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

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Contents

Progress Energy, Inc. Financial Statements

FINANCIAL STATEMENTS

	Three Months Ended
	March 31,
(in millions)	2024	2023
Operating Revenues	$3,228	$3,048
Operating Expenses
Fuel used in electric generation and purchased power	1,143	1,191
Operation, maintenance and other	628	568
Depreciation and amortization	587	504
Property and other taxes	158	168
Impairment of assets and other charges	—	5
Total operating expenses	2,516	2,436
Gains on Sales of Other Assets and Other, net	7	6
Operating Income	719	618
Other Income and Expenses, net	62	59
Interest Expense	260	246
Income Before Income Taxes	521	431
Income Tax Expense	86	72
Net Income	$435	$359
Other Comprehensive Income, net of tax
Unrealized gains on available-for-sale securities	—	2
Other Comprehensive Income, net of tax	—	2
Comprehensive Income	$435	$361

FINANCIAL STATEMENTS

(in millions)	March 31, 2024	December 31, 2023
ASSETS
Current Assets
Cash and cash equivalents	$49	$59
Receivables (net of allowance for doubtful accounts of $20 at 2024 and $18 at 2023)	224	225
Receivables of VIEs (net of allowance for doubtful accounts of $53 at 2024 and $56 at 2023)	1,256	1,365
Receivables from affiliated companies	3	90
Inventory (includes $470 at 2024 and $462 at 2023 related to VIEs)	1,987	1,901
Regulatory assets (includes $98 at 2024 and 2023 related to VIEs)	1,359	1,661
Other (includes $29 at 2024 and $68 at 2023 related to VIEs)	122	134
Total current assets	5,000	5,435
Property, Plant and Equipment
Cost	68,755	67,644
Accumulated depreciation and amortization	(22,729)	(22,300)
Net property, plant and equipment	46,026	45,344
Other Noncurrent Assets
Goodwill	3,655	3,655
Regulatory assets (includes $1,423 at 2024 and $1,446 at 2023 related to VIEs)	6,526	6,430
Nuclear decommissioning trust funds	4,697	4,457
Operating lease right-of-use assets, net	597	617
Other	1,221	1,156
Total other noncurrent assets	16,696	16,315
Total Assets	$67,722	$67,094
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (includes $179 at 2024 and $188 at 2023 related to VIEs)	$1,174	$1,374
Accounts payable to affiliated companies	548	464
Notes payable to affiliated companies	820	1,043
Taxes accrued	201	259
Interest accrued	246	224
Current maturities of long-term debt (includes $418 at 2024 and 2023 related to VIEs)	659	661
Asset retirement obligations	229	245
Regulatory liabilities	394	418
Other	788	860
Total current liabilities	5,059	5,548
Long-Term Debt (includes $1,862 at 2024 and $1,910 at 2023 related to VIEs)	23,389	22,948
Long-Term Debt Payable to Affiliated Companies	150	150
Other Noncurrent Liabilities
Deferred income taxes	5,214	5,197
Asset retirement obligations	3,870	3,900
Regulatory liabilities	5,344	5,083
Operating lease liabilities	530	544
Accrued pension and other post-retirement benefit costs	263	266
Investment tax credits	370	371
Other (includes $22 at 2024 and $19 at 2023 related to VIEs)	238	227
Total other noncurrent liabilities	15,829	15,588
Commitments and Contingencies
Equity
Common Stock, $0.01 par value, 100 shares authorized and outstanding at 2024 and 2023	—	—
Additional paid-in capital	11,830	11,830
Retained earnings	11,475	11,040
Accumulated other comprehensive loss	(10)	(10)
Total equity	23,295	22,860
Total Liabilities and Equity	$67,722	$67,094

FINANCIAL STATEMENTS

	Three Months Ended
	March 31,
(in millions)	2024	2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$435	$359
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)	669	554
Equity component of AFUDC	(18)	(16)
Impairment of assets and other charges	—	5
Deferred income taxes	(5)	51
Payments for asset retirement obligations	(68)	(58)
Provision for rate refunds	—	(14)
(Increase) decrease in
Receivables	103	188
Receivables from affiliated companies	87	(2)
Inventory	(86)	(133)
Other current assets	232	319
Increase (decrease) in
Accounts payable	(79)	(214)
Accounts payable to affiliated companies	84	(302)
Taxes accrued	(57)	36
Other current liabilities	(36)	(107)
Other assets	(134)	(212)
Other liabilities	27	4
Net cash provided by operating activities	1,154	458
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(1,373)	(1,275)
Purchases of debt and equity securities	(381)	(279)
Proceeds from sales and maturities of debt and equity securities	424	304
Notes receivable from affiliated companies	—	(118)
Other	(74)	(71)
Net cash used in investing activities	(1,404)	(1,439)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	498	996
Payments for the redemption of long-term debt	(73)	(66)
Notes payable to affiliated companies	(223)	2
Other	(1)	(1)
Net cash provided by financing activities	201	931
Net decrease in cash, cash equivalents and restricted cash	(49)	(50)
Cash, cash equivalents and restricted cash at beginning of period	135	184
Cash, cash equivalents and restricted cash at end of period	$86	$134
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$680	$516

FINANCIAL STATEMENTS

	Three Months Ended March 31, 2023 and 2024
	Accumulated Other Comprehensive Loss
Net Gains · Net Unrealized · Total Progress
Additional · (Losses) on · Gains (Losses) on · Pension and · Energy, Inc.
	Paid-in	Retained	Cash Flow	Available-for-	OPEB	Stockholders'	Total
	Capital	Earnings	Hedges	Sale Securities	Adjustments	Equity	Equity
Balance at December 31, 2022	$11,832	$9,585	$(1)	$(8)	$(2)	$21,406	$21,406
Net income	—	359	—	—	—	359	359
Other comprehensive income	—	—	—	2	—	2	2
Other	(2)	—	—	—	—	(2)	(2)
Balance at March 31, 2023	$11,830	$9,944	$(1)	$(6)	$(2)	$21,765	$21,765
Balance at December 31, 2023	$11,830	$11,040	$(1)	$(5)	$(4)	$22,860	$22,860
Net income	—	435	—	—	—	435	435
Balance at March 31, 2024	$11,830	$11,475	$(1)	$(5)	$(4)	$23,295	$23,295

ContentsView on SEC.gov

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