Duke Energy CORP

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

About this filing

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 Ohio, Inc. Financial Statements

FINANCIAL STATEMENTS

	Three Months Ended
	March 31,
(in millions)	2024	2023
Operating Revenues
Regulated electric	$458	$474
Regulated natural gas	220	235
Total operating revenues	678	709
Operating Expenses
Fuel used in electric generation and purchased power	138	176
Cost of natural gas	61	92
Operation, maintenance and other	126	123
Depreciation and amortization	99	90
Property and other taxes	102	80
Total operating expenses	526	561
Operating Income	152	148
Other Income and Expenses, net	6	8
Interest Expense	45	36
Income Before Income Taxes	113	120
Income Tax Expense	19	20
Net Income and Comprehensive Income	$94	$100

FINANCIAL STATEMENTS

(in millions)	March 31, 2024	December 31, 2023
ASSETS
Current Assets
Cash and cash equivalents	$5	$24
Receivables (net of allowance for doubtful accounts of $41 at 2024 and $9 at 2023)	437	112
Receivables from affiliated companies	3	239
Inventory	185	179
Regulatory assets	75	73
Other	17	134
Total current assets	722	761
Property, Plant and Equipment
Cost	13,378	13,210
Accumulated depreciation and amortization	(3,507)	(3,451)
Net property, plant and equipment	9,871	9,759
Other Noncurrent Assets
Goodwill	920	920
Regulatory assets	678	676
Operating lease right-of-use assets, net	16	16
Other	98	84
Total other noncurrent assets	1,712	1,696
Total Assets	$12,305	$12,216
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$288	$338
Accounts payable to affiliated companies	69	71
Notes payable to affiliated companies	306	613
Taxes accrued	249	316
Interest accrued	51	35
Asset retirement obligations	7	6
Regulatory liabilities	40	56
Other	64	65
Total current liabilities	1,074	1,500
Long-Term Debt	3,914	3,493
Long-Term Debt Payable to Affiliated Companies	25	25
Other Noncurrent Liabilities
Deferred income taxes	1,282	1,272
Asset retirement obligations	134	130
Regulatory liabilities	481	497
Operating lease liabilities	16	16
Accrued pension and other post-retirement benefit costs	98	97
Other	87	86
Total other noncurrent liabilities	2,098	2,098
Commitments and Contingencies
Equity
Common Stock, $8.50 par value, 120 million shares authorized; 90 million shares outstanding at 2024 and 2023	762	762
Additional paid-in capital	3,100	3,100
Retained earnings	1,332	1,238
Total equity	5,194	5,100
Total Liabilities and Equity	$12,305	$12,216

FINANCIAL STATEMENTS

	Three Months Ended
	March 31,
(in millions)	2024	2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$94	$100
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	100	91
Deferred income taxes	2	(3)
Payments for asset retirement obligations	(1)	(1)
(Increase) decrease in
Receivables	12	—
Receivables from affiliated companies	65	17
Inventory	(5)	(11)
Other current assets	100	94
Increase (decrease) in
Accounts payable	(20)	(60)
Accounts payable to affiliated companies	(2)	(7)
Taxes accrued	(67)	(90)
Other current liabilities	(7)	(42)
Other assets	7	1
Other liabilities	(17)	(1)
Net cash provided by operating activities	261	88
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(217)	(232)
Net proceeds from the sales of other assets	—	75
Notes receivable from affiliated companies	(166)	(224)
Other	(10)	(16)
Net cash used in investing activities	(393)	(397)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	424	749
Notes payable to affiliated companies	(307)	(425)
Other	(4)	(5)
Net cash provided by financing activities	113	319
Net (decrease) increase in cash and cash equivalents	(19)	10
Cash and cash equivalents at beginning of period	24	16
Cash and cash equivalents at end of period	$5	$26
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$84	$87

FINANCIAL STATEMENTS

	Three Months Ended March 31, 2023 and 2024
Additional
	Common	Paid-in	Retained	Total
(in millions)	Stock	Capital	Earnings	Equity
Balance at December 31, 2022	$762	$3,100	$904	$4,766
Net income	—	—	100	100
Balance at March 31, 2023	$762	$3,100	$1,004	$4,866
Balance at December 31, 2023	$762	$3,100	$1,238	$5,100
Net income	—	—	94	94
Balance at March 31, 2024	$762	$3,100	$1,332	$5,194

ContentsView on SEC.gov

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