Duke Energy CORP

For the period ended Mar 31, 2024. Filed May 7, 2024.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed May 7, 2024

DUK$128.94+0.7%Stored close · as of Nov 10, 2026

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Contents

Duke Energy Carolinas, LLC Financial Statements

FINANCIAL STATEMENTS

	Three Months Ended
	March 31,
(in millions)	2024	2023
Operating Revenues	$2,407	$1,934
Operating Expenses
Fuel used in electric generation and purchased power	860	623
Operation, maintenance and other	451	440
Depreciation and amortization	397	366
Property and other taxes	94	95
Impairment of assets and other charges	1	2
Total operating expenses	1,803	1,526
Gains on Sales of Other Assets and Other, net	1	—
Operating Income	605	408
Other Income and Expenses, net	61	59
Interest Expense	180	160
Income Before Income Taxes	486	307
Income Tax Expense	56	35
Net Income and Comprehensive Income	$430	$272

FINANCIAL STATEMENTS

(in millions)	March 31, 2024	December 31, 2023
ASSETS
Current Assets
Cash and cash equivalents	$5	$9
Receivables (net of allowance for doubtful accounts of $13 at 2024 and $11 at 2023)	245	265
Receivables of VIEs (net of allowance for doubtful accounts of $49 at 2024 and $45 at 2023)	997	991
Receivables from affiliated companies	173	203
Inventory	1,478	1,484
Regulatory assets (includes $12 at 2024 and 2023 related to VIEs)	1,347	1,564
Other (includes $5 at 2024 and $9 at 2023 related to VIEs)	62	31
Total current assets	4,307	4,547
Property, Plant and Equipment
Cost	57,477	56,670
Accumulated depreciation and amortization	(20,210)	(19,896)
Net property, plant and equipment	37,267	36,774
Other Noncurrent Assets
Regulatory assets (includes $193 at 2024 and $196 at 2023 related to VIEs)	3,850	3,916
Nuclear decommissioning trust funds	6,077	5,686
Operating lease right-of-use assets, net	75	78
Other	1,116	1,109
Total other noncurrent assets	11,118	10,789
Total Assets	$52,692	$52,110
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$925	$1,183
Accounts payable to affiliated companies	230	195
Notes payable to affiliated companies	55	668
Taxes accrued	148	281
Interest accrued	161	179
Current maturities of long-term debt (includes $511 at 2024 and $10 at 2023 related to VIEs)	520	19
Asset retirement obligations	236	224
Regulatory liabilities	574	587
Other	617	702
Total current liabilities	3,466	4,038
Long-Term Debt (includes $203 at 2024 and $708 at 2023 related to VIEs)	16,199	15,693
Long-Term Debt Payable to Affiliated Companies	300	300
Other Noncurrent Liabilities
Deferred income taxes	4,329	4,379
Asset retirement obligations	3,779	3,789
Regulatory liabilities	6,302	5,990
Operating lease liabilities	72	75
Accrued pension and other post-retirement benefit costs	54	57
Investment tax credits	300	301
Other (includes $19 at 2024 and $17 at 2023 related to VIEs)	554	581
Total other noncurrent liabilities	15,390	15,172
Commitments and Contingencies
Equity
Member's equity	17,343	16,913
Accumulated other comprehensive loss	(6)	(6)
Total equity	17,337	16,907
Total Liabilities and Equity	$52,692	$52,110

FINANCIAL STATEMENTS

	Three Months Ended
	March 31,
(in millions)	2024	2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$430	$272
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of nuclear fuel)	463	426
Equity component of AFUDC	(28)	(24)
Impairment of assets and other charges	1	2
Deferred income taxes	14	32
Payments for asset retirement obligations	(36)	(39)
Provision for rate refunds	(4)	(19)
(Increase) decrease in
Receivables	14	199
Receivables from affiliated companies	30	209
Inventory	7	(139)
Other current assets	(23)	(293)
Increase (decrease) in
Accounts payable	(203)	(594)
Accounts payable to affiliated companies	35	27
Taxes accrued	(133)	(119)
Other current liabilities	(134)	(78)
Other assets	191	206
Other liabilities	(19)	76
Net cash provided by operating activities	605	144
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(952)	(866)
Purchases of debt and equity securities	(535)	(556)
Proceeds from sales and maturities of debt and equity securities	535	556
Other	(51)	(59)
Net cash used in investing activities	(1,003)	(925)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	1,011	1,845
Payments for the redemption of long-term debt	(7)	(1,007)
Notes payable to affiliated companies	(612)	(79)
Other	(1)	(1)
Net cash provided by financing activities	391	758
Net decrease in cash, cash equivalents and restricted cash	(7)	(23)
Cash, cash equivalents and restricted cash at beginning of period	19	53
Cash, cash equivalents and restricted cash at end of period	$12	$30
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$550	$449

FINANCIAL STATEMENTS

	Three Months Ended March 31, 2023 and 2024
Accumulated Other
Comprehensive
Loss
	Member's	Net Losses on	Total
(in millions)	Equity	Cash Flow Hedges	Equity
Balance at December 31, 2022	$15,448	$(6)	$15,442
Net income	272	—	272
Balance at March 31, 2023	$15,720	$(6)	$15,714
Balance at December 31, 2023	$16,913	$(6)	$16,907
Net income	430	—	430
Balance at March 31, 2024	$17,343	$(6)	$17,337

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