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: | March 12, 2018 | By: | /s/ William E. Currens Jr. |
Name: | William E. Currens Jr. | ||
Title: | Senior Vice President, Chief Accounting Officer and Controller |
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 | ||||
Twelve Months Ended December 31, 2017 | ||||||||||||||||||
(in millions) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial Renewables | Other | Eliminations/ Adjustments | Duke Energy | ||||||||||||
Operating Revenues | ||||||||||||||||||
Regulated electric | $ | 21,331 | $ | — | $ | — | $ | — | $ | (154 | ) | $ | 21,177 | |||||
Regulated natural gas | — | 1,827 | — | — | (93 | ) | 1,734 | |||||||||||
Nonregulated electric and other | — | 9 | 460 | 138 | 47 | 654 | ||||||||||||
Total operating revenues | 21,331 | 1,836 | 460 | 138 | (200 | ) | 23,565 | |||||||||||
Operating Expenses | ||||||||||||||||||
Fuel used in electric generation and purchased power | 6,379 | — | — | 58 | (87 | ) | 6,350 | |||||||||||
Cost of natural gas | — | 632 | — | — | — | 632 | ||||||||||||
Operation, maintenance and other | 5,196 | 393 | 267 | 44 | (112 | ) | 5,788 | |||||||||||
Depreciation and amortization | 3,010 | 231 | 155 | 131 | — | 3,527 | ||||||||||||
Property and other taxes | 1,079 | 106 | 33 | 14 | 1 | 1,233 | ||||||||||||
Impairment charges | 176 | — | 99 | 7 | — | 282 | ||||||||||||
Total operating expenses | 15,840 | 1,362 | 554 | 254 | (198 | ) | 17,812 | |||||||||||
Gains on Sales of Other Assets and Other, net | 6 | — | 1 | 21 | — | 28 | ||||||||||||
Operating Income (Loss) | 5,497 | 474 | (93 | ) | (95 | ) | (2 | ) | 5,781 | |||||||||
Other Income and Expenses | ||||||||||||||||||
Equity in earnings (losses) of unconsolidated affiliates | 5 | 62 | (5 | ) | 57 | — | 119 | |||||||||||
Other income and expenses, net | 303 | 4 | (7 | ) | 70 | (18 | ) | 352 | ||||||||||
Total other income and expenses | 308 | 66 | (12 | ) | 127 | (18 | ) | 471 | ||||||||||
Interest Expense | 1,240 | 105 | 87 | 574 | (20 | ) | 1,986 | |||||||||||
Income (Loss) from Continuing Operations Before Income Taxes | 4,565 | 435 | (192 | ) | (542 | ) | — | 4,266 | ||||||||||
Income Tax Expense (Benefit) from Continuing Operations | 1,355 | 116 | (628 | ) | 353 | — | 1,196 | |||||||||||
Income (Loss) from Continuing Operations | 3,210 | 319 | 436 | (895 | ) | — | 3,070 | |||||||||||
Less: Net (Loss) Income Attributable to Noncontrolling Interest | — | — | (5 | ) | 10 | — | 5 | |||||||||||
Segment Income / Other Net Expense | $ | 3,210 | $ | 319 | $ | 441 | $ | (905 | ) | $ | — | $ | 3,065 | |||||
Loss from Discontinued Operations, net of tax | (6 | ) | ||||||||||||||||
Net Income Attributable to Duke Energy Corporation | $ | 3,059 | ||||||||||||||||
Segment Income / Other Net Expense | $ | 3,210 | $ | 319 | $ | 441 | $ | (905 | ) | $ | — | $ | 3,065 | |||||
Special Items | (133 | ) | (26 | ) | (368 | ) | 661 | — | 134 | |||||||||
Adjusted Earnings(a) | $ | 3,077 | $ | 293 | $ | 73 | $ | (244 | ) | $ | — | $ | 3,199 |
(a) | See page 22 for a detailed reconciliation of Segment Income / Other Net Expense to Adjusted Earnings. |
Twelve Months Ended December 31, 2016 | |||||||||||||||||||||
(in millions) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial Renewables | Other | International Energy | Eliminations/ Adjustments | Duke Energy | ||||||||||||||
Operating Revenues | |||||||||||||||||||||
Regulated electric | $ | 21,366 | $ | — | $ | — | $ | — | $ | — | $ | (145 | ) | $ | 21,221 | ||||||
Regulated natural gas | — | 901 | — | (10 | ) | — | (28 | ) | 863 | ||||||||||||
Nonregulated electric and other | — | — | 484 | 127 | — | 48 | 659 | ||||||||||||||
Total operating revenues | 21,366 | 901 | 484 | 117 | — | (125 | ) | 22,743 | |||||||||||||
Operating Expenses | |||||||||||||||||||||
Fuel used in electric generation and purchased power | 6,595 | — | — | 51 | — | (21 | ) | 6,625 | |||||||||||||
Cost of natural gas | — | 265 | — | — | — | — | 265 | ||||||||||||||
Operation, maintenance and other | 5,293 | 186 | 337 | 371 | — | (102 | ) | 6,085 | |||||||||||||
Depreciation and amortization | 2,897 | 115 | 130 | 152 | — | — | 3,294 | ||||||||||||||
Property and other taxes | 1,020 | 70 | 25 | 28 | — | (1 | ) | 1,142 | |||||||||||||
Impairment charges | 16 | — | — | 2 | — | — | 18 | ||||||||||||||
Total operating expenses | 15,821 | 636 | 492 | 604 | — | (124 | ) | 17,429 | |||||||||||||
(Loss) Gains on Sales of Other Assets and Other, net | — | (1 | ) | 5 | 23 | — | — | 27 | |||||||||||||
Operating Income (Loss) | 5,545 | 264 | (3 | ) | (464 | ) | — | (1 | ) | 5,341 | |||||||||||
Other Income and Expenses | |||||||||||||||||||||
Equity in earnings (losses) of unconsolidated affiliates(a) | 5 | 19 | (82 | ) | 43 | — | — | (15 | ) | ||||||||||||
Other income and expenses, net | 298 | 5 | (1 | ) | 32 | — | (10 | ) | 324 | ||||||||||||
Total other income and expenses | 303 | 24 | (83 | ) | 75 | — | (10 | ) | 309 | ||||||||||||
Interest Expense(b) | 1,136 | 46 | 53 | 693 | — | (12 | ) | 1,916 | |||||||||||||
Income (Loss) from Continuing Operations Before Income Taxes | 4,712 | 242 | (139 | ) | (1,082 | ) | — | 1 | 3,734 | ||||||||||||
Income Tax Expense (Benefit) from Continuing Operations | 1,672 | 90 | (160 | ) | (446 | ) | — | — | 1,156 | ||||||||||||
Income (Loss) from Continuing Operations | 3,040 | 152 | 21 | (636 | ) | — | 1 | 2,578 | |||||||||||||
Less: Net (Loss) Income Attributable to Noncontrolling Interest | — | — | (2 | ) | 9 | — | — | 7 | |||||||||||||
Segment Income / Other Net Expense | $ | 3,040 | $ | 152 | $ | 23 | $ | (645 | ) | $ | — | $ | 1 | $ | 2,571 | ||||||
Loss from Discontinued Operations, net of tax(c) | (419 | ) | |||||||||||||||||||
Net Income Attributable to Duke Energy Corporation | $ | 2,152 | |||||||||||||||||||
Segment Income / Other Net Expense | $ | 3,040 | $ | 152 | $ | 23 | $ | (645 | ) | $ | — | $ | 1 | $ | 2,571 | ||||||
Special Items | — | — | 45 | 386 | 243 | (1 | ) | 673 | |||||||||||||
Adjusted Earnings(d) | $ | 3,040 | $ | 152 | $ | 68 | $ | (259 | ) | $ | 243 | $ | — | $ | 3,244 |
(a) | Commercial Renewables includes a pretax impairment charge of $71 million related to certain equity method investments in wind projects. |
(b) | Other includes $234 million related to Piedmont acquisition financing, primarily due to losses on forward-starting interest rate swaps. |
(c) | Includes a loss on the sale of the International Disposal Group and an impairment charge related to certain assets in Central America, partially offset by the operating results of the International Disposal Group and a tax benefit related to previously sold businesses. |
(d) | See page 23 for a detailed reconciliation of Segment Income / Other Net Expense to Adjusted Earnings. |
December 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 | $ | 67 | $ | 23 | $ | 10 | $ | 258 | $ | — | $ | 358 | ||||||
Receivables, net | 445 | 276 | 6 | 52 | — | 779 | ||||||||||||
Receivables of variable interest entities, net | 1,966 | — | 30 | — | (1 | ) | 1,995 | |||||||||||
Receivables from affiliated companies | 22 | 7 | 1,315 | 454 | (1,798 | ) | — | |||||||||||
Notes receivable from affiliated companies | 166 | 3 | — | 613 | (782 | ) | — | |||||||||||
Inventory | 3,106 | 106 | 15 | 23 | — | 3,250 | ||||||||||||
Regulatory assets | 1,220 | 96 | — | 122 | (1 | ) | 1,437 | |||||||||||
Other | 240 | 56 | 124 | 212 | 2 | 634 | ||||||||||||
Total current assets | 7,232 | 567 | 1,500 | 1,734 | (2,580 | ) | 8,453 | |||||||||||
Property, Plant and Equipment | ||||||||||||||||||
Cost | 111,582 | 9,635 | 4,294 | 1,995 | 1 | 127,507 | ||||||||||||
Accumulated depreciation and amortization | (37,541 | ) | (2,216 | ) | (691 | ) | (1,088 | ) | (1 | ) | (41,537 | ) | ||||||
Generation facilities to be retired, net | 421 | — | — | — | — | 421 | ||||||||||||
Net property, plant and equipment | 74,462 | 7,419 | 3,603 | 907 | — | 86,391 | ||||||||||||
Other Noncurrent Assets | ||||||||||||||||||
Goodwill | 17,379 | 1,924 | 93 | — | — | 19,396 | ||||||||||||
Regulatory assets | 11,344 | 652 | — | 445 | 1 | 12,442 | ||||||||||||
Nuclear decommissioning trust funds | 7,097 | — | — | — | — | 7,097 | ||||||||||||
Investments in equity method unconsolidated affiliates | 89 | 763 | 190 | 133 | — | 1,175 | ||||||||||||
Investment in consolidated subsidiaries | 215 | 15 | 7 | 56,379 | (56,616 | ) | — | |||||||||||
Other | 2,069 | 87 | 86 | 1,353 | (635 | ) | 2,960 | |||||||||||
Total other noncurrent assets | 38,193 | 3,441 | 376 | 58,310 | (57,250 | ) | 43,070 | |||||||||||
Total Assets | 119,887 | 11,427 | 5,479 | 60,951 | (59,830 | ) | 137,914 | |||||||||||
Segment reclassifications, intercompany balances and other | (464 | ) | 35 | (1,323 | ) | (58,266 | ) | 60,018 | — | |||||||||
Segment Assets | $ | 119,423 | $ | 11,462 | $ | 4,156 | $ | 2,685 | $ | 188 | $ | 137,914 |
December 31, 2017 | ||||||||||||||||||
(in millions) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial Renewables | Other | Eliminations/ Adjustments | Duke Energy | ||||||||||||
Current Liabilities | ||||||||||||||||||
Accounts payable | $ | 2,248 | $ | 205 | $ | 30 | $ | 560 | $ | — | $ | 3,043 | ||||||
Accounts payable to affiliated companies | 512 | 22 | 10 | 1,228 | (1,772 | ) | — | |||||||||||
Notes payable to affiliated companies | 396 | 368 | — | 43 | (807 | ) | — | |||||||||||
Notes payable and commercial paper | — | — | 4 | 2,159 | — | 2,163 | ||||||||||||
Taxes accrued | 580 | 42 | (69 | ) | (2 | ) | — | 551 | ||||||||||
Interest accrued | 338 | 35 | — | 152 | — | 525 | ||||||||||||
Current maturities of long-term debt | 2,073 | 251 | 170 | 750 | — | 3,244 | ||||||||||||
Asset retirement obligations | 689 | — | — | — | — | 689 | ||||||||||||
Regulatory liabilities | 387 | 9 | — | 5 | 1 | 402 | ||||||||||||
Other | 1,370 | 74 | 35 | 388 | (2 | ) | 1,865 | |||||||||||
Total current liabilities | 8,593 | 1,006 | 180 | 5,283 | (2,580 | ) | 12,482 | |||||||||||
Long-Term Debt | 29,063 | 2,449 | 1,700 | 15,822 | 1 | 49,035 | ||||||||||||
Long-Term Debt Payable to Affiliated Companies | 618 | 7 | 9 | — | (634 | ) | — | |||||||||||
Other Noncurrent Liabilities | ||||||||||||||||||
Deferred income taxes | 8,555 | 860 | (169 | ) | (2,625 | ) | — | 6,621 | ||||||||||
Asset retirement obligations | 9,345 | 50 | 90 | 1 | — | 9,486 | ||||||||||||
Regulatory liabilities | 13,819 | 1,510 | — | 2 | (1 | ) | 15,330 | |||||||||||
Accrued pension and other post-retirement benefit costs | 723 | 21 | — | 359 | — | 1,103 | ||||||||||||
Investment tax credits | 536 | 3 | — | — | — | 539 | ||||||||||||
Other | 789 | 230 | 259 | 303 | — | 1,581 | ||||||||||||
Total other noncurrent liabilities | 33,767 | 2,674 | 180 | (1,960 | ) | (1 | ) | 34,660 | ||||||||||
Equity | ||||||||||||||||||
Total Duke Energy Corporation stockholders' equity | 47,846 | 5,291 | 3,409 | 41,809 | (56,616 | ) | 41,739 | |||||||||||
Noncontrolling interests | — | — | 1 | (3 | ) | — | (2 | ) | ||||||||||
Total equity | 47,846 | 5,291 | 3,410 | 41,806 | (56,616 | ) | 41,737 | |||||||||||
Total Liabilities and Equity | 119,887 | 11,427 | 5,479 | 60,951 | (59,830 | ) | 137,914 | |||||||||||
Segment reclassifications, intercompany balances and other | (464 | ) | 35 | (1,323 | ) | (58,266 | ) | 60,018 | — | |||||||||
Segment Liabilities and Equity | $ | 119,423 | $ | 11,462 | $ | 4,156 | $ | 2,685 | $ | 188 | $ | 137,914 |
December 31, 2016 | ||||||||||||||||||
(in millions) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial Renewables | Other | Eliminations/ Adjustments | Duke Energy | ||||||||||||
Current Assets | ||||||||||||||||||
Cash and cash equivalents | $ | 72 | $ | 25 | $ | 8 | $ | 287 | $ | — | $ | 392 | ||||||
Receivables, net | 451 | 228 | 24 | 47 | 1 | 751 | ||||||||||||
Receivables of variable interest entities, net | 1,871 | — | 22 | — | — | 1,893 | ||||||||||||
Receivables from affiliated companies | 25 | 31 | 769 | 3,075 | (3,900 | ) | — | |||||||||||
Notes receivable from affiliated companies | 179 | 38 | — | 89 | (306 | ) | — | |||||||||||
Inventory | 3,372 | 108 | 17 | 26 | (1 | ) | 3,522 | |||||||||||
Regulatory assets | 806 | 124 | — | 93 | — | 1,023 | ||||||||||||
Other | 283 | 31 | 107 | 35 | 2 | 458 | ||||||||||||
Total current assets | 7,059 | 585 | 947 | 3,652 | (4,204 | ) | 8,039 | |||||||||||
Property, Plant and Equipment | ||||||||||||||||||
Cost | 106,271 | 8,922 | 4,344 | 1,860 | — | 121,397 | ||||||||||||
Accumulated depreciation and amortization | (35,788 | ) | (2,047 | ) | (569 | ) | (1,002 | ) | — | (39,406 | ) | |||||||
Generation facilities to be retired, net | 529 | — | — | — | — | 529 | ||||||||||||
Net property, plant and equipment | 71,012 | 6,875 | 3,775 | 858 | — | 82,520 | ||||||||||||
Other Noncurrent Assets | ||||||||||||||||||
Goodwill | 17,379 | 1,924 | 122 | — | — | 19,425 | ||||||||||||
Regulatory assets | 11,590 | 785 | — | 503 | — | 12,878 | ||||||||||||
Nuclear decommissioning trust funds | 6,205 | — | — | — | — | 6,205 | ||||||||||||
Investments in equity method unconsolidated affiliates | 93 | 566 | 185 | 81 | — | 925 | ||||||||||||
Investment in consolidated subsidiaries | 234 | (7 | ) | 9 | 52,478 | (52,714 | ) | — | ||||||||||
Other | 1,917 | 36 | 117 | 3,194 | (2,495 | ) | 2,769 | |||||||||||
Total other noncurrent assets | 37,418 | 3,304 | 433 | 56,256 | (55,209 | ) | 42,202 | |||||||||||
Total Assets | 115,489 | 10,764 | 5,155 | 60,766 | (59,413 | ) | 132,761 | |||||||||||
Segment reclassifications, intercompany balances and other | (496 | ) | (4 | ) | (778 | ) | (58,323 | ) | 59,601 | — | ||||||||
Segment Assets | $ | 114,993 | $ | 10,760 | $ | 4,377 | $ | 2,443 | $ | 188 | $ | 132,761 |
December 31, 2016 | ||||||||||||||||||
(in millions) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial Renewables | Other | Eliminations / Adjustments | Duke Energy | ||||||||||||
Current Liabilities | ||||||||||||||||||
Accounts payable | $ | 2,301 | $ | 233 | $ | 57 | $ | 403 | $ | — | $ | 2,994 | ||||||
Accounts payable to affiliated companies | 3,427 | 5 | 174 | 248 | (3,854 | ) | — | |||||||||||
Notes payable to affiliated companies | 143 | 1 | — | 186 | (330 | ) | — | |||||||||||
Notes payable and commercial paper | — | 330 | — | 2,157 | — | 2,487 | ||||||||||||
Taxes accrued | 471 | 102 | (267 | ) | 79 | (1 | ) | 384 | ||||||||||
Interest accrued | 328 | 38 | — | 139 | (2 | ) | 503 | |||||||||||
Current maturities of long-term debt | 986 | 35 | 198 | 1,099 | 1 | 2,319 | ||||||||||||
Asset retirement obligations | 411 | — | — | — | — | 411 | ||||||||||||
Regulatory liabilities | 404 | — | — | 5 | — | 409 | ||||||||||||
Other | 1,360 | 99 | 53 | 551 | (19 | ) | 2,044 | |||||||||||
Total current liabilities | 9,831 | 843 | 215 | 4,867 | (4,205 | ) | 11,551 | |||||||||||
Long-Term Debt | 28,396 | 2,445 | 1,096 | 13,640 | (1 | ) | 45,576 | |||||||||||
Long-Term Debt Payable to Affiliated Companies | 618 | 7 | 9 | 1,859 | (2,493 | ) | — | |||||||||||
Other Noncurrent Liabilities | ||||||||||||||||||
Deferred income taxes | 15,484 | 1,411 | 385 | (3,124 | ) | (1 | ) | 14,155 | ||||||||||
Asset retirement obligations | 10,071 | 42 | 85 | 1 | 1 | 10,200 | ||||||||||||
Regulatory liabilities | 6,111 | 733 | — | 37 | — | 6,881 | ||||||||||||
Accrued pension and other post-retirement benefit costs | 718 | 31 | — | 362 | — | 1,111 | ||||||||||||
Investment tax credits | 490 | 3 | — | — | — | 493 | ||||||||||||
Other | 875 | 262 | 273 | 343 | — | 1,753 | ||||||||||||
Total other noncurrent liabilities | 33,749 | 2,482 | 743 | (2,381 | ) | — | 34,593 | |||||||||||
Equity | ||||||||||||||||||
Total Duke Energy Corporation stockholders' equity | 42,895 | 4,987 | 3,072 | 42,792 | (52,713 | ) | 41,033 | |||||||||||
Noncontrolling interests | — | — | 20 | (11 | ) | (1 | ) | 8 | ||||||||||
Total equity | 42,895 | 4,987 | 3,092 | 42,781 | (52,714 | ) | 41,041 | |||||||||||
Total Liabilities and Equity | 115,489 | 10,764 | 5,155 | 60,766 | (59,413 | ) | 132,761 | |||||||||||
Segment reclassifications, intercompany balances and other | (496 | ) | (4 | ) | (778 | ) | (58,323 | ) | 59,601 | — | ||||||||
Segment Liabilities and Equity | $ | 114,993 | $ | 10,760 | $ | 4,377 | $ | 2,443 | $ | 188 | $ | 132,761 |
Twelve Months Ended December 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 | $ | 7,302 | $ | 5,129 | $ | 4,646 | $ | 1,373 | $ | 3,047 | $ | 1 | $ | (167 | ) | $ | 21,331 | |||||||
Operating Expenses | ||||||||||||||||||||||||
Fuel used in electric generation and purchased power | 1,822 | 1,609 | 1,808 | 369 | 966 | — | (195 | ) | 6,379 | |||||||||||||||
Operation, maintenance and other | 1,923 | 1,365 | 802 | 376 | 723 | 2 | 5 | 5,196 | ||||||||||||||||
Depreciation and amortization | 1,090 | 725 | 560 | 178 | 458 | 1 | (2 | ) | 3,010 | |||||||||||||||
Property and other taxes | 281 | 156 | 347 | 220 | 76 | — | (1 | ) | 1,079 | |||||||||||||||
Impairment charges | — | 19 | 138 | 1 | 18 | — | — | 176 | ||||||||||||||||
Total operating expenses | 5,116 | 3,874 | 3,655 | 1,144 | 2,241 | 3 | (193 | ) | 15,840 | |||||||||||||||
Gains on Sales of Other Assets and Other, net | 1 | 4 | 1 | — | — | — | — | 6 | ||||||||||||||||
Operating Income (Loss) | 2,187 | 1,259 | 992 | 229 | 806 | (2 | ) | 26 | 5,497 | |||||||||||||||
Other Income and Expenses, net(b) | 139 | 65 | 61 | 11 | 37 | 5 | (10 | ) | 308 | |||||||||||||||
Interest Expense | 422 | 293 | 279 | 62 | 178 | — | 6 | 1,240 | ||||||||||||||||
Income Before Income Taxes | 1,904 | 1,031 | 774 | 178 | 665 | 3 | 10 | 4,565 | ||||||||||||||||
Income Tax Expense (Benefit) | 659 | 296 | 52 | 40 | 305 | (1 | ) | 4 | 1,355 | |||||||||||||||
Segment Income | $ | 1,245 | $ | 735 | $ | 722 | $ | 138 | $ | 360 | $ | 4 | $ | 6 | $ | 3,210 |
(a) | Includes results of the wholly owned subsidiary, Duke Energy Kentucky. |
(b) | Includes an equity component of allowance for funds used during construction of $106 million for Duke Energy Carolinas, $47 million for Duke Energy Progress, $45 million for Duke Energy Florida, $9 million for Duke Energy Ohio, and $28 million for Duke Energy Indiana. |
Twelve Months Ended December 31, 2016 | ||||||||||||||||||||||||
(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 | $ | 7,322 | $ | 5,277 | $ | 4,568 | $ | 1,410 | $ | 2,958 | $ | — | $ | (169 | ) | $ | 21,366 | |||||||
Operating Expenses | ||||||||||||||||||||||||
Fuel used in electric generation and purchased power | 1,797 | 1,830 | 1,814 | 442 | 909 | — | (197 | ) | 6,595 | |||||||||||||||
Operation, maintenance and other | 1,969 | 1,423 | 831 | 358 | 704 | 3 | 5 | 5,293 | ||||||||||||||||
Depreciation and amortization | 1,049 | 694 | 506 | 151 | 493 | 1 | 3 | 2,897 | ||||||||||||||||
Property and other taxes | 276 | 156 | 333 | 199 | 58 | — | (2 | ) | 1,020 | |||||||||||||||
Impairment charges | 1 | 1 | 6 | — | 8 | — | — | 16 | ||||||||||||||||
Total operating expenses | 5,092 | 4,104 | 3,490 | 1,150 | 2,172 | 4 | (191 | ) | 15,821 | |||||||||||||||
(Loss) Gain on Sales of Other Assets and Other, net | (5 | ) | 3 | 1 | 2 | 1 | — | (2 | ) | — | ||||||||||||||
Operating Income (Loss) | 2,225 | 1,176 | 1,079 | 262 | 787 | (4 | ) | 20 | 5,545 | |||||||||||||||
Other Income and Expenses, net(b) | 162 | 71 | 44 | 5 | 22 | 6 | (7 | ) | 303 | |||||||||||||||
Interest Expense | 424 | 257 | 212 | 58 | 181 | — | 4 | 1,136 | ||||||||||||||||
Income Before Income Taxes | 1,963 | 990 | 911 | 209 | 628 | 2 | 9 | 4,712 | ||||||||||||||||
Income Tax Expense | 693 | 335 | 337 | 55 | 234 | 1 | 17 | 1,672 | ||||||||||||||||
Segment Income | $ | 1,270 | $ | 655 | $ | 574 | $ | 154 | $ | 394 | $ | 1 | $ | (8 | ) | $ | 3,040 |
(a) | Includes results of the wholly owned subsidiary, Duke Energy Kentucky. |
(b) | Includes an equity component of allowance for funds used during construction of $102 million for Duke Energy Carolinas, $50 million for Duke Energy Progress, $26 million for Duke Energy Florida, $5 million for Duke Energy Ohio, and $16 million for Duke Energy Indiana. |
December 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 | $ | 16 | $ | 20 | $ | 13 | $ | 8 | $ | 9 | $ | — | $ | 1 | $ | 67 | ||||||||
Receivables, net | 200 | 56 | 65 | 64 | 57 | — | 3 | 445 | ||||||||||||||||
Receivables of variable interest entities, net | 640 | 459 | 321 | — | — | — | 546 | 1,966 | ||||||||||||||||
Receivables from affiliated companies | 95 | 4 | 2 | 72 | 125 | 2 | (278 | ) | 22 | |||||||||||||||
Notes receivable from affiliated companies | — | — | 313 | 10 | — | — | (157 | ) | 166 | |||||||||||||||
Inventory | 971 | 1,017 | 574 | 93 | 450 | — | 1 | 3,106 | ||||||||||||||||
Regulatory assets | 299 | 352 | 389 | 7 | 165 | — | 8 | 1,220 | ||||||||||||||||
Other | 19 | 96 | 86 | 10 | 30 | 1 | (2 | ) | 240 | |||||||||||||||
Total current assets | 2,240 | 2,004 | 1,763 | 264 | 836 | 3 | 122 | 7,232 | ||||||||||||||||
Property, Plant and Equipment | ||||||||||||||||||||||||
Cost | 42,939 | 29,583 | 17,730 | 5,818 | 14,948 | 4 | 560 | 111,582 | ||||||||||||||||
Accumulated depreciation and amortization | (15,063 | ) | (10,903 | ) | (4,947 | ) | (1,954 | ) | (4,662 | ) | (2 | ) | (10 | ) | (37,541 | ) | ||||||||
Generation facilities to be retired, net | — | 421 | — | — | — | — | — | 421 | ||||||||||||||||
Net property, plant and equipment | 27,876 | 19,101 | 12,783 | 3,864 | 10,286 | 2 | 550 | 74,462 | ||||||||||||||||
Other Noncurrent Assets | ||||||||||||||||||||||||
Goodwill | — | — | — | 596 | — | — | 16,783 | 17,379 | ||||||||||||||||
Regulatory assets | 2,853 | 3,507 | 2,503 | 329 | 978 | — | 1,174 | 11,344 | ||||||||||||||||
Nuclear decommissioning trust funds | 3,772 | 2,588 | 736 | — | — | — | 1 | 7,097 | ||||||||||||||||
Investments in equity method unconsolidated affiliates | — | — | — | — | — | 89 | — | 89 | ||||||||||||||||
Investment in consolidated subsidiaries | 39 | 5 | 3 | 167 | 1 | — | — | 215 | ||||||||||||||||
Other | 978 | 599 | 283 | 15 | 189 | — | 5 | 2,069 | ||||||||||||||||
Total other noncurrent assets | 7,642 | 6,699 | 3,525 | 1,107 | 1,168 | 89 | 17,963 | 38,193 | ||||||||||||||||
Total Assets | 37,758 | 27,804 | 18,071 | 5,235 | 12,290 | 94 | 18,635 | 119,887 | ||||||||||||||||
Intercompany balances and other | (300 | ) | (97 | ) | (223 | ) | (169 | ) | (76 | ) | (55 | ) | 456 | (464 | ) | |||||||||
Reportable Segment Assets | $ | 37,458 | $ | 27,707 | $ | 17,848 | $ | 5,066 | $ | 12,214 | $ | 39 | $ | 19,091 | $ | 119,423 |
(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. |
December 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 | $ | 842 | $ | 402 | $ | 602 | $ | 206 | $ | 196 | $ | — | $ | — | $ | 2,248 | ||||||||
Accounts payable to affiliated companies | 218 | 179 | 74 | 16 | 78 | 56 | (109 | ) | 512 | |||||||||||||||
Notes payable to affiliated companies | 104 | 240 | — | 23 | 161 | — | (132 | ) | 396 | |||||||||||||||
Taxes accrued | 236 | 64 | 35 | 144 | 95 | 1 | 5 | 580 | ||||||||||||||||
Interest accrued | 108 | 102 | 56 | 16 | 57 | — | (1 | ) | 338 | |||||||||||||||
Current maturities of long-term debt | 1,205 | 3 | 768 | 2 | 3 | — | 92 | 2,073 | ||||||||||||||||
Asset retirement obligations | 337 | 295 | — | 3 | 54 | — | — | 689 | ||||||||||||||||
Regulatory liabilities | 126 | 139 | 74 | 25 | 24 | — | (1 | ) | 387 | |||||||||||||||
Other | 486 | 376 | 335 | 67 | 105 | — | 1 | 1,370 | ||||||||||||||||
Total current liabilities | 3,662 | 1,800 | 1,944 | 502 | 773 | 57 | (145 | ) | 8,593 | |||||||||||||||
Long-Term Debt | 8,598 | 7,204 | 6,327 | 1,552 | 3,630 | — | 1,752 | 29,063 | ||||||||||||||||
Long-Term Debt Payable to Affiliated Companies | 300 | 150 | — | 18 | 150 | — | — | 618 | ||||||||||||||||
Other Noncurrent Liabilities | ||||||||||||||||||||||||
Deferred income taxes | 3,440 | 1,888 | 1,762 | 526 | 925 | 3 | 11 | 8,555 | ||||||||||||||||
Asset retirement obligations | 3,273 | 4,378 | 741 | 45 | 727 | — | 181 | 9,345 | ||||||||||||||||
Regulatory liabilities | 6,231 | 3,999 | 1,307 | 559 | 1,723 | — | — | 13,819 | ||||||||||||||||
Accrued pension and other post-retirement benefit costs | 95 | 248 | 264 | 40 | 76 | — | — | 723 | ||||||||||||||||
Investment tax credits | 232 | 143 | 9 | 4 | 147 | — | 1 | 536 | ||||||||||||||||
Other | 566 | 45 | 99 | 70 | 18 | — | (9 | ) | 789 | |||||||||||||||
Total other noncurrent liabilities | 13,837 | 10,701 | 4,182 | 1,244 | 3,616 | 3 | 184 | 33,767 | ||||||||||||||||
Equity | 11,361 | 7,949 | 5,618 | 1,919 | 4,121 | 34 | 16,844 | 47,846 | ||||||||||||||||
Total Liabilities and Equity | 37,758 | 27,804 | 18,071 | 5,235 | 12,290 | 94 | 18,635 | 119,887 | ||||||||||||||||
Intercompany balances and other | (300 | ) | (97 | ) | (223 | ) | (169 | ) | (76 | ) | (55 | ) | 456 | (464 | ) | |||||||||
Reportable Segment Liabilities and Equity | $ | 37,458 | $ | 27,707 | $ | 17,848 | $ | 5,066 | $ | 12,214 | $ | 39 | $ | 19,091 | $ | 119,423 |
(a) | Includes balances of the wholly owned subsidiary, Duke Energy Kentucky. |
(b) | Includes the elimination of intercompany balances and purchase accounting adjustments. |
December 31, 2016 | ||||||||||||||||||||||||
(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 | $ | 14 | $ | 11 | $ | 16 | $ | 13 | $ | 17 | $ | — | $ | 1 | $ | 72 | ||||||||
Receivables, net | 160 | 51 | 61 | 72 | 105 | — | 2 | 451 | ||||||||||||||||
Receivables of variable interest entities, net | 645 | 404 | 288 | — | — | — | 534 | 1,871 | ||||||||||||||||
Receivables from affiliated companies | 163 | 5 | 5 | 72 | 111 | 2 | (333 | ) | 25 | |||||||||||||||
Notes receivable from affiliated companies | 66 | 165 | — | 58 | 86 | — | (196 | ) | 179 | |||||||||||||||
Inventory | 1,055 | 1,076 | 641 | 96 | 504 | — | — | 3,372 | ||||||||||||||||
Regulatory assets | 238 | 188 | 213 | 9 | 149 | — | 9 | 806 | ||||||||||||||||
Other | 36 | 57 | 125 | 21 | 45 | — | (1 | ) | 283 | |||||||||||||||
Total current assets | 2,377 | 1,957 | 1,349 | 341 | 1,017 | 2 | 16 | 7,059 | ||||||||||||||||
Property, Plant and Equipment | ||||||||||||||||||||||||
Cost | 41,127 | 28,419 | 16,434 | 5,377 | 14,241 | 4 | 669 | 106,271 | ||||||||||||||||
Accumulated depreciation and amortization | (14,365 | ) | (10,561 | ) | (4,644 | ) | (1,892 | ) | (4,317 | ) | (1 | ) | (8 | ) | (35,788 | ) | ||||||||
Generation facilities to be retired, net | — | 529 | — | — | — | — | — | 529 | ||||||||||||||||
Net property, plant and equipment | 26,762 | 18,387 | 11,790 | 3,485 | 9,924 | 3 | 661 | 71,012 | ||||||||||||||||
Other Noncurrent Assets | ||||||||||||||||||||||||
Goodwill | — | — | — | 596 | — | — | 16,783 | 17,379 | ||||||||||||||||
Regulatory assets | 3,159 | 3,243 | 2,480 | 348 | 1,074 | — | 1,286 | 11,590 | ||||||||||||||||
Nuclear decommissioning trust funds | 3,273 | 2,217 | 715 | — | — | — | — | 6,205 | ||||||||||||||||
Investments in equity method unconsolidated affiliates | — | — | 1 | — | — | 92 | — | 93 | ||||||||||||||||
Investment in consolidated subsidiaries | 52 | 12 | 6 | 161 | — | — | 3 | 234 | ||||||||||||||||
Other | 943 | 525 | 278 | 16 | 143 | — | 12 | 1,917 | ||||||||||||||||
Total other noncurrent assets | 7,427 | 5,997 | 3,480 | 1,121 | 1,217 | 92 | 18,084 | 37,418 | ||||||||||||||||
Total Assets | 36,566 | 26,341 | 16,619 | 4,947 | 12,158 | 97 | 18,761 | 115,489 | ||||||||||||||||
Intercompany balances and other | (298 | ) | (188 | ) | (132 | ) | (178 | ) | (53 | ) | (54 | ) | 407 | (496 | ) | |||||||||
Reportable Segment Assets | $ | 36,268 | $ | 26,153 | $ | 16,487 | $ | 4,769 | $ | 12,105 | $ | 43 | $ | 19,168 | $ | 114,993 |
(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. |
December 31, 2016 | ||||||||||||||||||||||||
(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 | $ | 833 | $ | 589 | $ | 413 | $ | 200 | $ | 262 | $ | — | $ | 4 | $ | 2,301 | ||||||||
Accounts payable to affiliated companies | 247 | 227 | 125 | 13 | 7 | 54 | 2,754 | 3,427 | ||||||||||||||||
Notes payable to affiliated companies | — | — | 297 | 18 | — | — | (172 | ) | 143 | |||||||||||||||
Taxes accrued | 150 | 107 | 37 | 139 | 32 | 1 | 5 | 471 | ||||||||||||||||
Interest accrued | 102 | 102 | 49 | 14 | 61 | — | — | 328 | ||||||||||||||||
Current maturities of long-term debt | 116 | 452 | 326 | 1 | 3 | — | 88 | 986 | ||||||||||||||||
Asset retirement obligations | 222 | 189 | — | — | — | — | — | 411 | ||||||||||||||||
Regulatory liabilities | 161 | 158 | 31 | 15 | 40 | — | (1 | ) | 404 | |||||||||||||||
Other | 467 | 366 | 353 | 82 | 94 | — | (2 | ) | 1,360 | |||||||||||||||
Total current liabilities | 2,298 | 2,190 | 1,631 | 482 | 499 | 55 | 2,676 | 9,831 | ||||||||||||||||
Long-Term Debt | 9,187 | 6,409 | 5,799 | 1,397 | 3,633 | — | 1,971 | 28,396 | ||||||||||||||||
Long-Term Debt Payable to Affiliated Companies | 300 | 150 | — | 18 | 150 | — | — | 618 | ||||||||||||||||
Other Noncurrent Liabilities | ||||||||||||||||||||||||
Deferred income taxes | 6,588 | 3,331 | 2,695 | 954 | 1,902 | 4 | 10 | 15,484 | ||||||||||||||||
Asset retirement obligations | 3,673 | 4,508 | 778 | 48 | 866 | — | 198 | 10,071 | ||||||||||||||||
Regulatory liabilities | 2,840 | 1,946 | 448 | 129 | 748 | — | — | 6,111 | ||||||||||||||||
Accrued pension and other post-retirement benefit costs | 97 | 252 | 262 | 36 | 71 | — | — | 718 | ||||||||||||||||
Investment tax credits | 203 | 146 | 3 | 1 | 137 | — | — | 490 | ||||||||||||||||
Other | 608 | 51 | 103 | 95 | 27 | — | (9 | ) | 875 | |||||||||||||||
Total other noncurrent liabilities | 14,009 | 10,234 | 4,289 | 1,263 | 3,751 | 4 | 199 | 33,749 | ||||||||||||||||
Equity | 10,772 | 7,358 | 4,900 | 1,787 | 4,125 | 38 | 13,915 | 42,895 | ||||||||||||||||
Total Liabilities and Equity | 36,566 | 26,341 | 16,619 | 4,947 | 12,158 | 97 | 18,761 | 115,489 | ||||||||||||||||
Intercompany balances and other | (298 | ) | (188 | ) | (132 | ) | (178 | ) | (53 | ) | (54 | ) | 407 | (496 | ) | |||||||||
Reportable Segment Liabilities and Equity | $ | 36,268 | $ | 26,153 | $ | 16,487 | $ | 4,769 | $ | 12,105 | $ | 43 | $ | 19,168 | $ | 114,993 |
(a) | Includes balances of the wholly owned subsidiary, Duke Energy Kentucky. |
(b) | Includes the elimination of intercompany balances and purchase accounting adjustments. |
Twelve Months Ended December 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 | $ | 508 | $ | 1,319 | $ | — | $ | — | $ | 1,827 | |||||
Nonregulated natural gas and other | — | 9 | — | — | 9 | ||||||||||
Operating Revenues | 508 | 1,328 | — | — | 1,836 | ||||||||||
Operating Expenses | |||||||||||||||
Cost of natural gas | 107 | 524 | — | 1 | 632 | ||||||||||
Operation, maintenance and other | 114 | 276 | 4 | (1 | ) | 393 | |||||||||
Depreciation and amortization | 83 | 148 | — | — | 231 | ||||||||||
Property and other taxes | 58 | 48 | — | — | 106 | ||||||||||
Total operating expenses | 362 | 996 | 4 | — | 1,362 | ||||||||||
Operating Income (Loss) | 146 | 332 | (4 | ) | — | 474 | |||||||||
Other Income and Expenses | |||||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | 62 | — | 62 | ||||||||||
Other income and expenses, net | 6 | (1 | ) | — | (1 | ) | 4 | ||||||||
Total other income and expenses | 6 | (1 | ) | 62 | (1 | ) | 66 | ||||||||
Interest Expense | 28 | 77 | — | — | 105 | ||||||||||
Income Before Income Taxes | 124 | 254 | 58 | (1 | ) | 435 | |||||||||
Income Tax Expense (Benefit) | 39 | 88 | (10 | ) | (1 | ) | 116 | ||||||||
Segment Income | $ | 85 | $ | 166 | $ | 68 | $ | — | $ | 319 |
(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. |
Twelve Months Ended December 31, 2016 | |||||||||||||||
(in millions) | Duke Energy Ohio(a) | Piedmont Natural Gas LDC(b) | Midstream Pipelines and Storage(b)(c) | Eliminations/ Adjustments | Gas Utilities and Infrastructure | ||||||||||
Operating Revenues | $ | 503 | $ | 398 | $ | — | $ | — | $ | 901 | |||||
Operating Expenses | |||||||||||||||
Cost of natural gas | 103 | 161 | — | 1 | 265 | ||||||||||
Operation, maintenance and other | 116 | 70 | 2 | (2 | ) | 186 | |||||||||
Depreciation and amortization | 80 | 35 | — | — | 115 | ||||||||||
Property and other taxes | 59 | 11 | — | — | 70 | ||||||||||
Total operating expenses | 358 | 277 | 2 | (1 | ) | 636 | |||||||||
Gains on Sales of Other Assets and Other, net | — | — | — | (1 | ) | (1 | ) | ||||||||
Operating Income (Loss) | 145 | 121 | (2 | ) | — | 264 | |||||||||
Other Income and Expenses | |||||||||||||||
Equity in earnings of unconsolidated affiliates | — | — | 19 | — | 19 | ||||||||||
Other income and expenses, net | 3 | 1 | 2 | (1 | ) | 5 | |||||||||
Total other income and expenses | 3 | 1 | 21 | (1 | ) | 24 | |||||||||
Interest Expense | 27 | 20 | — | (1 | ) | 46 | |||||||||
Income Before Income Taxes | 121 | 102 | 19 | — | 242 | ||||||||||
Income Tax Expense | 44 | 37 | 7 | 2 | 90 | ||||||||||
Segment Income | $ | 77 | $ | 65 | $ | 12 | $ | (2 | ) | $ | 152 |
(a) | Includes results of the wholly owned subsidiary, Duke Energy Kentucky. |
(b) | Includes Piedmont's results subsequent to the acquisition on October 3, 2016. |
(c) | Includes earnings from investments in ACP, Sabal Trail, Constitution and Cardinal pipelines, as well as Hardy and Pine Needle storage facilities. |
December 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 | $ | 4 | $ | 19 | $ | — | $ | — | $ | 23 | |||||
Receivables, net | 1 | 275 | — | — | 276 | ||||||||||
Receivables from affiliated companies | 22 | 74 | — | (89 | ) | 7 | |||||||||
Notes receivable from affiliated companies | 4 | — | — | (1 | ) | 3 | |||||||||
Inventory | 40 | 66 | — | — | 106 | ||||||||||
Regulatory assets | 1 | 95 | — | — | 96 | ||||||||||
Other | 5 | 52 | — | (1 | ) | 56 | |||||||||
Total current assets | 77 | 581 | — | (91 | ) | 567 | |||||||||
Property, Plant and Equipment | |||||||||||||||
Cost | 2,914 | 6,721 | — | — | 9,635 | ||||||||||
Accumulated depreciation and amortization | (737 | ) | (1,478 | ) | — | (1 | ) | (2,216 | ) | ||||||
Net property, plant and equipment | 2,177 | 5,243 | — | (1 | ) | 7,419 | |||||||||
Other Noncurrent Assets | |||||||||||||||
Goodwill | 324 | 49 | — | 1,551 | 1,924 | ||||||||||
Regulatory assets | 178 | 283 | — | 191 | 652 | ||||||||||
Investments in equity method unconsolidated affiliates | — | — | 763 | — | 763 | ||||||||||
Investment in consolidated subsidiaries | — | — | — | 15 | 15 | ||||||||||
Other | 2 | 64 | 18 | 3 | 87 | ||||||||||
Total other noncurrent assets | 504 | 396 | 781 | 1,760 | 3,441 | ||||||||||
Total Assets | 2,758 | 6,220 | 781 | 1,668 | 11,427 | ||||||||||
Intercompany balances and other | — | (20 | ) | (35 | ) | 90 | 35 | ||||||||
Reportable Segment Assets | $ | 2,758 | $ | 6,200 | $ | 746 | $ | 1,758 | $ | 11,462 |
(a) | Includes balances of the wholly owned subsidiary, Duke Energy Kentucky. |
(b) | Includes the elimination of intercompany balances and purchase accounting adjustments. |
December 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 | $ | 80 | $ | 125 | $ | — | $ | — | $ | 205 | |||||
Accounts payable to affiliated companies | 5 | 14 | 92 | (89 | ) | 22 | |||||||||
Notes payable to affiliated companies | 6 | 364 | — | (2 | ) | 368 | |||||||||
Taxes accrued | 38 | 38 | (34 | ) | — | 42 | |||||||||
Interest accrued | 5 | 31 | — | (1 | ) | 35 | |||||||||
Current maturities of long-term debt | 1 | 250 | — | — | 251 | ||||||||||
Regulatory liabilities | 11 | (2 | ) | — | — | 9 | |||||||||
Other | 2 | 69 | 1 | 2 | 74 | ||||||||||
Total current liabilities | 148 | 889 | 59 | (90 | ) | 1,006 | |||||||||
Long-Term Debt | 487 | 1,787 | — | 175 | 2,449 | ||||||||||
Long-Term Debt Payable to Affiliated Companies | 7 | — | — | — | 7 | ||||||||||
Other Noncurrent Liabilities | |||||||||||||||
Deferred income taxes | 251 | 552 | 58 | (1 | ) | 860 | |||||||||
Asset retirement obligations | 35 | 15 | — | — | 50 | ||||||||||
Regulatory liabilities | 353 | 1,141 | — | 16 | 1,510 | ||||||||||
Accrued pension and other post-retirement benefit costs | 16 | 5 | — | — | 21 | ||||||||||
Investment tax credits | 2 | 1 | — | — | 3 | ||||||||||
Other | 57 | 162 | 11 | — | 230 | ||||||||||
Total other noncurrent liabilities | 714 | 1,876 | 69 | 15 | 2,674 | ||||||||||
Equity | 1,402 | 1,668 | 653 | 1,568 | 5,291 | ||||||||||
Total Liabilities and Equity | 2,758 | 6,220 | 781 | 1,668 | 11,427 | ||||||||||
Intercompany balances and other | — | (20 | ) | (35 | ) | 90 | 35 | ||||||||
Reportable Segment Liabilities and Equity | $ | 2,758 | $ | 6,200 | $ | 746 | $ | 1,758 | $ | 11,462 |
(a) | Includes balances of the wholly owned subsidiary, Duke Energy Kentucky. |
(b) | Includes the elimination of intercompany balances and purchase accounting adjustments. |
December 31, 2016 | |||||||||||||||
(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 | $ | — | $ | 25 | $ | — | $ | — | $ | 25 | |||||
Receivables, net | (4 | ) | 232 | — | — | 228 | |||||||||
Receivables from affiliated companies | 21 | 7 | — | 3 | 31 | ||||||||||
Notes receivable from affiliated companies | 38 | — | — | — | 38 | ||||||||||
Inventory | 41 | 66 | — | 1 | 108 | ||||||||||
Regulatory assets | 6 | 117 | — | 1 | 124 | ||||||||||
Other | 12 | 21 | — | (2 | ) | 31 | |||||||||
Total current assets | 114 | 468 | — | 3 | 585 | ||||||||||
Property, Plant and Equipment | |||||||||||||||
Cost | 2,748 | 6,174 | — | — | 8,922 | ||||||||||
Accumulated depreciation and amortization | (687 | ) | (1,360 | ) | — | — | (2,047 | ) | |||||||
Net property, plant and equipment | 2,061 | 4,814 | — | — | 6,875 | ||||||||||
Other Noncurrent Assets | |||||||||||||||
Goodwill | 324 | 49 | — | 1,551 | 1,924 | ||||||||||
Regulatory assets | 196 | 379 | — | 210 | 785 | ||||||||||
Investments in equity method unconsolidated affiliates | — | — | 566 | — | 566 | ||||||||||
Investment in consolidated subsidiaries | — | — | — | (7 | ) | (7 | ) | ||||||||
Other | 2 | 21 | 12 | 1 | 36 | ||||||||||
Total other noncurrent assets | 522 | 449 | 578 | 1,755 | 3,304 | ||||||||||
Total Assets | 2,697 | 5,731 | 578 | 1,758 | 10,764 | ||||||||||
Intercompany balances and other | (1 | ) | 91 | — | (94 | ) | (4 | ) | |||||||
Reportable Segment Assets | $ | 2,696 | $ | 5,822 | $ | 578 | $ | 1,664 | $ | 10,760 |
(a) | Includes balances of the wholly owned subsidiary, Duke Energy Kentucky. |
(b) | Includes the elimination of intercompany balances and purchase accounting adjustments. |
December 31, 2016 | |||||||||||||||
(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 | $ | 78 | $ | 155 | $ | — | $ | — | $ | 233 | |||||
Accounts payable to affiliated companies | 4 | 4 | 25 | (28 | ) | 5 | |||||||||
Notes payable to affiliated companies | 1 | — | — | — | 1 | ||||||||||
Notes payable and commercial paper | — | 330 | 330 | ||||||||||||
Taxes accrued | 27 | (14 | ) | 89 | — | 102 | |||||||||
Interest accrued | 5 | 33 | — | — | 38 | ||||||||||
Current maturities of long-term debt | — | 35 | — | — | 35 | ||||||||||
Regulatory liabilities | 6 | (6 | ) | — | — | — | |||||||||
Other | 3 | 96 | — | — | 99 | ||||||||||
Total current liabilities | 124 | 633 | 114 | (28 | ) | 843 | |||||||||
Long-Term Debt | 462 | 1,786 | — | 197 | 2,445 | ||||||||||
Long-Term Debt Payable to Affiliated Companies | 7 | — | — | — | 7 | ||||||||||
Other Noncurrent Liabilities | |||||||||||||||
Deferred income taxes | 480 | 904 | 28 | (1 | ) | 1,411 | |||||||||
Asset retirement obligations | 28 | 14 | — | — | 42 | ||||||||||
Regulatory liabilities | 108 | 608 | — | 17 | 733 | ||||||||||
Accrued pension and other post-retirement benefit costs | 17 | 14 | — | — | 31 | ||||||||||
Investment tax credits | 2 | 1 | — | — | 3 | ||||||||||
Other | 68 | 194 | — | — | 262 | ||||||||||
Total other noncurrent liabilities | 703 | 1,735 | 28 | 16 | 2,482 | ||||||||||
Equity | 1,401 | 1,577 | 436 | 1,573 | 4,987 | ||||||||||
Total Liabilities and Equity | 2,697 | 5,731 | 578 | 1,758 | 10,764 | ||||||||||
Intercompany balances and other | (1 | ) | 91 | — | (94 | ) | (4 | ) | |||||||
Reportable Segment Liabilities and Equity | $ | 2,696 | $ | 5,822 | $ | 578 | $ | 1,664 | $ | 10,760 |
(a) | Includes balances of the wholly owned subsidiary, Duke Energy Kentucky. |
(b) | Includes the elimination of intercompany balances and purchase accounting adjustments. |
Twelve Months Ended December 31, 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 | $ | 2,734 | $ | 1,806 | $ | 2,505 | $ | 706 | $ | 998 | $ | — | $ | — | $ | 8,749 | ||||||||
General service | 2,212 | 1,262 | 1,422 | 424 | 768 | — | — | 6,088 | ||||||||||||||||
Industrial | 1,217 | 622 | 256 | 122 | 769 | — | — | 2,986 | ||||||||||||||||
Wholesale | 487 | 1,112 | 150 | 27 | 309 | — | — | 2,085 | ||||||||||||||||
Change in unbilled | 21 | 18 | 25 | 5 | 9 | — | — | 78 | ||||||||||||||||
Other revenues | 631 | 309 | 288 | 89 | 194 | — | (166 | ) | 1,345 | |||||||||||||||
Total Electric Revenues | $ | 7,302 | $ | 5,129 | $ | 4,646 | $ | 1,373 | $ | 3,047 | $ | — | $ | (166 | ) | $ | 21,331 | |||||||
Regulated Natural Gas Revenues | ||||||||||||||||||||||||
Residential | $ | — | $ | — | $ | — | $ | 332 | $ | — | $ | 631 | $ | — | $ | 963 | ||||||||
Commercial | — | — | — | 133 | — | 359 | — | 492 | ||||||||||||||||
Industrial | — | — | — | 18 | — | 132 | — | 150 | ||||||||||||||||
Power Generation | — | — | — | — | — | 89 | — | 89 | ||||||||||||||||
Change in unbilled | — | — | — | 1 | — | 9 | — | 10 | ||||||||||||||||
Other revenues | — | — | — | 24 | — | 99 | — | 123 | ||||||||||||||||
Total Natural Gas Revenues | $ | — | $ | — | $ | — | $ | 508 | $ | — | $ | 1,319 | $ | — | $ | 1,827 |
Twelve Months Ended December 31, 2016 | ||||||||||||||||||||||||
(in millions) | Duke Energy Carolinas | Duke Energy Progress | Duke Energy Florida | Duke Energy Ohio (a) | Duke Energy Indiana | Piedmont Natural Gas(b) | Eliminations/ Adjustments | Total | ||||||||||||||||
Regulated Electric Revenues | ||||||||||||||||||||||||
Residential | $ | 2,933 | $ | 1,897 | $ | 2,473 | $ | 755 | $ | 983 | $ | — | $ | — | $ | 9,041 | ||||||||
General service | 2,299 | 1,323 | 1,373 | 442 | 741 | — | — | 6,178 | ||||||||||||||||
Industrial | 1,287 | 638 | 251 | 121 | 726 | — | — | 3,023 | ||||||||||||||||
Wholesale | 457 | 1,078 | 185 | 20 | 334 | — | — | 2,074 | ||||||||||||||||
Change in unbilled | 29 | 22 | (11 | ) | 13 | 26 | — | — | 79 | |||||||||||||||
Other revenues | 317 | 319 | 297 | 59 | 148 | — | (169 | ) | 971 | |||||||||||||||
Total Electric Revenues | $ | 7,322 | $ | 5,277 | $ | 4,568 | $ | 1,410 | $ | 2,958 | $ | — | $ | (169 | ) | $ | 21,366 | |||||||
Regulated Natural Gas Revenues | ||||||||||||||||||||||||
Residential | $ | — | $ | — | $ | — | $ | 324 | $ | — | $ | 154 | $ | — | $ | 478 | ||||||||
Commercial | — | — | — | 128 | — | 83 | — | 211 | ||||||||||||||||
Industrial | — | — | — | 18 | — | 31 | — | 49 | ||||||||||||||||
Power Generation | — | — | — | — | — | 21 | — | 21 | ||||||||||||||||
Change in unbilled | — | — | — | 14 | — | 74 | — | 88 | ||||||||||||||||
Other revenues | — | — | — | 19 | — | 35 | — | 54 | ||||||||||||||||
Total Natural Gas Revenues | $ | — | $ | — | $ | — | $ | 503 | $ | — | $ | 398 | $ | — | $ | 901 |
(a) | Includes results of the wholly owned subsidiary, Duke Energy Kentucky. |
(b) | Includes Piedmont's results subsequent to the acquisition on October 3, 2016. |
Special Items | ||||||||||||||||||||||||||||||||
Reported Earnings | Costs to Achieve Piedmont Merger | Regulatory Settlements | Commercial Renewables Impairments | Impacts of the Tax Act | Discontinued Operations | Total Adjustments | Adjusted Earnings | |||||||||||||||||||||||||
SEGMENT INCOME | ||||||||||||||||||||||||||||||||
Electric Utilities and Infrastructure | $ | 3,210 | $ | — | $ | 98 | B | $ | — | $ | (231 | ) | $ | — | $ | (133 | ) | $ | 3,077 | |||||||||||||
Gas Utilities and Infrastructure | 319 | — | — | — | (26 | ) | D | — | (26 | ) | 293 | |||||||||||||||||||||
Commercial Renewables | 441 | — | — | 74 | C | (442 | ) | — | (368 | ) | 73 | |||||||||||||||||||||
Total Reportable Segment Income | 3,970 | — | 98 | 74 | (699 | ) | — | (527 | ) | 3,443 | ||||||||||||||||||||||
Other | (905 | ) | 64 | A | — | — | 597 | — | 661 | (244 | ) | |||||||||||||||||||||
Discontinued Operations | (6 | ) | — | — | — | — | 6 | E | 6 | — | ||||||||||||||||||||||
Net Income Attributable to Duke Energy Corporation | $ | 3,059 | $ | 64 | $ | 98 | $ | 74 | $ | (102 | ) | D | $ | 6 | $ | 140 | $ | 3,199 | ||||||||||||||
EPS ATTRIBUTABLE TO DUKE ENERGY CORPORATION, DILUTED | $ | 4.36 | $ | 0.09 | $ | 0.14 | $ | 0.11 | $ | (0.14 | ) | $ | 0.01 | $ | 0.21 | $ | 4.57 |
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 | $ | 3,040 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,040 | |||||||||||||||
Gas Utilities and Infrastructure | 152 | — | — | — | — | — | — | 152 | |||||||||||||||||||||||
Commercial Renewables | 23 | — | — | 45 | C | — | — | 45 | 68 | ||||||||||||||||||||||
Total Reportable Segment Income | 3,215 | — | — | 45 | — | — | 45 | 3,260 | |||||||||||||||||||||||
International Energy | — | — | — | — | 243 | D | — | 243 | 243 | ||||||||||||||||||||||
Other | (645 | ) | 329 | A | 57 | B | — | — | — | 386 | (259 | ) | |||||||||||||||||||
Intercompany Eliminations | 1 | — | — | — | — | (1 | ) | (1 | ) | — | |||||||||||||||||||||
Discontinued Operations | (419 | ) | — | — | — | (243 | ) | D | 662 | E | 419 | — | |||||||||||||||||||
Net Income Attributable to Duke Energy Corporation | $ | 2,152 | $ | 329 | $ | 57 | $ | 45 | $ | — | $ | 661 | $ | 1,092 | $ | 3,244 | |||||||||||||||
EPS ATTRIBUTABLE TO DUKE ENERGY CORPORATION, DILUTED | $ | 3.11 | $ | 0.48 | $ | 0.08 | $ | 0.07 | $ | — | $ | 0.95 | $ | 1.58 | $ | 4.69 |
• | Costs to Achieve Mergers represents charges that result from strategic acquisitions. |
• | Regulatory Settlements represent charges related to the Levy nuclear project in Florida and the Mayo Zero Liquid Discharge and Sutton combustion turbine projects in North Carolina. |
• | Commercial Renewables Impairments represent other-than-temporary, asset and goodwill impairments. |
• | Impacts of the Tax Act represent estimated amounts recognized related to the Tax Cuts and Jobs Act. |
• | Cost Savings Initiatives represent severance charges related to company-wide initiatives, excluding merger integration, to standardize processes and systems, leverage technology and workforce optimization. |
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