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

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Contents

Duke Energy Progress, LLC Financial Statements

FINANCIAL STATEMENTS

Three Months Ended · Nine Months Ended
	September 30,		September 30,
(in millions)	2024	2023	2024	2023
Operating Revenues	$1,914	$1,886	$5,338	$4,844
Operating Expenses
Fuel used in electric generation and purchased power	679	651	1,896	1,685
Operation, maintenance and other	376	345	1,077	1,051
Depreciation and amortization	354	324	999	935
Property and other taxes	43	48	144	143
Impairment of assets and other charges	(3)	24	6	31
Total operating expenses	1,449	1,392	4,122	3,845
Gains on Sales of Other Assets and Other, net	1	1	2	2
Operating Income	466	495	1,218	1,001
Other Income and Expenses, net	34	31	107	92
Interest Expense	127	109	370	315
Income Before Income Taxes	373	417	955	778
Income Tax Expense	48	49	135	101
Net Income and Comprehensive Income	$325	$368	$820	$677

FINANCIAL STATEMENTS

(in millions)	September 30, 2024	December 31, 2023
ASSETS
Current Assets
Cash and cash equivalents	$46	$18
Receivables (net of allowance for doubtful accounts of $10 at 2024 and $8 at 2023)	178	139
Receivables of VIEs (net of allowance for doubtful accounts of $38 at 2024 and $36 at 2023)	822	833
Receivables from affiliated companies	14	16
Inventory	1,320	1,227
Regulatory assets (includes $47 at 2024 and $39 at 2023 related to VIEs)	691	942
Other (includes $27 at 2024 and $31 at 2023 related to VIEs)	62	72
Total current assets	3,133	3,247
Property, Plant and Equipment
Cost	41,720	39,283
Accumulated depreciation and amortization	(15,947)	(15,227)
Net property, plant and equipment	25,773	24,056
Other Noncurrent Assets
Regulatory assets (includes $774 at 2024 and $643 at 2023 related to VIEs)	4,489	4,546
Nuclear decommissioning trust funds	4,657	4,075
Operating lease right-of-use assets, net	353	318
Other	719	682
Total other noncurrent assets	10,218	9,621
Total Assets	$39,124	$36,924
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$502	$634
Accounts payable to affiliated companies	322	332
Notes payable to affiliated companies	610	891
Taxes accrued	193	176
Interest accrued	86	114
Current maturities of long-term debt (includes $443 at 2024 and $34 at 2023 related to VIEs)	983	72
Asset retirement obligations	225	244
Regulatory liabilities	295	300
Other	442	481
Total current liabilities	3,658	3,244
Long-Term Debt (includes $809 at 2024 and $1,079 at 2023 related to VIEs)	11,190	11,492
Long-Term Debt Payable to Affiliated Companies	150	150
Other Noncurrent Liabilities
Deferred income taxes	2,552	2,560
Asset retirement obligations	4,293	3,626
Regulatory liabilities	4,778	4,375
Operating lease liabilities	337	293
Accrued pension and other post-retirement benefit costs	138	146
Investment tax credits	130	129
Other (includes $13 at 2024 and $12 at 2023 related to VIEs)	271	102
Total other noncurrent liabilities	12,499	11,231
Commitments and Contingencies
Equity
Member's Equity	11,627	10,807
Total Liabilities and Equity	$39,124	$36,924

FINANCIAL STATEMENTS

	Nine Months Ended
	September 30,
(in millions)	2024	2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$820	$677
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of nuclear fuel)	1,144	1,077
Equity component of AFUDC	(44)	(38)
Impairment of assets and other charges	6	31
Deferred income taxes	(32)	(12)
Contributions to qualified pension plans	(14)	(13)
Payments for asset retirement obligations	(153)	(166)
Provision for rate refunds	(1)	(24)
(Increase) decrease in
Receivables	(15)	5
Receivables from affiliated companies	2	(7)
Inventory	(93)	(135)
Other current assets	288	(189)
Increase (decrease) in
Accounts payable	(74)	(38)
Accounts payable to affiliated companies	(10)	(256)
Taxes accrued	17	178
Other current liabilities	14	(25)
Other assets	(101)	175
Other liabilities	118	23
Net cash provided by operating activities	1,872	1,263
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(2,036)	(1,756)
Purchases of debt and equity securities	(1,452)	(973)
Proceeds from sales and maturities of debt and equity securities	1,451	969
Other	(130)	(114)
Net cash used in investing activities	(2,167)	(1,874)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	670	991
Payments for the redemption of long-term debt	(67)	(364)
Notes payable to affiliated companies	(281)	452
Distributions to parent	—	(500)
Other	—	(1)
Net cash provided by financing activities	322	578
Net increase (decrease) in cash, cash equivalents and restricted cash	27	(33)
Cash, cash equivalents and restricted cash at beginning of period	51	79
Cash, cash equivalents and restricted cash at end of period	$78	$46
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$256	$206

FINANCIAL STATEMENTS

	Three Months Ended
	September 30, 2023 and 2024
(in millions)	Member's Equity
Balance at June 30, 2023	$10,618
Net income	368
Distributions to Parent	(500)
Balance at September 30, 2023	$10,486
Balance at June 30, 2024	$11,302
Net income	325
Balance at September 30, 2024	$11,627
	Nine Months Ended
	September 30, 2023 and 2024
(in millions)	Member's Equity
Balance at December 31, 2022	$10,309
Net income	677
Distributions to Parent	(500)
Balance at September 30, 2023	$10,486
Balance at December 31, 2023	$10,807
Net income	820
Balance at September 30, 2024	$11,627

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.