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 Florida, LLC Financial Statements

FINANCIAL STATEMENTS

	Three Months Ended
	March 31,
(in millions)	2024	2023
Operating Revenues	$1,436	$1,510
Operating Expenses
Fuel used in electric generation and purchased power	523	646
Operation, maintenance and other	251	213
Depreciation and amortization	248	190
Property and other taxes	106	120
Impairment of assets and other charges	—	1
Total operating expenses	1,128	1,170
Gains on Sales of Other Assets and Other, net	1	1
Operating Income	309	341
Other Income and Expenses, net	24	30
Interest Expense	111	115
Income Before Income Taxes	222	256
Income Tax Expense	43	51
Net Income	$179	$205
Other Comprehensive Income, net of tax
Unrealized gains on available-for-sale securities	—	2
Comprehensive Income	$179	$207

FINANCIAL STATEMENTS

(in millions)	March 31, 2024	December 31, 2023
ASSETS
Current Assets
Cash and cash equivalents	$4	$24
Receivables (net of allowance for doubtful accounts of $12 at 2024 and $11 at 2023)	90	83
Receivables of VIEs (net of allowance for doubtful accounts of $15 at 2024 and $20 at 2023)	467	532
Receivables from affiliated companies	2	238
Inventory (includes $470 at 2024 and $462 at 2023 related to VIEs)	693	674
Regulatory assets (includes $59 at 2024 and 2023 related to VIEs)	525	720
Other (includes $11 at 2024 and $37 at 2023 related to VIEs)	57	51
Total current assets	1,838	2,322
Property, Plant and Equipment
Cost	28,882	28,353
Accumulated depreciation and amortization	(7,219)	(7,067)
Net property, plant and equipment	21,663	21,286
Other Noncurrent Assets
Regulatory assets (includes $790 at 2024 and $803 at 2023 related to VIEs)	1,895	1,883
Nuclear decommissioning trust funds	352	382
Operating lease right-of-use assets, net	294	299
Other	456	429
Total other noncurrent assets	2,997	2,993
Total Assets	$26,498	$26,601
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (includes $179 at 2024 and $188 at 2023 related to VIEs)	$616	$738
Accounts payable to affiliated companies	121	135
Notes payable to affiliated companies	66	152
Taxes accrued	134	185
Interest accrued	128	86
Current maturities of long-term debt (includes $384 at 2024 and 2023 related to VIEs)	586	589
Asset retirement obligations	1	1
Regulatory liabilities	93	118
Other	332	350
Total current liabilities	2,077	2,354
Long-Term Debt (includes $800 at 2024 and $831 at 2023 related to VIEs)	9,791	9,812
Other Noncurrent Liabilities
Deferred income taxes	2,750	2,733
Asset retirement obligations	252	274
Regulatory liabilities	709	708
Operating lease liabilities	247	251
Accrued pension and other post-retirement benefit costs	97	98
Investment tax credits	242	242
Other (includes $10 at 2024 and $6 at 2023 related to VIEs)	111	86
Total other noncurrent liabilities	4,408	4,392
Commitments and Contingencies
Equity
Member's equity	10,227	10,048
Accumulated other comprehensive loss	(5)	(5)
Total equity	10,222	10,043
Total Liabilities and Equity	$26,498	$26,601

FINANCIAL STATEMENTS

	Three Months Ended
	March 31,
(in millions)	2024	2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$179	$205
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion	284	194
Equity component of AFUDC	(5)	(3)
Impairment of assets and other charges	—	1
Deferred income taxes	10	21
Payments for asset retirement obligations	(22)	(12)
(Increase) decrease in
Receivables	53	42
Receivables from affiliated companies	236	(1)
Inventory	(19)	(57)
Other current assets	132	363
Increase (decrease) in
Accounts payable	(48)	(211)
Accounts payable to affiliated companies	(14)	(67)
Taxes accrued	(51)	79
Other current liabilities	11	(27)
Other assets	(16)	(193)
Other liabilities	34	(8)
Net cash provided by operating activities	764	326
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(669)	(609)
Purchases of debt and equity securities	(30)	(40)
Proceeds from sales and maturities of debt and equity securities	73	68
Other	(62)	(38)
Net cash used in investing activities	(688)	(619)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	3	5
Payments for the redemption of long-term debt	(39)	(34)
Notes payable to affiliated companies	(86)	281
Other	(1)	(1)
Net cash (used in) provided by financing activities	(123)	251
Net decrease in cash, cash equivalents and restricted cash	(47)	(42)
Cash, cash equivalents and restricted cash at beginning of period	67	86
Cash, cash equivalents and restricted cash at end of period	$20	$44
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$421	$340

FINANCIAL STATEMENTS

	Three Months Ended March 31, 2023 and 2024
Accumulated
Other
Comprehensive
Loss
Net Unrealized
Gains (Losses) on
	Member's	Available-for-Sale	Total
(in millions)	Equity	Securities	Equity
Balance at December 31, 2022	$9,031	$(8)	$9,023
Net income	205	—	205
Other comprehensive income	—	2	2
Other	1	—	1
Balance at March 31, 2023	$9,237	$(6)	$9,231
Balance at December 31, 2023	$10,048	$(5)	$10,043
Net income	179	—	179
Balance at March 31, 2024	$10,227	$(5)	$10,222

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