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 Progress, LLC Financial Statements

FINANCIAL STATEMENTS

	Three Months Ended
	March 31,
(in millions)	2024	2023
Operating Revenues	$1,788	$1,533
Operating Expenses
Fuel used in electric generation and purchased power	620	545
Operation, maintenance and other	375	350
Depreciation and amortization	339	315
Property and other taxes	51	48
Impairment of assets and other charges	—	4
Total operating expenses	1,385	1,262
Gains on Sales of Other Assets and Other, net	1	—
Operating Income	404	271
Other Income and Expenses, net	36	29
Interest Expense	120	102
Income Before Income Taxes	320	198
Income Tax Expense	48	29
Net Income and Comprehensive Income	$272	$169

FINANCIAL STATEMENTS

(in millions)	March 31, 2024	December 31, 2023
ASSETS
Current Assets
Cash and cash equivalents	$27	$18
Receivables (net of allowance for doubtful accounts of $9 at 2024 and $8 at 2023)	132	139
Receivables of VIEs (net of allowance for doubtful accounts of $38 at 2024 and $36 at 2023)	789	833
Receivables from affiliated companies	3	16
Inventory	1,294	1,227
Regulatory assets (includes $39 at 2024 and 2023 related to VIEs)	834	942
Other (includes $18 at 2024 and $31 at 2023 related to VIEs)	58	72
Total current assets	3,137	3,247
Property, Plant and Equipment
Cost	39,865	39,283
Accumulated depreciation and amortization	(15,503)	(15,227)
Net property, plant and equipment	24,362	24,056
Other Noncurrent Assets
Regulatory assets (includes $633 at 2024 and $643 at 2023 related to VIEs)	4,631	4,546
Nuclear decommissioning trust funds	4,345	4,075
Operating lease right-of-use assets, net	304	318
Other	715	682
Total other noncurrent assets	9,995	9,621
Total Assets	$37,494	$36,924
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$557	$634
Accounts payable to affiliated companies	294	332
Notes payable to affiliated companies	754	891
Taxes accrued	129	176
Interest accrued	89	114
Current maturities of long-term debt (includes $34 at 2024 and 2023 related to VIEs)	73	72
Asset retirement obligations	228	244
Regulatory liabilities	300	300
Other	429	481
Total current liabilities	2,853	3,244
Long-Term Debt (includes $1,062 at 2024 and $1,079 at 2023 related to VIEs)	11,955	11,492
Long-Term Debt Payable to Affiliated Companies	150	150
Other Noncurrent Liabilities
Deferred income taxes	2,555	2,560
Asset retirement obligations	3,619	3,626
Regulatory liabilities	4,635	4,375
Operating lease liabilities	283	293
Accrued pension and other post-retirement benefit costs	144	146
Investment tax credits	128	129
Other (includes $13 at 2024 and $12 at 2023 related to VIEs)	93	102
Total other noncurrent liabilities	11,457	11,231
Commitments and Contingencies
Equity
Member's Equity	11,079	10,807
Total Liabilities and Equity	$37,494	$36,924

FINANCIAL STATEMENTS

	Three Months Ended
	March 31,
(in millions)	2024	2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$272	$169
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of nuclear fuel)	385	360
Equity component of AFUDC	(13)	(13)
Impairment of assets and other charges	—	4
Deferred income taxes	(21)	27
Payments for asset retirement obligations	(46)	(46)
Provision for rate refunds	—	(14)
(Increase) decrease in
Receivables	50	144
Receivables from affiliated companies	13	(1)
Inventory	(67)	(76)
Other current assets	97	(61)
Increase (decrease) in
Accounts payable	(31)	(3)
Accounts payable to affiliated companies	(38)	(256)
Taxes accrued	(47)	(21)
Other current liabilities	(49)	(86)
Other assets	(105)	(16)
Other liabilities	(11)	21
Net cash provided by operating activities	389	132
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(704)	(666)
Purchases of debt and equity securities	(351)	(239)
Proceeds from sales and maturities of debt and equity securities	351	236
Notes receivable from affiliated companies	—	(160)
Other	(12)	(33)
Net cash used in investing activities	(716)	(862)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	495	991
Payments for the redemption of long-term debt	(33)	(32)
Notes payable to affiliated companies	(137)	(239)
Other	—	(1)
Net cash provided by financing activities	325	719
Net decrease in cash, cash equivalents and restricted cash	(2)	(11)
Cash, cash equivalents and restricted cash at beginning of period	51	79
Cash, cash equivalents and restricted cash at end of period	$49	$68
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$259	$176

FINANCIAL STATEMENTS

	Three Months Ended
	March 31, 2023 and 2024
(in millions)	Member's Equity
Balance at December 31, 2022	$10,309
Net income	169
Balance at March 31, 2023	$10,478
Balance at December 31, 2023	$10,807
Net income	272
Balance at March 31, 2024	$11,079

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