Duke Energy CORP

For the period ended Sep 30, 2024. Filed Nov 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.

Sep 30, 2024 · Filed Nov 7, 2024

DUK$128.94+0.7%Stored close · as of Nov 10, 2026

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

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Contents

Duke Energy Indiana, LLC Financial Statements

FINANCIAL STATEMENTS

Three Months Ended · Nine Months Ended
	September 30,		September 30,
(in millions)	2024	2023	2024	2023
Operating Revenues	$836	$851	$2,342	$2,606
Operating Expenses
Fuel used in electric generation and purchased power	267	283	761	980
Operation, maintenance and other	169	160	510	524
Depreciation and amortization	166	173	507	500
Property and other taxes	7	17	37	42
Total operating expenses	609	633	1,815	2,046
Operating Income	227	218	527	560
Other Income and Expenses, net	16	30	44	58
Interest Expense	58	53	173	157
Income Before Income Taxes	185	195	398	461
Income Tax Expense	29	36	65	82
Net Income	$156	$159	$333	$379
Other Comprehensive Loss, net of tax
Pension and OPEB adjustments	—	—	(1)	—
Comprehensive Income	$156	$159	$332	$379

FINANCIAL STATEMENTS

(in millions)	September 30, 2024	December 31, 2023
ASSETS
Current Assets
Cash and cash equivalents	$8	$8
Receivables (net of allowance for doubtful accounts of $16 at 2024 and $5 at 2023)	416	156
Receivables from affiliated companies	5	197
Inventory	580	582
Regulatory assets	105	102
Other	77	98
Total current assets	1,191	1,143
Property, Plant and Equipment
Cost	19,897	18,900
Accumulated depreciation and amortization	(6,837)	(6,501)
Net property, plant and equipment	13,060	12,399
Other Noncurrent Assets
Regulatory assets	1,013	894
Operating lease right-of-use assets, net	42	50
Other	384	325
Total other noncurrent assets	1,439	1,269
Total Assets	$15,690	$14,811
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$261	$300
Accounts payable to affiliated companies	61	176
Notes payable to affiliated companies	11	256
Taxes accrued	61	66
Interest accrued	74	54
Current maturities of long-term debt	4	4
Asset retirement obligations	152	120
Regulatory liabilities	165	209
Other	198	184
Total current liabilities	987	1,369
Long-Term Debt	4,647	4,348
Long-Term Debt Payable to Affiliated Companies	150	150
Other Noncurrent Liabilities
Deferred income taxes	1,571	1,436
Asset retirement obligations	1,126	689
Regulatory liabilities	1,411	1,459
Operating lease liabilities	38	46
Accrued pension and other post-retirement benefit costs	94	115
Investment tax credits	186	186
Other	15	—
Total other noncurrent liabilities	4,441	3,931
Commitments and Contingencies
Equity
Member's equity	5,465	5,012
Accumulated other comprehensive income	—	1
Total equity	5,465	5,013
Total Liabilities and Equity	$15,690	$14,811

FINANCIAL STATEMENTS

	Nine Months Ended
	September 30,
(in millions)	2024	2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$333	$379
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion	510	503
Equity component of AFUDC	(13)	(7)
Deferred income taxes	87	15
Contributions to qualified pension plans	(8)	(8)
Payments for asset retirement obligations	(60)	(57)
Provision for rate refunds	(20)	—
(Increase) decrease in
Receivables	36	(23)
Receivables from affiliated companies	1	(12)
Inventory	2	(112)
Other current assets	36	209
Increase (decrease) in
Accounts payable	(29)	(86)
Accounts payable to affiliated companies	(74)	(32)
Taxes accrued	(5)	(4)
Other current liabilities	12	107
Other assets	(83)	(62)
Other liabilities	3	26
Net cash provided by operating activities	728	836
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(711)	(699)
Purchases of debt and equity securities	(31)	(53)
Proceeds from sales and maturities of debt and equity securities	22	42
Notes receivable from affiliated companies	(117)	156
Other	(24)	(50)
Net cash used in investing activities	(861)	(604)
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	(245)	(234)
Capital contribution from parent	235	—
Distributions to parent	(154)	(209)
Other	(1)	(1)
Net cash provided by (used in) financing activities	133	(249)
Net increase (decrease) in cash and cash equivalents	—	(17)
Cash and cash equivalents at beginning of period	8	31
Cash and cash equivalents at end of period	$8	$14
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$104	$94

FINANCIAL STATEMENTS

	Three Months Ended September 30, 2023 and 2024
Accumulated Other
Comprehensive Income
	Member's	Pension and	Total
(in millions)	Equity	OPEB Adjustments	Equity
Balance at June 30, 2023	$4,826	$1	$4,827
Net income	159	—	159
Distributions to parent	(50)	—	(50)
Balance at September 30, 2023	$4,935	$1	$4,936
Balance at June 30, 2024	$5,401	$—	$5,401
Net income	156	—	156
Distributions to parent	(93)	—	(93)
Other	1	—	1
Balance at September 30, 2024	$5,465	$—	$5,465
	Nine Months Ended September 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	379	—	379
Distributions to parent	(146)	—	(146)
Balance at September 30, 2023	$4,935	$1	$4,936
Balance at December 31, 2023	$5,012	$1	$5,013
Net income	333	—	333
Contributions from parent	235	—	235
Distributions to parent	(113)	—	(113)
Other	(2)	(1)	(3)
Balance at September 30, 2024	$5,465	$—	$5,465

FINANCIAL STATEMENTS

Three Months Ended · Nine Months Ended
	September 30,		September 30,
(in millions)	2024	2023	2024	2023
Operating Revenues	$219	$208	$1,139	$1,119
Operating Expenses
Cost of natural gas	52	51	280	316
Operation, maintenance and other	87	77	267	248
Depreciation and amortization	65	59	191	175
Property and other taxes	16	16	47	46
Impairment of assets and other charges	—	—	—	(4)
Total operating expenses	220	203	785	781
Operating (Loss) Income	(1)	5	354	338
Other Income and Expenses, net	14	17	48	49
Interest Expense	47	41	135	120
(Loss) Income Before Income Taxes	(34)	(19)	267	267
Income Tax (Benefit) Expense	(10)	(5)	49	46
Net (Loss) Income and Comprehensive (Loss) Income	$(24)	$(14)	$218	$221

FINANCIAL STATEMENTS

(in millions)	September 30, 2024	December 31, 2023
ASSETS
Current Assets
Cash and cash equivalents	$4	$—
Receivables (net of allowance for doubtful accounts of $12 at 2024 and $11 at 2023)	126	311
Receivables from affiliated companies	12	10
Inventory	58	112
Regulatory assets	154	161
Other	80	7
Total current assets	434	601
Property, Plant and Equipment
Cost	12,619	11,908
Accumulated depreciation and amortization	(2,398)	(2,259)
Net property, plant and equipment	10,221	9,649
Other Noncurrent Assets
Goodwill	49	49
Regulatory assets	427	410
Operating lease right-of-use assets, net	4	4
Investments in equity method unconsolidated affiliates	78	78
Other	284	276
Total other noncurrent assets	842	817
Total Assets	$11,497	$11,067
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$196	$315
Accounts payable to affiliated companies	64	54
Notes payable to affiliated companies	513	538
Taxes accrued	53	89
Interest accrued	50	39
Current maturities of long-term debt	150	40
Regulatory liabilities	91	98
Other	75	77
Total current liabilities	1,192	1,250
Long-Term Debt	3,853	3,628
Other Noncurrent Liabilities
Deferred income taxes	1,007	933
Asset retirement obligations	27	26
Regulatory liabilities	958	988
Operating lease liabilities	8	10
Accrued pension and other post-retirement benefit costs	6	8
Other	176	172
Total other noncurrent liabilities	2,182	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	2,634	2,416
Total Piedmont Natural Gas Company, Inc. stockholder's equity	4,269	4,051
Noncontrolling interests	1	1
Total equity	4,270	4,052
Total Liabilities and Equity	$11,497	$11,067

FINANCIAL STATEMENTS

	Nine Months Ended
	September 30,
(in millions)	2024	2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$218	$221
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	193	177
Equity component of AFUDC	(17)	(15)
Impairment of assets and other charges	—	(4)
Deferred income taxes	54	52
Equity in earnings from unconsolidated affiliates	(6)	(6)
Contributions to qualified pension plans	(3)	(3)
(Increase) decrease in
Receivables	185	335
Receivables from affiliated companies	(2)	(1)
Inventory	54	83
Other current assets	(71)	(63)
Increase (decrease) in
Accounts payable	(39)	(78)
Accounts payable to affiliated companies	10	(3)
Taxes accrued	(36)	(30)
Other current liabilities	8	25
Other assets	(15)	(23)
Other liabilities	8	7
Net cash provided by operating activities	541	674
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(800)	(774)
Other	(44)	(32)
Net cash used in investing activities	(844)	(806)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	373	348
Payments for the redemption of long-term debt	(40)	—
Notes payable to affiliated companies	(26)	(216)
Net cash provided by financing activities	307	132
Net increase in cash and cash equivalents	4	—
Cash and cash equivalents at beginning of period	—	—
Cash and cash equivalents at end of period	$4	$—
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$143	$149

FINANCIAL STATEMENTS

	Three Months Ended September 30, 2023 and 2024
Total
Piedmont
Natural Gas
	Common	Retained	Company, Inc.	Noncontrolling	Total
(in millions)	Stock	Earnings	Equity	Interests	Equity
Balance at June 30, 2023	$1,635	$2,272	$3,907	$1	$3,908
Net loss	—	(14)	(14)	—	(14)
Balance at September 30, 2023	$1,635	$2,258	$3,893	$1	$3,894
Balance at June 30, 2024	$1,635	$2,658	$4,293	$1	$4,294
Net loss	—	(24)	(24)	—	(24)
Balance at September 30, 2024	$1,635	$2,634	$4,269	$1	$4,270
	Nine Months Ended September 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	—	221	221	—	221
Balance at September 30, 2023	$1,635	$2,258	$3,893	$1	$3,894
Balance at December 31, 2023	$1,635	$2,416	$4,051	$1	$4,052
Net income	—	218	218	—	218
Balance at September 30, 2024	$1,635	$2,634	$4,269	$1	$4,270

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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.