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 Indiana, LLC Financial Statements

FINANCIAL STATEMENTS

	Three Months Ended
	March 31,
(in millions)	2024	2023
Operating Revenues	$759	$975
Operating Expenses
Fuel used in electric generation and purchased power	271	449
Operation, maintenance and other	180	184
Depreciation and amortization	169	158
Property and other taxes	14	18
Total operating expenses	634	809
Operating Income	125	166
Other Income and Expenses, net	13	14
Interest Expense	57	52
Income Before Income Taxes	81	128
Income Tax Expense	14	22
Net Income	$67	$106
Other Comprehensive Loss, net of tax
Pension and OPEB adjustments	(1)	—
Comprehensive Income	$66	$106

FINANCIAL STATEMENTS

(in millions)	March 31, 2024	December 31, 2023
ASSETS
Current Assets
Cash and cash equivalents	$5	$8
Receivables (net of allowance for doubtful accounts of $16 at 2024 and $5 at 2023)	429	156
Receivables from affiliated companies	12	197
Inventory	534	582
Regulatory assets	101	102
Other	59	98
Total current assets	1,140	1,143
Property, Plant and Equipment
Cost	19,097	18,900
Accumulated depreciation and amortization	(6,598)	(6,501)
Net property, plant and equipment	12,499	12,399
Other Noncurrent Assets
Regulatory assets	900	894
Operating lease right-of-use assets, net	48	50
Other	353	325
Total other noncurrent assets	1,301	1,269
Total Assets	$14,940	$14,811
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$234	$300
Accounts payable to affiliated companies	78	176
Notes payable to affiliated companies	136	256
Taxes accrued	75	66
Interest accrued	73	54
Current maturities of long-term debt	4	4
Asset retirement obligations	131	120
Regulatory liabilities	213	209
Other	179	184
Total current liabilities	1,123	1,369
Long-Term Debt	4,646	4,348
Long-Term Debt Payable to Affiliated Companies	150	150
Other Noncurrent Liabilities
Deferred income taxes	1,476	1,436
Asset retirement obligations	672	689
Regulatory liabilities	1,450	1,459
Operating lease liabilities	45	46
Accrued pension and other post-retirement benefit costs	101	115
Investment tax credits	186	186
Other	13	—
Total other noncurrent liabilities	3,943	3,931
Commitments and Contingencies
Equity
Member's equity	5,078	5,012
Accumulated other comprehensive income	—	1
Total equity	5,078	5,013
Total Liabilities and Equity	$14,940	$14,811

FINANCIAL STATEMENTS

	Three Months Ended
	March 31,
(in millions)	2024	2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$67	$106
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion	170	158
Equity component of AFUDC	(2)	(1)
Deferred income taxes	24	2
Payments for asset retirement obligations	(12)	(19)
(Increase) decrease in
Receivables	35	20
Receivables from affiliated companies	(6)	(26)
Inventory	48	(71)
Other current assets	30	174
Increase (decrease) in
Accounts payable	(39)	(107)
Accounts payable to affiliated companies	(57)	(33)
Taxes accrued	9	14
Other current liabilities	32	112
Other assets	(13)	(12)
Other liabilities	(7)	35
Net cash provided by operating activities	279	352
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(275)	(226)
Purchases of debt and equity securities	(5)	(23)
Proceeds from sales and maturities of debt and equity securities	4	16
Notes receivable from affiliated companies	(117)	96
Other	(24)	(10)
Net cash used in investing activities	(417)	(147)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	298	495
Payments for the redemption of long-term debt	—	(300)
Notes payable to affiliated companies	(120)	(231)
Distributions to parent	(42)	(188)
Other	(1)	(1)
Net cash provided by (used in) financing activities	135	(225)
Net decrease in cash and cash equivalents	(3)	(20)
Cash and cash equivalents at beginning of period	8	31
Cash and cash equivalents at end of period	$5	$11
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$88	$85

FINANCIAL STATEMENTS

	Three Months Ended March 31, 2023 and 2024
Accumulated Other
Comprehensive Income (Loss)
	Member's	Pension and	Total
(in millions)	Equity	OPEB Adjustments	Equity
Balance at December 31, 2022	$4,702	$1	$4,703
Net income	106	—	106
Distributions to parent	(75)	—	(75)
Balance at March 31, 2023	$4,733	$1	$4,734
Balance at December 31, 2023	$5,012	$1	$5,013
Net income	67	—	67
Other	(1)	(1)	(2)
Balance at March 31, 2024	$5,078	$—	$5,078

FINANCIAL STATEMENTS

	Three Months Ended
	March 31,
(in millions)	2024	2023
Operating Revenues	$676	$675
Operating Expenses
Cost of natural gas	170	206
Operation, maintenance and other	95	89
Depreciation and amortization	62	57
Property and other taxes	15	16
Impairment of assets and other charges	—	1
Total operating expenses	342	369
Operating Income	334	306
Other Income and Expenses, net	17	16
Interest Expense	45	40
Income Before Income Taxes	306	282
Income Tax Expense	60	50
Net Income and Comprehensive Income	$246	$232

FINANCIAL STATEMENTS

(in millions)	March 31, 2024	December 31, 2023
ASSETS
Current Assets
Receivables (net of allowance for doubtful accounts of $12 at 2024 and $11 at 2023)	$297	$311
Receivables from affiliated companies	12	10
Inventory	65	112
Regulatory assets	131	161
Other	9	7
Total current assets	514	601
Property, Plant and Equipment
Cost	12,157	11,908
Accumulated depreciation and amortization	(2,296)	(2,259)
Net property, plant and equipment	9,861	9,649
Other Noncurrent Assets
Goodwill	49	49
Regulatory assets	403	410
Operating lease right-of-use assets, net	5	4
Investments in equity method unconsolidated affiliates	78	78
Other	282	276
Total other noncurrent assets	817	817
Total Assets	$11,192	$11,067
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$246	$315
Accounts payable to affiliated companies	56	54
Notes payable to affiliated companies	508	538
Taxes accrued	101	89
Interest accrued	48	39
Current maturities of long-term debt	40	40
Regulatory liabilities	88	98
Other	64	77
Total current liabilities	1,151	1,250
Long-Term Debt	3,629	3,628
Other Noncurrent Liabilities
Deferred income taxes	930	933
Asset retirement obligations	26	26
Regulatory liabilities	973	988
Operating lease liabilities	10	10
Accrued pension and other post-retirement benefit costs	7	8
Other	168	172
Total other noncurrent liabilities	2,114	2,137
Commitments and Contingencies
Equity
Common stock, no par value: 100 shares authorized and outstanding at 2024 and 2023	1,635	1,635
Retained earnings	2,662	2,416
Total Piedmont Natural Gas Company, Inc. stockholder's equity	4,297	4,051
Noncontrolling interests	1	1
Total equity	4,298	4,052
Total Liabilities and Equity	$11,192	$11,067

FINANCIAL STATEMENTS

	Three Months Ended
	March 31,
(in millions)	2024	2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$246	$232
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	63	58
Equity component of AFUDC	(6)	(5)
Impairment of assets and other charges	—	1
Deferred income taxes	(15)	14
Equity in earnings from unconsolidated affiliates	(2)	(2)
(Increase) decrease in
Receivables	13	189
Receivables from affiliated companies	(2)	—
Inventory	48	73
Other current assets	20	(19)
Increase (decrease) in
Accounts payable	(43)	(107)
Accounts payable to affiliated companies	2	(12)
Taxes accrued	12	(13)
Other current liabilities	(1)	42
Other assets	(2)	(2)
Other liabilities	9	(1)
Net cash provided by operating activities	342	448
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(294)	(271)
Other	(18)	(6)
Net cash used in investing activities	(312)	(277)
CASH FLOWS FROM FINANCING ACTIVITIES
Notes payable to affiliated companies	(30)	(171)
Net cash used in financing activities	(30)	(171)
Net increase in cash and cash equivalents	—	—
Cash and cash equivalents at beginning of period	—	—
Cash and cash equivalents at end of period	$—	$—
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$195	$160

FINANCIAL STATEMENTS

	Three Months Ended March 31, 2023 and 2024
Total
Piedmont
Natural Gas
	Common	Retained	Company, Inc.	Noncontrolling	Total
(in millions)	Stock	Earnings	Equity	Interests	Equity
Balance at December 31, 2022	$1,635	$2,037	$3,672	$1	$3,673
Net income	—	232	232	—	232
Balance at March 31, 2023	$1,635	$2,269	$3,904	$1	$3,905
Balance at December 31, 2023	$1,635	$2,416	$4,051	$1	$4,052
Net income	—	246	246	—	246
Balance at March 31, 2024	$1,635	$2,662	$4,297	$1	$4,298

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.