Duke Energy CORP

For the period ended Jun 30, 2024. Filed Aug 6, 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.

Jun 30, 2024 · Filed Aug 6, 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 · Six Months Ended
	June 30,		June 30,
(in millions)	2024	2023	2024	2023
Operating Revenues	$747	$780	$1,506	$1,755
Operating Expenses
Fuel used in electric generation and purchased power	223	248	494	697
Operation, maintenance and other	161	180	341	364
Depreciation and amortization	172	169	341	327
Property and other taxes	16	7	30	25
Total operating expenses	572	604	1,206	1,413
Operating Income	175	176	300	342
Other Income and Expenses, net	15	14	28	28
Interest Expense	58	52	115	104
Income Before Income Taxes	132	138	213	266
Income Tax Expense	22	24	36	46
Net Income	$110	$114	$177	$220
Other Comprehensive Loss, net of tax
Pension and OPEB adjustments	—	—	(1)	—
Comprehensive Income	$110	$114	$176	$220

FINANCIAL STATEMENTS

(in millions)	June 30, 2024	December 31, 2023
ASSETS
Current Assets
Cash and cash equivalents	$13	$8
Receivables (net of allowance for doubtful accounts of $16 at 2024 and $5 at 2023)	422	156
Receivables from affiliated companies	11	197
Notes receivable from affiliated companies	43	—
Inventory	587	582
Regulatory assets	107	102
Other	86	98
Total current assets	1,269	1,143
Property, Plant and Equipment
Cost	19,707	18,900
Accumulated depreciation and amortization	(6,681)	(6,501)
Net property, plant and equipment	13,026	12,399
Other Noncurrent Assets
Regulatory assets	942	894
Operating lease right-of-use assets, net	46	50
Other	366	325
Total other noncurrent assets	1,354	1,269
Total Assets	$15,649	$14,811
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$284	$300
Accounts payable to affiliated companies	76	176
Notes payable to affiliated companies	—	256
Taxes accrued	86	66
Interest accrued	61	54
Current maturities of long-term debt	4	4
Asset retirement obligations	162	120
Regulatory liabilities	181	209
Other	213	184
Total current liabilities	1,067	1,369
Long-Term Debt	4,646	4,348
Long-Term Debt Payable to Affiliated Companies	150	150
Other Noncurrent Liabilities
Deferred income taxes	1,491	1,436
Asset retirement obligations	1,120	689
Regulatory liabilities	1,435	1,459
Operating lease liabilities	42	46
Accrued pension and other post-retirement benefit costs	98	115
Investment tax credits	186	186
Other	13	—
Total other noncurrent liabilities	4,385	3,931
Commitments and Contingencies
Equity
Member's equity	5,401	5,012
Accumulated other comprehensive income	—	1
Total equity	5,401	5,013
Total Liabilities and Equity	$15,649	$14,811

FINANCIAL STATEMENTS

	Six Months Ended
	June 30,
(in millions)	2024	2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$177	$220
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion	343	328
Equity component of AFUDC	(7)	(3)
Deferred income taxes	22	—
Payments for asset retirement obligations	(34)	(38)
(Increase) decrease in
Receivables	29	(81)
Receivables from affiliated companies	(5)	—
Inventory	(5)	(104)
Other current assets	38	185
Increase (decrease) in
Accounts payable	(10)	(94)
Accounts payable to affiliated companies	(59)	(17)
Taxes accrued	20	(12)
Other current liabilities	(13)	124
Other assets	(44)	(26)
Other liabilities	(4)	78
Net cash provided by operating activities	448	560
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(489)	(450)
Purchases of debt and equity securities	(22)	(44)
Proceeds from sales and maturities of debt and equity securities	18	38
Notes receivable from affiliated companies	(160)	134
Other	(4)	(39)
Net cash used in investing activities	(657)	(361)
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	(256)	(225)
Capital contribution from parent	235	—
Distributions to parent	(62)	(188)
Other	(1)	(1)
Net cash provided by (used in) financing activities	214	(219)
Net increase (decrease) in cash and cash equivalents	5	(20)
Cash and cash equivalents at beginning of period	8	31
Cash and cash equivalents at end of period	$13	$11
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$108	$116

FINANCIAL STATEMENTS

	Three Months Ended June 30, 2023 and 2024
Accumulated Other
Comprehensive Income
	Member's	Pension and	Total
(in millions)	Equity	OPEB Adjustments	Equity
Balance at March 31, 2023	$4,733	$1	$4,734
Net income	114	—	114
Distributions to parent	(21)	—	(21)
Balance at June 30, 2023	$4,826	$1	$4,827
Balance at March 31, 2024	$5,078	$—	$5,078
Net income	110	—	110
Contributions from parent	235	—	235
Distributions to parent	(20)	—	(20)
Other	(2)	—	(2)
Balance at June 30, 2024	$5,401	$—	$5,401
	Six Months Ended June 30, 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	220	—	220
Distributions to parent	(96)	—	(96)
Balance at June 30, 2023	$4,826	$1	$4,827
Balance at December 31, 2023	$5,012	$1	$5,013
Net income	177	—	177
Contributions from parent	235	—	235
Distributions to parent	(20)	—	(20)
Other	(3)	(1)	(4)
Balance at June 30, 2024	$5,401	$—	$5,401

FINANCIAL STATEMENTS

Three Months Ended · Six Months Ended
	June 30,		June 30,
(in millions)	2024	2023	2024	2023
Operating Revenues	$244	$236	$920	$911
Operating Expenses
Cost of natural gas	58	59	228	265
Operation, maintenance and other	85	82	180	171
Depreciation and amortization	64	59	126	116
Property and other taxes	16	14	31	30
Impairment of assets and other charges	—	(5)	—	(4)
Total operating expenses	223	209	565	578
Operating Income	21	27	355	333
Other Income and Expenses, net	17	16	34	32
Interest Expense	43	39	88	79
(Loss) Income Before Income Taxes	(5)	4	301	286
Income Tax (Benefit) Expense	(1)	1	59	51
Net (Loss) Income and Comprehensive (Loss) Income	$(4)	$3	$242	$235

FINANCIAL STATEMENTS

(in millions)	June 30, 2024	December 31, 2023
ASSETS
Current Assets
Cash and cash equivalents	$3	$—
Receivables (net of allowance for doubtful accounts of $11 at 2024 and 2023)	148	311
Receivables from affiliated companies	12	10
Inventory	47	112
Regulatory assets	135	161
Other	67	7
Total current assets	412	601
Property, Plant and Equipment
Cost	12,409	11,908
Accumulated depreciation and amortization	(2,353)	(2,259)
Net property, plant and equipment	10,056	9,649
Other Noncurrent Assets
Goodwill	49	49
Regulatory assets	416	410
Operating lease right-of-use assets, net	4	4
Investments in equity method unconsolidated affiliates	78	78
Other	286	276
Total other noncurrent assets	833	817
Total Assets	$11,301	$11,067
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$208	$315
Accounts payable to affiliated companies	58	54
Notes payable to affiliated companies	684	538
Taxes accrued	37	89
Interest accrued	39	39
Current maturities of long-term debt	40	40
Regulatory liabilities	85	98
Other	72	77
Total current liabilities	1,223	1,250
Long-Term Debt	3,629	3,628
Other Noncurrent Liabilities
Deferred income taxes	972	933
Asset retirement obligations	27	26
Regulatory liabilities	970	988
Operating lease liabilities	9	10
Accrued pension and other post-retirement benefit costs	6	8
Other	171	172
Total other noncurrent liabilities	2,155	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	2,658	2,416
Total Piedmont Natural Gas Company, Inc. stockholder's equity	4,293	4,051
Noncontrolling interests	1	1
Total equity	4,294	4,052
Total Liabilities and Equity	$11,301	$11,067

FINANCIAL STATEMENTS

	Six Months Ended
	June 30,
(in millions)	2024	2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$242	$235
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	127	117
Equity component of AFUDC	(13)	(10)
Impairment of assets and other charges	—	(4)
Deferred income taxes	21	33
Equity in earnings from unconsolidated affiliates	(4)	(4)
(Increase) decrease in
Receivables	162	317
Receivables from affiliated companies	(2)	(2)
Inventory	65	98
Other current assets	(38)	(57)
Increase (decrease) in
Accounts payable	(44)	(84)
Accounts payable to affiliated companies	4	(7)
Taxes accrued	(53)	(44)
Other current liabilities	(8)	27
Other assets	(10)	(7)
Other liabilities	8	4
Net cash provided by operating activities	457	612
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(571)	(535)
Other	(29)	(15)
Net cash used in investing activities	(600)	(550)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	—	348
Notes payable to affiliated companies	146	(410)
Net cash provided by (used in) financing activities	146	(62)
Net increase in cash and cash equivalents	3	—
Cash and cash equivalents at beginning of period	—	—
Cash and cash equivalents at end of period	$3	$—
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$159	$126

FINANCIAL STATEMENTS

	Three Months Ended June 30, 2023 and 2024
Total
Piedmont
Natural Gas
	Common	Retained	Company, Inc.	Noncontrolling	Total
(in millions)	Stock	Earnings	Equity	Interests	Equity
Balance at March 31, 2023	$1,635	$2,269	$3,904	$1	$3,905
Net income	—	3	3	—	3
Balance at June 30, 2023	$1,635	$2,272	$3,907	$1	$3,908
Balance at March 31, 2024	$1,635	$2,662	$4,297	$1	$4,298
Net loss	—	(4)	(4)	—	(4)
Balance at June 30, 2024	$1,635	$2,658	$4,293	$1	$4,294
	Six Months Ended June 30, 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	—	235	235	—	235
Balance at June 30, 2023	$1,635	$2,272	$3,907	$1	$3,908
Balance at December 31, 2023	$1,635	$2,416	$4,051	$1	$4,052
Net income	—	242	242	—	242
Balance at June 30, 2024	$1,635	$2,658	$4,293	$1	$4,294

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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.