Duke Energy CORP

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

Jun 30, 2024 · Filed Aug 6, 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 · Six Months Ended
	June 30,		June 30,
(in millions)	2024	2023	2024	2023
Operating Revenues	$3,357	$3,212	$6,585	$6,260
Operating Expenses
Fuel used in electric generation and purchased power	1,202	1,176	2,345	2,367
Operation, maintenance and other	588	684	1,216	1,252
Depreciation and amortization	568	542	1,155	1,046
Property and other taxes	166	173	324	341
Impairment of assets and other charges	9	—	9	5
Total operating expenses	2,533	2,575	5,049	5,011
Gains on Sales of Other Assets and Other, net	6	6	13	12
Operating Income	830	643	1,549	1,261
Other Income and Expenses, net	60	38	122	97
Interest Expense	265	219	525	465
Income Before Income Taxes	625	462	1,146	893
Income Tax Expense	104	77	190	149
Net Income	$521	$385	$956	$744
Other Comprehensive Income, net of tax
Unrealized gains on available-for-sale securities	—	—	—	2
Other Comprehensive Income, net of tax	—	—	—	2
Comprehensive Income	$521	$385	$956	$746

FINANCIAL STATEMENTS

(in millions)	June 30, 2024	December 31, 2023
ASSETS
Current Assets
Cash and cash equivalents	$85	$59
Receivables (net of allowance for doubtful accounts of $35 at 2024 and $18 at 2023)	924	225
Receivables of VIEs (net of allowance for doubtful accounts of $38 at 2024 and $56 at 2023)	881	1,365
Receivables from affiliated companies	5	90
Inventory (includes $494 at 2024 and $462 at 2023 related to VIEs)	2,019	1,901
Regulatory assets (includes $107 at 2024 and $98 at 2023 related to VIEs)	1,151	1,661
Other (includes $66 at 2024 and $68 at 2023 related to VIEs)	135	134
Total current assets	5,200	5,435
Property, Plant and Equipment
Cost	70,694	67,644
Accumulated depreciation and amortization	(23,080)	(22,300)
Net property, plant and equipment	47,614	45,344
Other Noncurrent Assets
Goodwill	3,655	3,655
Regulatory assets (includes $1,563 at 2024 and $1,446 at 2023 related to VIEs)	6,426	6,430
Nuclear decommissioning trust funds	4,774	4,457
Operating lease right-of-use assets, net	588	617
Other	1,207	1,156
Total other noncurrent assets	16,650	16,315
Total Assets	$69,464	$67,094
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (includes $213 at 2024 and $188 at 2023 related to VIEs)	$1,259	$1,374
Accounts payable to affiliated companies	488	464
Notes payable to affiliated companies	976	1,043
Taxes accrued	428	259
Interest accrued	232	224
Current maturities of long-term debt (includes $499 at 2024 and $418 at 2023 related to VIEs)	914	661
Asset retirement obligations	215	245
Regulatory liabilities	368	418
Other	842	860
Total current liabilities	5,722	5,548
Long-Term Debt (includes $1,630 at 2024 and $1,910 at 2023 related to VIEs)	23,195	22,948
Long-Term Debt Payable to Affiliated Companies	150	150
Other Noncurrent Liabilities
Deferred income taxes	5,173	5,197
Asset retirement obligations	4,576	3,900
Regulatory liabilities	5,353	5,083
Operating lease liabilities	525	544
Accrued pension and other post-retirement benefit costs	254	266
Investment tax credits	369	371
Other (includes $12 at 2024 and $19 at 2023 related to VIEs)	312	227
Total other noncurrent liabilities	16,562	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	11,849	11,830
Retained earnings	11,996	11,040
Accumulated other comprehensive loss	(10)	(10)
Total equity	23,835	22,860
Total Liabilities and Equity	$69,464	$67,094

FINANCIAL STATEMENTS

	Six Months Ended
	June 30,
(in millions)	2024	2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$956	$744
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)	1,330	1,265
Equity component of AFUDC	(36)	(33)
Impairment of assets and other charges	9	5
Deferred income taxes	(61)	27
Payments for asset retirement obligations	(144)	(131)
Provision for rate refunds	(1)	(24)
(Increase) decrease in
Receivables	(223)	6
Receivables from affiliated companies	85	(1)
Inventory	(106)	(238)
Other current assets	494	332
Increase (decrease) in
Accounts payable	(34)	(293)
Accounts payable to affiliated companies	24	(274)
Taxes accrued	169	153
Other current liabilities	28	(62)
Other assets	(149)	85
Other liabilities	80	14
Net cash provided by operating activities	2,421	1,575
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(2,623)	(2,425)
Purchases of debt and equity securities	(989)	(574)
Proceeds from sales and maturities of debt and equity securities	1,039	608
Notes receivable from affiliated companies	—	(25)
Other	(192)	(163)
Net cash used in investing activities	(2,765)	(2,579)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	844	1,073
Payments for the redemption of long-term debt	(407)	(79)
Notes payable to affiliated companies	(67)	(27)
Other	(1)	(1)
Net cash provided by financing activities	369	966
Net increase (decrease) in cash, cash equivalents and restricted cash	25	(38)
Cash, cash equivalents and restricted cash at beginning of period	135	184
Cash, cash equivalents and restricted cash at end of period	$160	$146
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$729	$544

FINANCIAL STATEMENTS

	Three Months Ended June 30, 2023 and 2024
	Accumulated Other Comprehensive Loss
Net Gains · Net Unrealized
Additional · on · Losses on · Pension and
	Paid-in	Retained	Cash Flow	Available-for-	OPEB	Total
(in millions)	Capital	Earnings	Hedges	Sale Securities	Adjustments	Equity
Balance at March 31, 2023	$11,830	$9,944	$(1)	$(6)	$(2)	$21,765
Net income	—	385	—	—	—	385
Balance at June 30, 2023	$11,830	$10,329	$(1)	$(6)	$(2)	$22,150
Balance at March 31, 2024	$11,830	$11,475	$(1)	$(5)	$(4)	$23,295
Net income	—	521	—	—	—	521
Other	19	—	—	—	—	19
Balance at June 30, 2024	$11,849	$11,996	$(1)	$(5)	$(4)	$23,835
	Six Months Ended June 30, 2023 and 2024
	Accumulated Other Comprehensive Loss
Net Gains · Net Unrealized
Additional · (Losses) on · Gains (Losses) on · Pension and
	Paid-in	Retained	Cash Flow	Available-for-	OPEB	Total
	Capital	Earnings	Hedges	Sale Securities	Adjustments	Equity
Balance at December 31, 2022	$11,832	$9,585	$(1)	$(8)	$(2)	$21,406
Net income	—	744	—	—	—	744
Other comprehensive income	—	—	—	2	—	2
Other	(2)	—	—	—	—	(2)
Balance at June 30, 2023	$11,830	$10,329	$(1)	$(6)	$(2)	$22,150
Balance at December 31, 2023	$11,830	$11,040	$(1)	$(5)	$(4)	$22,860
Net income	—	956	—	—	—	956
Other	19	—	—	—	—	19
Balance at June 30, 2024	$11,849	$11,996	$(1)	$(5)	$(4)	$23,835

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.