Duke Energy CORP

For the period ended Sep 30, 2024. Filed Nov 7, 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.

Sep 30, 2024 · Filed Nov 7, 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 · Nine Months Ended
	September 30,		September 30,
(in millions)	2024	2023	2024	2023
Operating Revenues	$3,860	$4,055	$10,445	$10,315
Operating Expenses
Fuel used in electric generation and purchased power	1,384	1,535	3,729	3,902
Operation, maintenance and other	653	711	1,869	1,963
Depreciation and amortization	640	563	1,795	1,609
Property and other taxes	170	205	494	546
Impairment of assets and other charges	(3)	24	6	29
Total operating expenses	2,844	3,038	7,893	8,049
Gains on Sales of Other Assets and Other, net	7	8	20	20
Operating Income	1,023	1,025	2,572	2,286
Other Income and Expenses, net	56	49	178	146
Interest Expense	271	241	796	706
Income Before Income Taxes	808	833	1,954	1,726
Income Tax Expense	130	131	320	280
Net Income	$678	$702	$1,634	$1,446
Other Comprehensive Income, net of tax
Unrealized gains on available-for-sale securities	1	—	1	2
Other Comprehensive Income, net of tax	1	—	1	2
Comprehensive Income	$679	$702	$1,635	$1,448

FINANCIAL STATEMENTS

(in millions)	September 30, 2024	December 31, 2023
ASSETS
Current Assets
Cash and cash equivalents	$82	$59
Receivables (net of allowance for doubtful accounts of $41 at 2024 and $18 at 2023)	939	225
Receivables of VIEs (net of allowance for doubtful accounts of $38 at 2024 and $56 at 2023)	822	1,365
Receivables from affiliated companies	12	90
Inventory (includes $477 at 2024 and $462 at 2023 related to VIEs)	2,006	1,901
Regulatory assets (includes $107 at 2024 and $98 at 2023 related to VIEs)	952	1,661
Other (includes $46 at 2024 and $68 at 2023 related to VIEs)	103	134
Total current assets	4,916	5,435
Property, Plant and Equipment
Cost	71,653	67,644
Accumulated depreciation and amortization	(23,450)	(22,300)
Net property, plant and equipment	48,203	45,344
Other Noncurrent Assets
Goodwill	3,655	3,655
Regulatory assets (includes $1,528 at 2024 and $1,446 at 2023 related to VIEs)	6,560	6,430
Nuclear decommissioning trust funds	5,005	4,457
Operating lease right-of-use assets, net	643	617
Other	1,269	1,156
Total other noncurrent assets	17,132	16,315
Total Assets	$70,251	$67,094
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (includes $199 at 2024 and $188 at 2023 related to VIEs)	$1,386	$1,374
Accounts payable to affiliated companies	551	464
Notes payable to affiliated companies	805	1,043
Taxes accrued	435	259
Interest accrued	242	224
Current maturities of long-term debt (includes $502 at 2024 and $418 at 2023 related to VIEs)	1,418	661
Asset retirement obligations	227	245
Regulatory liabilities	377	418
Other	801	860
Total current liabilities	6,242	5,548
Long-Term Debt (includes $1,581 at 2024 and $1,910 at 2023 related to VIEs)	22,646	22,948
Long-Term Debt Payable to Affiliated Companies	150	150
Other Noncurrent Liabilities
Deferred income taxes	5,221	5,197
Asset retirement obligations	4,496	3,900
Regulatory liabilities	5,478	5,083
Operating lease liabilities	570	544
Accrued pension and other post-retirement benefit costs	251	266
Investment tax credits	372	371
Other (includes $13 at 2024 and $19 at 2023 related to VIEs)	455	227
Total other noncurrent liabilities	16,843	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	11,830	11,830
Retained earnings	12,549	11,040
Accumulated other comprehensive loss	(9)	(10)
Total equity	24,370	22,860
Total Liabilities and Equity	$70,251	$67,094

FINANCIAL STATEMENTS

	Nine Months Ended
	September 30,
(in millions)	2024	2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$1,634	$1,446
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)	2,081	2,021
Equity component of AFUDC	(54)	(49)
Impairment of assets and other charges	6	29
Deferred income taxes	(19)	(38)
Contributions to qualified pension plans	(23)	(22)
Payments for asset retirement obligations	(221)	(212)
Provision for rate refunds	(1)	(24)
(Increase) decrease in
Receivables	(185)	(198)
Receivables from affiliated companies	78	2
Inventory	(95)	(224)
Other current assets	841	399
Increase (decrease) in
Accounts payable	194	(177)
Accounts payable to affiliated companies	87	(206)
Taxes accrued	179	357
Other current liabilities	12	4
Other assets	(504)	183
Other liabilities	127	(10)
Net cash provided by operating activities	4,137	3,281
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(3,891)	(3,607)
Purchases of debt and equity securities	(1,561)	(1,108)
Proceeds from sales and maturities of debt and equity securities	1,644	1,151
Other	(351)	(239)
Net cash used in investing activities	(4,159)	(3,803)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	849	1,272
Payments for the redemption of long-term debt	(460)	(440)
Notes payable to affiliated companies	(238)	140
Dividends to parent	(125)	(500)
Other	(1)	(1)
Net cash provided by financing activities	25	471
Net increase (decrease) in cash, cash equivalents and restricted cash	3	(51)
Cash, cash equivalents and restricted cash at beginning of period	135	184
Cash, cash equivalents and restricted cash at end of period	$138	$133
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures	$628	$558

FINANCIAL STATEMENTS

	Three Months Ended September 30, 2023 and 2024
	Accumulated Other Comprehensive Loss
Net · Net Unrealized
Additional · Losses on · Gains (Losses) on · Pension and
	Paid-in	Retained	Cash Flow	Available-for-	OPEB	Total
(in millions)	Capital	Earnings	Hedges	Sale Securities	Adjustments	Equity
Balance at June 30, 2023	$11,830	$10,329	$(1)	$(6)	$(2)	$22,150
Net income	—	702	—	—	—	702
Dividends to parent	—	(500)	—	—	—	(500)
Other	—	(1)	—	—	—	(1)
Balance at September 30, 2023	$11,830	$10,530	$(1)	$(6)	$(2)	$22,351
Balance at June 30, 2024	$11,849	$11,996	$(1)	$(5)	$(4)	$23,835
Net income	—	678	—	—	—	678
Other comprehensive income	—	—	—	1	—	1
Dividends to parent	—	(125)	—	—	—	(125)
Other	(19)	—	—	—	—	(19)
Balance at September 30, 2024	$11,830	$12,549	$(1)	$(4)	$(4)	$24,370
	Nine Months Ended September 30, 2023 and 2024
	Accumulated Other Comprehensive Loss
Net · 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	—	1,446	—	—	—	1,446
Other comprehensive income	—	—	—	2	—	2
Dividends to parent	—	(500)	—	—	—	(500)
Other	(2)	(1)	—	—	—	(3)
Balance at September 30, 2023	$11,830	$10,530	$(1)	$(6)	$(2)	$22,351
Balance at December 31, 2023	$11,830	$11,040	$(1)	$(5)	$(4)	$22,860
Net income	—	1,634	—	—	—	1,634
Other comprehensive income	—	—	—	1	—	1
Dividends to parent	—	(125)	—	—	—	(125)
Balance at September 30, 2024	$11,830	$12,549	$(1)	$(4)	$(4)	$24,370

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