Exhibit 99.1
1st Qtr 2012 Statistical Supplement
CONTENTS
| 2 | DUKE ENERGY CORPORATION |
| | | |
| | 2 | Consolidating Statement of Operations (Q1 2012) |
| | | |
| | 3 | Consolidating Statement of Operations (Q1 2011) |
| | | |
| | 4 | Consolidating Balance Sheet - Assets |
| | | |
| | 5 | Consolidating Balance Sheet - Liabilities and Common Stockholders’ Equity |
| | | |
| 6 | U.S. FRANCHISED ELECTRIC AND GAS |
| | | |
| | 6 | Consolidating Segment Income (Q1 2012) |
| | | |
| | 7 | Consolidating Segment Income (Q1 2011) |
| | | |
| | 8 | Consolidating Balance Sheet - Assets |
| | | |
| | 9 | Consolidating Balance Sheet - Liabilities and Common Stockholders’ Equity |
| | | |
| | 10 | Operating Statistics (Carolinas) |
| | | |
| | 11 | Operating Statistics (DE Midwest - Electric & Gas) |
| | | |
| 12 | APPENDIX |
| | | |
| | 12 | Duke Energy Ohio Supplement (Q1 2012) |
| | | |
| | 13 | Duke Energy Ohio Supplement (Q1 2011) |
| | | |
| | 14 | Reconciliation of “As Reported” Results to “As Recasted” |
Duke Energy Corporation
CONSOLIDATING STATEMENT OF OPERATIONS
(Unaudited)
| | | | | | | | | | | | Year Ended | |
| | U.S. Franchised | | Commercial | | International | | | | Eliminations/ | | March 31, | |
(In millions) | | Electric and Gas | | Power | | Energy | | Other | | Adjustments | | 2012 | |
| | | | | | | | | | | | | |
OPERATING REVENUES | | | | | | | | | | | | | |
Regulated electric | | $ | 2,488 | | $ | 23 | | $ | — | | $ | — | | $ | (10 | ) | $ | 2,501 | |
Non-regulated electric, natural gas, and other | | 9 | | 557 | | 402 | | 15 | | (25 | ) | 958 | |
Regulated natural gas | | 171 | | — | | — | | — | | — | | 171 | |
Total operating revenues | | 2,668 | | 580 | | 402 | | 15 | | (35 | ) | 3,630 | |
| | | | | | | | | | | | | |
OPERATING EXPENSES | | | | | | | | | | | | | |
Fuel used in electric generation and purchased power - regulated | | 777 | | — | | — | | — | | — | | 777 | |
Fuel used in electric generation and purchased power - non-regulated | | — | | 339 | | 123 | | — | | (14 | ) | 448 | |
Cost of natural gas and coal sold | | 75 | | 8 | | 19 | | — | | — | | 102 | |
Operation, maintenance and other | | 589 | | 116 | | 77 | | (14 | ) | (22 | ) | 746 | |
Depreciation and amortization | | 368 | | 56 | | 24 | | 30 | | 1 | | 479 | |
Property and other taxes | | 171 | | 11 | | 2 | | — | | — | | 184 | |
Impairment charges (a) | | 402 | | — | | — | | — | | — | | 402 | |
Total operating expenses | | 2,382 | | 530 | | 245 | | 16 | | (35 | ) | 3,138 | |
GAINS (LOSSES) ON SALES OF OTHER ASSETS AND OTHER, NET | | 4 | | — | | — | | (1 | ) | — | | 3 | |
OPERATING INCOME (LOSS) | | 290 | | 50 | | 157 | | (2 | ) | — | | 495 | |
| | | | | | | | | | | | | |
OTHER INCOME AND EXPENSES | | | | | | | | | | | | | |
Other income and expenses, net | | 62 | | 8 | | 54 | | 5 | | — | | 129 | |
Interest Expense | | 146 | | 19 | | 16 | | 43 | | — | | 224 | |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | | 206 | | 39 | | 195 | | (40 | ) | — | | 400 | |
Income Tax Expense (Benefit) | | 70 | | 8 | | 49 | | (24 | ) | — | | 103 | |
INCOME (LOSS) FROM CONTINUING OPERATIONS | | 136 | | 31 | | 146 | | (16 | ) | — | | 297 | |
Less: Net Income (Loss) attributable to non-controlling interest | | — | | — | | 4 | | — | | — | | 4 | |
INCOME (LOSS) FROM CONTINUING OPERATIONS ATTRIBUTABLE TO DUKE ENERGY CORPORATION | | 136 | | 31 | | 142 | | (16 | ) | — | | 293 | |
Income from Discontinued Operations, net of tax | | | | | | | | | | | | 2 | |
NET INCOME ATTRIBUTABLE TO DUKE ENERGY CORPORATION | | | | | | | | | | | | $ | 295 | |
| | | | | | | | | | | | | | | | | | | |
(a) Primarily due to a $400 million non-cash impairment charge on the Edwardsport IGCC project resulting from a settlement agreement in April 2012.
Consolidated Data
2
Duke Energy Corporation
CONSOLIDATING STATEMENT OF OPERATIONS
(Unaudited)
| | | | | | | | | | | | Year Ended | |
| | U.S. Franchised | | Commercial | | International | | | | Eliminations/ | | March 31, | |
(In millions) | | Electric and Gas | | Power | | Energy | | Other | | Adjustments | | 2011 | |
| | | | | | | | | | | | | |
OPERATING REVENUES | | | | | | | | | | | | | |
Regulated electric | | $ | 2,437 | | $ | 145 | | $ | — | | $ | — | | $ | (9 | ) | $ | 2,573 | |
Non-regulated electric, natural gas, and other | | 10 | | 499 | | 348 | | 11 | | (13 | ) | 855 | |
Regulated natural gas | | 236 | | — | | — | | — | | (1 | ) | 235 | |
Total operating revenues | | 2,683 | | 644 | | 348 | | 11 | | (23 | ) | 3,663 | |
| | | | | | | | | | | | | |
OPERATING EXPENSES | | | | | | | | | | | | | |
Fuel used in electric generation and purchased power - regulated | | 750 | | 62 | | | | — | | — | | 812 | |
Fuel used in electric generation and purchased power - non-regulated | | — | | 279 | | 97 | | — | | — | | 376 | |
Cost of natural gas and coal sold | | 119 | | 16 | | 16 | | — | | — | | 151 | |
Operation, maintenance and other | | 694 | | 135 | | 75 | | (1 | ) | (23 | ) | 880 | |
Depreciation and amortization | | 347 | | 59 | | 21 | | 27 | | — | | 454 | |
Property and other taxes | | 171 | | 13 | | 2 | | — | | — | | 186 | |
Total operating expenses | | 2,081 | | 564 | | 211 | | 26 | | (23 | ) | 2,859 | |
GAINS (LOSSES) ON SALES OF OTHER ASSETS AND OTHER, NET | | — | | 2 | | — | | 8 | | — | | 10 | |
OPERATING INCOME (LOSS) | | 602 | | 82 | | 137 | | (7 | ) | — | | 814 | |
| | | | | | | | | | | | | |
OTHER INCOME AND EXPENSES | | | | | | | | | | | | | |
Other income and expenses, net | | 61 | | 9 | | 59 | | 22 | | — | | 151 | |
Interest Expense | | 140 | | 24 | | 16 | | 39 | | — | | 219 | |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | | 523 | | 67 | | 180 | | (24 | ) | — | | 746 | |
Income Tax Expense (Benefit) | | 182 | | 18 | | 48 | | (15 | ) | — | | 233 | |
INCOME (LOSS) FROM CONTINUING OPERATIONS | | 341 | | 49 | | 132 | | (9 | ) | — | | 513 | |
Less: Net Income (Loss) attributable to non-controlling interest | | — | | — | | 4 | | (2 | ) | — | | 2 | |
NET INCOME ATTRIBUTABLE TO DUKE ENERGY CORPORATION | | 341 | | 49 | | 128 | | (7 | ) | — | | $ | 511 | |
| | | | | | | | | | | | | | | | | | | |
3
Duke Energy Corporation
CONSOLIDATING BALANCE SHEET - ASSETS
(Unaudited)
| | U.S. Franchised | | Commercial | | International | | | | Eliminations/ | | March 31, | |
(In millions) | | Electric and Gas | | Power | | Energy | | Other | | Adjustments | | 2012 | |
| | | | | | | | | | | | | |
CURRENT ASSETS | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 54 | | $ | 15 | | $ | 898 | | $ | 104 | | $ | — | | $ | 1,071 | |
Short-term investments | | — | | — | | 238 | | — | | — | | 238 | |
Receivables, net | | 677 | | 1,011 | | 397 | | 825 | | (2,297 | ) | 613 | |
Restricted receivables of variable interest entities, net | | 1,092 | | 32 | | — | | — | | — | | 1,124 | |
Inventory | | 1,501 | | 140 | | 102 | | 11 | | — | | 1,754 | |
Other | | 534 | | 277 | | 35 | | 324 | | (46 | ) | 1,124 | |
Total current assets | | 3,858 | | 1,475 | | 1,670 | | 1,264 | | (2,343 | ) | 5,924 | |
| | | | | | | | | | | | | |
INVESTMENTS AND OTHER ASSETS | | | | | | | | | | | | | |
Investments in equity method unconsolidated affiliates | | 6 | | 196 | | 103 | | 174 | | — | | 479 | |
Investments and advances (from) to subsidiaries | | (73 | ) | (4 | ) | (5 | ) | 31,098 | | (31,016 | ) | — | |
Nuclear decommissioning trust funds | | 2,247 | | — | | — | | — | | — | | 2,247 | |
Goodwill | | 3,483 | | 69 | | 301 | | — | | — | | 3,853 | |
Intangibles, net | | 63 | | 266 | | 29 | | 1 | | (2 | ) | 357 | |
Notes receivable | | 3 | | — | | 65 | | 450 | | (450 | ) | 68 | |
Restricted other assets of variable interest entities | | — | | 129 | | — | | — | | — | | 129 | |
Other | | 1,120 | | 180 | | 141 | | 605 | | 57 | | 2,103 | |
Total investments and other assets | | 6,849 | | 836 | | 634 | | 32,328 | | (31,411 | ) | 9,236 | |
| | | | | | | | | | | | | |
PROPERTY, PLANT AND EQUIPMENT | | | | | | | | | | | | | |
Cost | | 51,288 | | 5,173 | | 3,500 | | 1,076 | | (1 | ) | 61,036 | |
Cost, variable interest entities | | — | | 942 | | — | | — | | — | | 942 | |
Accumulated depreciation and amortization | | (16,925 | ) | (774 | ) | (926 | ) | (462 | ) | 1 | | (19,086 | ) |
Generation facilities to be retired, net | | 79 | | — | | — | | — | | — | | 79 | |
Net property, plant and equipment | | 34,442 | | 5,341 | | 2,574 | | 614 | | — | | 42,971 | |
| | | | | | | | | | | | | |
REGULATORY ASSETS AND DEFERRED DEBITS | | | | | | | | | | | | | |
Regulatory Assets | | 2,993 | | 67 | | — | | 457 | | — | | 3,517 | |
Other | | 103 | | 32 | | — | | 17 | | (1 | ) | 151 | |
Total regulatory assets and deferred debits | | 3,096 | | 99 | | — | | 474 | | (1 | ) | 3,668 | |
TOTAL ASSETS | | 48,245 | | 7,751 | | 4,878 | | 34,680 | | (33,755 | ) | 61,799 | |
| | | | | | | | | | | | | |
Intercompany balances | | (455 | ) | (867 | ) | (126 | ) | (32,343 | ) | 33,791 | | — | |
| | | | | | | | | | | | | |
REPORTABLE SEGMENT ASSETS | | $ | 47,790 | | $ | 6,884 | | $ | 4,752 | | $ | 2,337 | | $ | 36 | | $ | 61,799 | |
4
Duke Energy Corporation
CONSOLIDATING BALANCE SHEET - LIABILITIES AND EQUITY
(Unaudited)
| | U.S. Franchised | | Commercial | | International | | | | Eliminations/ | | March 31, | |
(In millions) | | Electric and Gas | | Power | | Energy | | Other | | Adjustments | | 2012 | |
| | | | | | | | | | | | | |
CURRENT LIABILITIES | | | | | | | | | | | | | |
Accounts payable | | $ | | 984 | | $ | | 315 | | $ | | 23 | | $ | | 1,040 | | $ | | (1,312 | ) | $ | | 1,050 | |
Notes payable and commercial paper | | 154 | | — | | — | | 996 | | (969 | ) | 181 | |
Non-recourse notes payable of variable interest entities | | 275 | | — | | — | | — | | — | | 275 | |
Taxes accrued (prepaid) | | 192 | | (14 | ) | 59 | | 157 | | (25 | ) | 369 | |
Interest accrued | | 222 | | 6 | | 27 | | 31 | | 1 | | 287 | |
Current maturities of long-term debt | | 635 | | 379 | | 50 | | 4 | | (1 | ) | 1,067 | |
Other | | 654 | | 81 | | 67 | | 302 | | (50 | ) | 1,054 | |
Total current liabilities | | 3,116 | | 767 | | 226 | | 2,530 | | (2,356 | ) | 4,283 | |
| | | | | | | | | | | | | |
LONG-TERM DEBT | | 12,951 | | 607 | | 632 | | 4,342 | | (451 | ) | 18,081 | |
NON-RECOURSE LONG-TERM DEBT OF VARIABLE INTEREST ENTITIES | | 300 | | 645 | | — | | — | | — | | 945 | |
| | | | | | | | | | | | | |
DEFERRED CREDITS AND OTHER LIABILITIES | | | | | | | | | | | | | |
Deferred income taxes | | 6,578 | | 1,125 | | 162 | | (139 | ) | — | | 7,726 | |
Investment tax credits | | 381 | | — | | — | | — | | — | | 381 | |
Accrued pension and other post-retirement benefit costs | | 490 | | 68 | | — | | 287 | | 1 | | 846 | |
Asset retirement obligations | | 1,940 | | 24 | | 1 | | — | | — | | 1,965 | |
Regulatory Liabilities | | 2,929 | | — | | — | | 22 | | — | | 2,951 | |
Other | | 1,121 | | 116 | | 74 | | 366 | | 66 | | 1,743 | |
Total deferred credits and other liabilities | | 13,439 | | 1,333 | | 237 | | 536 | | 67 | | 15,612 | |
| | | | | | | | | | | | | |
EQUITY | | | | | | | | | | | | | |
Common stock | | 392 | | 379 | | 13 | | 1 | | (784 | ) | 1 | |
Additional paid-in capital | | 8,152 | | 6,315 | | 1,818 | | 27,551 | | (22,715 | ) | 21,121 | |
Retained earnings (accumulated deficit) | | 9,914 | | (2,242 | ) | 1,834 | | (148 | ) | (7,525 | ) | 1,833 | |
Accumulated other comprehensive (loss) income | | (19 | ) | (69 | ) | 38 | | (134 | ) | 10 | | (174 | ) |
Total Duke Energy Corporation shareholders’ equity | | 18,439 | | 4,383 | | 3,703 | | 27,270 | | (31,014 | ) | 22,781 | |
Noncontrolling interests | | — | | 16 | | 80 | | 2 | | (1 | ) | 97 | |
Total equity | | 18,439 | | 4,399 | | 3,783 | | 27,272 | | (31,015 | ) | 22,878 | |
TOTAL LIABILITIES AND EQUITY | | 48,245 | | 7,751 | | 4,878 | | 34,680 | | (33,755 | ) | 61,799 | |
| | | | | | | | | | | | | |
Intercompany balances | | (455 | ) | (867 | ) | (126 | ) | (32,343 | ) | 33,791 | | — | |
| | | | | | | | | | | | | |
REPORTABLE SEGMENT LIABILITIES AND EQUITY | | $ | | 47,790 | | $ | | 6,884 | | $ | | 4,752 | | $ | | 2,337 | | $ | | 36 | | $ | | 61,799 | |
5
U.S. Franchised Electric and Gas
CONSOLIDATING SEGMENT INCOME
(Unaudited)
| | | | | | | | | | Year Ended | |
| | Duke Energy | | Duke Energy | | Duke Energy | | Eliminations/ | | March 31, | |
(In millions) | | Carolinas, LLC | | Ohio, Inc. | | Indiana, Inc. | | Adjustments | | 2012 | |
| | | | | | | | | | | |
OPERATING REVENUES | | | | | | | | | | | |
Regulated electric | | $ | 1,499 | | $ | 302 | | $ | 688 | | $ | (1 | ) | $ | 2,488 | |
Non-regulated electric, natural gas, and other | | 2 | | — | | — | | 7 | | 9 | |
Regulated natural gas | | — | | 171 | | — | | — | | 171 | |
Total operating revenues | | 1,501 | | 473 | | 688 | | 6 | | 2,668 | |
| | | | | | | | | | | |
OPERATING EXPENSES | | | | | | | | | | | |
Fuel used in electric generation and purchased power - regulated | | 380 | | 114 | | 283 | | — | | 777 | |
Cost of natural gas and coal sold | | — | | 75 | | — | | — | | 75 | |
Operation, maintenance and other | | 320 | | 115 | | 156 | | (2 | ) | 589 | |
Depreciation and amortization | | 228 | | 43 | | 96 | | 1 | | 368 | |
Property and other taxes | | 90 | | 60 | | 21 | | — | | 171 | |
Impairment charges (a) | | — | | — | | 400 | | 2 | | 402 | |
Total operating expenses | | 1,018 | | 407 | | 956 | | 1 | | 2,382 | |
GAINS ON SALES OF OTHER ASSETS AND OTHER, NET | | 3 | | 1 | | — | | — | | 4 | |
OPERATING INCOME (LOSS) | | 486 | | 67 | | (268 | ) | 5 | | 290 | |
| | | | | | | | | | | |
OTHER INCOME AND EXPENSES | | | | | | | | | | | |
Other income and expenses, net (b) | | 40 | | 3 | | 23 | | (4 | ) | 62 | |
Interest Expense | | 97 | | 15 | | 34 | | — | | 146 | |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | | 429 | | 55 | | (279 | ) | 1 | | 206 | |
Income Tax expense (benefit) | | 156 | | 21 | | (116 | ) | 9 | | 70 | |
INCOME (LOSS) FROM CONTINUING OPERATIONS ATTRIBUTABLE TO DUKE ENERGY CORPORATION | | 273 | | 34 | | (163 | ) | (8 | ) | 136 | |
| | | | | | | | | | | | | | | | |
(a) Primarily due to a $400 million non-cash impairment charge on the Edwardsport IGCC project resulting from a settlement agreement in April 2012.
(b) Primarily due to an equity component of allowance for funds used during construction of $37 million for Carolinas, $1 million for Ohio and $21 million for Indiana, respectively.
Consolidating Segment Income
6
U.S. Franchised Electric and Gas
CONSOLIDATING SEGMENT INCOME
(Unaudited)
| | | | | | | | | | Year Ended | |
| | Duke Energy | | Duke Energy | | Duke Energy | | Eliminations/ | | March 31, | |
(In millions) | | Carolinas, LLC | | Ohio, Inc. | | Indiana, Inc. | | Adjustments | | 2011 | |
| | | | | | | | | | | |
OPERATING REVENUES | | | | | | | | | | | |
Regulated electric | | $ | 1,550 | | $ | 228 | | $ | 659 | | $ | — | | $ | 2,437 | |
Non-regulated electric, natural gas, and other | | 2 | | — | | — | | 8 | | 10 | |
Regulated natural gas | | — | | 236 | | — | | — | | 236 | |
Total operating revenues | | 1,552 | | 464 | | 659 | | 8 | | 2,683 | |
| | | | | | | | | | | |
OPERATING EXPENSES | | | | | | | | | | | |
Fuel used in electric generation and purchased power - regulated | | 469 | | 35 | | 246 | | — | | 750 | |
Cost of natural gas and coal sold | | — | | 119 | | — | | — | | 119 | |
Operation, maintenance and other | | 422 | | 112 | | 158 | | 2 | | 694 | |
Depreciation and amortization | | 201 | | 46 | | 100 | | — | | 347 | |
Property and other taxes | | 84 | | 65 | | 22 | | — | | 171 | |
Total operating expenses | | 1,176 | | 377 | | 526 | | 2 | | 2,081 | |
OPERATING INCOME (LOSS) | | 376 | | 87 | | 133 | | 6 | | 602 | |
| | | | | | | | | | | |
OTHER INCOME AND EXPENSES | | | | | | | | | | | |
Other income and expenses, net (a) | | 42 | | 4 | | 23 | | (8 | ) | 61 | |
Interest Expense | | 89 | | 14 | | 36 | | 1 | | 140 | |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | | 329 | | 77 | | 120 | | (3 | ) | 523 | |
Income Tax expense (benefit) | | 116 | | 29 | | 42 | | (5 | ) | 182 | |
INCOME (LOSS) FROM CONTINUING OPERATIONS ATTRIBUTABLE TO DUKE ENERGY CORPORATION | | 213 | | 48 | | 78 | | 2 | | 341 | |
| | | | | | | | | | | | | | | | |
(a) Primarily due to an equity component of allowance for funds used during construction of $39 million for Carolinas, $2 million for Ohio and $19 million for Indiana, respectively.
7
U.S. Franchised Electric and Gas
CONSOLIDATING BALANCE SHEET - ASSETS
(Unaudited)
| | Duke Energy | | Duke Energy | | Duke Energy | | Eliminations/ | | March 31, | |
(In millions) | | Carolinas, LLC | | Ohio, Inc. | | Indiana, Inc. | | Adjustments | | 2012 | |
| | | | | | | | | | | |
CURRENT ASSETS | | | | | | | | | | | |
Cash and cash equivalents | | $ | 15 | | $ | 17 | | $ | 22 | | $ | — | | $ | 54 | |
Receivables, net | | 460 | | 486 | | 1,486 | | (1,755 | ) | 677 | |
Restricted receivables of variable interest entities, net | | 593 | | — | | — | | 499 | | 1,092 | |
Inventory | | 1,021 | | 116 | | 364 | | — | | 1,501 | |
Other | | 335 | | 75 | | 122 | | 2 | | 534 | |
Total current assets | | 2,424 | | 694 | | 1,994 | | (1,254 | ) | 3,858 | |
| | | | | | | | | | | |
INVESTMENTS AND OTHER ASSETS | | | | | | | | | | | |
Investments in equity method unconsolidated affiliates | | 6 | | — | | — | | — | | 6 | |
Investments and advances to (from) subsidiaries | | (54 | ) | (3 | ) | 3,564 | | (3,580 | ) | (73 | ) |
Nuclear decommissioning trust funds | | 2,247 | | — | | — | | — | | 2,247 | |
Goodwill | | — | | 921 | | — | | 2,562 | | 3,483 | |
Intangibles, net | | 11 | | 4 | | 47 | | 1 | | 63 | |
Notes receivable | | — | | — | | 3 | | — | | 3 | |
Other | | 955 | | 42 | | 116 | | 7 | | 1,120 | |
Total investments and other assets | | 3,165 | | 964 | | 3,730 | | (1,010 | ) | 6,849 | |
| | | | | | | | | | | |
PROPERTY, PLANT AND EQUIPMENT | | | | | | | | | | | |
Cost | | 33,257 | | 6,274 | | 11,733 | | 24 | | 51,288 | |
Accumulated depreciation and amortization | | (11,460 | ) | (1,954 | ) | (3,511 | ) | — | | (16,925 | ) |
Generation facilities to be retired, net | | 79 | | — | | — | | — | | 79 | |
Net property, plant and equipment | | 21,876 | | 4,320 | | 8,222 | | 24 | | 34,442 | |
| | | | | | | | | | | |
REGULATORY ASSETS AND DEFERRED DEBITS | | | | | | | | | | | |
Regulatory Assets | | 1,800 | | 447 | | 746 | | — | | 2,993 | |
Other | | 69 | | 7 | | 24 | | 3 | | 103 | |
Total regulatory assets and deferred debits | | 1,869 | | 454 | | 770 | | 3 | | 3,096 | |
TOTAL ASSETS | | 29,334 | | 6,432 | | 14,716 | | (2,237 | ) | 48,245 | |
| | | | | | | | | | | |
Intercompany balances | | 22 | | — | | (4,840 | ) | 4,363 | | (455 | ) |
| | | | | | | | | | | |
REPORTABLE SEGMENT ASSETS | | $ | 29,356 | | $ | 6,432 | | $ | 9,876 | | $ | 2,126 | | $ | 47,790 | |
Segment Consolidating Balance Sheet
8
U.S. Franchised Electric and Gas
CONSOLIDATING BALANCE SHEET - LIABILITIES AND COMMON STOCKHOLDERS’ EQUITY
(Unaudited)
| | Duke Energy | | Duke Energy | | Duke Energy | | Eliminations/ | | March 31, | |
(In millions) | | Carolinas, LLC | | Ohio, Inc. | | Indiana, Inc. | | Adjustments | | 2012 | |
| | | | | | | | | | | |
CURRENT LIABILITIES | | | | | | | | | | | |
Accounts payable | | $ | 449 | | $ | 190 | | $ | 183 | | $ | 162 | | $ | 984 | |
Notes payable and commercial paper | | — | | — | | 178 | | (24 | ) | 154 | |
Non-recourse notes payable of variable interest entities | | — | | — | | — | | 275 | | 275 | |
Taxes accrued | | 61 | | 65 | | 66 | | — | | 192 | |
Interest accrued | | 150 | | 25 | | 48 | | (1 | ) | 222 | |
Current maturities of long-term debt | | 427 | | 202 | | 5 | | 1 | | 635 | |
Other | | 470 | | 92 | | 92 | | — | | 654 | |
Total current liabilities | | 1,557 | | 574 | | 572 | | 413 | | 3,116 | |
| | | | | | | | | | | |
LONG-TERM DEBT | | 7,796 | | 1,453 | | 3,702 | | — | | 12,951 | |
NON-RECOURSE LONG-TERM DEBT OF VARIABLE INTEREST ENTITIES | | 300 | | — | | — | | — | | 300 | |
| | | | | | | | | | | |
DEFERRED CREDITS AND OTHER LIABILITIES | | | | | | | | | | | |
Deferred income taxes | | 4,727 | | 1,038 | | 811 | | 2 | | 6,578 | |
Investment tax credits | | 231 | | 7 | | 143 | | — | | 381 | |
Accrued pension and other post-retirement benefit costs | | 241 | | 89 | | 159 | | 1 | | 490 | |
Asset retirement obligations | | 1,875 | | 22 | | 44 | | (1 | ) | 1,940 | |
Regulatory Liabilities | | 1,970 | | 265 | | 684 | | 10 | | 2,929 | |
Other | | 917 | | 102 | | 102 | | — | | 1,121 | |
Total deferred credits and other liabilities | | 9,961 | | 1,523 | | 1,943 | | 12 | | 13,439 | |
| | | | | | | | | | | |
Common stock | | — | | 392 | | 1 | | (1 | ) | 392 | |
Additional paid-in capital | | 1,426 | | 2,169 | | 2,732 | | 1,825 | | 8,152 | |
Retained earnings | | 8,313 | | 321 | | 5,754 | | (4,474 | ) | 9,914 | |
Accumulated other comprehensive (loss) income | | (19 | ) | — | | 12 | | (12 | ) | (19 | ) |
Total common stockholders’ equity | | 9,720 | | 2,882 | | 8,499 | | (2,662 | ) | 18,439 | |
TOTAL LIABILITIES AND COMMON STOCKHOLDERS’ EQUITY | | 29,334 | | 6,432 | | 14,716 | | (2,237 | ) | 48,245 | |
| | | | | | | | | | | |
Intercompany balances | | 22 | | — | | (4,840 | ) | 4,363 | | (455 | ) |
| | | | | | | | | | | |
REPORTABLE SEGMENT LIABILITIES AND COMMON STOCKHOLDERS’ EQUITY | | $ | 29,356 | | $ | 6,432 | | $ | 9,876 | | $ | 2,126 | | $ | 47,790 | |
9
Franchised Electric - Carolinas
OPERATING STATISTICS
(Unaudited)
| | Year Ended March 31, | |
| | 2012 | | 2011 | |
| | | | | |
ELECTRIC ENERGY SALES (GWH) | | | | | |
Residential | | 7,030 | | 8,172 | |
General service | | 6,391 | | 6,488 | |
Industrial | | 4,879 | | 4,789 | |
Other energy and wholesale | | 1,333 | | 1,659 | |
Total GWh sales billed | | 19,633 | | 21,108 | |
Unbilled GWh sales | | (172 | ) | (524 | ) |
TOTAL GWH SALES | | 19,461 | | 20,584 | |
AVERAGE NUMBER OF CUSTOMERS (IN THOUSANDS) | | | | | |
Residential | | 2,048 | | 2,039 | |
General service | | 336 | | 334 | |
Industrial | | 7 | | 7 | |
Other energy and wholesale | | 14 | | 14 | |
TOTAL AVERAGE NUMBER OF CUSTOMERS | | 2,405 | | 2,394 | |
Operating Statistics
10
Franchised Electric - DE Midwest Electric & Gas
OPERATING STATISTICS
(Unaudited)
| | Year Ended March 31, | |
| | 2012 | | 2011 | |
| | | | | |
ELECTRIC ENERGY SALES (GWH) | | | | | |
Residential | | 4,754 | | 5,400 | |
General service | | 4,167 | | 4,379 | |
Industrial | | 3,954 | | 3,869 | |
Other energy and wholesale | | 1,563 | | 1,619 | |
Total GWh sales billed | | 14,438 | | 15,267 | |
Unbilled GWh sales | | (115 | ) | (495 | ) |
TOTAL GWH SALES | | 14,323 | | 14,772 | |
| | | | | |
AVERAGE NUMBER OF ELECTRIC AND GAS CUSTOMERS (IN THOUSANDS) | | | | | |
Residential | | 1,892 | | 1,883 | |
General service | | 231 | | 230 | |
Industrial | | 7 | | 7 | |
Other energy and wholesale | | 5 | | 4 | |
TOTAL AVERAGE NUMBER OF ELECTRIC AND GAS CUSTOMERS | | 2,135 | | 2,124 | |
| | | | | |
AVERAGE NUMBER OF ELECTRIC CUSTOMERS (IN THOUSANDS) | | | | | |
Residential | | 1,420 | | 1,414 | |
General service | | 186 | | 185 | |
Industrial | | 5 | | 5 | |
Other energy and wholesale | | 5 | | 4 | |
TOTAL AVERAGE NUMBER OF ELECTRIC CUSTOMERS | | 1,616 | | 1,608 | |
| | | | | |
AVERAGE NUMBER OF GAS CUSTOMERS (IN THOUSANDS) | | | | | |
Residential | | 472 | | 469 | |
General service | | 45 | | 45 | |
Industrial | | 2 | | 2 | |
TOTAL AVERAGE NUMBER OF GAS CUSTOMERS | | 519 | | 516 | |
11
Duke Energy Ohio Supplement
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended March 31, 2012
(Unaudited)
| | Franchised Electric and Gas | | | | | | | |
| | Ohio | | | | | | | | | |
| | Transmission & | | Duke Energy | | Commercial | | | | | |
(In millions) | | Distribution | | Kentucky, Inc. | | Power | | Other | | Consolidated | |
| | | | | | | | | | | |
OPERATING REVENUES | | | | | | | | | | | |
Regulated electric | | $ | 223 | | $ | 79 | | $ | 23 | | $ | (1 | ) | $ | 324 | |
Non-regulated electric and other | | — | | — | | 431 | | (14 | ) | 417 | |
Regulated natural gas | | 132 | | 39 | | — | | — | | 171 | |
Total operating revenues | | 355 | | 118 | | 454 | | (15 | ) | 912 | |
| | | | | | | | | | | |
OPERATING EXPENSES | | | | | | | | | | | |
Fuel used in electric generation and purchased power - regulated | | 85 | | 29 | | — | | — | | 114 | |
Fuel used in electric generation and purchased power - non-regulated | | — | | — | | 253 | | (14 | ) | 239 | |
Cost of natural gas and coal sold | | 56 | | 19 | | — | | — | | 75 | |
Operation, maintenance and other | | 81 | | 34 | | 76 | | 5 | | 196 | |
Depreciation and amortization | | 32 | | 11 | | 40 | | — | | 83 | |
Property and other taxes | | 57 | | 3 | | 8 | | — | | 68 | |
Total operating expenses | | 311 | | 96 | | 377 | | (9 | ) | 775 | |
GAINS ON SALES OF OTHER ASSETS AND OTHER, NET | | 1 | | — | | — | | — | | 1 | |
OPERATING INCOME (LOSS) | | 45 | | 22 | | 77 | | (6 | ) | 138 | |
| | | | | | | | | | | |
OTHER INCOME AND EXPENSES, NET | | 2 | | 1 | | 2 | | (1 | ) | 4 | |
INTEREST EXPENSE | | 11 | | 4 | | 10 | | (1 | ) | 24 | |
INCOME (LOSS) BEFORE INCOME TAXES | | 36 | | 19 | | 69 | | (6 | ) | 118 | |
INCOME TAX EXPENSE (BENEFIT) | | 14 | | 7 | | 25 | | (2 | ) | 44 | |
NET INCOME (LOSS) | | $ | 22 | | $ | 12 | | $ | 44 | | $ | (4 | ) | $ | 74 | |
Duke Energy Ohio Supplement
12
Duke Energy Ohio Supplement
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended March 31, 2011
(Unaudited)
| | Franchised Electric and Gas | | | | | | | |
| | Ohio | | | | | | | | | |
| | Transmission & | | Duke Energy | | Commercial | | | | | |
(In millions) | | Distribution | | Kentucky, Inc. | | Power | | Other | | Consolidated | |
| | | | | | | | | | | |
OPERATING REVENUES | | | | | | | | | | | |
Regulated electric | | $ | 142 | | $ | 86 | | $ | 145 | | $ | (1 | ) | $ | 372 | |
Non-regulated electric and other | | — | | — | | 271 | | — | | 271 | |
Regulated natural gas | | 180 | | 56 | | — | | — | | 236 | |
Total operating revenues | | 322 | | 142 | | 416 | | (1 | ) | 879 | |
| | | | | | | | | | | |
OPERATING EXPENSES | | | | | | | | | | | |
Fuel used in electric generation and purchased power - regulated | | — | | 35 | | 62 | | — | | 97 | |
Fuel used in electric generation and purchased power - non-regulated | | — | | — | | 164 | | — | | 164 | |
Cost of natural gas and coal sold | | 89 | | 30 | | — | | — | | 119 | |
Operation, maintenance and other | | 79 | | 33 | | 90 | | 3 | | 205 | |
Depreciation and amortization | | 34 | | 12 | | 42 | | — | | 88 | |
Property and other taxes | | 62 | | 3 | | 8 | | — | | 73 | |
Total operating expenses | | 264 | | 113 | | 366 | | 3 | | 746 | |
GAINS ON SALES OF OTHER ASSETS AND OTHER, NET | | — | | — | | 2 | | — | | 2 | |
OPERATING INCOME (LOSS) | | 58 | | 29 | | 52 | | (4 | ) | 135 | |
| | | | | | | | | | | |
OTHER INCOME AND EXPENSES, NET | | 3 | | 1 | | 1 | | — | | 5 | |
INTEREST EXPENSE | | 10 | | 4 | | 10 | | — | | 24 | |
INCOME (LOSS) BEFORE INCOME TAXES | | 51 | | 26 | | 43 | | (4 | ) | 116 | |
INCOME TAX EXPENSE (BENEFIT) | | 20 | | 9 | | 15 | | (1 | ) | 43 | |
NET INCOME (LOSS) | | $ | 31 | | $ | 17 | | $ | 28 | | $ | (3 | ) | $ | 73 | |
13
Reconciliation of “As Reported” First Quarter 2011 Results to “As Recasted”
| | USFE&G | | Commercial Power | | International Energy | | Total Segments | | Other | | Duke Energy | |
| | | | | | | | | | | | | |
Reported EBIT (Prior Segment Measure) | | $ | 712 | | $ | 91 | | $ | 180 | | $ | 983 | | $ | (45 | ) | $ | 938 | |
Special Items: | | | | | | | | | | | | | |
Economic hedges | | — | | 4 | | — | | 4 | | — | | 4 | |
Costs to achieve | | — | | — | | — | | — | | 11 | | 11 | |
Adjusted EBIT (Corporate Measure) | | 712 | | 95 | | 180 | | 987 | | (34 | ) | 953 | |
| | | | | | | | | | | | | |
Segment allocation changes | | | | | | | | | | | | | |
Corporate governance costs | | (43 | ) | (6 | ) | (2 | ) | (51 | ) | 51 | | — | |
| | | | | | | | | | | | | |
Line item mapping changes: | | | | | | | | | | | | | |
Other income and expense below EBIT | | (2 | ) | 5 | | 19 | | 22 | | 5 | | 27 | |
Interest expense | | (140 | ) | (24 | ) | (16 | ) | (180 | ) | (39 | ) | (219 | ) |
Income taxes | | (186 | ) | (18 | ) | (49 | ) | (253 | ) | 15 | | (238 | ) |
Noncontrolling interest | | — | | — | | (4 | ) | (4 | ) | 2 | | (2 | ) |
Adjusted Segment Income (Corporate Measure) | | 341 | | 52 | | 128 | | 521 | | — | | 521 | |
| | | | | | | | | | | | | |
Special Items, net of tax: | | | | | | | | | | | | | |
Economic hedges, net of tax | | — | | (3 | ) | — | | (3 | ) | — | | (3 | ) |
Costs to achieve, net of tax | | — | | — | | — | | — | | (7 | ) | (7 | ) |
Reported Segment Income (New Segment Measure) | | $ | 341 | | $ | 49 | | $ | 128 | | $ | 518 | | $ | (7 | ) | $ | 511 | |
Purpose: This supplemental schedule reconciles the Q1 2011 segment results from the previous segment measure (EBIT) to the new segment measure (Segment Income).
Reconciliation of “As Reported” Results to “As Recasted”
14