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$128.10+0.3%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Duke Energy Corporation Financial Statements

Condensed Consolidated Statements of Operations

	Three Months Ended
	March 31,
(in millions, except per share amounts)	2024	2023
Operating Revenues
Regulated electric	$6,732	$6,324
Regulated natural gas	866	882
Nonregulated electric and other	73	70
Total operating revenues	7,671	7,276
Operating Expenses
Fuel used in electric generation and purchased power	2,335	2,377
Cost of natural gas	232	298
Operation, maintenance and other	1,379	1,310
Depreciation and amortization	1,387	1,227
Property and other taxes	386	389
Impairment of assets and other charges	1	8
Total operating expenses	5,720	5,609
Gains on Sales of Other Assets and Other, net	12	7
Operating Income	1,963	1,674
Other Income and Expenses
Equity in earnings of unconsolidated affiliates	17	20
Other income and expenses, net	169	151
Total other income and expenses	186	171
Interest Expense	817	720
Income From Continuing Operations Before Income Taxes	1,332	1,125
Income Tax Expense From Continuing Operations	178	155
Income From Continuing Operations	1,154	970
Loss From Discontinued Operations, net of tax	(3)	(209)
Net Income	1,151	761
Add: Net (Income) Loss Attributable to Noncontrolling Interests	(13)	43
Net Income Attributable to Duke Energy Corporation	1,138	804
Less: Preferred Dividends	39	39
Net Income Available to Duke Energy Corporation Common Stockholders	$1,099	$765
Earnings Per Share – Basic and Diluted
Income from continuing operations available to Duke Energy Corporation common stockholders
Basic and Diluted	$1.44	$1.20
Loss from discontinued operations attributable to Duke Energy Corporation common stockholders
Basic and Diluted	$—	$(0.19)
Net income available to Duke Energy Corporation common stockholders
Basic and Diluted	$1.44	$1.01
Weighted Average Shares Outstanding
Basic and Diluted	771	770

FINANCIAL STATEMENTS

Condensed Consolidated Statements of Comprehensive Income

	Three Months Ended
	March 31,
(in millions)	2024	2023
Net Income	$1,151	$761
Other Comprehensive Income, net of tax(a)
Pension and OPEB adjustments	16	(1)
Net unrealized gains (losses) on cash flow hedges	91	(20)
Reclassification into earnings from cash flow hedges	2	—
Net unrealized gains (losses) on fair value hedges	8	(11)
Unrealized (losses) gains on available-for-sale securities	(2)	6
Other Comprehensive Income (Loss), net of tax	115	(26)
Comprehensive Income	1,266	735
Add: Comprehensive (Income) Loss Attributable to Noncontrolling Interests	(13)	43
Comprehensive Income Attributable to Duke Energy	1,253	778
Less: Preferred Dividends	39	39
Comprehensive Income Available to Duke Energy Corporation Common Stockholders	$1,214	$739

(a)Net of income tax expense of approximately $34 million and tax benefit of $8 million for the three months ended March 31, 2024, and 2023, respectively.

FINANCIAL STATEMENTS

(in millions)	March 31, 2024	December 31, 2023
ASSETS
Current Assets
Cash and cash equivalents	$459	$253
Receivables (net of allowance for doubtful accounts of $102 at 2024 and $55 at 2023)	1,646	1,112
Receivables of VIEs (net of allowance for doubtful accounts of $102 at 2024 and $150 at 2023)	2,253	3,019
Inventory (includes $470 at 2024 and $462 at 2023 related to VIEs)	4,281	4,292
Regulatory assets (includes $110 at 2024 and 2023 related to VIEs)	3,082	3,648
Assets held for sale	11	14
Other (includes $44 at 2024 and $90 at 2023 related to VIEs)	359	431
Total current assets	12,091	12,769
Property, Plant and Equipment
Cost	173,926	171,353
Accumulated depreciation and amortization	(57,035)	(56,038)
Net property, plant and equipment	116,891	115,315
Other Noncurrent Assets
Goodwill	19,303	19,303
Regulatory assets (includes $1,616 at 2024 and $1,642 at 2023 related to VIEs)	13,636	13,618
Nuclear decommissioning trust funds	10,775	10,143
Operating lease right-of-use assets, net	1,092	1,092
Investments in equity method unconsolidated affiliates	502	492
Assets held for sale	308	197
Other	4,072	3,964
Total other noncurrent assets	49,688	48,809
Total Assets	$178,670	$176,893
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (includes $188 at 2024 and 2023 related to VIEs)	$3,364	$4,228
Notes payable and commercial paper	4,155	4,288
Taxes accrued	708	816
Interest accrued	798	745
Current maturities of long-term debt (includes $929 at 2024 and $428 at 2023 related to VIEs)	2,274	2,800
Asset retirement obligations	603	596
Regulatory liabilities	1,309	1,369
Liabilities associated with assets held for sale	251	122
Other	2,084	2,319
Total current liabilities	15,546	17,283
Long-Term Debt (includes $2,134 at 2024 and $3,000 at 2023 related to VIEs)	74,979	72,452
Other Noncurrent Liabilities
Deferred income taxes	10,721	10,556
Asset retirement obligations	8,487	8,560
Regulatory liabilities	14,571	14,039
Operating lease liabilities	915	917
Accrued pension and other post-retirement benefit costs	473	485
Investment tax credits	862	864
Liabilities associated with assets held for sale	126	157
Other (includes $42 at 2024 and $35 at 2023 related to VIEs)	1,352	1,393
Total other noncurrent liabilities	37,507	36,971
Commitments and Contingencies
Equity
Preferred stock, Series A, $0.001 par value, 40 million depositary shares authorized and outstanding at 2024 and 2023	973	973
Preferred stock, Series B, $0.001 par value, 1 million shares authorized and outstanding at 2024 and 2023	989	989
Common stock, $0.001 par value, 2 billion shares authorized; 772 million and 771 million shares outstanding at 2024 and 2023	1	1
Additional paid-in capital	44,937	44,920
Retained earnings	2,542	2,235
Accumulated other comprehensive income (loss)	109	(6)
Total Duke Energy Corporation stockholders' equity	49,551	49,112
Noncontrolling interests	1,087	1,075
Total equity	50,638	50,187
Total Liabilities and Equity	$178,670	$176,893

FINANCIAL STATEMENTS

	Three Months Ended
	March 31,
(in millions)	2024	2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$1,151	$761
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)	1,534	1,344
Equity component of AFUDC	(55)	(46)
(Gains) Losses on sales of Commercial Renewables Disposal Groups	(10)	220
Gains on sales of other assets	(12)	(7)
Impairment of assets and other charges	1	8
Deferred income taxes	149	90
Equity in earnings of unconsolidated affiliates	(17)	(20)
Payments for asset retirement obligations	(115)	(117)
Provision for rate refunds	(4)	(33)
(Increase) decrease in
Net realized and unrealized mark-to-market and hedging transactions	(33)	5
Receivables	226	754
Inventory	11	(275)
Other current assets	329	262
Increase (decrease) in
Accounts payable	(553)	(1,193)
Taxes accrued	(110)	(148)
Other current liabilities	(208)	(266)
Other assets	41	(13)
Other liabilities	149	157
Net cash provided by operating activities	2,474	1,483
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(3,208)	(3,146)
Contributions to equity method investments	(7)	(6)
Purchases of debt and equity securities	(946)	(866)
Proceeds from sales and maturities of debt and equity securities	985	882
Net proceeds from the sales of other assets	—	76
Other	(166)	(149)
Net cash used in investing activities	(3,342)	(3,209)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the:
Issuance of long-term debt	3,481	4,085
Issuance of common stock	4	—
Payments for the redemption of long-term debt	(1,392)	(1,380)
Proceeds from the issuance of short-term debt with original maturities greater than 90 days	294	2
Payments for the redemption of short-term debt with original maturities greater than 90 days	(535)	(50)
Notes payable and commercial paper	50	(217)
Contributions from noncontrolling interests	—	206
Dividends paid	(806)	(815)
Other	(67)	(84)
Net cash provided by financing activities	1,029	1,747
Net increase in cash, cash equivalents and restricted cash	161	21
Cash, cash equivalents and restricted cash at beginning of period	357	603
Cash, cash equivalents and restricted cash at end of period	$518	$624
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$1,615	$1,366

FINANCIAL STATEMENTS

	Three Months Ended March 31, 2023 and 2024
	Accumulated Other Comprehensive
	(Loss) Income
Net · Net Unrealized · Total
Gains · Gains (Losses) · Duke Energy
Common · Additional · (Losses) · on Available- · Pension and · Corporation · Non-
Preferred · Stock · Common · Paid-in · Retained · on · for-Sale- · OPEB · Stockholders' · controlling · Total
(in millions) · Stock · Shares · Stock · Capital · Earnings · Hedges(b) · Securities · Adjustments · Equity · Interests · Equity
Balance at December 31, 2022	$1,962	770	$1	$44,862	$2,637		$(29)		$(23)		$(88)		$49,322		$2,531		$51,853
Net income (loss)	—	—	—	—	765		—		—		—		765		(43)		722
Other comprehensive income (loss)	—	—	—	—	—		(31)		6		(1)		(26)		—		(26)
Common stock issuances, including dividend reinvestment and employee benefits	—	1	—	(10)	—		—		—		—		(10)		—		(10)
Common stock dividends	—	—	—	—	(776)		—		—		—		(776)		—		(776)
Sale of noncontrolling interest	—	—	—	(13)	—		—		—		—		(13)		10		(3)
Contributions from noncontrolling interests, net of transaction costs(a)	—	—	—	—	—		—		—		—		—		206		206
Distributions to noncontrolling interest in subsidiaries	—	—	—	—	—		—		—		—		—		(13)		(13)
Other	—	—	—	(2)	—		—		—		—		(2)		—		(2)
Balance at March 31, 2023	$1,962	771	$1	$44,837	$2,626		$(60)		$(17)		$(89)		$49,260		$2,691		$51,951
Balance at December 31, 2023	$1,962	771	$1	$44,920	$2,235		$98		$(15)		$(89)		$49,112		$1,075		$50,187
Net income	—	—	—	—	1,099		—		—		—		1,099		13		1,112
Other comprehensive income (loss)	—	—	—	—	—		101		(2)		16		115		—		115
Common stock issuances, including dividend reinvestment and employee benefits	—	1	—	16	—		—		—		—		16		—		16
Common stock dividends	—	—	—	—	(792)		—		—		—		(792)		—		(792)
Other	—	—	—	1		—		—		—		1		(1)		—
Balance at March 31, 2024	$1,962	772	$1	$44,937	$2,542		$199		$(17)		$(73)		$49,551		$1,087		$50,638

(a)Relates primarily to tax equity financing activity in the Commercial Renewables Disposal Groups.

(b)See Duke Energy Condensed Consolidated Statements of Comprehensive Income for detailed activity related to Cash Flow and Fair Value hedges.

ContentsView on SEC.gov

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