 | ||||||||||||
Other | 857 | 196 | 267 | 304 | — | 1,624 | ||||||||||||
Total other noncurrent liabilities | 34,371 | 2,582 | 642 | (2,662 | ) | 1 | 34,934 | |||||||||||
Equity | ||||||||||||||||||
Total Duke Energy Corporation stockholders' equity | 47,048 | 5,447 | 3,440 | 41,711 | (56,015 | ) | 41,631 | |||||||||||
Noncontrolling interests | — | — | 16 | (5 | ) | — | 11 | |||||||||||
Total equity | 47,048 | 5,447 | 3,456 | 41,706 | (56,015 | ) | 41,642 | |||||||||||
Total Liabilities and Equity | 118,814 | 11,361 | 5,824 | 59,731 | (59,405 | ) | 136,325 | |||||||||||
Segment reclassifications, intercompany balances and other | (491 | ) | — | (1,608 | ) | (57,491 | ) | 59,590 | — | |||||||||
Segment Liabilities and Equity | $ | 118,323 | $ | 11,361 | $ | 4,216 | $ | 2,240 | $ | 185 | $ | 136,325 |
Nine Months Ended September 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 | $ | 5,581 | $ | 3,878 | $ | 3,551 | $ | 1,036 | $ | 2,302 | $ | 1 | $ | (115 | ) | $ | 16,234 | |||||||
Operating Expenses | ||||||||||||||||||||||||
Fuel used in electric generation and purchased power | 1,394 | 1,214 | 1,374 | 283 | 744 | — | (134 | ) | 4,875 | |||||||||||||||
Operation, maintenance and other | 1,403 | 1,015 | 598 | 276 | 533 | 3 | 5 | 3,833 | ||||||||||||||||
Depreciation and amortization | 804 | 536 | 423 | 131 | 336 | — | (2 | ) | 2,228 | |||||||||||||||
Property and other taxes | 206 | 120 | 265 | 161 | 56 | — | — | 808 | ||||||||||||||||
Impairment charges | — | — | 137 | 1 | — | — | (4 | ) | 134 | |||||||||||||||
Total operating expenses | 3,807 | 2,885 | 2,797 | 852 | 1,669 | 3 | (135 | ) | 11,878 | |||||||||||||||
Gains on Sales of Other Assets and Other, net | — | 3 | — | — | 1 | — | — | 4 | ||||||||||||||||
Operating Income (Loss) | 1,774 | 996 | 754 | 184 | 634 | (2 | ) | 20 | 4,360 | |||||||||||||||
Other Income and Expenses, net(b) | 99 | 47 | 45 | 9 | 27 | 4 | (9 | ) | 222 | |||||||||||||||
Interest Expense | 314 | 217 | 211 | 47 | 132 | — | 4 | 925 | ||||||||||||||||
Income Before Income Taxes | 1,559 | 826 | 588 | 146 | 529 | 2 | 7 | 3,657 | ||||||||||||||||
Income Tax Expense | 532 | 268 | 213 | 50 | 206 | 1 | 3 | 1,273 | ||||||||||||||||
Segment Income | $ | 1,027 | $ | 558 | $ | 375 | $ | 96 | $ | 323 | $ | 1 | $ | 4 | $ | 2,384 |
(a) | Includes results of the wholly owned subsidiary, Duke Energy Kentucky. |
(b) | Includes an equity component of allowance for funds used during construction of $79 million for Duke Energy Carolinas, $35 million for Duke Energy Progress, $33 million for Duke Energy Florida, $6 million for Duke Energy Ohio, and $20 million for Duke Energy Indiana. |
Nine Months Ended September 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 | $ | 5,642 | $ | 4,103 | $ | 3,538 | $ | 1,053 | $ | 2,225 | $ | — | $ | (131 | ) | $ | 16,430 | |||||||
Operating Expenses | ||||||||||||||||||||||||
Fuel used in electric generation and purchased power | 1,391 | 1,441 | 1,391 | 340 | 690 | — | (151 | ) | 5,102 | |||||||||||||||
Operation, maintenance and other | 1,420 | 1,031 | 601 | 249 | 512 | 2 | 4 | 3,819 | ||||||||||||||||
Depreciation and amortization | 785 | 520 | 376 | 115 | 343 | 1 | (1 | ) | 2,139 | |||||||||||||||
Property and other taxes | 206 | 119 | 256 | 150 | 67 | — | 1 | 799 | ||||||||||||||||
Impairment charges | — | 1 | 4 | — | 8 | — | (1 | ) | 12 | |||||||||||||||
Total operating expenses | 3,802 | 3,112 | 2,628 | 854 | 1,620 | 3 | (148 | ) | 11,871 | |||||||||||||||
(Losses) Gains on Sales of Other Assets and Other, net | (1 | ) | 2 | — | 1 | — | — | 1 | 3 | |||||||||||||||
Operating Income (Loss) | 1,839 | 993 | 910 | 200 | 605 | (3 | ) | 18 | 4,562 | |||||||||||||||
Other Income and Expenses, net(c) | 122 | 47 | 30 | 4 | 15 | 4 | (7 | ) | 215 | |||||||||||||||
Interest Expense | 317 | 188 | 143 | 43 | 136 | — | 2 | 829 | ||||||||||||||||
Income Before Income Taxes | 1,644 | 852 | 797 | 161 | 484 | 1 | 9 | 3,948 | ||||||||||||||||
Income Tax Expense | 568 | 287 | 296 | 54 | 165 | — | 21 | 1,391 | ||||||||||||||||
Segment Income | $ | 1,076 | $ | 565 | $ | 501 | $ | 107 | $ | 319 | $ | 1 | $ | (12 | ) | $ | 2,557 |
(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 $75 million for Duke Energy Carolinas, $34 million for Duke Energy Progress, $16 million for Duke Energy Florida, $3 million for Duke Energy Ohio, and $11 million for Duke Energy Indiana. |
September 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 | $ | 18 | $ | 15 | $ | 8 | $ | 4 | $ | 22 | $ | — | $ | — | $ | 67 | ||||||||
Receivables, net | 180 | 29 | 61 | 81 | 74 | — | 4 | 429 | ||||||||||||||||
Receivables of variable interest entities, net | 691 | 472 | 428 | — | — | — | 473 | 2,064 | ||||||||||||||||
Receivables from affiliated companies | 146 | 8 | — | 44 | 83 | 1 | (261 | ) | 21 | |||||||||||||||
Notes receivable from affiliated companies | — | 101 | 70 | 57 | 29 | — | (112 | ) | 145 | |||||||||||||||
Inventory | 1,000 | 1,018 | 566 | 95 | 450 | — | — | 3,129 | ||||||||||||||||
Regulatory assets | 237 | 230 | 211 | 6 | 158 | — | 11 | 853 | ||||||||||||||||
Other | 27 | 40 | 154 | 5 | 34 | 1 | (1 | ) | 260 | |||||||||||||||
Total current assets | 2,299 | 1,913 | 1,498 | 292 | 850 | 2 | 114 | 6,968 | ||||||||||||||||
Property, Plant and Equipment | ||||||||||||||||||||||||
Cost | 42,321 | 29,104 | 17,546 | 5,663 | 14,716 | 4 | 587 | 109,941 | ||||||||||||||||
Accumulated depreciation and amortization | (14,969 | ) | (10,793 | ) | (4,960 | ) | (1,933 | ) | (4,592 | ) | (2 | ) | (8 | ) | (37,257 | ) | ||||||||
Generation facilities to be retired, net | — | 441 | — | — | — | — | — | 441 | ||||||||||||||||
Net property, plant and equipment | 27,352 | 18,752 | 12,586 | 3,730 | 10,124 | 2 | 579 | 73,125 | ||||||||||||||||
Other Noncurrent Assets | ||||||||||||||||||||||||
Goodwill | — | — | — | 596 | — | — | 16,783 | 17,379 | ||||||||||||||||
Regulatory assets | 3,077 | 3,588 | 2,850 | 374 | 1,123 | — | 1,195 | 12,207 | ||||||||||||||||
Nuclear decommissioning trust funds | 3,621 | 2,463 | 731 | — | — | — | (1 | ) | 6,814 | |||||||||||||||
Investments in equity method unconsolidated affiliates | — | — | — | — | — | 86 | — | 86 | ||||||||||||||||
Investments and advances to (from) subsidiaries | 47 | 10 | 3 | 209 | 3 | — | 1 | 273 | ||||||||||||||||
Other | 910 | 565 | 293 | 17 | 170 | — | 7 | 1,962 | ||||||||||||||||
Total other noncurrent assets | 7,655 | 6,626 | 3,877 | 1,196 | 1,296 | 86 | 17,985 | 38,721 | ||||||||||||||||
Total Assets | 37,306 | 27,291 | 17,961 | 5,218 | 12,270 | 90 | 18,678 | 118,814 | ||||||||||||||||
Intercompany balances and other | (256 | ) | (137 | ) | (95 | ) | (212 | ) | (74 | ) | (55 | ) | 338 | (491 | ) | |||||||||
Reportable Segment Assets | $ | 37,050 | $ | 27,154 | $ | 17,866 | $ | 5,006 | $ | 12,196 | $ | 35 | $ | 19,016 | $ | 118,323 |
(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. |
September 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 | $ | 726 | $ | 271 | $ | 744 | $ | 170 | $ | 188 | $ | — | $ | 4 | $ | 2,103 | ||||||||
Accounts payable to affiliated companies | 159 | 207 | 90 | 17 | 73 | 55 | (157 | ) | 444 | |||||||||||||||
Notes payable to affiliated companies | 468 | — | — | 5 | — | — | (101 | ) | 372 | |||||||||||||||
Taxes accrued | 372 | 139 | 145 | 112 | 148 | — | 5 | 921 | ||||||||||||||||
Interest accrued | 135 | 91 | 71 | 23 | 54 | — | 1 | 375 | ||||||||||||||||
Current maturities of long-term debt | 705 | 203 | 567 | — | 3 | — | 96 | 1,574 | ||||||||||||||||
Asset retirement obligations | 304 | 250 | — | 6 | 58 | — | 1 | 619 | ||||||||||||||||
Regulatory liabilities | 105 | 107 | 14 | 10 | 28 | — | — | 264 | ||||||||||||||||
Other | 435 | 318 | 309 | 70 | 111 | — | (3 | ) | 1,240 | |||||||||||||||
Total current liabilities | 3,409 | 1,586 | 1,940 | 413 | 663 | 55 | (154 | ) | 7,912 | |||||||||||||||
Long-Term Debt | 8,520 | 7,204 | 6,129 | 1,580 | 3,632 | — | 1,800 | 28,865 | ||||||||||||||||
Long-Term Debt Payable to Affiliated Companies | 300 | 150 | — | 18 | 150 | — | — | 618 | ||||||||||||||||
Other Noncurrent Liabilities | ||||||||||||||||||||||||
Deferred income taxes | 6,839 | 3,613 | 3,078 | 1,032 | 1,979 | 6 | 11 | 16,558 | ||||||||||||||||
Asset retirement obligations | 3,297 | 4,426 | 763 | 45 | 735 | — | 185 | 9,451 | ||||||||||||||||
Regulatory liabilities | 2,884 | 2,097 | 414 | 123 | 735 | — | (1 | ) | 6,252 | |||||||||||||||
Accrued pension and other post-retirement benefit costs | 108 | 246 | 257 | 32 | 78 | — | 1 | 722 | ||||||||||||||||
Investment tax credits | 234 | 144 | 5 | 1 | 147 | — | — | 531 | ||||||||||||||||
Other | 559 | 45 | 101 | 94 | 66 | — | (8 | ) | 857 | |||||||||||||||
Total other noncurrent liabilities | 13,921 | 10,571 | 4,618 | 1,327 | 3,740 | 6 | 188 | 34,371 | ||||||||||||||||
Equity | 11,156 | 7,780 | 5,274 | 1,880 | 4,085 | 29 | 16,844 | 47,048 | ||||||||||||||||
Total Liabilities and Equity | 37,306 | 27,291 | 17,961 | 5,218 | 12,270 | 90 | 18,678 | 118,814 | ||||||||||||||||
Intercompany balances and other | (256 | ) | (137 | ) | (95 | ) | (212 | ) | (74 | ) | (55 | ) | 338 | (491 | ) | |||||||||
Reportable Segment Liabilities and Equity | $ | 37,050 | $ | 27,154 | $ | 17,866 | $ | 5,006 | $ | 12,196 | $ | 35 | $ | 19,016 | $ | 118,323 |
(a) | Includes balances of the wholly owned subsidiary, Duke Energy Kentucky. |
(b) | Includes the elimination of intercompany balances and purchase accounting adjustments. |
Nine Months Ended September 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 | $ | 360 | $ | 877 | $ | — | $ | — | $ | 1,237 | |||||
Nonregulated natural gas and other | — | 7 | — | (1 | ) | 6 | |||||||||
Operating Revenues | 360 | 884 | — | (1 | ) | 1,243 | |||||||||
Operating Expenses | |||||||||||||||
Cost of natural gas | 69 | 333 | — | — | 402 | ||||||||||
Operation, maintenance and other | 84 | 207 | 2 | (2 | ) | 291 | |||||||||
Depreciation and amortization | 62 | 109 | — | — | 171 | ||||||||||
Property and other taxes | 43 | 37 | 1 | — | 81 | ||||||||||
Total operating expenses | 258 | 686 | 3 | (2 | ) | 945 | |||||||||
Operating Income (Loss) | 102 | 198 | (3 | ) | 1 | 298 | |||||||||
Other Income and Expenses | |||||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | 57 | — | 57 | ||||||||||
Other income and expenses, net | 4 | (1 | ) | — | — | 3 | |||||||||
Total other income and expenses | 4 | (1 | ) | 57 | — | 60 | |||||||||
Interest Expense | 21 | 56 | — | 1 | 78 | ||||||||||
Income Before Income Taxes | 85 | 141 | 54 | — | 280 | ||||||||||
Income Tax Expense | 29 | 52 | 20 | — | 101 | ||||||||||
Segment Income | $ | 56 | $ | 89 | $ | 34 | $ | — | $ | 179 |
(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. |
Nine Months Ended September 30, 2016 | ||||||||||||
(in millions) | Duke Energy Ohio(a) | Midstream Pipelines (b) | Eliminations/ Adjustments | Gas Utilities and Infrastructure | ||||||||
Operating Revenues | $ | 358 | $ | — | $ | — | $ | 358 | ||||
Operating Expenses | ||||||||||||
Cost of natural gas | 64 | — | — | 64 | ||||||||
Operation, maintenance and other | 89 | 1 | — | 90 | ||||||||
Depreciation and amortization | 59 | — | — | 59 | ||||||||
Property and other taxes | 44 | — | — | 44 | ||||||||
Total operating expenses | 256 | 1 | — | 257 | ||||||||
Gains on Sales of Other Assets and Other, net | 2 | — | (2 | ) | — | |||||||
Operating Income (Loss) | 104 | (1 | ) | (2 | ) | 101 | ||||||
Other Income and Expenses | ||||||||||||
Equity in earnings of unconsolidated affiliates | — | 11 | — | 11 | ||||||||
Other income and expenses, net | 2 | — | — | 2 | ||||||||
Other Income and Expenses, net | 2 | 11 | — | 13 | ||||||||
Interest Expense | 21 | — | (2 | ) | 19 | |||||||
Income Before Income Taxes | 85 | 10 | — | 95 | ||||||||
Income Tax Expense | 28 | 4 | — | 32 | ||||||||
Segment Income | $ | 57 | $ | 6 | $ | — | $ | 63 |
(a) | Includes results of the wholly owned subsidiary, Duke Energy Kentucky. |
(b) | Includes earnings from investments in ACP and Sabal Trail pipelines. |
September 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 | $ | 12 | $ | — | $ | — | $ | 14 | |||||
Receivables, net | (15 | ) | 77 | — | 1 | 63 | |||||||||
Receivables from affiliated companies | 8 | 68 | — | (68 | ) | 8 | |||||||||
Notes receivable from affiliated companies | 29 | — | — | (8 | ) | 21 | |||||||||
Inventory | 45 | 53 | — | — | 98 | ||||||||||
Regulatory assets | 11 | 133 | — | — | 144 | ||||||||||
Other | — | 130 | — | (1 | ) | 129 | |||||||||
Total current assets | 80 | 473 | — | (76 | ) | 477 | |||||||||
Property, Plant and Equipment | |||||||||||||||
Cost | 2,845 | 6,578 | — | 1 | 9,424 | ||||||||||
Accumulated depreciation and amortization | (724 | ) | (1,454 | ) | — | — | (2,178 | ) | |||||||
Net property, plant and equipment | 2,121 | 5,124 | — | 1 | 7,246 | ||||||||||
Other Noncurrent Assets | |||||||||||||||
Goodwill | 324 | 49 | — | 1,551 | 1,924 | ||||||||||
Regulatory assets | 177 | 321 | — | 197 | 695 | ||||||||||
Investments in equity method unconsolidated affiliates | — | — | 975 | — | 975 | ||||||||||
Investments and advances from subsidiaries | — | — | — | 9 | 9 | ||||||||||
Other | 6 | 12 | 18 | (1 | ) | 35 | |||||||||
Total other noncurrent assets | 507 | 382 | 993 | 1,756 | 3,638 | ||||||||||
Total Assets | 2,708 | 5,979 | 993 | 1,681 | 11,361 | ||||||||||
Intercompany balances and other | — | (22 | ) | (26 | ) | 48 | — | ||||||||
Reportable Segment Assets | $ | 2,708 | $ | 5,957 | $ | 967 | $ | 1,729 | $ | 11,361 |
(a) | Includes balances of the wholly owned subsidiary, Duke Energy Kentucky. |
(b) | Includes the elimination of intercompany balances and purchase accounting adjustments. |
September 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 | $ | 57 | $ | 98 | $ | — | $ | 1 | $ | 156 | |||||
Accounts payable to affiliated companies | 20 | 8 | 85 | (68 | ) | 45 | |||||||||
Notes payable to affiliated companies | (5 | ) | 284 | — | (8 | ) | 271 | ||||||||
Taxes accrued | 27 | 30 | 6 | — | 63 | ||||||||||
Interest accrued | 10 | 24 | — | 1 | 35 | ||||||||||
Regulatory liabilities | 5 | (2 | ) | — | — | 3 | |||||||||
Other | 4 | 72 | — | (2 | ) | 74 | |||||||||
Total current liabilities | 118 | 514 | 91 | (76 | ) | 647 | |||||||||
Long-Term Debt | 461 | 2,037 | — | 180 | 2,678 | ||||||||||
Long-Term Debt Payable to Affiliated Companies | 7 | — | — | — | 7 | ||||||||||
Other Noncurrent Liabilities | |||||||||||||||
Deferred income taxes | 476 | 1,021 | 60 | (2 | ) | 1,555 | |||||||||
Asset retirement obligations | 29 | 15 | — | — | 44 | ||||||||||
Regulatory liabilities | 110 | 627 | — | 16 | 753 | ||||||||||
Accrued pension and other post-retirement benefit costs | 17 | 14 | — | — | 31 | ||||||||||
Investment tax credits | 2 | 1 | — | — | 3 | ||||||||||
Other | 57 | 138 | — | 1 | 196 | ||||||||||
Total other noncurrent liabilities | 691 | 1,816 | 60 | 15 | 2,582 | ||||||||||
Equity | 1,431 | 1,612 | 842 | 1,562 | 5,447 | ||||||||||
Total Liabilities and Equity | 2,708 | 5,979 | 993 | 1,681 | 11,361 | ||||||||||
Intercompany balances and other | — | (22 | ) | (26 | ) | 48 | — | ||||||||
Reportable Segment Liabilities and Equity | $ | 2,708 | $ | 5,957 | $ | 967 | $ | 1,729 | $ | 11,361 |
(a) | Includes balances of the wholly owned subsidiary, Duke Energy Kentucky. |
(b) | Includes the elimination of intercompany balances and purchase accounting adjustments. |
Nine Months Ended September 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 | $ | 2,110 | $ | 1,392 | $ | 1,910 | $ | 544 | $ | 761 | $ | — | $ | — | $ | 6,717 | ||||||||
General service | 1,689 | 962 | 1,068 | 324 | 584 | — | — | 4,627 | ||||||||||||||||
Industrial | 925 | 469 | 193 | 92 | 582 | — | — | 2,261 | ||||||||||||||||
Wholesale | 369 | 850 | 116 | 19 | 236 | — | — | 1,590 | ||||||||||||||||
Change in unbilled | (13 | ) | (15 | ) | 44 | (6 | ) | (4 | ) | — | — | 6 | ||||||||||||
Other revenues | 501 | 220 | 220 | 63 | 143 | — | (114 | ) | 1,033 | |||||||||||||||
Total Electric Revenues | $ | 5,581 | $ | 3,878 | $ | 3,551 | $ | 1,036 | $ | 2,302 | $ | — | $ | (114 | ) | $ | 16,234 | |||||||
Regulated Natural Gas Revenues | ||||||||||||||||||||||||
Residential | $ | — | $ | — | $ | — | $ | 251 | $ | — | $ | 458 | $ | — | $ | 709 | ||||||||
Commercial | — | — | — | 99 | — | 263 | — | 362 | ||||||||||||||||
Industrial | — | — | — | 13 | — | 95 | — | 108 | ||||||||||||||||
Power Generation | — | — | — | — | — | 65 | — | 65 | ||||||||||||||||
Change in unbilled | — | — | — | (22 | ) | — | (72 | ) | — | (94 | ) | |||||||||||||
Other revenues | — | — | — | 19 | — | 68 | — | 87 | ||||||||||||||||
Total Natural Gas Revenues | $ | — | $ | — | $ | — | $ | 360 | $ | — | $ | 877 | $ | — | $ | 1,237 |
Nine Months Ended September 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 | $ | 2,324 | $ | 1,500 | $ | 1,910 | $ | 586 | $ | 754 | $ | — | $ | 7,074 | ||||||||
General service | 1,779 | 1,021 | 1,033 | 335 | 557 | — | 4,725 | |||||||||||||||
Industrial | 994 | 485 | 187 | 91 | 542 | — | 2,299 | |||||||||||||||
Wholesale | 340 | 834 | 150 | 13 | 265 | — | 1,602 | |||||||||||||||
Change in unbilled | 35 | 12 | 28 | 9 | 12 | — | 96 | |||||||||||||||
Other revenues | 170 | 251 | 230 | 19 | 95 | (131 | ) | 634 | ||||||||||||||
Total Electric Revenues | $ | 5,642 | $ | 4,103 | $ | 3,538 | $ | 1,053 | $ | 2,225 | $ | (131 | ) | $ | 16,430 | |||||||
Regulated Natural Gas Revenues | ||||||||||||||||||||||
Residential | $ | — | $ | — | $ | — | $ | 243 | $ | — | $ | — | $ | 243 | ||||||||
Commercial | — | — | — | 97 | — | — | 97 | |||||||||||||||
Industrial | — | — | — | 13 | — | — | 13 | |||||||||||||||
Change in unbilled | — | — | — | (8 | ) | — | — | (8 | ) | |||||||||||||
Other revenues | — | — | — | 13 | — | — | 13 | |||||||||||||||
Total Natural Gas Revenues | $ | — | $ | — | $ | — | $ | 358 | $ | — | $ | — | $ | 358 |
(a) | Includes results of the wholly owned subsidiary, Duke Energy Kentucky. |
Special Items | ||||||||||||||||||||||||||||
Reported Earnings | Costs to Achieve Piedmont Merger | Florida Settlement | Commercial Renewables Impairments | Discontinued Operations | Total Adjustments | Adjusted Earnings | ||||||||||||||||||||||
SEGMENT INCOME | ||||||||||||||||||||||||||||
Electric Utilities and Infrastructure | $ | 2,384 | $ | — | $ | 84 | B | $ | — | $ | — | $ | 84 | $ | 2,468 | |||||||||||||
Gas Utilities and Infrastructure | 179 | — | — | — | — | — | 179 | |||||||||||||||||||||
Commercial Renewables | 2 | — | — | 56 | C | — | 56 | 58 | ||||||||||||||||||||
Total Reportable Segment Income | 2,565 | — | 84 | 56 | — | 140 | 2,705 | |||||||||||||||||||||
Other | (205 | ) | 43 | A | — | — | — | 43 | (162 | ) | ||||||||||||||||||
Discontinued Operations | (4 | ) | — | — | — | 4 | D | 4 | — | |||||||||||||||||||
Net Income Attributable to Duke Energy Corporation | $ | 2,356 | $ | 43 | $ | 84 | $ | 56 | $ | 4 | $ | 187 | $ | 2,543 | ||||||||||||||
EPS ATTRIBUTABLE TO DUKE ENERGY CORPORATION, DILUTED | $ | 3.36 | $ | 0.06 | $ | 0.12 | $ | 0.08 | $ | 0.01 | $ | 0.27 | $ | 3.63 |
Special Items | |||||||||||||||||||||||||||||||
Reported Earnings | Costs to Achieve Mergers | Cost Savings Initiatives | Commercial Renewables Impairment | International Energy Operations | Discontinued Operations | Total Adjustments | Adjusted Earnings | ||||||||||||||||||||||||
SEGMENT INCOME | |||||||||||||||||||||||||||||||
Electric Utilities and Infrastructure | $ | 2,557 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,557 | |||||||||||||||
Gas Utilities and Infrastructure | 63 | — | — | — | — | — | — | 63 | |||||||||||||||||||||||
Commercial Renewables | 13 | — | — | 45 | C | — | — | 45 | 58 | ||||||||||||||||||||||
Total Reportable Segment Income | 2,633 | — | — | 45 | — | — | 45 | 2,678 | |||||||||||||||||||||||
International Energy Operations | — | — | — | — | 203 | D | — | 203 | 203 | ||||||||||||||||||||||
Other | (436 | ) | 195 | A | 39 | B | — | — | — | 234 | (202 | ) | |||||||||||||||||||
Discontinued Operations | 182 | — | — | — | (203 | ) | D | 21 | E | (182 | ) | — | |||||||||||||||||||
Net Income Attributable to Duke Energy Corporation | $ | 2,379 | $ | 195 | $ | 39 | $ | 45 | $ | — | $ | 21 | $ | 300 | $ | 2,679 | |||||||||||||||
EPS ATTRIBUTABLE TO DUKE ENERGY CORPORATION, DILUTED | $ | 3.44 | $ | 0.28 | $ | 0.06 | $ | 0.07 | $ | — | $ | 0.03 | $ | 0.44 | $ | 3.88 |
• | Costs to Achieve Mergers represent charges that result from strategic acquisitions. |
• | Cost Savings Initiatives represent severance charges related to company-wide initiatives, excluding merger integration, to standardize processes and systems, leverage technology and workforce optimization. |
• | Commercial Renewables Impairments represents other-than-temporary and asset impairments. |
• | Florida Settlement represents an impairment charge related to the Levy nuclear project based on a settlement agreement approved by regulators. |
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