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 Progress, LLC Financial Statements

FINANCIAL STATEMENTS

Three Months Ended · Six Months Ended
	June 30,		June 30,
(in millions)	2024	2023	2024	2023
Operating Revenues	$1,636	$1,425	$3,424	$2,958
Operating Expenses
Fuel used in electric generation and purchased power	597	489	1,217	1,034
Operation, maintenance and other	326	356	701	706
Depreciation and amortization	306	296	645	611
Property and other taxes	50	47	101	95
Impairment of assets and other charges	9	3	9	7
Total operating expenses	1,288	1,191	2,673	2,453
Gains on Sales of Other Assets and Other, net	—	1	1	1
Operating Income	348	235	752	506
Other Income and Expenses, net	37	32	73	61
Interest Expense	123	104	243	206
Income Before Income Taxes	262	163	582	361
Income Tax Expense	39	23	87	52
Net Income and Comprehensive Income	$223	$140	$495	$309

FINANCIAL STATEMENTS

(in millions)	June 30, 2024	December 31, 2023
ASSETS
Current Assets
Cash and cash equivalents	$33	$18
Receivables (net of allowance for doubtful accounts of $9 at 2024 and $8 at 2023)	189	139
Receivables of VIEs (net of allowance for doubtful accounts of $38 at 2024 and $36 at 2023)	881	833
Receivables from affiliated companies	4	16
Inventory	1,303	1,227
Regulatory assets (includes $47 at 2024 and $39 at 2023 related to VIEs)	785	942
Other (includes $32 at 2024 and $31 at 2023 related to VIEs)	73	72
Total current assets	3,268	3,247
Property, Plant and Equipment
Cost	41,226	39,283
Accumulated depreciation and amortization	(15,730)	(15,227)
Net property, plant and equipment	25,496	24,056
Other Noncurrent Assets
Regulatory assets (includes $788 at 2024 and $643 at 2023 related to VIEs)	4,487	4,546
Nuclear decommissioning trust funds	4,425	4,075
Operating lease right-of-use assets, net	291	318
Other	694	682
Total other noncurrent assets	9,897	9,621
Total Assets	$38,661	$36,924
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$523	$634
Accounts payable to affiliated companies	285	332
Notes payable to affiliated companies	727	891
Taxes accrued	150	176
Interest accrued	123	114
Current maturities of long-term debt (includes $440 at 2024 and $34 at 2023 related to VIEs)	479	72
Asset retirement obligations	214	244
Regulatory liabilities	285	300
Other	493	481
Total current liabilities	3,279	3,244
Long-Term Debt (includes $829 at 2024 and $1,079 at 2023 related to VIEs)	11,714	11,492
Long-Term Debt Payable to Affiliated Companies	150	150
Other Noncurrent Liabilities
Deferred income taxes	2,551	2,560
Asset retirement obligations	4,342	3,626
Regulatory liabilities	4,612	4,375
Operating lease liabilities	280	293
Accrued pension and other post-retirement benefit costs	139	146
Investment tax credits	127	129
Other (includes $12 at 2024 and 2023 related to VIEs)	165	102
Total other noncurrent liabilities	12,216	11,231
Commitments and Contingencies
Equity
Member's Equity	11,302	10,807
Total Liabilities and Equity	$38,661	$36,924

FINANCIAL STATEMENTS

	Six Months Ended
	June 30,
(in millions)	2024	2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$495	$309
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of nuclear fuel)	738	708
Equity component of AFUDC	(27)	(27)
Impairment of assets and other charges	9	7
Deferred income taxes	(33)	32
Payments for asset retirement obligations	(102)	(106)
Provision for rate refunds	(1)	(24)
(Increase) decrease in
Receivables	(99)	108
Receivables from affiliated companies	12	(5)
Inventory	(76)	(158)
Other current assets	185	(146)
Increase (decrease) in
Accounts payable	(70)	(33)
Accounts payable to affiliated companies	(47)	(258)
Taxes accrued	(27)	44
Other current liabilities	79	(21)
Other assets	(86)	107
Other liabilities	35	37
Net cash provided by operating activities	985	574
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(1,373)	(1,193)
Purchases of debt and equity securities	(922)	(490)
Proceeds from sales and maturities of debt and equity securities	921	486
Notes receivable from affiliated companies	—	(37)
Other	(54)	(81)
Net cash used in investing activities	(1,428)	(1,315)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	667	991
Payments for the redemption of long-term debt	(41)	(39)
Notes payable to affiliated companies	(164)	(239)
Other	—	(1)
Net cash provided by financing activities	462	712
Net increase (decrease) in cash, cash equivalents and restricted cash	19	(29)
Cash, cash equivalents and restricted cash at beginning of period	51	79
Cash, cash equivalents and restricted cash at end of period	$70	$50
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$274	$198

FINANCIAL STATEMENTS

	Three Months Ended
	June 30, 2023 and 2024
(in millions)	Member's Equity
Balance at March 31, 2023	$10,478
Net income	140
Balance at June 30, 2023	$10,618
Balance at March 31, 2024	$11,079
Net income	223
Balance at June 30, 2024	$11,302
	Six Months Ended
	June 30, 2023 and 2024
(in millions)	Member's Equity
Balance at December 31, 2022	$10,309
Net income	309
Balance at June 30, 2023	$10,618
Balance at December 31, 2023	$10,807
Net income	495
Balance at June 30, 2024	$11,302

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.