Exhibit 99.1
1st Qtr 2012 Statistical Supplement
CONTENTS
| 2 | DUKE ENERGY CORPORATION | |
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| 2 | Consolidating Statement of Operations (Q1 2012) |
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| 3 | Consolidating Statement of Operations (Q1 2011) |
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| 4 | Consolidating Balance Sheet - Assets |
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| 5 | Consolidating Balance Sheet - Liabilities and Common Stockholders’ Equity |
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| 6 | U.S. FRANCHISED ELECTRIC AND GAS | |
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| 6 | Consolidating Segment Income (Q1 2012) |
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| 7 | Consolidating Segment Income (Q1 2011) |
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| 8 | Consolidating Balance Sheet - Assets |
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| 9 | Consolidating Balance Sheet - Liabilities and Common Stockholders’ Equity |
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| 10 | Operating Statistics (Carolinas) |
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| 11 | Operating Statistics (DE Midwest - Electric & Gas) |
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| 12 | APPENDIX | |
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| 12 | Duke Energy Ohio Supplement (Q1 2012) |
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| 13 | Duke Energy Ohio Supplement (Q1 2011) |
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| 14 | Reconciliation of “As Reported” Results to “As Recasted” |
Duke Energy Corporation
CONSOLIDATING STATEMENT OF OPERATIONS
(Unaudited)
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| Three Months Ended |
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| U.S. Franchised |
| Commercial |
| International |
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| Eliminations/ |
| March 31, |
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(In millions) |
| Electric and Gas |
| Power |
| Energy |
| Other |
| Adjustments |
| 2012 |
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OPERATING REVENUES |
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Regulated electric |
| $ | 2,488 |
| $ | 23 |
| $ | — |
| $ | — |
| $ | (10 | ) | $ | 2,501 |
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Non-regulated electric, natural gas, and other |
| 9 |
| 557 |
| 402 |
| 15 |
| (25 | ) | 958 |
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Regulated natural gas |
| 171 |
| — |
| — |
| — |
| — |
| 171 |
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Total operating revenues |
| 2,668 |
| 580 |
| 402 |
| 15 |
| (35 | ) | 3,630 |
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OPERATING EXPENSES |
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Fuel used in electric generation and purchased power - regulated |
| 777 |
| — |
| — |
| — |
| — |
| 777 |
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Fuel used in electric generation and purchased power - non-regulated |
| — |
| 339 |
| 123 |
| — |
| (14 | ) | 448 |
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Cost of natural gas and coal sold |
| 75 |
| 8 |
| 19 |
| — |
| — |
| 102 |
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Operation, maintenance and other |
| 589 |
| 116 |
| 77 |
| (14 | ) | (22 | ) | 746 |
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Depreciation and amortization |
| 368 |
| 56 |
| 24 |
| 30 |
| 1 |
| 479 |
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Property and other taxes |
| 171 |
| 11 |
| 2 |
| — |
| — |
| 184 |
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Impairment charges (a) |
| 402 |
| — |
| — |
| — |
| — |
| 402 |
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Total operating expenses |
| 2,382 |
| 530 |
| 245 |
| 16 |
| (35 | ) | 3,138 |
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GAINS (LOSSES) ON SALES OF OTHER ASSETS AND OTHER, NET |
| 4 |
| — |
| — |
| (1 | ) | — |
| 3 |
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OPERATING INCOME (LOSS) |
| 290 |
| 50 |
| 157 |
| (2 | ) | — |
| 495 |
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OTHER INCOME AND EXPENSES |
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Other income and expenses, net |
| 62 |
| 8 |
| 54 |
| 5 |
| — |
| 129 |
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Interest Expense |
| 146 |
| 19 |
| 16 |
| 43 |
| — |
| 224 |
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INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES |
| 206 |
| 39 |
| 195 |
| (40 | ) | — |
| 400 |
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Income Tax Expense (Benefit) |
| 70 |
| 8 |
| 49 |
| (24 | ) | — |
| 103 |
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INCOME (LOSS) FROM CONTINUING OPERATIONS |
| 136 |
| 31 |
| 146 |
| (16 | ) | — |
| 297 |
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Less: Net Income (Loss) attributable to non-controlling interest |
| — |
| — |
| 4 |
| — |
| — |
| 4 |
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INCOME (LOSS) FROM CONTINUING OPERATIONS ATTRIBUTABLE TO DUKE ENERGY CORPORATION |
| 136 |
| 31 |
| 142 |
| (16 | ) | — |
| 293 |
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Income from Discontinued Operations, net of tax |
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| 2 |
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NET INCOME ATTRIBUTABLE TO DUKE ENERGY CORPORATION |
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| $ | 295 |
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(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
Duke Energy Corporation
CONSOLIDATING STATEMENT OF OPERATIONS
(Unaudited)
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| Three Months Ended |
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| U.S. Franchised |
| Commercial |
| International |
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| Eliminations/ |
| March 31, |
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(In millions) |
| Electric and Gas |
| Power |
| Energy |
| Other |
| Adjustments |
| 2011 |
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OPERATING REVENUES |
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Regulated electric |
| $ | 2,437 |
| $ | 145 |
| $ | — |
| $ | — |
| $ | (9 | ) | $ | 2,573 |
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Non-regulated electric, natural gas, and other |
| 10 |
| 499 |
| 348 |
| 11 |
| (13 | ) | 855 |
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Regulated natural gas |
| 236 |
| — |
| — |
| — |
| (1 | ) | 235 |
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Total operating revenues |
| 2,683 |
| 644 |
| 348 |
| 11 |
| (23 | ) | 3,663 |
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OPERATING EXPENSES |
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Fuel used in electric generation and purchased power - regulated |
| 750 |
| 62 |
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| — |
| — |
| 812 |
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Fuel used in electric generation and purchased power - non-regulated |
| — |
| 279 |
| 97 |
| — |
| — |
| 376 |
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Cost of natural gas and coal sold |
| 119 |
| 16 |
| 16 |
| — |
| — |
| 151 |
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Operation, maintenance and other |
| 694 |
| 135 |
| 75 |
| (1 | ) | (23 | ) | 880 |
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Depreciation and amortization |
| 347 |
| 59 |
| 21 |
| 27 |
| — |
| 454 |
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Property and other taxes |
| 171 |
| 13 |
| 2 |
| — |
| — |
| 186 |
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Total operating expenses |
| 2,081 |
| 564 |
| 211 |
| 26 |
| (23 | ) | 2,859 |
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GAINS (LOSSES) ON SALES OF OTHER ASSETS AND OTHER, NET |
| — |
| 2 |
| — |
| 8 |
| — |
| 10 |
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OPERATING INCOME (LOSS) |
| 602 |
| 82 |
| 137 |
| (7 | ) | — |
| 814 |
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OTHER INCOME AND EXPENSES |
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Other income and expenses, net |
| 61 |
| 9 |
| 59 |
| 22 |
| — |
| 151 |
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Interest Expense |
| 140 |
| 24 |
| 16 |
| 39 |
| — |
| 219 |
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INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES |
| 523 |
| 67 |
| 180 |
| (24 | ) | — |
| 746 |
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Income Tax Expense (Benefit) |
| 182 |
| 18 |
| 48 |
| (15 | ) | — |
| 233 |
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INCOME (LOSS) FROM CONTINUING OPERATIONS |
| 341 |
| 49 |
| 132 |
| (9 | ) | — |
| 513 |
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Less: Net Income (Loss) attributable to non-controlling interest |
| — |
| — |
| 4 |
| (2 | ) | — |
| 2 |
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NET INCOME ATTRIBUTABLE TO DUKE ENERGY CORPORATION |
| 341 |
| 49 |
| 128 |
| (7 | ) | — |
| $ | 511 |
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Duke Energy Corporation
CONSOLIDATING BALANCE SHEET - ASSETS
(Unaudited)
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| U.S. Franchised |
| Commercial |
| International |
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| Eliminations/ |
| March 31, |
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(In millions) |
| Electric and Gas |
| Power |
| Energy |
| Other |
| Adjustments |
| 2012 |
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CURRENT ASSETS |
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Cash and cash equivalents |
| $ | 54 |
| $ | 15 |
| $ | 898 |
| $ | 104 |
| $ | — |
| $ | 1,071 |
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Short-term investments |
| — |
| — |
| 238 |
| — |
| — |
| 238 |
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Receivables, net |
| 677 |
| 1,011 |
| 397 |
| 825 |
| (2,297 | ) | 613 |
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Restricted receivables of variable interest entities, net |
| 1,092 |
| 32 |
| — |
| — |
| — |
| 1,124 |
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Inventory |
| 1,501 |
| 140 |
| 102 |
| 11 |
| — |
| 1,754 |
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Other |
| 534 |
| 277 |
| 35 |
| 324 |
| (46 | ) | 1,124 |
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Total current assets |
| 3,858 |
| 1,475 |
| 1,670 |
| 1,264 |
| (2,343 | ) | 5,924 |
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INVESTMENTS AND OTHER ASSETS |
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Investments in equity method unconsolidated affiliates |
| 6 |
| 196 |
| 103 |
| 174 |
| — |
| 479 |
| ||||||
Investments and advances (from) to subsidiaries |
| (73 | ) | (4 | ) | (5 | ) | 31,098 |
| (31,016 | ) | — |
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Nuclear decommissioning trust funds |
| 2,247 |
| — |
| — |
| — |
| — |
| 2,247 |
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Goodwill |
| 3,483 |
| 69 |
| 301 |
| — |
| — |
| 3,853 |
| ||||||
Intangibles, net |
| 63 |
| 266 |
| 29 |
| 1 |
| (2 | ) | 357 |
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Notes receivable |
| 3 |
| — |
| 65 |
| 450 |
| (450 | ) | 68 |
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Restricted other assets of variable interest entities |
| — |
| 129 |
| — |
| — |
| — |
| 129 |
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Other |
| 1,120 |
| 180 |
| 141 |
| 605 |
| 57 |
| 2,103 |
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Total investments and other assets |
| 6,849 |
| 836 |
| 634 |
| 32,328 |
| (31,411 | ) | 9,236 |
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PROPERTY, PLANT AND EQUIPMENT |
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Cost |
| 51,288 |
| 5,173 |
| 3,500 |
| 1,076 |
| (1 | ) | 61,036 |
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Cost, variable interest entities |
| — |
| 942 |
| — |
| — |
| — |
| 942 |
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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 |
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REGULATORY ASSETS AND DEFERRED DEBITS |
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Regulatory Assets |
| 2,993 |
| 67 |
| — |
| 457 |
| — |
| 3,517 |
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Other |
| 103 |
| 32 |
| — |
| 17 |
| (1 | ) | 151 |
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Total regulatory assets and deferred debits |
| 3,096 |
| 99 |
| — |
| 474 |
| (1 | ) | 3,668 |
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TOTAL ASSETS |
| 48,245 |
| 7,751 |
| 4,878 |
| 34,680 |
| (33,755 | ) | 61,799 |
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Intercompany balances |
| (455 | ) | (867 | ) | (126 | ) | (32,343 | ) | 33,791 |
| — |
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REPORTABLE SEGMENT ASSETS |
| $ | 47,790 |
| $ | 6,884 |
| $ | 4,752 |
| $ | 2,337 |
| $ | 36 |
| $ | 61,799 |
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Duke Energy Corporation
CONSOLIDATING BALANCE SHEET - LIABILITIES AND EQUITY
(Unaudited)
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| U.S. Franchised |
| Commercial |
| International |
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| Eliminations/ |
| March 31, |
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(In millions) |
| Electric and Gas |
| Power |
| Energy |
| Other |
| Adjustments |
| 2012 |
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CURRENT LIABILITIES |
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Accounts payable |
| $ |
| 984 |
| $ |
| 315 |
| $ |
| 23 |
| $ |
| 1,040 |
| $ |
| (1,312 | ) | $ |
| 1,050 |
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Notes payable and commercial paper |
| 154 |
| — |
| — |
| 996 |
| (969 | ) | 181 |
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Non-recourse notes payable of variable interest entities |
| 275 |
| — |
| — |
| — |
| — |
| 275 |
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Taxes accrued (prepaid) |
| 192 |
| (14 | ) | 59 |
| 157 |
| (25 | ) | 369 |
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Interest accrued |
| 222 |
| 6 |
| 27 |
| 31 |
| 1 |
| 287 |
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Current maturities of long-term debt |
| 635 |
| 379 |
| 50 |
| 4 |
| (1 | ) | 1,067 |
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Other |
| 654 |
| 81 |
| 67 |
| 302 |
| (50 | ) | 1,054 |
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Total current liabilities |
| 3,116 |
| 767 |
| 226 |
| 2,530 |
| (2,356 | ) | 4,283 |
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LONG-TERM DEBT |
| 12,951 |
| 607 |
| 632 |
| 4,342 |
| (451 | ) | 18,081 |
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NON-RECOURSE LONG-TERM DEBT OF VARIABLE INTEREST ENTITIES |
| 300 |
| 645 |
| — |
| — |
| — |
| 945 |
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DEFERRED CREDITS AND OTHER LIABILITIES |
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Deferred income taxes |
| 6,578 |
| 1,125 |
| 162 |
| (139 | ) | — |
| 7,726 |
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Investment tax credits |
| 381 |
| — |
| — |
| — |
| — |
| 381 |
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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 |
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EQUITY |
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Common stock |
| 392 |
| 379 |
| 13 |
| 1 |
| (784 | ) | 1 |
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Additional paid-in capital |
| 8,152 |
| 6,315 |
| 1,818 |
| 27,551 |
| (22,715 | ) | 21,121 |
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Retained earnings (accumulated deficit) |
| 9,914 |
| (2,242 | ) | 1,834 |
| (148 | ) | (7,525 | ) | 1,833 |
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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 |
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Intercompany balances |
| (455 | ) | (867 | ) | (126 | ) | (32,343 | ) | 33,791 |
| — |
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REPORTABLE SEGMENT LIABILITIES AND EQUITY |
| $ |
| 47,790 |
| $ |
| 6,884 |
| $ |
| 4,752 |
| $ |
| 2,337 |
| $ |
| 36 |
| $ |
| 61,799 |
|
U.S. Franchised Electric and Gas
CONSOLIDATING SEGMENT INCOME
(Unaudited)
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| Three Months Ended |
| |||||
|
| Duke Energy |
| Duke Energy |
| Duke Energy |
| Eliminations/ |
| March 31, |
| |||||
(In millions) |
| Carolinas, LLC |
| Ohio, Inc. |
| Indiana, Inc. |
| Adjustments |
| 2012 |
| |||||
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OPERATING REVENUES |
|
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Regulated electric |
| $ | 1,499 |
| $ | 302 |
| $ | 688 |
| $ | (1 | ) | $ | 2,488 |
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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 |
| |||||
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OPERATING EXPENSES |
|
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| |||||
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
U.S. Franchised Electric and Gas
CONSOLIDATING SEGMENT INCOME
(Unaudited)
|
|
|
|
|
|
|
|
|
| Three Months 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.
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
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 |
|
Franchised Electric - Carolinas
OPERATING STATISTICS
(Unaudited)
|
| Three Months 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
Franchised Electric - DE Midwest Electric & Gas
OPERATING STATISTICS
(Unaudited)
|
| Three Months 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 |
|
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
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 |
|
Reconciliation of “As Reported” First Quarter 2011 Results to “As Recasted”
|
| USFE&G |
| Commercial |
| International |
| Total |
| 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”