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As Of Filer Filing For·On·As Docs:Size 8/06/19 Duke Energy Corp 10-Q 6/30/19 149:49M Duke Energy Ohio, Inc. Duke Energy Florida, LLC. Duke Energy Progress, LLC. Duke Energy Indiana, LLC Duke Energy Carolinas, LLC Piedmont Natural Gas Co Inc Progress Energy Inc |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 6.25M 2: EX-10.1 Material Contract HTML 603K 3: EX-10.3 Material Contract HTML 412K 4: EX-31.1.1 Certification of Chief Executive Officer HTML 45K 5: EX-31.1.2 Certification of Chief Executive Officer HTML 45K 6: EX-31.1.3 Certification of Chief Executive Officer HTML 45K 7: EX-31.1.4 Certification of Chief Executive Officer HTML 45K 8: EX-31.1.5 Certification of Chief Executive Officer HTML 45K 9: EX-31.1.6 Certification of Chief Executive Officer HTML 45K 10: EX-31.1.7 Certification of Chief Executive Officer HTML 45K 11: EX-31.1.8 Certification of Chief Executive Officer HTML 45K 12: EX-31.2.1 Certification of Chief Financial Officer HTML 45K 13: EX-31.2.2 Certification of Chief Financial Officer HTML 45K 14: EX-31.2.3 Certification of Chief Financial Officer HTML 45K 15: EX-31.2.4 Certification of Chief Financial Officer HTML 45K 16: EX-31.2.5 Certification of Chief Financial Officer HTML 45K 17: EX-31.2.6 Certification of Chief Financial Officer HTML 45K 18: EX-31.2.7 Certification of Chief Financial Officer HTML 45K 19: EX-31.2.8 Certification of Chief Financial Officer HTML 45K 20: EX-32.1.1 Certification Pursuant to 18 U.S.C. Section 1350 HTML 40K 21: EX-32.1.2 Certification Pursuant to 18 U.S.C. Section 1350 HTML 40K 22: EX-32.1.3 Certification Pursuant to 18 U.S.C. Section 1350 HTML 40K 23: EX-32.1.4 Certification Pursuant to 18 U.S.C. Section 1350 HTML 40K 24: EX-32.1.5 Certification Pursuant to 18 U.S.C. Section 1350 HTML 40K 25: EX-32.1.6 Certification Pursuant to 18 U.S.C. Section 1350 HTML 40K 26: EX-32.1.7 Certification Pursuant to 18 U.S.C. Section 1350 HTML 41K 27: EX-32.1.8 Certification Pursuant to 18 U.S.C. Section 1350 HTML 40K 28: EX-32.2.1 Certification Pursuant to 18 U.S.C. Section 1350 HTML 40K 29: EX-32.2.2 Certification Pursuant to 18 U.S.C. Section 1350 HTML 40K 30: EX-32.2.3 Certification Pursuant to 18 U.S.C. Section 1350 HTML 40K 31: EX-32.2.4 Certification Pursuant to 18 U.S.C. Section 1350 HTML 40K 32: EX-32.2.5 Certification Pursuant to 18 U.S.C. Section 1350 HTML 40K 33: EX-32.2.6 Certification Pursuant to 18 U.S.C. Section 1350 HTML 40K 34: EX-32.2.7 Certification Pursuant to 18 U.S.C. Section 1350 HTML 40K 35: EX-32.2.8 Certification Pursuant to 18 U.S.C. 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Fair Value Measurements (Other Fair Value HTML 68K Disclosure) (Details) 130: R89 Variable Interest Entities (Narrative) (Details) HTML 66K 131: R90 Variable Interest Entities (Schedule of Accounts HTML 68K Receivable Securitizations) (Details) 132: R91 Variable Interest Entities (Schedule of HTML 105K Consolidated VIEs) (Details) 133: R92 Variable Interest Entities (Schedule of HTML 88K Non-Consolidated VIEs) (Details) 134: R93 Variable Interest Entities (Pipeline Investments) HTML 56K (Details) 135: R94 Variable Interest Entities (Receivables Sold) HTML 54K (Details) 136: R95 Variable Interest Entities (Sales and Cash Flows) HTML 59K (Details) 137: R96 Revenue (Remaining Performance Obligations) HTML 103K (Details) 138: R97 Revenue (Disaggregation of Revenue) (Details) HTML 168K 139: R98 Revenue (Unbilled Revenues) (Details) HTML 59K 140: R99 Stockholders' Equity (Earnings Per Share Data) HTML 64K (Details) 141: R100 Stockholders' Equity (Equity Securities Offering) HTML 78K (Details) 142: R101 Stockholders' Equity (Preferred Stock) (Details) HTML 62K 143: R102 Employee Benefit Plans (Components of Net Periodic HTML 90K Pension Costs) (Details) 144: R103 Employee Benefit Plans (Narrative) (Details) HTML 65K 145: R104 Income Taxes (Effective Tax Rates) (Details) HTML 60K 147: XML IDEA XML File -- Filing Summary XML 248K 41: XML XBRL Instance -- duk-20190630x10q_htm XML 17.55M 146: EXCEL IDEA Workbook of Financial Reports XLSX 220K 37: EX-101.CAL XBRL Calculations -- duk-20190630_cal XML 389K 38: EX-101.DEF XBRL Definitions -- duk-20190630_def XML 2.25M 39: EX-101.LAB XBRL Labels -- duk-20190630_lab XML 2.92M 40: EX-101.PRE XBRL Presentations -- duk-20190630_pre XML 2.41M 36: EX-101.SCH XBRL Schema -- duk-20190630 XSD 318K 148: JSON XBRL Instance as JSON Data -- MetaLinks 597± 943K 149: ZIP XBRL Zipped Folder -- 0001326160-19-000189-xbrl Zip 1.21M
Document |
i ☒ | QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i ☐ | TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission file number | Registrant, State of Incorporation or Organization, Address of Principal Executive Offices and Telephone Number | IRS Employer Identification Number | |
Commission | Number and IRS Employer Commission Number and IRS Employer |
file number | Identification Number file number Identification Number |
Registrant | Title of each class Trading symbols which registered |
Duke
Energy | i Common Stock, $0.001 par value i DUK i New
York Stock Exchange LLC |
Duke Energy | i 5.125% Junior Subordinated Debentures due i DUKH i New
York Stock Exchange LLC |
Duke Energy | i 5.625% Junior Subordinated Debentures due i DUKB i New
York Stock Exchange LLC |
Duke Energy | i Depositary Shares, each representing a 1/1,000th i DUK
PR A i New York Stock Exchange LLC |
Duke Energy Corporation (Duke Energy) | i Yes | ☒ | No | ☐ | Duke
Energy Florida, LLC (Duke Energy Florida) | i Yes | ☒ | No | ☐ | |
Duke Energy Carolinas, LLC (Duke Energy Carolinas) | i Yes | ☒ | No | ☐ | Duke
Energy Ohio, Inc. (Duke Energy Ohio) | i Yes | ☒ | No | ☐ | |
Progress Energy, Inc. (Progress Energy) | i Yes | ☒ | No | ☐ | Duke
Energy Indiana, LLC (Duke Energy Indiana) | i Yes | ☒ | No | ☐ | |
Duke Energy Progress, LLC (Duke Energy Progress) | i Yes | ☒ | No | ☐ | Piedmont
Natural Gas Company, Inc. (Piedmont) | i Yes | ☒ | No | ☐ |
Duke Energy | i Yes | ☒ | No | ☐ | Duke
Energy Florida | i Yes | ☒ | No | ☐ | |
Duke Energy Carolinas | i Yes | ☒ | No | ☐ | Duke
Energy Ohio | i Yes | ☒ | No | ☐ | |
Progress Energy | i Yes | ☒ | No | ☐ | Duke
Energy Indiana | i Yes | ☒ | No | ☐ | |
Duke Energy Progress | i Yes | ☒ | No | ☐ | Piedmont | i Yes | ☒ | No | ☐ |
Duke Energy | i Large
accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | i ☐ | Emerging growth company | i ☐ |
Duke
Energy Carolinas | Large accelerated filer | ☐ | Accelerated filer | ☐ | i Non-accelerated filer | ☒ | Smaller reporting company | i ☐ | Emerging
growth company | i ☐ |
Progress Energy | Large accelerated filer | ☐ | Accelerated filer | ☐ | i Non-accelerated
filer | ☒ | Smaller reporting company | i ☐ | Emerging growth company | i ☐ |
Duke
Energy Progress | Large accelerated filer | ☐ | Accelerated filer | ☐ | i Non-accelerated filer | ☒ | Smaller reporting company | i ☐ | Emerging
growth company | i ☐ |
Duke Energy Florida | Large accelerated filer | ☐ | Accelerated filer | ☐ | i Non-accelerated
filer | ☒ | Smaller reporting company | i ☐ | Emerging growth company | i ☐ |
Duke
Energy Ohio | Large accelerated filer | ☐ | Accelerated filer | ☐ | i Non-accelerated filer | ☒ | Smaller reporting company | i ☐ | Emerging
growth company | i ☐ |
Duke Energy Indiana | Large accelerated filer | ☐ | Accelerated filer | ☐ | i Non-accelerated
filer | ☒ | Smaller reporting company | i ☐ | Emerging growth company | i ☐ |
Piedmont | Large
accelerated filer | ☐ | Accelerated filer | ☐ | i Non-accelerated filer | ☒ | Smaller reporting company | i ☐ | Emerging
growth company | i ☐ |
Duke
Energy | Yes | i ☐ | No | ☒ | Duke Energy Florida | Yes | i ☐ | No | ☒ | |
Duke
Energy Carolinas | Yes | i ☐ | No | ☒ | Duke Energy Ohio | Yes | i ☐ | No | ☒ | |
Progress
Energy | Yes | i ☐ | No | ☒ | Duke Energy Indiana | Yes | i ☐ | No | ☒ | |
Duke
Energy Progress | Yes | i ☐ | No | ☒ | Piedmont | Yes | i ☐ | No | ☒ |
Registrant | Description | Shares |
Duke Energy | Common stock, $0.001 par value | i 728,601,060 |
PART I. FINANCIAL INFORMATION | ||
Piedmont
Natural Gas Company, Inc. Financial Statements | ||
Note 1 – Organization and Basis of Presentation | ||
Note
2 – Business Segments | ||
Note 3 – Regulatory Matters | ||
Note 4 – Commitments and Contingencies | ||
Note 5 – Leases | ||
Note
6 – Debt and Credit Facilities | ||
Note 7 – Asset Retirement Obligations | ||
Note 8 – Goodwill | ||
Note 9 – Related Party Transactions | ||
Note
10 – Derivatives and Hedging | ||
Note 11 – Investments in Debt and Equity Securities | ||
Note 12 – Fair Value Measurements | ||
Note 13 – Variable Interest Entities | ||
Note
14 – Revenue | ||
Note 15 – Stockholders' Equity | ||
Note 16 – Employee Benefit Plans | ||
Note 17 – Income Taxes | ||
Note
18 – Subsequent Events | ||
PART
II. OTHER INFORMATION | ||
FORWARD
LOOKING STATEMENTS |
• | State, federal and foreign legislative and regulatory initiatives, including costs of compliance with existing and future environmental requirements, including those related to climate change, as well as rulings that affect cost and investment recovery or have an impact on rate structures or market prices; |
• | The
extent and timing of costs and liabilities to comply with federal and state laws, regulations and legal requirements related to coal ash remediation, including amounts for required closure of certain ash impoundments, are uncertain and difficult to estimate; |
• | The ability to recover eligible costs, including amounts associated with coal ash impoundment retirement obligations and costs related to significant weather events, and to earn an adequate return on investment through rate case proceedings and the regulatory process; |
• | The
costs of decommissioning Crystal River Unit 3 and other nuclear facilities could prove to be more extensive than amounts estimated and all costs may not be fully recoverable through the regulatory process; |
• | Costs and effects of legal and administrative proceedings, settlements, investigations and claims; |
• | Industrial, commercial and residential growth or decline in service territories or customer bases resulting from sustained downturns of the economy and the economic health of our service territories or variations in
customer usage patterns, including energy efficiency efforts and use of alternative energy sources, such as self-generation and distributed generation technologies; |
• | Federal and state regulations, laws and other efforts designed to promote and expand the use of energy efficiency measures and distributed generation technologies, such as private solar and battery storage, in Duke Energy service territories could result in customers leaving the electric distribution system, excess generation resources as well as stranded costs; |
• | Advancements
in technology; |
• | Additional competition in electric and natural gas markets and continued industry consolidation; |
• | The influence of weather and other natural phenomena on operations, including the economic, operational and other effects of severe storms, hurricanes, droughts, earthquakes and tornadoes, including extreme weather associated with climate change; |
• | The
ability to successfully operate electric generating facilities and deliver electricity to customers including direct or indirect effects to the company resulting from an incident that affects the U.S. electric grid or generating resources; |
• | The ability to obtain the necessary permits and approvals and to complete necessary or desirable pipeline expansion or infrastructure projects in our natural gas business; |
• | Operational interruptions to our natural gas distribution and transmission activities; |
• | The
availability of adequate interstate pipeline transportation capacity and natural gas supply; |
• | The impact on facilities and business from a terrorist attack, cybersecurity threats, data security breaches, operational accidents, information technology failures or other catastrophic events, such as fires, explosions, pandemic health events or other similar occurrences; |
• | The inherent risks associated with the operation of nuclear facilities, including environmental, health, safety, regulatory and financial risks, including
the financial stability of third-party service providers; |
• | The timing and extent of changes in commodity prices and interest rates and the ability to recover such costs through the regulatory process, where appropriate, and their impact on liquidity positions and the value of underlying assets; |
• | The results of financing efforts, including the ability to obtain financing on favorable terms, which can be affected by various factors, including credit ratings, interest rate fluctuations, compliance with debt covenants and
conditions and general market and economic conditions; |
• | Credit ratings of the Duke Energy Registrants may be different from what is expected; |
• | Declines in the market prices of equity and fixed-income securities and resultant cash funding requirements for defined benefit pension plans, other post-retirement benefit plans and nuclear decommissioning trust funds; |
• | Construction
and development risks associated with the completion of the Duke Energy Registrants’ capital investment projects, including risks related to financing, obtaining and complying with terms of permits, meeting construction budgets and schedules and satisfying operating and environmental performance standards, as well as the ability to recover costs from customers in a timely manner, or at all; |
• | Changes in rules for regional transmission organizations, including changes in rate designs and new and evolving capacity markets, and risks related to obligations created by the default of other participants; |
• | The
ability to control operation and maintenance costs; |
• | The level of creditworthiness of counterparties to transactions; |
• | Employee workforce factors, including the potential inability to attract and retain key personnel; |
• | The ability of subsidiaries to pay dividends or distributions to Duke Energy
Corporation holding company (the Parent); |
FORWARD LOOKING STATEMENTS |
• | The performance of projects undertaken by our nonregulated businesses and the success of efforts to invest in and develop new opportunities; |
• | The
effect of accounting pronouncements issued periodically by accounting standard-setting bodies; |
• | The impact of U.S. tax legislation to our financial condition, results of operations or cash flows and our credit ratings; |
• | The impacts from potential impairments of goodwill or equity method investment carrying values; and |
• | The
ability to implement our business strategy, including enhancing existing technology systems. |
GLOSSARY
OF TERMS |
Term or Acronym | Definition |
2013 Settlement | Revised and
Restated Stipulation and Settlement Agreement approved in November 2013 among Duke Energy Florida, the Florida OPC and other customer advocates |
2017 Settlement | Second Revised and Restated Settlement Agreement in 2017 among Duke Energy Florida, the Florida OPC and other customer advocates, which replaces and supplants the 2013 Settlement |
ACP | Atlantic Coast Pipeline, LLC, a limited liability company owned by Dominion, Duke Energy and Southern
Company Gas |
ACP pipeline | The approximately 600-mile proposed interstate natural gas pipeline |
AFS | Available for Sale |
AFUDC | Allowance for funds used during construction |
the
Agents | Wells Fargo Securities, LLC, Citigroup Global Market Inc., J.P. Morgan Securities, LLC |
ALJ | Administrative Law Judge |
AMI | Advanced Metering Infrastructure |
AMT | Alternative
Minimum Tax |
AOCI | Accumulated Other Comprehensive Income (Loss) |
ARO | Asset retirement obligations |
ATM | At-the-market |
Beckjord | Beckjord
Generating Station |
Belews Creek | Belews Creek Steam Station |
Bison | Bison Insurance Company Limited |
Cardinal | Cardinal Pipeline Company, LLC |
CC | Combined
Cycle |
CCR | Coal Combustion Residuals |
Citrus County CC | Citrus County Combined Cycle Facility |
Coal Ash Act | North Carolina Coal Ash Management Act of 2014 |
the
Company | Duke Energy Corporation and its subsidiaries |
Constitution | Constitution Pipeline Company, LLC |
CPCN | Certificate of Public Convenience and Necessity |
CPRE | Competitive
Procurement of Renewable Energy |
CRC | Cinergy Receivables Company LLC |
Crystal River Unit 3 | Crystal River Unit 3 Nuclear Plant |
CWA | Clean Water Act |
D.C.
Circuit Court | U.S. Court of Appeals for the District of Columbia Circuit |
DEFPF | Duke Energy Florida Project Finance, LLC |
DEFR | Duke Energy Florida Receivables, LLC |
DEPR | Duke
Energy Progress Receivables, LLC |
DERF | Duke Energy Receivables Finance Company, LLC |
DRIP | Dividend Reinvestment Program |
Duke Energy | Duke Energy Corporation (collectively
with its subsidiaries) |
Duke Energy Ohio | Duke Energy Ohio, Inc. |
Duke Energy Progress | Duke Energy Progress, LLC |
GLOSSARY
OF TERMS |
Duke Energy Carolinas | Duke Energy Carolinas, LLC |
Duke Energy Florida | Duke Energy Florida, LLC |
Duke Energy Indiana | Duke
Energy Indiana, LLC |
Duke Energy Kentucky | Duke Energy Kentucky, Inc. |
Duke Energy Registrants | Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont |
the
EDA | Equity Distribution Agreement |
EDIT | Excess deferred income tax |
EPA | U.S. Environmental Protection Agency |
EPC | Engineering,
Procurement and Construction agreement |
EPS | Earnings Per Share |
ESP | Electric Security Plan |
ETR | Effective tax rate |
Exchange
Act | Securities Exchange Act of 1934 |
FASB | Financial Accounting Standards Board |
FERC | Federal Energy Regulatory Commission |
FES | FirstEnergy
Solutions Corp. |
Fitch | Fitch Ratings, Inc. |
Fluor | Fluor Enterprises, Inc. |
FPSC | Florida Public Service Commission |
FTR | Financial
transmission rights |
FV-NI | Fair value through net income |
GAAP | Generally accepted accounting principles in the U.S. |
GAAP Reported Earnings | Net Income Attributable to Duke
Energy Corporation |
GAAP Reported EPS | Diluted EPS Attributable to Duke Energy Corporation common stockholders |
GWh | Gigawatt-hours |
Hardy Storage | Hardy Storage Company,
LLC |
HLBV | Hypothetical Liquidation at Book Value |
ICPA | Inter-Company Power Agreement |
IGCC | Integrated Gasification Combined Cycle |
IMR | Integrity
Management Rider |
IRP | Integrated Resource Plan |
IRS | Internal Revenue Service |
Investment Trusts | NDTF investments and grantor trusts of Duke Energy Progress, Duke Energy
Florida and Duke Energy Indiana |
IURC | Indiana Utility Regulatory Commission |
JDA | Joint Dispatch Agreement |
KPSC | Kentucky Public Service Commission |
Lee
Nuclear Station | William States Lee III Nuclear Station |
MGP | Manufactured gas plant |
MISO | Midcontinent Independent System Operator, Inc. |
MMBtu | Million
British Thermal Unit |
Moody's | Moody's Investors Service, Inc. |
GLOSSARY OF TERMS |
MW | Megawatt |
MWh | Megawatt-hour |
NAV | Net
asset value |
NCDEQ | North Carolina Department of Environmental Quality (formerly the North Carolina Department of Environment and Natural Resources) |
NCUC | North Carolina Utilities Commission |
NDTF | Nuclear
decommissioning trust funds |
NMC | National Methanol Company |
NPDES | National Pollutant Discharge Elimination System |
NPNS | Normal purchase/normal sale |
NRC | U.S.
Nuclear Regulatory Commission |
OPEB | Other Post-Retirement Benefit Obligations |
ORS | South Carolina Office of Regulatory Staff |
OTTI | Other-than-temporary impairment |
OVEC | Ohio
Valley Electric Corporation |
Piedmont | Piedmont Natural Gas Company, Inc. |
Piedmont Term Loan | Term loan facility with commitments totaling $350M entered in June 2017 |
Pine Needle | Pine
Needle LNG Company, LLC |
Pioneer | Pioneer Transmission, LLC |
PJM | PJM Interconnection, LLC |
PMPA | Piedmont Municipal Power Agency |
PPAs | Purchase
Power Agreements |
Progress Energy | Progress Energy, Inc. |
PSCSC | Public Service Commission of South Carolina |
PUCO | Public Utilities Commission of Ohio |
REC | Renewable
Energy Certificate |
REC Solar | REC Solar Corp. |
ROU assets | Right-of-use assets |
RRBA | Roanoke River Basin Association |
SELC | Southern
Environmental Law Center |
S&P | Standard & Poor's Rating Services |
Subsidiary Registrants | Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont |
the
Tax Act | Tax Cuts and Jobs Act |
TPUC | Tennessee Public Utility Commission |
U.S. | United States |
VIE | Variable
Interest Entity |
WACC | Weighted Average Cost of Capital |
WNA | Weather normalization adjustment |
W.S. Lee CC | William States Lee Combined Cycle Facility |
FINANCIAL
STATEMENTS |
Three
Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
(in millions, except per-share amounts) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Operating
Revenues | |||||||||||||||
Regulated electric | $ | i 5,423 | $ | i 5,178 | $ | i 10,708 | $ | i 10,462 | |||||||
Regulated
natural gas | i 280 | i 291 | i 1,008 | i 991 | |||||||||||
Nonregulated
electric and other | i 170 | i 174 | i 320 | i 325 | |||||||||||
Total
operating revenues | i 5,873 | i 5,643 | i 12,036 | i 11,778 | |||||||||||
Operating
Expenses | |||||||||||||||
Fuel used in electric generation and purchased power | i 1,641 | i 1,574 | i 3,250 | i 3,250 | |||||||||||
Cost
of natural gas | i 76 | i 89 | i 403 | i 402 | |||||||||||
Operation,
maintenance and other | i 1,434 | i 1,544 | i 2,853 | i 3,008 | |||||||||||
Depreciation
and amortization | i 1,089 | i 973 | i 2,178 | i 1,940 | |||||||||||
Property
and other taxes | i 334 | i 315 | i 677 | i 631 | |||||||||||
Impairment
charges | i 4 | i 172 | i 4 | i 215 | |||||||||||
Total
operating expenses | i 4,578 | i 4,667 | i 9,365 | i 9,446 | |||||||||||
Gains
(Losses) on Sales of Other Assets and Other, net | i 3 | i 3 | — | ( i 97 | ) | ||||||||||
Operating
Income | i 1,298 | i 979 | i 2,671 | i 2,235 | |||||||||||
Other
Income and Expenses | |||||||||||||||
Equity in earnings of unconsolidated affiliates | i 44 | i 36 | i 87 | i 12 | |||||||||||
Other
income and expenses, net | i 89 | i 110 | i 204 | i 196 | |||||||||||
Total
other income and expenses | i 133 | i 146 | i 291 | i 208 | |||||||||||
Interest
Expense | i 542 | i 518 | i 1,085 | i 1,033 | |||||||||||
Income
From Continuing Operations Before Income Taxes | i 889 | i 607 | i 1,877 | i 1,410 | |||||||||||
Income
Tax Expense From Continuing Operations | i 141 | i 100 | i 236 | i 281 | |||||||||||
Income
From Continuing Operations | i 748 | i 507 | i 1,641 | i 1,129 | |||||||||||
Loss
From Discontinued Operations, net of tax | — | ( i 5 | ) | i — | ( i 5 | ) | |||||||||
Net
Income | i 748 | i 502 | i 1,641 | i 1,124 | |||||||||||
Less:
Net (Loss) Income Attributable to Noncontrolling Interests | ( i 84 | ) | i 2 | ( i 91 | ) | i 4 | |||||||||
Less:
Preferred Dividends | i 12 | — | i 12 | — | |||||||||||
Net
Income Attributable to Duke Energy Corporation | $ | i 820 | $ | i 500 | $ | i 1,720 | $ | i 1,120 | |||||||
Earnings
Per Share – Basic and Diluted | |||||||||||||||
Income from continuing operations attributable to Duke Energy Corporation common stockholders | |||||||||||||||
Basic
and Diluted | $ | i 1.12 | $ | i 0.72 | $ | i 2.36 | $ | i 1.60 | |||||||
Loss
from discontinued operations attributable to Duke Energy Corporation common stockholders | |||||||||||||||
Basic and Diluted | $ | — | $ | ( i 0.01 | ) | $ | — | $ | ( i 0.01 | ) | |||||
Net
income attributable to Duke Energy Corporation common stockholders | |||||||||||||||
Basic and Diluted | $ | i 1.12 | $ | i 0.71 | $ | i 2.36 | $ | i 1.59 | |||||||
Weighted
average shares outstanding | |||||||||||||||
Basic | i 728 | i 703 | i 728 | i 702 | |||||||||||
Diluted | i 728 | i 704 | i 728 | i 702 |
FINANCIAL STATEMENTS |
Three
Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
(in millions) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Net
Income | $ | i 748 | $ | i 502 | $ | i 1,641 | $ | i 1,124 | |||||||
Other
Comprehensive (Loss) Income, net of tax | |||||||||||||||
Pension and OPEB adjustments | i 3 | i 1 | i 3 | i 2 | |||||||||||
Net
unrealized (losses) gains on cash flow hedges | ( i 29 | ) | i 1 | ( i 46 | ) | i 13 | |||||||||
Reclassification
into earnings from cash flow hedges | i 2 | ( i 2 | ) | i 3 | ( i 1 | ) | |||||||||
Unrealized
gains (losses) on available-for-sale securities | i 4 | ( i 2 | ) | i 8 | ( i 5 | ) | |||||||||
Other
Comprehensive (Loss) Income, net of tax | ( i 20 | ) | ( i 2 | ) | ( i 32 | ) | i 9 | ||||||||
Comprehensive
Income | i 728 | i 500 | i 1,609 | i 1,133 | |||||||||||
Less:
Comprehensive (Loss) Income Attributable to Noncontrolling Interests | ( i 84 | ) | i 2 | ( i 91 | ) | i 4 | |||||||||
Less:
Preferred Dividends | i 12 | — | i 12 | — | |||||||||||
Comprehensive
Income Attributable to Duke Energy Corporation | $ | i 800 | $ | i 498 | $ | i 1,688 | $ | i 1,129 |
FINANCIAL STATEMENTS |
(in
millions) | |||||||
ASSETS | |||||||
Current Assets | |||||||
Cash
and cash equivalents | $ | i 336 | $ | i 442 | |||
Receivables
(net of allowance for doubtful accounts of $16 at 2019 and 2018) | i 646 | i 962 | |||||
Receivables
of VIEs (net of allowance for doubtful accounts of $55 at 2019 and 2018) | i 2,153 | i 2,172 | |||||
Inventory | i 3,189 | i 3,084 | |||||
Regulatory
assets (includes $52 at 2019 and 2018 related to VIEs) | i 1,918 | i 2,005 | |||||
Other
(includes $140 at 2019 and $162 at 2018 related to VIEs) | i 1,267 | i 1,049 | |||||
Total
current assets | i 9,509 | i 9,714 | |||||
Property,
Plant and Equipment | |||||||
Cost | i 141,363 | i 134,458 | |||||
Accumulated
depreciation and amortization | ( i 44,482 | ) | ( i 43,126 | ) | |||
Generation
facilities to be retired, net | i 317 | i 362 | |||||
Net
property, plant and equipment | i 97,198 | i 91,694 | |||||
Other
Noncurrent Assets | |||||||
Goodwill | i 19,303 | i 19,303 | |||||
Regulatory
assets (includes $1,019 at 2019 and $1,041 at 2018 related to VIEs) | i 13,393 | i 13,617 | |||||
Nuclear
decommissioning trust funds | i 7,621 | i 6,720 | |||||
Operating
lease right-of-use assets, net | i 1,735 | — | |||||
Investments in equity method unconsolidated affiliates | i 1,715 | i 1,409 | |||||
Other
(includes $289 at 2019 and $261 at 2018 related to VIEs) | i 2,975 | i 2,935 | |||||
Total
other noncurrent assets | i 46,742 | i 43,984 | |||||
Total
Assets | $ | i 153,449 | $ | i 145,392 | |||
LIABILITIES
AND EQUITY | |||||||
Current Liabilities | |||||||
Accounts payable | $ | i 2,512 | $ | i 3,487 | |||
Notes
payable and commercial paper | i 3,793 | i 3,410 | |||||
Taxes
accrued | i 521 | i 577 | |||||
Interest
accrued | i 564 | i 559 | |||||
Current
maturities of long-term debt (includes $232 at 2019 and $227 at 2018 related to VIEs) | i 2,698 | i 3,406 | |||||
Asset
retirement obligations | i 739 | i 919 | |||||
Regulatory
liabilities | i 600 | i 598 | |||||
Other
| i 2,020 | i 2,085 | |||||
Total
current liabilities | i 13,447 | i 15,041 | |||||
Long-Term
Debt (includes $4,070 at 2019 and $3,998 at 2018 related to VIEs) | i 54,342 | i 51,123 | |||||
Other
Noncurrent Liabilities | |||||||
Deferred income taxes | i 8,532 | i 7,806 | |||||
Asset
retirement obligations | i 11,889 | i 9,548 | |||||
Regulatory
liabilities | i 15,294 | i 14,834 | |||||
Operating
lease liabilities | i 1,502 | — | |||||
Accrued pension and other post-retirement benefit costs | i 959 | i 988 | |||||
Investment
tax credits | i 569 | i 568 | |||||
Other
(includes $222 at 2019 and $212 at 2018 related to VIEs) | i 1,583 | i 1,650 | |||||
Total
other noncurrent liabilities | i 40,328 | i 35,394 | |||||
Commitments
and Contingencies | i | i | |||||
Equity | |||||||
Preferred
stock, $0.001 par value, 40 million depositary shares authorized and outstanding at 2019 | i 973 | — | |||||
Common stock, $0.001 par value, 2 billion shares authorized; 728 million shares outstanding at
2019 and 727 million shares outstanding at 2018 | i 1 | i 1 | |||||
Additional
paid-in capital | i 40,885 | i 40,795 | |||||
Retained
earnings | i 3,502 | i 3,113 | |||||
Accumulated
other comprehensive loss | ( i 148 | ) | ( i 92 | ) | |||
Total
Duke Energy Corporation stockholders' equity | i 45,213 | i 43,817 | |||||
Noncontrolling
interests | i 119 | i 17 | |||||
Total
equity | i 45,332 | i 43,834 | |||||
Total
Liabilities and Equity | $ | i 153,449 | $ | i 145,392 |
FINANCIAL STATEMENTS |
Six
Months Ended | |||||||
June 30, | |||||||
(in millions) | 2019 | 2018 | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
Net
income | $ | i 1,641 | $ | i 1,124 | |||
Adjustments
to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation, amortization and accretion (including amortization of nuclear fuel) | i 2,483 | i 2,250 | |||||
Equity
component of AFUDC | ( i 67 | ) | ( i 106 | ) | |||
Losses
on sales of other assets | i — | i 97 | |||||
Impairment
charges | i 4 | i 215 | |||||
Deferred
income taxes | i 527 | i 289 | |||||
Equity
in earnings of unconsolidated affiliates | ( i 87 | ) | ( i 12 | ) | |||
Accrued
pension and other post-retirement benefit costs | i 4 | i 31 | |||||
Contributions
to qualified pension plans | — | ( i 141 | ) | ||||
Payments for asset retirement obligations | ( i 336 | ) | ( i 245 | ) | |||
Payment
for disposal of other assets | — | ( i 105 | ) | ||||
Other rate case adjustments | — | i 37 | |||||
Provision
for rate refunds | i 57 | i 281 | |||||
(Increase)
decrease in | |||||||
Net realized and unrealized mark-to-market and hedging transactions | ( i 11 | ) | i 7 | ||||
Receivables | i 304 | ( i 27 | ) | ||||
Inventory | ( i 110 | ) | i 70 | ||||
Other
current assets | ( i 265 | ) | i 21 | ||||
Increase
(decrease) in | |||||||
Accounts payable | ( i 700 | ) | ( i 142 | ) | |||
Taxes
accrued | ( i 56 | ) | ( i 58 | ) | |||
Other
current liabilities | ( i 378 | ) | ( i 214 | ) | |||
Other
assets | i 7 | ( i 112 | ) | ||||
Other
liabilities | i 39 | i 42 | |||||
Net
cash provided by operating activities | i 3,056 | i 3,302 | |||||
CASH
FLOWS FROM INVESTING ACTIVITIES | |||||||
Capital expenditures | ( i 5,465 | ) | ( i 4,375 | ) | |||
Contributions
to equity method investments | ( i 162 | ) | ( i 140 | ) | |||
Purchases
of debt and equity securities | ( i 2,316 | ) | ( i 1,908 | ) | |||
Proceeds
from sales and maturities of debt and equity securities | i 2,302 | i 1,866 | |||||
Other | ( i 147 | ) | ( i 88 | ) | |||
Net
cash used in investing activities | ( i 5,788 | ) | ( i 4,645 | ) | |||
CASH
FLOWS FROM FINANCING ACTIVITIES | |||||||
Proceeds from the: | |||||||
Issuance of long-term debt | i 4,622 | i 2,727 | |||||
Issuance
of preferred stock | i 973 | — | |||||
Issuance of common stock | i 27 | i 820 | |||||
Payments
for the redemption of long-term debt | ( i 2,155 | ) | ( i 2,190 | ) | |||
Proceeds
from the issuance of short-term debt with original maturities greater than 90 days | i 240 | i 201 | |||||
Payments
for the redemption of short-term debt with original maturities greater than 90 days | ( i 299 | ) | ( i 160 | ) | |||
Notes
payable and commercial paper | i 383 | i 1,090 | |||||
Dividends
paid | ( i 1,312 | ) | ( i 1,199 | ) | |||
Other | i 143 | ( i 24 | ) | ||||
Net
cash provided by financing activities | i 2,622 | i 1,265 | |||||
Net
decrease in cash, cash equivalents and restricted cash | ( i 110 | ) | ( i 78 | ) | |||
Cash,
cash equivalents and restricted cash at beginning of period | i 591 | i 505 | |||||
Cash,
cash equivalents and restricted cash at end of period | $ | i 481 | $ | i 427 | |||
Supplemental
Disclosures: | |||||||
Significant non-cash transactions: | |||||||
Accrued capital expenditures | $ | i 917 | $ | i 978 | |||
Non-cash
dividends | i 54 | i 52 |
FINANCIAL STATEMENTS |
Three
Months Ended June 30, 2018 and 2019 | ||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive | ||||||||||||||||||||||||||||||||
(Loss)
Income | ||||||||||||||||||||||||||||||||
Net Unrealized | Total | |||||||||||||||||||||||||||||||
Net
Gains | (Losses) Gains | Duke Energy | ||||||||||||||||||||||||||||||
Common | Additional | (Losses)
on | on Available- | Pension and | Corporation | |||||||||||||||||||||||||||
Preferred | Stock | Common | Paid-in | Retained | Cash
Flow | for-Sale- | OPEB | Stockholders' | Noncontrolling | Total | ||||||||||||||||||||||
(in millions) | Stock | Shares | Stock | Capital | Earnings | Hedges | Securities | Adjustments | Equity | Interests | Equity | |||||||||||||||||||||
Balance
at March 31, 2018 | $ | — | i 701 | $ | i 1 | $ | i 38,839 | $ | i 3,021 | $ | i 3 | $ | ( i 4 | ) | $ | ( i 68 | ) | $ | i 41,792 | $ | i 6 | $ | i 41,798 | |||||||||
Net
income | — | — | — | — | i 500 | — | — | — | i 500 | i 2 | i 502 | |||||||||||||||||||||
Other
comprehensive (loss) income | — | — | — | — | — | ( i 1 | ) | ( i 2 | ) | i 1 | ( i 2 | ) | — | ( i 2 | ) | |||||||||||||||||
Common
stock issuances, including dividend reinvestment and employee benefits | — | i 11 | — | i 843 | — | — | — | — | i 843 | — | i 843 | |||||||||||||||||||||
Common
stock dividends | — | — | — | — | ( i 626 | ) | — | — | — | ( i 626 | ) | — | ( i 626 | ) | ||||||||||||||||||
Other | — | — | — | — | ( i 1 | ) | — | i 1 | — | i — | — | i — | ||||||||||||||||||||
Balance
at June 30, 2018 | $ | — | i 712 | $ | i 1 | $ | i 39,682 | $ | i 2,894 | $ | i 2 | $ | ( i 5 | ) | $ | ( i 67 | ) | $ | i 42,507 | $ | i 8 | $ | i 42,515 | |||||||||
Balance
at March 31, 2019 | $ | i 974 | i 728 | $ | i 1 | $ | i 40,823 | $ | i 3,360 | $ | ( i 36 | ) | $ | — | $ | ( i 92 | ) | $ | i 45,030 | $ | i 15 | $ | i 45,045 | |||||||||
Net
income (loss) | — | — | — | — | i 820 | — | — | — | i 820 | ( i 84 | ) | i 736 | ||||||||||||||||||||
Other
comprehensive (loss) income | — | — | — | — | — | ( i 27 | ) | i 4 | i 3 | ( i 20 | ) | — | ( i 20 | ) | ||||||||||||||||||
Preferred
stock issuances, net of issuance costs | ( i 1 | ) | — | — | — | — | — | — | — | ( i 1 | ) | — | ( i 1 | ) | ||||||||||||||||||
Common
stock issuances, including dividend reinvestment and employee benefits | — | — | — | i 61 | — | — | — | — | i 61 | — | i 61 | |||||||||||||||||||||
Common
stock dividends | — | — | — | — | ( i 678 | ) | — | — | — | ( i 678 | ) | — | ( i 678 | ) | ||||||||||||||||||
Contribution
from noncontrolling interest in subsidiaries(c) | — | — | — | — | — | — | — | — | — | i 193 | i 193 | |||||||||||||||||||||
Distributions
to noncontrolling interest in subsidiaries | — | — | — | — | — | — | — | — | — | ( i 1 | ) | ( i 1 | ) | |||||||||||||||||||
Other | — | — | — | i 1 | — | i — | — | — | i 1 | ( i 4 | ) | ( i 3 | ) | |||||||||||||||||||
Balance
at June 30, 2019 | $ | i 973 | i 728 | $ | i 1 | $ | i 40,885 | $ | i 3,502 | $ | ( i 63 | ) | $ | i 4 | $ | ( i 89 | ) | $ | i 45,213 | $ | i 119 | $ | i 45,332 |
FINANCIAL STATEMENTS |
Six
Months Ended June 30, 2018 and 2019 | ||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive | ||||||||||||||||||||||||||||||||
(Loss)
Income | ||||||||||||||||||||||||||||||||
Net Unrealized | Total | |||||||||||||||||||||||||||||||
Net
Gains | (Losses) Gains | Duke Energy | ||||||||||||||||||||||||||||||
Common | Additional | (Losses)
on | on Available- | Pension and | Corporation | |||||||||||||||||||||||||||
Preferred | Stock | Common | Paid-in | Retained | Cash
Flow | for-Sale- | OPEB | Stockholders' | Noncontrolling | Total | ||||||||||||||||||||||
(in millions) | Stock | Shares | Stock | Capital | Earnings | Hedges | Securities | Adjustments | Equity | Interests | Equity | |||||||||||||||||||||
Balance
at December 31, 2017 | $ | — | i 700 | $ | i 1 | $ | i 38,792 | $ | i 3,013 | $ | ( i 10 | ) | $ | i 12 | $ | ( i 69 | ) | $ | i 41,739 | $ | ( i 2 | ) | $ | i 41,737 | ||||||||
Net
income | — | — | — | — | i 1,120 | — | — | — | i 1,120 | i 4 | i 1,124 | |||||||||||||||||||||
Other
comprehensive income (loss) | — | — | — | — | — | i 12 | ( i 5 | ) | i 2 | i 9 | — | i 9 | ||||||||||||||||||||
Common
stock issuances, including dividend reinvestment and employee benefits | — | i 12 | — | i 890 | — | — | — | — | i 890 | — | i 890 | |||||||||||||||||||||
Common
stock dividends | — | — | — | — | ( i 1,251 | ) | — | — | — | ( i 1,251 | ) | — | ( i 1,251 | ) | ||||||||||||||||||
Distributions
to noncontrolling interest in subsidiaries | — | — | — | — | — | — | — | — | — | ( i 1 | ) | ( i 1 | ) | |||||||||||||||||||
Other(a) | — | — | — | — | i 12 | — | ( i 12 | ) | — | i — | i 7 | i 7 | ||||||||||||||||||||
Balance
at June 30, 2018 | $ | — | i 712 | $ | i 1 | $ | i 39,682 | $ | i 2,894 | $ | i 2 | $ | ( i 5 | ) | $ | ( i 67 | ) | $ | i 42,507 | $ | i 8 | $ | i 42,515 | |||||||||
Balance
at December 31, 2018 | $ | i — | i 727 | $ | i 1 | $ | i 40,795 | $ | i 3,113 | $ | ( i 14 | ) | $ | ( i 3 | ) | $ | ( i 75 | ) | $ | i 43,817 | $ | i 17 | $ | i 43,834 | ||||||||
Net
income (loss) | — | — | — | — | i 1,720 | — | — | — | i 1,720 | ( i 91 | ) | i 1,629 | ||||||||||||||||||||
Other
comprehensive (loss) income | — | — | — | — | — | ( i 43 | ) | i 8 | i 3 | ( i 32 | ) | — | ( i 32 | ) | ||||||||||||||||||
Preferred
stock issuances, net of issuance costs(b) | i 973 | — | — | — | — | — | — | — | i 973 | — | i 973 | |||||||||||||||||||||
Common
stock issuances, including dividend reinvestment and employee benefits | — | i 1 | — | i 89 | — | — | — | — | i 89 | — | i 89 | |||||||||||||||||||||
Common
stock dividends | — | — | — | — | ( i 1,354 | ) | — | — | — | ( i 1,354 | ) | — | ( i 1,354 | ) | ||||||||||||||||||
Contributions
from noncontrolling interest in subsidiaries(c) | — | — | — | — | — | — | — | — | — | i 193 | i 193 | |||||||||||||||||||||
Distributions
to noncontrolling interest in subsidiaries | — | — | — | — | — | — | — | — | — | ( i 1 | ) | ( i 1 | ) | |||||||||||||||||||
Other(d) | — | — | — | i 1 | i 23 | ( i 6 | ) | ( i 1 | ) | ( i 17 | ) | i — | i 1 | i 1 | ||||||||||||||||||
Balance
at June 30, 2019 | $ | i 973 | i 728 | $ | i 1 | $ | i 40,885 | $ | i 3,502 | $ | ( i 63 | ) | $ | i 4 | $ | ( i 89 | ) | $ | i 45,213 | $ | i 119 | $ | i 45,332 |
(a) | Amounts
in Retained Earnings and Accumulated Other Comprehensive (Loss) Income represent a cumulative-effect adjustment due to implementation of a new accounting standard related to Financial Instruments Classification and Measurement. |
(b) | Duke Energy issued i 40
million depositary shares of preferred stock in the first quarter of 2019. |
(c) | Relates to tax equity financing activity in the Commercial Renewables segment. |
(d) | Amounts in Retained Earnings and Accumulated Other Comprehensive (Loss) Income primarily represent impacts to accumulated other comprehensive income due to implementation of a new accounting standard related to Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. |
FINANCIAL STATEMENTS |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
(in
millions) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Operating Revenues | $ | i 1,713 | $ | i 1,672 | $ | i 3,457 | $ | i 3,435 | |||||||
Operating
Expenses | |||||||||||||||
Fuel used in electric generation and purchased power | i 395 | i 407 | i 867 | i 880 | |||||||||||
Operation,
maintenance and other | i 441 | i 499 | i 881 | i 950 | |||||||||||
Depreciation
and amortization | i 346 | i 289 | i 663 | i 561 | |||||||||||
Property
and other taxes | i 75 | i 75 | i 155 | i 147 | |||||||||||
Impairment
charges | i 5 | i 177 | i 5 | i 190 | |||||||||||
Total
operating expenses | i 1,262 | i 1,447 | i 2,571 | i 2,728 | |||||||||||
Losses
on Sales of Other Assets and Other, net | — | ( i 1 | ) | — | ( i 1 | ) | |||||||||
Operating
Income | i 451 | i 224 | i 886 | i 706 | |||||||||||
Other
Income and Expenses, net | i 41 | i 35 | i 72 | i 74 | |||||||||||
Interest
Expense | i 117 | i 110 | i 227 | i 217 | |||||||||||
Income
Before Income Taxes | i 375 | i 149 | i 731 | i 563 | |||||||||||
Income
Tax Expense | i 74 | i 32 | i 137 | i 123 | |||||||||||
Net
Income | $ | i 301 | $ | i 117 | $ | i 594 | $ | i 440 | |||||||
Other
Comprehensive Income, net of tax | |||||||||||||||
Reclassification into earnings from cash flow hedges | — | — | — | i 1 | |||||||||||
Comprehensive
Income | $ | i 301 | $ | i 117 | $ | i 594 | $ | i 441 |
FINANCIAL STATEMENTS |
(in
millions) | |||||||
ASSETS | |||||||
Current Assets | |||||||
Cash
and cash equivalents | $ | i 15 | $ | i 33 | |||
Receivables
(net of allowance for doubtful accounts of $2 at 2019 and 2018) | i 164 | i 219 | |||||
Receivables
of VIEs (net of allowance for doubtful accounts of $7 at 2019 and 2018) | i 671 | i 699 | |||||
Receivables
from affiliated companies | i 101 | i 182 | |||||
Inventory | i 1,025 | i 948 | |||||
Regulatory
assets | i 605 | i 520 | |||||
Other | i 17 | i 72 | |||||
Total
current assets | i 2,598 | i 2,673 | |||||
Property,
Plant and Equipment | |||||||
Cost | i 47,249 | i 44,741 | |||||
Accumulated
depreciation and amortization | ( i 16,047 | ) | ( i 15,496 | ) | |||
Net
property, plant and equipment | i 31,202 | i 29,245 | |||||
Other
Noncurrent Assets | |||||||
Regulatory assets | i 3,392 | i 3,457 | |||||
Nuclear
decommissioning trust funds | i 4,059 | i 3,558 | |||||
Operating
lease right-of-use assets, net | i 141 | — | |||||
Other | i 1,085 | i 1,027 | |||||
Total
other noncurrent assets | i 8,677 | i 8,042 | |||||
Total
Assets | $ | i 42,477 | $ | i 39,960 | |||
LIABILITIES
AND EQUITY | |||||||
Current Liabilities | |||||||
Accounts payable | $ | i 640 | $ | i 988 | |||
Accounts
payable to affiliated companies | i 189 | i 230 | |||||
Notes
payable to affiliated companies | i 804 | i 439 | |||||
Taxes
accrued | i 209 | i 171 | |||||
Interest
accrued | i 106 | i 102 | |||||
Current
maturities of long-term debt | i 456 | i 6 | |||||
Asset
retirement obligations | i 203 | i 290 | |||||
Regulatory
liabilities | i 191 | i 199 | |||||
Other
| i 499 | i 571 | |||||
Total
current liabilities | i 3,297 | i 2,996 | |||||
Long-Term
Debt | i 10,208 | i 10,633 | |||||
Long-Term
Debt Payable to Affiliated Companies | i 300 | i 300 | |||||
Other
Noncurrent Liabilities | |||||||
Deferred income taxes | i 3,779 | i 3,689 | |||||
Asset
retirement obligations | i 5,139 | i 3,659 | |||||
Regulatory
liabilities | i 6,392 | i 5,999 | |||||
Operating
lease liabilities | i 117 | — | |||||
Accrued pension and other post-retirement benefit costs | i 90 | i 99 | |||||
Investment
tax credits | i 234 | i 231 | |||||
Other | i 645 | i 671 | |||||
Total
other noncurrent liabilities | i 16,396 | i 14,348 | |||||
Commitments
and Contingencies | |||||||
Equity | |||||||
Member's equity | i 12,283 | i 11,689 | |||||
Accumulated
other comprehensive loss | ( i 7 | ) | ( i 6 | ) | |||
Total
equity | i 12,276 | i 11,683 | |||||
Total
Liabilities and Equity | $ | i 42,477 | $ | i 39,960 |
FINANCIAL STATEMENTS |
Six
Months Ended | |||||||
June 30, | |||||||
(in millions) | 2019 | 2018 | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
Net
income | $ | i 594 | $ | i 440 | |||
Adjustments
to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization (including amortization of nuclear fuel) | i 804 | i 707 | |||||
Equity
component of AFUDC | ( i 21 | ) | ( i 39 | ) | |||
Losses
on sales of other assets | — | i 1 | |||||
Impairment charges | i 5 | i 190 | |||||
Deferred
income taxes | i 54 | i 90 | |||||
Accrued
pension and other post-retirement benefit costs | ( i 4 | ) | i 2 | ||||
Contributions
to qualified pension plans | — | ( i 46 | ) | ||||
Payments for asset retirement obligations | ( i 131 | ) | ( i 114 | ) | |||
Provision
for rate refunds | i 35 | i 121 | |||||
(Increase)
decrease in | |||||||
Net realized and unrealized mark-to-market and hedging transactions | ( i 8 | ) | i 8 | ||||
Receivables | i 83 | ( i 33 | ) | ||||
Receivables
from affiliated companies | i 81 | ( i 22 | ) | ||||
Inventory | ( i 77 | ) | ( i 16 | ) | |||
Other
current assets | ( i 133 | ) | ( i 33 | ) | |||
Increase
(decrease) in | |||||||
Accounts payable | ( i 282 | ) | ( i 59 | ) | |||
Accounts
payable to affiliated companies | ( i 41 | ) | ( i 51 | ) | |||
Taxes
accrued | i 38 | ( i 78 | ) | ||||
Other
current liabilities | ( i 71 | ) | ( i 123 | ) | |||
Other
assets | i 91 | ( i 6 | ) | ||||
Other
liabilities | ( i 18 | ) | ( i 29 | ) | |||
Net
cash provided by operating activities | i 999 | i 910 | |||||
CASH
FLOWS FROM INVESTING ACTIVITIES | |||||||
Capital expenditures | ( i 1,357 | ) | ( i 1,270 | ) | |||
Purchases
of debt and equity securities | ( i 1,114 | ) | ( i 976 | ) | |||
Proceeds
from sales and maturities of debt and equity securities | i 1,114 | i 976 | |||||
Other | ( i 46 | ) | ( i 64 | ) | |||
Net
cash used in investing activities | ( i 1,403 | ) | ( i 1,334 | ) | |||
CASH
FLOWS FROM FINANCING ACTIVITIES | |||||||
Proceeds from the issuance of long-term debt | i 25 | i 991 | |||||
Payments
for the redemption of long-term debt | ( i 3 | ) | ( i 702 | ) | |||
Notes
payable to affiliated companies | i 365 | i 636 | |||||
Distributions
to parent | — | ( i 500 | ) | ||||
Other | ( i 1 | ) | ( i 1 | ) | |||
Net
cash provided by financing activities | i 386 | i 424 | |||||
Net
decrease in cash and cash equivalents | ( i 18 | ) | — | ||||
Cash and cash equivalents
at beginning of period | i 33 | i 16 | |||||
Cash
and cash equivalents at end of period | $ | i 15 | $ | i 16 | |||
Supplemental
Disclosures: | |||||||
Significant non-cash transactions: | |||||||
Accrued capital expenditures | $ | i 252 | $ | i 343 |
FINANCIAL STATEMENTS |
Three
Months Ended June 30, 2018 and 2019 | |||||||||||
Accumulated Other | |||||||||||
Comprehensive | |||||||||||
Loss | |||||||||||
Net
Losses on | |||||||||||
Member's | Cash Flow | Total | |||||||||
(in millions) | Equity | Hedges | Equity | ||||||||
Balance
at March 31, 2018 | $ | i 11,441 | $ | ( i 6 | ) | $ | i 11,435 | ||||
Net
income | i 117 | — | i 117 | ||||||||
Distributions
to parent | ( i 250 | ) | — | ( i 250 | ) | ||||||
Balance
at June 30, 2018 | $ | i 11,308 | $ | ( i 6 | ) | $ | i 11,302 | ||||
Balance
at March 31, 2019 | $ | i 11,982 | $ | ( i 7 | ) | $ | i 11,975 | ||||
Net
income | i 301 | — | i 301 | ||||||||
Balance
at June 30, 2019 | $ | i 12,283 | $ | ( i 7 | ) | $ | i 12,276 | ||||
Six
Months Ended June 30, 2018 and 2019 | |||||||||||
Accumulated Other | |||||||||||
Comprehensive | |||||||||||
Loss | |||||||||||
Net
Losses on | |||||||||||
Member's | Cash Flow | Total | |||||||||
(in millions) | Equity | Hedges | Equity | ||||||||
Balance
at December 31, 2017 | $ | i 11,368 | $ | ( i 7 | ) | $ | i 11,361 | ||||
Net
income | i 440 | — | i 440 | ||||||||
Other
comprehensive income | — | i 1 | i 1 | ||||||||
Distributions
to parent | ( i 500 | ) | — | ( i 500 | ) | ||||||
Balance
at June 30, 2018 | $ | i 11,308 | $ | ( i 6 | ) | $ | i 11,302 | ||||
Balance
at December 31, 2018 | $ | i 11,689 | $ | ( i 6 | ) | $ | i 11,683 | ||||
Net
income | i 594 | — | i 594 | ||||||||
Other | — | ( i 1 | ) | ( i 1 | ) | ||||||
Balance
at June 30, 2019 | $ | i 12,283 | $ | ( i 7 | ) | $ | i 12,276 |
FINANCIAL STATEMENTS |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
(in
millions) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Operating Revenues | $ | i 2,744 | $ | i 2,498 | $ | i 5,316 | $ | i 5,074 | |||||||
Operating
Expenses | |||||||||||||||
Fuel used in electric generation and purchased power | i 988 | i 895 | i 1,913 | i 1,871 | |||||||||||
Operation,
maintenance and other | i 606 | i 610 | i 1,173 | i 1,233 | |||||||||||
Depreciation
and amortization | i 426 | i 380 | i 881 | i 764 | |||||||||||
Property
and other taxes | i 143 | i 131 | i 280 | i 254 | |||||||||||
Impairment
charges | — | i 4 | — | i 33 | |||||||||||
Total
operating expenses | i 2,163 | i 2,020 | i 4,247 | i 4,155 | |||||||||||
(Losses)
Gains on Sales of Other Assets and Other, net | ( i 1 | ) | i 6 | ( i 1 | ) | i 12 | |||||||||
Operating
Income | i 580 | i 484 | i 1,068 | i 931 | |||||||||||
Other
Income and Expenses, net | i 34 | i 42 | i 65 | i 77 | |||||||||||
Interest
Expense | i 219 | i 203 | i 438 | i 412 | |||||||||||
Income
Before Income Taxes | i 395 | i 323 | i 695 | i 596 | |||||||||||
Income
Tax Expense | i 66 | i 56 | i 118 | i 92 | |||||||||||
Net
Income | i 329 | i 267 | i 577 | i 504 | |||||||||||
Less:
Net Income Attributable to Noncontrolling Interests | i 1 | i 2 | i — | i 4 | |||||||||||
Net
Income Attributable to Parent | $ | i 328 | $ | i 265 | $ | i 577 | $ | i 500 | |||||||
Net
Income | $ | i 329 | $ | i 267 | $ | i 577 | $ | i 504 | |||||||
Other
Comprehensive Income, net of tax | |||||||||||||||
Pension and OPEB adjustments | i 1 | i 2 | i 2 | i 2 | |||||||||||
Net
unrealized gains on cash flow hedges | i 1 | i 1 | i 3 | i 3 | |||||||||||
Unrealized
gains (losses) on available-for-sale securities | i 1 | ( i 1 | ) | i 1 | ( i 1 | ) | |||||||||
Other
Comprehensive Income, net of tax | i 3 | i 2 | i 6 | i 4 | |||||||||||
Comprehensive
Income | i 332 | i 269 | i 583 | i 508 | |||||||||||
Less:
Comprehensive Income Attributable to Noncontrolling Interests | i 1 | i 2 | — | i 4 | |||||||||||
Comprehensive
Income Attributable to Parent | $ | i 331 | $ | i 267 | $ | i 583 | $ | i 504 |
FINANCIAL STATEMENTS |
(in
millions) | |||||||
ASSETS | |||||||
Current Assets | |||||||
Cash
and cash equivalents | $ | i 51 | $ | i 67 | |||
Receivables
(net of allowance for doubtful accounts of $6 at 2019 and $5 at 2018) | i 139 | i 220 | |||||
Receivables
of VIEs (net of allowance for doubtful accounts of $8 at 2019 and 2018) | i 998 | i 909 | |||||
Receivables
from affiliated companies | i 49 | i 168 | |||||
Inventory | i 1,480 | i 1,459 | |||||
Regulatory
assets (includes $52 at 2019 and 2018 related to VIEs) | i 1,024 | i 1,137 | |||||
Other
(includes $31 at 2019 and $39 at 2018 related to VIEs) | i 107 | i 125 | |||||
Total
current assets | i 3,848 | i 4,085 | |||||
Property,
Plant and Equipment | |||||||
Cost | i 52,758 | i 50,260 | |||||
Accumulated
depreciation and amortization | ( i 16,808 | ) | ( i 16,398 | ) | |||
Generation
facilities to be retired, net | i 317 | i 362 | |||||
Net
property, plant and equipment | i 36,267 | i 34,224 | |||||
Other
Noncurrent Assets | |||||||
Goodwill | i 3,655 | i 3,655 | |||||
Regulatory
assets (includes $1,019 at 2019 and $1,041 at 2018 related to VIEs) | i 6,423 | i 6,564 | |||||
Nuclear
decommissioning trust funds | i 3,562 | i 3,162 | |||||
Operating
lease right-of-use assets, net | i 839 | — | |||||
Other | i 982 | i 974 | |||||
Total
other noncurrent assets | i 15,461 | i 14,355 | |||||
Total
Assets | $ | i 55,576 | $ | i 52,664 | |||
LIABILITIES
AND EQUITY | |||||||
Current Liabilities | |||||||
Accounts payable | $ | i 720 | $ | i 1,172 | |||
Accounts
payable to affiliated companies | i 235 | i 360 | |||||
Notes
payable to affiliated companies | i 1,920 | i 1,235 | |||||
Taxes
accrued | i 191 | i 109 | |||||
Interest
accrued | i 226 | i 246 | |||||
Current
maturities of long-term debt (includes $54 at 2019 and $53 at 2018 related to VIEs) | i 1,026 | i 1,672 | |||||
Asset
retirement obligations | i 416 | i 514 | |||||
Regulatory
liabilities | i 250 | i 280 | |||||
Other | i 863 | i 821 | |||||
Total
current liabilities | i 5,847 | i 6,409 | |||||
Long-Term
Debt (includes $1,657 at 2019 and $1,636 at 2018 related to VIEs) | i 18,023 | i 17,089 | |||||
Long-Term
Debt Payable to Affiliated Companies | i 150 | i 150 | |||||
Other
Noncurrent Liabilities | |||||||
Deferred income taxes | i 4,141 | i 3,941 | |||||
Asset
retirement obligations | i 5,777 | i 4,897 | |||||
Regulatory
liabilities | i 5,191 | i 5,049 | |||||
Operating
lease liabilities | i 747 | — | |||||
Accrued pension and other post-retirement benefit costs | i 509 | i 521 | |||||
Other | i 352 | i 351 | |||||
Total
other noncurrent liabilities | i 16,717 | i 14,759 | |||||
Commitments
and Contingencies | |||||||
Equity | |||||||
Common stock, $0.01 par value, 100 shares authorized and outstanding at 2019 and 2018 | — | — | |||||
Additional
paid-in capital | i 9,143 | i 9,143 | |||||
Retained
earnings | i 5,715 | i 5,131 | |||||
Accumulated
other comprehensive loss | ( i 21 | ) | ( i 20 | ) | |||
Total
Progress Energy, Inc. stockholders' equity | i 14,837 | i 14,254 | |||||
Noncontrolling
interests | i 2 | i 3 | |||||
Total
equity | i 14,839 | i 14,257 | |||||
Total
Liabilities and Equity | $ | i 55,576 | $ | i 52,664 |
FINANCIAL STATEMENTS |
Six
Months Ended | |||||||
June 30, | |||||||
(in millions) | 2019 | 2018 | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
Net
income | $ | i 577 | $ | i 504 | |||
Adjustments
to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation, amortization and accretion (including amortization of nuclear fuel) | i 1,061 | i 945 | |||||
Equity
component of AFUDC | ( i 31 | ) | ( i 52 | ) | |||
Losses
(gains) on sales of other assets | i 1 | ( i 12 | ) | ||||
Impairment
charges | — | i 33 | |||||
Deferred income taxes | i 126 | i 240 | |||||
Accrued
pension and other post-retirement benefit costs | i 8 | i 12 | |||||
Contributions
to qualified pension plans | — | ( i 45 | ) | ||||
Payments for asset retirement obligations | ( i 183 | ) | ( i 108 | ) | |||
Other
rate case adjustments | — | i 37 | |||||
Provision for rate refunds | i 10 | i 65 | |||||
(Increase)
decrease in | |||||||
Net realized and unrealized mark-to-market and hedging transactions | ( i 1 | ) | i 14 | ||||
Receivables | ( i 42 | ) | ( i 196 | ) | |||
Receivables
from affiliated companies | i 119 | i 28 | |||||
Inventory | ( i 26 | ) | i 71 | ||||
Other
current assets | i 114 | ( i 214 | ) | ||||
Increase
(decrease) in | |||||||
Accounts payable | ( i 196 | ) | i 15 | ||||
Accounts
payable to affiliated companies | ( i 125 | ) | ( i 19 | ) | |||
Taxes
accrued | i 82 | i 80 | |||||
Other
current liabilities | ( i 162 | ) | ( i 58 | ) | |||
Other
assets | ( i 83 | ) | ( i 186 | ) | |||
Other
liabilities | i 17 | i 4 | |||||
Net
cash provided by operating activities | i 1,266 | i 1,158 | |||||
CASH
FLOWS FROM INVESTING ACTIVITIES | |||||||
Capital expenditures | ( i 1,988 | ) | ( i 1,727 | ) | |||
Purchases
of debt and equity securities | ( i 1,094 | ) | ( i 812 | ) | |||
Proceeds
from sales and maturities of debt and equity securities | i 1,089 | i 820 | |||||
Notes
receivable from affiliated companies | — | ( i 69 | ) | ||||
Other | ( i 59 | ) | ( i 81 | ) | |||
Net
cash used in investing activities | ( i 2,052 | ) | ( i 1,869 | ) | |||
CASH
FLOWS FROM FINANCING ACTIVITIES | |||||||
Proceeds from the issuance of long-term debt | i 1,295 | i 989 | |||||
Payments
for the redemption of long-term debt | ( i 1,188 | ) | ( i 635 | ) | |||
Notes
payable to affiliated companies | i 685 | i 347 | |||||
Other | i 2 | ( i 3 | ) | ||||
Net
cash provided by financing activities | i 794 | i 698 | |||||
Net
increase (decrease) in cash, cash equivalents and restricted cash | i 8 | ( i 13 | ) | ||||
Cash,
cash equivalents and restricted cash at beginning of period | i 112 | i 87 | |||||
Cash,
cash equivalents and restricted cash at end of period | $ | i 120 | $ | i 74 | |||
Supplemental
Disclosures: | |||||||
Significant non-cash transactions: | |||||||
Accrued capital expenditures | $ | i 278 | $ | i 366 |
FINANCIAL STATEMENTS |
Three
Months Ended June 30, 2018 and 2019 | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | |||||||||||||||||||||||||||||||
Net
Unrealized | Total Progress | ||||||||||||||||||||||||||||||
Additional | Net
Losses on | Gains (Losses) on | Pension and | Energy, Inc. | |||||||||||||||||||||||||||
Paid-in | Retained | Cash
Flow | Available-for- | OPEB | Stockholders' | Noncontrolling | Total | ||||||||||||||||||||||||
(in
millions) | Capital | Earnings | Hedges | Sale Securities | Adjustments | Equity | Interests | Equity | |||||||||||||||||||||||
Balance
at March 31, 2018 | $ | i 9,142 | $ | i 4,591 | $ | ( i 16 | ) | $ | ( i 1 | ) | $ | ( i 12 | ) | $ | i 13,704 | $ | ( i 1 | ) | $ | i 13,703 | |||||||||||
Net
income | — | i 265 | — | — | — | i 265 | i 2 | i 267 | |||||||||||||||||||||||
Other
comprehensive income (loss) | — | — | i 1 | ( i 1 | ) | i 2 | i 2 | — | i 2 | ||||||||||||||||||||||
Distributions
to noncontrolling interests | — | — | — | — | — | — | ( i 1 | ) | ( i 1 | ) | |||||||||||||||||||||
Other(a) | i 1 | ( i 1 | ) | — | i 1 | — | i 1 | — | i 1 | ||||||||||||||||||||||
Balance
at June 30, 2018 | $ | i 9,143 | $ | i 4,855 | $ | ( i 15 | ) | $ | ( i 1 | ) | $ | ( i 10 | ) | $ | i 13,972 | $ | — | $ | i 13,972 | ||||||||||||
Balance
at March 31, 2019 | $ | i 9,143 | $ | i 5,386 | $ | ( i 14 | ) | $ | ( i 1 | ) | $ | ( i 8 | ) | $ | i 14,506 | $ | i 2 | $ | i 14,508 | ||||||||||||
Net
income | — | i 328 | — | — | — | i 328 | i 1 | i 329 | |||||||||||||||||||||||
Other
comprehensive income | — | — | i 1 | i 1 | i 1 | i 3 | — | i 3 | |||||||||||||||||||||||
Other | — | i 1 | — | — | ( i 1 | ) | — | ( i 1 | ) | ( i 1 | ) | ||||||||||||||||||||
Balance
at June 30, 2019 | $ | i 9,143 | $ | i 5,715 | $ | ( i 13 | ) | $ | — | $ | ( i 8 | ) | $ | i 14,837 | $ | i 2 | $ | i 14,839 | |||||||||||||
Six
Months Ended June 30, 2018 and 2019 | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | |||||||||||||||||||||||||||||||
Net
Unrealized | Total Progress | ||||||||||||||||||||||||||||||
Additional | Net
Losses on | Gains (Losses) on | Pension and | Energy, Inc. | |||||||||||||||||||||||||||
Paid-in | Retained | Cash
Flow | Available-for- | OPEB | Stockholders' | Noncontrolling | Total | ||||||||||||||||||||||||
Capital | Earnings | Hedges | Sale
Securities | Adjustments | Equity | Interests | Equity | ||||||||||||||||||||||||
Balance
at December 31, 2017 | $ | i 9,143 | $ | i 4,350 | $ | ( i 18 | ) | $ | i 5 | $ | ( i 12 | ) | $ | i 13,468 | $ | ( i 3 | ) | $ | i 13,465 | ||||||||||||
Net
income | — | i 500 | — | — | — | i 500 | i 4 | i 504 | |||||||||||||||||||||||
Other
comprehensive income (loss) | — | — | i 3 | ( i 1 | ) | i 2 | i 4 | — | i 4 | ||||||||||||||||||||||
Distributions
to noncontrolling interests | — | — | — | — | — | — | ( i 1 | ) | ( i 1 | ) | |||||||||||||||||||||
Other(a) | i — | i 5 | — | ( i 5 | ) | — | i — | — | — | ||||||||||||||||||||||
Balance
at June 30, 2018 | $ | i 9,143 | $ | i 4,855 | $ | ( i 15 | ) | $ | ( i 1 | ) | $ | ( i 10 | ) | $ | i 13,972 | $ | — | $ | i 13,972 | ||||||||||||
Balance
at December 31, 2018 | $ | i 9,143 | $ | i 5,131 | $ | ( i 12 | ) | $ | ( i 1 | ) | $ | ( i 7 | ) | $ | i 14,254 | $ | i 3 | $ | i 14,257 | ||||||||||||
Net
income | — | i 577 | — | — | — | i 577 | i — | i 577 | |||||||||||||||||||||||
Other
comprehensive income | — | — | i 3 | i 1 | i 2 | i 6 | — | i 6 | |||||||||||||||||||||||
Other(b) | — | i 7 | ( i 4 | ) | i — | ( i 3 | ) | — | ( i 1 | ) | ( i 1 | ) | |||||||||||||||||||
Balance
at June 30, 2019 | $ | i 9,143 | $ | i 5,715 | $ | ( i 13 | ) | $ | — | $ | ( i 8 | ) | $ | i 14,837 | $ | i 2 | $ | i 14,839 |
(a) | Amounts
in Retained Earnings and Accumulated Other Comprehensive (Loss) Income represent a cumulative-effect adjustment due to implementation of a new accounting standard related to Financial Instruments Classification and Measurement. |
(b) | Amounts in Retained Earnings and Accumulated Other Comprehensive (Loss) Income primarily represent impacts to accumulated other comprehensive income due to implementation of a new accounting standard related to Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. |
FINANCIAL
STATEMENTS |
Three
Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
(in millions) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Operating
Revenues | $ | i 1,387 | $ | i 1,291 | $ | i 2,871 | $ | i 2,751 | |||||||
Operating
Expenses | |||||||||||||||
Fuel used in electric generation and purchased power | i 479 | i 408 | i 994 | i 917 | |||||||||||
Operation,
maintenance and other | i 357 | i 375 | i 692 | i 756 | |||||||||||
Depreciation
and amortization | i 251 | i 235 | i 541 | i 470 | |||||||||||
Property
and other taxes | i 41 | i 40 | i 85 | i 75 | |||||||||||
Impairment
charges | — | i 1 | — | i 33 | |||||||||||
Total
operating expenses | i 1,128 | i 1,059 | i 2,312 | i 2,251 | |||||||||||
Gains
on Sales of Other Assets and Other, net | — | i 1 | — | i 2 | |||||||||||
Operating
Income | i 259 | i 233 | i 559 | i 502 | |||||||||||
Other
Income and Expenses, net | i 24 | i 19 | i 48 | i 37 | |||||||||||
Interest
Expense | i 81 | i 78 | i 158 | i 159 | |||||||||||
Income
Before Income Taxes | i 202 | i 174 | i 449 | i 380 | |||||||||||
Income
Tax Expense | i 33 | i 35 | i 77 | i 64 | |||||||||||
Net
Income and Comprehensive Income | $ | i 169 | $ | i 139 | $ | i 372 | $ | i 316 |
FINANCIAL STATEMENTS |
(in
millions) | |||||||
ASSETS | |||||||
Current Assets | |||||||
Cash
and cash equivalents | $ | i 28 | $ | i 23 | |||
Receivables
(net of allowance for doubtful accounts of $2 at 2019 and 2018) | i 53 | i 75 | |||||
Receivables
of VIEs (net of allowance for doubtful accounts of $5 at 2019 and 2018) | i 518 | i 547 | |||||
Receivables
from affiliated companies | i 40 | i 23 | |||||
Inventory | i 980 | i 954 | |||||
Regulatory
assets | i 572 | i 703 | |||||
Other | i 34 | i 62 | |||||
Total
current assets | i 2,225 | i 2,387 | |||||
Property,
Plant and Equipment | |||||||
Cost | i 33,288 | i 31,459 | |||||
Accumulated
depreciation and amortization | ( i 11,728 | ) | ( i 11,423 | ) | |||
Generation
facilities to be retired, net | i 317 | i 362 | |||||
Net
property, plant and equipment | i 21,877 | i 20,398 | |||||
Other
Noncurrent Assets | |||||||
Regulatory assets | i 4,124 | i 4,111 | |||||
Nuclear
decommissioning trust funds | i 2,833 | i 2,503 | |||||
Operating
lease right-of-use assets, net | i 407 | — | |||||
Other | i 586 | i 612 | |||||
Total
other noncurrent assets | i 7,950 | i 7,226 | |||||
Total
Assets | $ | i 32,052 | $ | i 30,011 | |||
LIABILITIES
AND EQUITY | |||||||
Current Liabilities | |||||||
Accounts payable | $ | i 315 | $ | i 660 | |||
Accounts
payable to affiliated companies | i 182 | i 278 | |||||
Notes
payable to affiliated companies | i 127 | i 294 | |||||
Taxes
accrued | i 106 | i 53 | |||||
Interest
accrued | i 110 | i 116 | |||||
Current
maturities of long-term debt | i 6 | i 603 | |||||
Asset
retirement obligations | i 413 | i 509 | |||||
Regulatory
liabilities | i 167 | i 178 | |||||
Other | i 395 | i 408 | |||||
Total
current liabilities | i 1,821 | i 3,099 | |||||
Long-Term
Debt | i 8,893 | i 7,451 | |||||
Long-Term
Debt Payable to Affiliated Companies | i 150 | i 150 | |||||
Other
Noncurrent Liabilities | |||||||
Deferred income taxes | i 2,181 | i 2,119 | |||||
Asset
retirement obligations | i 5,203 | i 4,311 | |||||
Regulatory
liabilities | i 4,150 | i 3,955 | |||||
Operating
lease liabilities | i 377 | — | |||||
Accrued pension and other post-retirement benefit costs | i 232 | i 237 | |||||
Investment
tax credits | i 141 | i 142 | |||||
Other | i 91 | i 106 | |||||
Total
other noncurrent liabilities | i 12,375 | i 10,870 | |||||
Commitments
and Contingencies | |||||||
Equity | |||||||
Member's Equity | i 8,813 | i 8,441 | |||||
Total
Liabilities and Equity | $ | i 32,052 | $ | i 30,011 |
FINANCIAL STATEMENTS |
Six
Months Ended | |||||||
June 30, | |||||||
(in millions) | 2019 | 2018 | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
Net
income | $ | i 372 | $ | i 316 | |||
Adjustments
to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization (including amortization of nuclear fuel) | i 634 | i 565 | |||||
Equity
component of AFUDC | ( i 28 | ) | ( i 26 | ) | |||
Gains
on sales of other assets | — | ( i 2 | ) | ||||
Impairment charges | — | i 33 | |||||
Deferred
income taxes | i 26 | i 53 | |||||
Accrued
pension and other post-retirement benefit costs | i 1 | i 7 | |||||
Contributions
to qualified pension plans | — | ( i 25 | ) | ||||
Payments for asset retirement obligations | ( i 166 | ) | ( i 89 | ) | |||
Other
rate case adjustments | — | i 37 | |||||
Provision for rate refunds | i 10 | i 65 | |||||
(Increase)
decrease in | |||||||
Net realized and unrealized mark-to-market and hedging transactions | ( i 5 | ) | i 6 | ||||
Receivables | i 58 | ( i 104 | ) | ||||
Receivables
from affiliated companies | ( i 17 | ) | i 2 | ||||
Inventory | ( i 26 | ) | i 41 | ||||
Other
current assets | i 115 | ( i 111 | ) | ||||
Increase
(decrease) in | |||||||
Accounts payable | ( i 223 | ) | ( i 17 | ) | |||
Accounts
payable to affiliated companies | ( i 96 | ) | ( i 4 | ) | |||
Taxes
accrued | i 53 | i 26 | |||||
Other
current liabilities | ( i 74 | ) | ( i 38 | ) | |||
Other
assets | — | i 10 | |||||
Other liabilities | i 21 | i 13 | |||||
Net
cash provided by operating activities | i 655 | i 758 | |||||
CASH
FLOWS FROM INVESTING ACTIVITIES | |||||||
Capital expenditures | ( i 1,115 | ) | ( i 996 | ) | |||
Purchases
of debt and equity securities | ( i 473 | ) | ( i 573 | ) | |||
Proceeds
from sales and maturities of debt and equity securities | i 458 | i 556 | |||||
Other | ( i 20 | ) | ( i 45 | ) | |||
Net
cash used in investing activities | ( i 1,150 | ) | ( i 1,058 | ) | |||
CASH
FLOWS FROM FINANCING ACTIVITIES | |||||||
Proceeds from the issuance of long-term debt | i 1,270 | — | |||||
Payments
for the redemption of long-term debt | ( i 602 | ) | — | ||||
Notes payable to affiliated companies | ( i 167 | ) | i 300 | ||||
Other | ( i 1 | ) | ( i 2 | ) | |||
Net
cash provided by financing activities | i 500 | i 298 | |||||
Net
increase (decrease) in cash and cash equivalents | i 5 | ( i 2 | ) | ||||
Cash
and cash equivalents at beginning of period | i 23 | i 20 | |||||
Cash
and cash equivalents at end of period | $ | i 28 | $ | i 18 | |||
Supplemental
Disclosures: | |||||||
Significant non-cash transactions: | |||||||
Accrued capital expenditures | $ | i 112 | $ | i 172 |
FINANCIAL STATEMENTS |
Three
Months Ended | |||
June 30, 2018 and 2019 | |||
Member's | |||
(in millions) | Equity | ||
Balance at March 31, 2018 | $ | i 8,126 | |
Net
income | i 139 | ||
Balance at June 30, 2018 | $ | i 8,265 | |
Balance
at March 31, 2019 | $ | i 8,644 | |
Net income | i 169 | ||
Balance
at June 30, 2019 | $ | i 8,813 | |
Six Months
Ended | |||
June 30, 2018 and 2019 | |||
Member's | |||
(in millions) | Equity | ||
Balance at December 31, 2017 | $ | i 7,949 | |
Net
income | i 316 | ||
Balance at June 30, 2018 | $ | i 8,265 | |
Balance
at December 31, 2018 | $ | i 8,441 | |
Net income | i 372 | ||
Balance
at June 30, 2019 | $ | i 8,813 |
FINANCIAL
STATEMENTS |
Three
Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
(in millions) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Operating
Revenues | $ | i 1,353 | $ | i 1,203 | $ | i 2,439 | $ | i 2,318 | |||||||
Operating
Expenses | |||||||||||||||
Fuel used in electric generation and purchased power | i 509 | i 486 | i 919 | i 953 | |||||||||||
Operation,
maintenance and other | i 244 | i 237 | i 474 | i 474 | |||||||||||
Depreciation
and amortization | i 175 | i 144 | i 340 | i 294 | |||||||||||
Property
and other taxes | i 103 | i 91 | i 196 | i 179 | |||||||||||
Total
operating expenses | i 1,031 | i 958 | i 1,929 | i 1,900 | |||||||||||
Losses
on Sales of Other Assets and Other, net | ( i 1 | ) | — | ( i 1 | ) | — | |||||||||
Operating
Income | i 321 | i 245 | i 509 | i 418 | |||||||||||
Other
Income and Expenses, net | i 12 | i 26 | i 25 | i 47 | |||||||||||
Interest
Expense | i 83 | i 66 | i 165 | i 137 | |||||||||||
Income
Before Income Taxes | i 250 | i 205 | i 369 | i 328 | |||||||||||
Income
Tax Expense | i 49 | i 37 | i 72 | i 57 | |||||||||||
Net
Income | $ | i 201 | $ | i 168 | $ | i 297 | $ | i 271 | |||||||
Other
Comprehensive Income (Loss), net of tax | |||||||||||||||
Unrealized (losses) gains on available-for-sale securities | — | ( i 1 | ) | i 1 | ( i 1 | ) | |||||||||
Comprehensive
Income | $ | i 201 | $ | i 167 | $ | i 298 | $ | i 270 |
FINANCIAL STATEMENTS |
(in
millions) | |||||||
ASSETS | |||||||
Current Assets | |||||||
Cash
and cash equivalents | $ | i 16 | $ | i 36 | |||
Receivables
(net of allowance for doubtful accounts of $3 at 2019 and 2018) | i 84 | i 143 | |||||
Receivables
of VIEs (net of allowance for doubtful accounts of $3 at 2019 and 2018) | i 480 | i 362 | |||||
Receivables
from affiliated companies | i 18 | i 28 | |||||
Inventory | i 499 | i 504 | |||||
Regulatory
assets (includes $52 at 2019 and 2018 related to VIEs) | i 452 | i 434 | |||||
Other
(includes $31 at 2019 and $39 at 2018 related to VIEs) | i 46 | i 46 | |||||
Total
current assets | i 1,595 | i 1,553 | |||||
Property,
Plant and Equipment | |||||||
Cost | i 19,461 | i 18,792 | |||||
Accumulated
depreciation and amortization | ( i 5,073 | ) | ( i 4,968 | ) | |||
Net
property, plant and equipment | i 14,388 | i 13,824 | |||||
Other
Noncurrent Assets | |||||||
Regulatory assets (includes $1,019 at 2019 and $1,041 at 2018 related to VIEs) | i 2,299 | i 2,454 | |||||
Nuclear
decommissioning trust funds | i 729 | i 659 | |||||
Operating
lease right-of-use assets, net | i 432 | — | |||||
Other | i 311 | i 311 | |||||
Total
other noncurrent assets | i 3,771 | i 3,424 | |||||
Total
Assets | $ | i 19,754 | $ | i 18,801 | |||
LIABILITIES
AND EQUITY | |||||||
Current Liabilities | |||||||
Accounts payable | $ | i 403 | $ | i 511 | |||
Accounts
payable to affiliated companies | i 62 | i 91 | |||||
Notes
payable to affiliated companies | i 477 | i 108 | |||||
Taxes
accrued | i 148 | i 74 | |||||
Interest
accrued | i 70 | i 75 | |||||
Current
maturities of long-term debt (includes $54 at 2019 and $53 at 2018 related to VIEs) | i 671 | i 270 | |||||
Asset
retirement obligations | i 3 | i 5 | |||||
Regulatory
liabilities | i 83 | i 102 | |||||
Other | i 461 | i 406 | |||||
Total
current liabilities | i 2,378 | i 1,642 | |||||
Long-Term
Debt (includes $1,332 at 2019 and $1,336 at 2018 related to VIEs) | i 6,542 | i 7,051 | |||||
Other
Noncurrent Liabilities | |||||||
Deferred income taxes | i 2,105 | i 1,986 | |||||
Asset
retirement obligations | i 574 | i 586 | |||||
Regulatory
liabilities | i 1,040 | i 1,094 | |||||
Operating
lease liabilities | i 370 | — | |||||
Accrued pension and other post-retirement benefit costs | i 248 | i 254 | |||||
Other | i 104 | i 93 | |||||
Total
other noncurrent liabilities | i 4,441 | i 4,013 | |||||
Commitments
and Contingencies | |||||||
Equity | |||||||
Member's equity | i 6,394 | i 6,097 | |||||
Accumulated
other comprehensive loss | ( i 1 | ) | ( i 2 | ) | |||
Total
equity | i 6,393 | i 6,095 | |||||
Total
Liabilities and Equity | $ | i 19,754 | $ | i 18,801 |
FINANCIAL STATEMENTS |
Six
Months Ended | |||||||
June 30, | |||||||
(in millions) | 2019 | 2018 | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
Net
income | $ | i 297 | $ | i 271 | |||
Adjustments
to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation, amortization and accretion | i 423 | i 374 | |||||
Equity
component of AFUDC | ( i 2 | ) | ( i 26 | ) | |||
Losses
on sales of other assets | i 1 | — | |||||
Deferred income taxes | i 82 | i 206 | |||||
Accrued
pension and other post-retirement benefit costs | i 5 | i 3 | |||||
Contributions
to qualified pension plans | — | ( i 20 | ) | ||||
Payments for asset retirement obligations | ( i 17 | ) | ( i 19 | ) | |||
(Increase)
decrease in | |||||||
Net realized and unrealized mark-to-market and hedging transactions | i 2 | i 6 | |||||
Receivables | ( i 101 | ) | ( i 92 | ) | |||
Receivables
from affiliated companies | i 10 | ( i 4 | ) | ||||
Inventory | i 1 | i 28 | |||||
Other
current assets | i 8 | ( i 114 | ) | ||||
Increase
(decrease) in | |||||||
Accounts payable | i 27 | i 34 | |||||
Accounts
payable to affiliated companies | ( i 29 | ) | ( i 11 | ) | |||
Taxes
accrued | i 74 | i 81 | |||||
Other
current liabilities | ( i 80 | ) | ( i 21 | ) | |||
Other
assets | ( i 81 | ) | ( i 196 | ) | |||
Other
liabilities | ( i 9 | ) | ( i 10 | ) | |||
Net
cash provided by operating activities | i 611 | i 490 | |||||
CASH
FLOWS FROM INVESTING ACTIVITIES | |||||||
Capital expenditures | ( i 873 | ) | ( i 731 | ) | |||
Purchases
of debt and equity securities | ( i 621 | ) | ( i 239 | ) | |||
Proceeds
from sales and maturities of debt and equity securities | i 631 | i 264 | |||||
Notes
receivable from affiliated companies | — | ( i 110 | ) | ||||
Other | ( i 37 | ) | ( i 35 | ) | |||
Net
cash used in investing activities | ( i 900 | ) | ( i 851 | ) | |||
CASH
FLOWS FROM FINANCING ACTIVITIES | |||||||
Proceeds from the issuance of long-term debt | i 25 | i 989 | |||||
Payments
for the redemption of long-term debt | ( i 136 | ) | ( i 635 | ) | |||
Notes
payable to affiliated companies | i 369 | — | |||||
Other | i 3 | ( i 1 | ) | ||||
Net
cash provided by financing activities | i 261 | i 353 | |||||
Net
decrease in cash, cash equivalents and restricted cash | ( i 28 | ) | ( i 8 | ) | |||
Cash,
cash equivalents and restricted cash at beginning of period | i 75 | i 53 | |||||
Cash,
cash equivalents and restricted cash at end of period | $ | i 47 | $ | i 45 | |||
Supplemental
Disclosures: | |||||||
Significant non-cash transactions: | |||||||
Accrued capital expenditures | $ | i 166 | $ | i 194 |
FINANCIAL STATEMENTS |
Three
Months Ended June 30, 2018 and 2019 | |||||||||||
Accumulated | |||||||||||
Other | |||||||||||
Comprehensive | |||||||||||
Income
(Loss) | |||||||||||
Net Unrealized | |||||||||||
Gains (Losses) on | |||||||||||
Member's | Available-for-Sale | Total | |||||||||
(in
millions) | Equity | Securities | Equity | ||||||||
Balance at March 31, 2018 | $ | i 5,723 | $ | ( i 2 | ) | $ | i 5,721 | ||||
Net
income | i 168 | — | i 168 | ||||||||
Other
comprehensive loss | — | ( i 1 | ) | ( i 1 | ) | ||||||
Other(a) | ( i 1 | ) | i 1 | i — | |||||||
Balance
at June 30, 2018 | $ | i 5,890 | $ | ( i 2 | ) | $ | i 5,888 | ||||
Balance
at March 31, 2019 | $ | i 6,193 | $ | ( i 1 | ) | $ | i 6,192 | ||||
Net
income | i 201 | — | i 201 | ||||||||
Balance
at June 30, 2019 | $ | i 6,394 | $ | ( i 1 | ) | $ | i 6,393 | ||||
Six
Months Ended June 30, 2018 and 2019 | |||||||||||
Accumulated | |||||||||||
Other | |||||||||||
Comprehensive | |||||||||||
Income
(Loss) | |||||||||||
Net Unrealized | |||||||||||
Gains (Losses) on | |||||||||||
Member's | Available-for-Sale | Total | |||||||||
(in
millions) | Equity | Securities | Equity | ||||||||
Balance at December 31, 2017 | $ | i 5,614 | $ | i 4 | $ | i 5,618 | |||||
Net
income | i 271 | — | i 271 | ||||||||
Other
comprehensive loss | — | ( i 1 | ) | ( i 1 | ) | ||||||
Other(a) | i 5 | ( i 5 | ) | i — | |||||||
Balance
at June 30, 2018 | $ | i 5,890 | $ | ( i 2 | ) | $ | i 5,888 | ||||
Balance
at December 31, 2018 | $ | i 6,097 | $ | ( i 2 | ) | $ | i 6,095 | ||||
Net
income | i 297 | — | i 297 | ||||||||
Other
comprehensive income | — | i 1 | i 1 | ||||||||
Balance
at June 30, 2019 | $ | i 6,394 | $ | ( i 1 | ) | $ | i 6,393 |
(a) | Amounts
in Member's Equity and Accumulated Other Comprehensive Income (Loss) represent a cumulative-effect adjustment due to implementation of a new accounting standard related to Financial Instruments Classification and Measurement. |
FINANCIAL STATEMENTS |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
(in
millions) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Operating Revenues | |||||||||||||||
Regulated
electric | $ | i 336 | $ | i 346 | $ | i 691 | $ | i 682 | |||||||
Regulated
natural gas | i 97 | i 103 | i 273 | i 277 | |||||||||||
Nonregulated
electric and other | — | i 10 | — | i 24 | |||||||||||
Total
operating revenues | i 433 | i 459 | i 964 | i 983 | |||||||||||
Operating
Expenses | |||||||||||||||
Fuel used in electric generation and purchased power – regulated | i 86 | i 93 | i 179 | i 185 | |||||||||||
Fuel
used in electric generation and purchased power – nonregulated | — | i 14 | — | i 29 | |||||||||||
Cost
of natural gas | i 10 | i 15 | i 64 | i 69 | |||||||||||
Operation,
maintenance and other | i 123 | i 130 | i 255 | i 261 | |||||||||||
Depreciation
and amortization | i 66 | i 62 | i 130 | i 132 | |||||||||||
Property
and other taxes | i 74 | i 68 | i 158 | i 145 | |||||||||||
Total
operating expenses | i 359 | i 382 | i 786 | i 821 | |||||||||||
Losses
on Sales of Other Assets and Other, net | — | — | — | ( i 106 | ) | ||||||||||
Operating
Income | i 74 | i 77 | i 178 | i 56 | |||||||||||
Other
Income and Expenses, net | i 6 | i 8 | i 15 | i 14 | |||||||||||
Interest
Expense | i 24 | i 23 | i 54 | i 45 | |||||||||||
Income
Before Income Taxes | i 56 | i 62 | i 139 | i 25 | |||||||||||
Income
Tax Expense | i 9 | i 16 | i 23 | i 4 | |||||||||||
Net
Income and Comprehensive Income | $ | i 47 | $ | i 46 | $ | i 116 | $ | i 21 |
FINANCIAL STATEMENTS |
(in
millions) | |||||||
ASSETS | |||||||
Current Assets | |||||||
Cash
and cash equivalents | $ | i 8 | $ | i 21 | |||
Receivables
(net of allowance for doubtful accounts of $3 at 2019 and $2 at 2018) | i 80 | i 102 | |||||
Receivables
from affiliated companies | i 50 | i 114 | |||||
Inventory | i 124 | i 126 | |||||
Regulatory
assets | i 47 | i 33 | |||||
Other | i 32 | i 24 | |||||
Total
current assets | i 341 | i 420 | |||||
Property,
Plant and Equipment | |||||||
Cost | i 9,776 | i 9,360 | |||||
Accumulated
depreciation and amortization | ( i 2,761 | ) | ( i 2,717 | ) | |||
Net
property, plant and equipment | i 7,015 | i 6,643 | |||||
Other
Noncurrent Assets | |||||||
Goodwill | i 920 | i 920 | |||||
Regulatory
assets | i 545 | i 531 | |||||
Operating
lease right-of-use assets, net | i 22 | — | |||||
Other | i 46 | i 41 | |||||
Total
other noncurrent assets | i 1,533 | i 1,492 | |||||
Total
Assets | $ | i 8,889 | $ | i 8,555 | |||
LIABILITIES
AND EQUITY | |||||||
Current Liabilities | |||||||
Accounts payable | $ | i 257 | $ | i 316 | |||
Accounts
payable to affiliated companies | i 78 | i 78 | |||||
Notes
payable to affiliated companies | i 203 | i 274 | |||||
Taxes
accrued | i 135 | i 202 | |||||
Interest
accrued | i 31 | i 22 | |||||
Current
maturities of long-term debt | i 100 | i 551 | |||||
Asset
retirement obligations | i 6 | i 6 | |||||
Regulatory
liabilities | i 67 | i 57 | |||||
Other | i 76 | i 74 | |||||
Total
current liabilities | i 953 | i 1,580 | |||||
Long-Term
Debt | i 2,384 | i 1,589 | |||||
Long-Term
Debt Payable to Affiliated Companies | i 25 | i 25 | |||||
Other
Noncurrent Liabilities | |||||||
Deferred income taxes | i 872 | i 817 | |||||
Asset
retirement obligations | i 83 | i 87 | |||||
Regulatory
liabilities | i 802 | i 840 | |||||
Operating
lease liabilities | i 21 | — | |||||
Accrued pension and other post-retirement benefit costs | i 94 | i 79 | |||||
Other | i 94 | i 93 | |||||
Total
other noncurrent liabilities | i 1,966 | i 1,916 | |||||
Commitments
and Contingencies | |||||||
Equity | |||||||
Common stock, $8.50 par value, 120 million shares authorized; 90 million shares outstanding at 2019 and 2018 | i 762 | i 762 | |||||
Additional
paid-in capital | i 2,776 | i 2,776 | |||||
Retained
Earnings (Accumulated deficit) | i 23 | ( i 93 | ) | ||||
Total
equity | i 3,561 | i 3,445 | |||||
Total
Liabilities and Equity | $ | i 8,889 | $ | i 8,555 |
FINANCIAL STATEMENTS |
Six
Months Ended | |||||||
June 30, | |||||||
(in millions) | 2019 | 2018 | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
Net
income | $ | i 116 | $ | i 21 | |||
Adjustments
to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | i 132 | i 134 | |||||
Equity
component of AFUDC | ( i 7 | ) | ( i 8 | ) | |||
Losses
on sales of other assets | — | i 106 | |||||
Deferred income taxes | i 45 | ( i 2 | ) | ||||
Accrued
pension and other post-retirement benefit costs | — | i 2 | |||||
Payments for asset retirement obligations | ( i 5 | ) | ( i 2 | ) | |||
Provision
for rate refunds | i 3 | i 19 | |||||
(Increase)
decrease in | |||||||
Receivables | i 24 | ( i 7 | ) | ||||
Receivables
from affiliated companies | i 64 | i 62 | |||||
Inventory | i 2 | i 9 | |||||
Other
current assets | ( i 13 | ) | i 24 | ||||
Increase
(decrease) in | |||||||
Accounts payable | ( i 44 | ) | ( i 34 | ) | |||
Accounts
payable to affiliated companies | — | ( i 15 | ) | ||||
Taxes accrued | ( i 67 | ) | ( i 63 | ) | |||
Other
current liabilities | i 2 | i 8 | |||||
Other
assets | ( i 18 | ) | ( i 7 | ) | |||
Other
liabilities | ( i 15 | ) | ( i 18 | ) | |||
Net
cash provided by operating activities | i 219 | i 229 | |||||
CASH
FLOWS FROM INVESTING ACTIVITIES | |||||||
Capital expenditures | ( i 473 | ) | ( i 392 | ) | |||
Notes
receivable from affiliated companies | — | i 14 | |||||
Other | ( i 31 | ) | ( i 43 | ) | |||
Net
cash used in investing activities | ( i 504 | ) | ( i 421 | ) | |||
CASH
FLOWS FROM FINANCING ACTIVITIES | |||||||
Proceeds from the issuance of long-term debt | i 794 | — | |||||
Payments
for the redemption of long-term debt | ( i 451 | ) | ( i 3 | ) | |||
Notes
payable to affiliated companies | ( i 71 | ) | i 190 | ||||
Net
cash provided by financing activities | i 272 | i 187 | |||||
Net
decrease in cash and cash equivalents | ( i 13 | ) | ( i 5 | ) | |||
Cash
and cash equivalents at beginning of period | i 21 | i 12 | |||||
Cash
and cash equivalents at end of period | $ | i 8 | $ | i 7 | |||
Supplemental
Disclosures: | |||||||
Significant non-cash transactions: | |||||||
Accrued capital expenditures | $ | i 93 | $ | i 70 | |||
Non-cash
equity contribution from parent | — | i 106 |
FINANCIAL STATEMENTS |
Three
Months Ended June 30, 2018 and 2019 | |||||||||||||||
Additional | Retained | ||||||||||||||
Common | Paid-in | Earnings | Total | ||||||||||||
(in
millions) | Stock | Capital | (Deficit) | Equity | |||||||||||
Balance at March 31, 2018 | $ | i 762 | $ | i 2,670 | $ | ( i 294 | ) | $ | i 3,138 | ||||||
Net
income | — | — | i 46 | i 46 | |||||||||||
Contribution
from parent(a) | — | i 106 | — | i 106 | |||||||||||
Balance
at June 30, 2018 | $ | i 762 | $ | i 2,776 | $ | ( i 248 | ) | $ | i 3,290 | ||||||
Balance
at March 31, 2019 | $ | i 762 | $ | i 2,776 | $ | ( i 24 | ) | $ | i 3,514 | ||||||
Net
income | — | — | i 47 | i 47 | |||||||||||
Balance
at June 30, 2019 | $ | i 762 | $ | i 2,776 | $ | i 23 | $ | i 3,561 | |||||||
Six
Months Ended June 30, 2018 and 2019 | |||||||||||||||
Additional | Retained | ||||||||||||||
Common | Paid-in | Earnings | Total | ||||||||||||
(in
millions) | Stock | Capital | (Deficit) | Equity | |||||||||||
Balance at December 31, 2017 | $ | i 762 | $ | i 2,670 | $ | ( i 269 | ) | $ | i 3,163 | ||||||
Net
income | — | — | i 21 | i 21 | |||||||||||
Contribution
from parent(a) | — | i 106 | — | i 106 | |||||||||||
Balance
at June 30, 2018 | $ | i 762 | $ | i 2,776 | $ | ( i 248 | ) | $ | i 3,290 | ||||||
Balance
at December 31, 2018 | $ | i 762 | $ | i 2,776 | $ | ( i 93 | ) | $ | i 3,445 | ||||||
Net
income | — | — | i 116 | i 116 | |||||||||||
Balance
at June 30, 2019 | $ | i 762 | $ | i 2,776 | $ | i 23 | $ | i 3,561 |
(a) | Represents
a non-cash settlement through equity of an intercompany payable from Duke Energy Ohio to its parent. |
FINANCIAL STATEMENTS |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
(in
millions) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Operating Revenues | $ | i 714 | $ | i 738 | $ | i 1,482 | $ | i 1,469 | |||||||
Operating
Expenses | |||||||||||||||
Fuel used in electric generation and purchased power | i 229 | i 226 | i 486 | i 458 | |||||||||||
Operation,
maintenance and other | i 188 | i 197 | i 377 | i 378 | |||||||||||
Depreciation
and amortization | i 132 | i 126 | i 263 | i 256 | |||||||||||
Property
and other taxes | i 20 | i 20 | i 39 | i 40 | |||||||||||
Total
operating expenses | i 569 | i 569 | i 1,165 | i 1,132 | |||||||||||
Gains
on Sales of Other Assets and Other, net | i 3 | — | — | — | |||||||||||
Operating
Income | i 148 | i 169 | i 317 | i 337 | |||||||||||
Other
Income and Expenses, net | i 8 | i 6 | i 27 | i 13 | |||||||||||
Interest
Expense | i 28 | i 43 | i 71 | i 83 | |||||||||||
Income
Before Income Taxes | i 128 | i 132 | i 273 | i 267 | |||||||||||
Income
Tax Expense | i 31 | i 34 | i 66 | i 69 | |||||||||||
Net
Income and Comprehensive Income | $ | i 97 | $ | i 98 | $ | i 207 | $ | i 198 |
FINANCIAL STATEMENTS |
(in
millions) | |||||||
ASSETS | |||||||
Current Assets | |||||||
Cash
and cash equivalents | $ | i 12 | $ | i 24 | |||
Receivables
(net of allowance for doubtful accounts of $3 at 2019 and $2 at 2018) | i 49 | i 52 | |||||
Receivables
from affiliated companies | i 83 | i 122 | |||||
Inventory | i 463 | i 422 | |||||
Regulatory
assets | i 130 | i 175 | |||||
Other | i 42 | i 35 | |||||
Total
current assets | i 779 | i 830 | |||||
Property,
Plant and Equipment | |||||||
Cost | i 15,831 | i 15,443 | |||||
Accumulated
depreciation and amortization | ( i 5,104 | ) | ( i 4,914 | ) | |||
Net
property, plant and equipment | i 10,727 | i 10,529 | |||||
Other
Noncurrent Assets | |||||||
Regulatory assets | i 1,038 | i 982 | |||||
Operating
lease right-of-use assets, net | i 60 | — | |||||
Other | i 203 | i 194 | |||||
Total
other noncurrent assets | i 1,301 | i 1,176 | |||||
Total
Assets | $ | i 12,807 | $ | i 12,535 | |||
LIABILITIES
AND EQUITY | |||||||
Current Liabilities | |||||||
Accounts payable | $ | i 224 | $ | i 200 | |||
Accounts
payable to affiliated companies | i 66 | i 83 | |||||
Notes
payable to affiliated companies | i 165 | i 167 | |||||
Taxes
accrued | i 25 | i 43 | |||||
Interest
accrued | i 59 | i 58 | |||||
Current
maturities of long-term debt | i 3 | i 63 | |||||
Asset
retirement obligations | i 115 | i 109 | |||||
Regulatory
liabilities | i 24 | i 25 | |||||
Other | i 120 | i 107 | |||||
Total
current liabilities | i 801 | i 855 | |||||
Long-Term
Debt | i 3,570 | i 3,569 | |||||
Long-Term
Debt Payable to Affiliated Companies | i 150 | i 150 | |||||
Other
Noncurrent Liabilities | |||||||
Deferred income taxes | i 1,084 | i 1,009 | |||||
Asset
retirement obligations | i 604 | i 613 | |||||
Regulatory
liabilities | i 1,693 | i 1,722 | |||||
Operating
lease liabilities | i 56 | — | |||||
Accrued pension and other post-retirement benefit costs | i 142 | i 115 | |||||
Investment
tax credits | i 147 | i 147 | |||||
Other | i 14 | i 16 | |||||
Total
other noncurrent liabilities | i 3,740 | i 3,622 | |||||
Commitments
and Contingencies | |||||||
Equity | |||||||
Member's Equity | i 4,546 | i 4,339 | |||||
Total
Liabilities and Equity | $ | i 12,807 | $ | i 12,535 |
FINANCIAL STATEMENTS |
Six
Months Ended | |||||||
June 30, | |||||||
(in millions) | 2019 | 2018 | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
Net
income | $ | i 207 | $ | i 198 | |||
Adjustments
to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation, amortization and accretion | i 265 | i 258 | |||||
Equity
component of AFUDC | ( i 9 | ) | ( i 7 | ) | |||
Deferred
income taxes | i 60 | i 36 | |||||
Accrued
pension and other post-retirement benefit costs | i 2 | i 3 | |||||
Contributions
to qualified pension plans | — | ( i 8 | ) | ||||
Payments for asset retirement obligations | ( i 17 | ) | ( i 21 | ) | |||
Provision
for rate refunds | — | i 49 | |||||
(Increase) decrease in | |||||||
Receivables | i 5 | i 2 | |||||
Receivables
from affiliated companies | i 39 | i 36 | |||||
Inventory | ( i 41 | ) | ( i 20 | ) | |||
Other
current assets | i 48 | ( i 35 | ) | ||||
Increase
(decrease) in | |||||||
Accounts payable | i 26 | i 33 | |||||
Accounts
payable to affiliated companies | ( i 17 | ) | ( i 19 | ) | |||
Taxes
accrued | ( i 18 | ) | ( i 41 | ) | |||
Other
current liabilities | ( i 13 | ) | i 3 | ||||
Other
assets | ( i 34 | ) | i 20 | ||||
Other
liabilities | i 14 | ( i 21 | ) | ||||
Net
cash provided by operating activities | i 517 | i 466 | |||||
CASH
FLOWS FROM INVESTING ACTIVITIES | |||||||
Capital expenditures | ( i 443 | ) | ( i 416 | ) | |||
Purchases
of debt and equity securities | ( i 14 | ) | ( i 34 | ) | |||
Proceeds
from sales and maturities of debt and equity securities | i 11 | i 13 | |||||
Other | ( i 21 | ) | i 2 | ||||
Net
cash used in investing activities | ( i 467 | ) | ( i 435 | ) | |||
CASH
FLOWS FROM FINANCING ACTIVITIES | |||||||
Payments for the redemption of long-term debt | ( i 60 | ) | — | ||||
Notes
payable to affiliated companies | ( i 2 | ) | i 60 | ||||
Distributions
to parent | — | ( i 75 | ) | ||||
Other | — | ( i 1 | ) | ||||
Net
cash used in financing activities | ( i 62 | ) | ( i 16 | ) | |||
Net
(decrease) increase in cash and cash equivalents | ( i 12 | ) | i 15 | ||||
Cash
and cash equivalents at beginning of period | i 24 | i 9 | |||||
Cash
and cash equivalents at end of period | $ | i 12 | $ | i 24 | |||
Supplemental
Disclosures: | |||||||
Significant non-cash transactions: | |||||||
Accrued capital expenditures | $ | i 84 | $ | i 62 |
FINANCIAL STATEMENTS |
Three
Months Ended | ||||
June 30, 2018 and 2019 | ||||
Member's | ||||
(in millions) | Equity | |||
Balance at March 31, 2018 | $ | i 4,221 | ||
Net
income | i 98 | |||
Distributions to parent | ( i 75 | ) | ||
Balance
at June 30, 2018 | $ | i 4,244 | ||
Balance
at March 31, 2019 | $ | i 4,449 | ||
Net income | i 97 | |||
Balance
at June 30, 2019 | $ | i 4,546 | ||
Six
Months Ended | ||||
June 30, 2018 and 2019 | ||||
Member's | ||||
(in millions) | Equity | |||
Balance at December 31, 2017 | $ | i 4,121 | ||
Net
income | i 198 | |||
Distributions to parent | ( i 75 | ) | ||
Balance
at June 30, 2018 | $ | i 4,244 | ||
Balance
at December 31, 2018 | $ | i 4,339 | ||
Net income | i 207 | |||
Balance
at June 30, 2019 | $ | i 4,546 |
FINANCIAL
STATEMENTS |
Three
Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
(in millions) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Operating
Revenues | $ | i 209 | $ | i 215 | $ | i 788 | $ | i 768 | |||||||
Operating
Expenses | |||||||||||||||
Cost of natural gas | i 65 | i 74 | i 338 | i 333 | |||||||||||
Operation,
maintenance and other | i 83 | i 85 | i 163 | i 167 | |||||||||||
Depreciation
and amortization | i 42 | i 39 | i 84 | i 78 | |||||||||||
Property
and other taxes | i 13 | i 12 | i 25 | i 24 | |||||||||||
Total
operating expenses | i 203 | i 210 | i 610 | i 602 | |||||||||||
Operating
Income | i 6 | i 5 | i 178 | i 166 | |||||||||||
Other
Income and Expenses, net | i 6 | i 4 | i 12 | i 9 | |||||||||||
Interest
Expense | i 21 | i 20 | i 43 | i 41 | |||||||||||
(Loss)
Income Before Income Taxes | ( i 9 | ) | ( i 11 | ) | i 147 | i 134 | |||||||||
Income
Tax (Benefit) Expense | ( i 2 | ) | ( i 3 | ) | i 32 | i 32 | |||||||||
Net
(Loss) Income and Comprehensive (Loss) Income | $ | ( i 7 | ) | $ | ( i 8 | ) | $ | i 115 | $ | i 102 |
FINANCIAL STATEMENTS |
(in
millions) | |||||||
ASSETS | |||||||
Current Assets | |||||||
Receivables
(net of allowance for doubtful accounts of $2 at 2019 and 2018) | $ | i 100 | $ | i 266 | |||
Receivables
from affiliated companies | i 17 | i 22 | |||||
Notes
receivable from affiliated companies | i 16 | — | |||||
Inventory | i 33 | i 70 | |||||
Regulatory
assets | i 30 | i 54 | |||||
Other | i 57 | i 19 | |||||
Total
current assets | i 253 | i 431 | |||||
Property,
Plant and Equipment | |||||||
Cost | i 7,966 | i 7,486 | |||||
Accumulated
depreciation and amortization | ( i 1,620 | ) | ( i 1,575 | ) | |||
Net
property, plant and equipment | i 6,346 | i 5,911 | |||||
Other
Noncurrent Assets | |||||||
Goodwill | i 49 | i 49 | |||||
Regulatory
assets | i 280 | i 303 | |||||
Operating
lease right-of-use assets, net | i 26 | — | |||||
Investments in equity method unconsolidated affiliates | i 81 | i 64 | |||||
Other | i 60 | i 52 | |||||
Total
other noncurrent assets | i 496 | i 468 | |||||
Total
Assets | $ | i 7,095 | $ | i 6,810 | |||
LIABILITIES
AND EQUITY | |||||||
Current Liabilities | |||||||
Accounts payable | $ | i 156 | $ | i 203 | |||
Accounts
payable to affiliated companies | i 52 | i 38 | |||||
Notes
payable to affiliated companies | — | i 198 | |||||
Taxes accrued | i 23 | i 84 | |||||
Interest
accrued | i 33 | i 31 | |||||
Current
maturities of long-term debt | — | i 350 | |||||
Regulatory liabilities | i 67 | i 37 | |||||
Other | i 62 | i 58 | |||||
Total
current liabilities | i 393 | i 999 | |||||
Long-Term
Debt | i 2,384 | i 1,788 | |||||
Other
Noncurrent Liabilities | |||||||
Deferred income taxes | i 593 | i 551 | |||||
Asset
retirement obligations | i 19 | i 19 | |||||
Regulatory
liabilities | i 1,174 | i 1,181 | |||||
Operating
lease liabilities | i 25 | — | |||||
Accrued pension and other post-retirement benefit costs | i 6 | i 4 | |||||
Other | i 145 | i 177 | |||||
Total
other noncurrent liabilities | i 1,962 | i 1,932 | |||||
Commitments
and Contingencies | |||||||
Equity | |||||||
Common stock, no par value: 100 shares authorized and outstanding at 2019 and 2018 | i 1,310 | i 1,160 | |||||
Retained
earnings | i 1,046 | i 931 | |||||
Total
equity | i 2,356 | i 2,091 | |||||
Total
Liabilities and Equity | $ | i 7,095 | $ | i 6,810 |
FINANCIAL STATEMENTS |
Six
Months Ended | |||||||
June 30, | |||||||
(in millions) | 2019 | 2018 | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
Net
income | $ | i 115 | $ | i 102 | |||
Adjustments
to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | i 85 | i 79 | |||||
Deferred
income taxes | i 40 | i 4 | |||||
Equity
in earnings from unconsolidated affiliates | ( i 4 | ) | ( i 3 | ) | |||
Accrued
pension and other post-retirement benefit costs | ( i 5 | ) | ( i 2 | ) | |||
Provision
for rate refunds | i 9 | i 27 | |||||
(Increase)
decrease in | |||||||
Receivables | i 168 | i 166 | |||||
Receivables
from affiliated companies | i 5 | ( i 4 | ) | ||||
Inventory | i 37 | i 28 | |||||
Other
current assets | ( i 17 | ) | i 74 | ||||
Increase
(decrease) in | |||||||
Accounts payable | ( i 70 | ) | ( i 32 | ) | |||
Accounts
payable to affiliated companies | i 14 | ( i 12 | ) | ||||
Taxes
accrued | ( i 61 | ) | i 4 | ||||
Other
current liabilities | i 10 | i 28 | |||||
Other
assets | ( i 5 | ) | i 2 | ||||
Other
liabilities | ( i 1 | ) | ( i 2 | ) | |||
Net
cash provided by operating activities | i 320 | i 459 | |||||
CASH
FLOWS FROM INVESTING ACTIVITIES | |||||||
Capital expenditures | ( i 480 | ) | ( i 327 | ) | |||
Contributions
to equity method investments | ( i 16 | ) | — | ||||
Notes receivable from affiliated companies | ( i 16 | ) | ( i 77 | ) | |||
Other | ( i 6 | ) | ( i 2 | ) | |||
Net
cash used in investing activities | ( i 518 | ) | ( i 406 | ) | |||
CASH
FLOWS FROM FINANCING ACTIVITIES | |||||||
Proceeds from the issuance of long-term debt | i 596 | — | |||||
Payments
for the redemption of long-term debt | ( i 350 | ) | — | ||||
Notes payable to affiliated companies | ( i 198 | ) | ( i 364 | ) | |||
Capital
contributions from parent | i 150 | i 300 | |||||
Net
cash provided by (used in) financing activities | i 198 | ( i 64 | ) | ||||
Net
decrease in cash and cash equivalents | — | ( i 11 | ) | ||||
Cash and cash equivalents
at beginning of period | — | i 19 | |||||
Cash and cash equivalents at end of period | $ | — | $ | i 8 | |||
Supplemental
Disclosures: | |||||||
Significant non-cash transactions: | |||||||
Accrued capital expenditures | $ | i 115 | $ | i 73 |
FINANCIAL STATEMENTS |
Three
Months Ended June 30, 2018 and 2019 | |||||||||||
Common | Retained | Total | |||||||||
(in millions) | Stock | Earnings | Equity | ||||||||
Balance
at March 31, 2018 | $ | i 860 | $ | i 912 | $ | i 1,772 | |||||
Net
loss | — | ( i 8 | ) | ( i 8 | ) | ||||||
Contribution
from parent | i 300 | — | i 300 | ||||||||
Balance
at June 30, 2018 | $ | i 1,160 | $ | i 904 | $ | i 2,064 | |||||
Balance
at March 31, 2019 | $ | i 1,160 | $ | i 1,053 | $ | i 2,213 | |||||
Net
loss | — | ( i 7 | ) | ( i 7 | ) | ||||||
Contribution
from parent | i 150 | — | i 150 | ||||||||
Balance
at June 30, 2019 | $ | i 1,310 | $ | i 1,046 | $ | i 2,356 | |||||
Six
Months Ended June 30, 2018 and 2019 | |||||||||||
Common | Retained | Total | |||||||||
(in millions) | Stock | Earnings | Equity | ||||||||
Balance
at December 31, 2017 | $ | i 860 | $ | i 802 | $ | i 1,662 | |||||
Net
income | — | i 102 | i 102 | ||||||||
Contribution
from parent | i 300 | — | i 300 | ||||||||
Balance
at June 30, 2018 | $ | i 1,160 | $ | i 904 | $ | i 2,064 | |||||
Balance
at December 31, 2018 | $ | i 1,160 | $ | i 931 | $ | i 2,091 | |||||
Net
income | — | i 115 | i 115 | ||||||||
Contribution
from parent | i 150 | — | i 150 | ||||||||
Balance
at June 30, 2019 | $ | i 1,310 | $ | i 1,046 | $ | i 2,356 |
FINANCIAL STATEMENTS | ORGANIZATION AND BASIS OF PRESENTATION |
Applicable
Notes | |||||||||||||||||||||||||||||||||||
Registrant | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | |||||||||||||||||
Duke
Energy | • | • | • | • | • | • | • | • | • | • | • | • | • | • | • | • | • | ||||||||||||||||||
Duke
Energy Carolinas | • | • | • | • | • | • | • | • | • | • | • | • | • | • | • | • | |||||||||||||||||||
Progress
Energy | • | • | • | • | • | • | • | • | • | • | • | • | • | • | • | • | • | ||||||||||||||||||
Duke
Energy Progress | • | • | • | • | • | • | • | • | • | • | • | • | • | • | • | • | |||||||||||||||||||
Duke
Energy Florida | • | • | • | • | • | • | • | • | • | • | • | • | • | • | • | • | |||||||||||||||||||
Duke
Energy Ohio | • | • | • | • | • | • | • | • | • | • | • | • | • | • | • | • | |||||||||||||||||||
Duke
Energy Indiana | • | • | • | • | • | • | • | • | • | • | • | • | • | • | • | • | |||||||||||||||||||
Piedmont | • | • | • | • | • | • | • | • | • | • | • | • | • | • | • |
FINANCIAL
STATEMENTS | ORGANIZATION AND BASIS OF PRESENTATION |
Duke | Duke | ||||||||||||||||||
Duke | Progress | Energy | Duke | Progress | Energy | ||||||||||||||
Energy | Energy | Florida | Energy | Energy | Florida | ||||||||||||||
Current
Assets | |||||||||||||||||||
Cash and cash equivalents | $ | i 336 | $ | i 51 | $ | i 16 | $ | i 442 | $ | i 67 | $ | i 36 | |||||||
Other | i 106 | i 31 | i 31 | i 141 | i 39 | i 39 | |||||||||||||
Other
Noncurrent Assets | |||||||||||||||||||
Other | i 39 | i 38 | — | i 8 | i 6 | — | |||||||||||||
Total
cash, cash equivalents and restricted cash | $ | i 481 | $ | i 120 | $ | i 47 | $ | i 591 | $ | i 112 | $ | i 75 |
Duke | Duke | Duke | Duke | Duke | |||||||||||||||||||||||||||
Duke | Energy | Progress | Energy | Energy | Energy | Energy | |||||||||||||||||||||||||
(in
millions) | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont | |||||||||||||||||||||||
Materials
and supplies | $ | i 2,252 | $ | i 749 | $ | i 1,036 | $ | i 709 | $ | i 327 | $ | i 76 | $ | i 323 | $ | i 3 | |||||||||||||||
Coal | i 624 | i 235 | i 234 | i 160 | i 74 | i 17 | i 139 | — | |||||||||||||||||||||||
Natural
gas, oil and other fuel | i 313 | i 41 | i 210 | i 111 | i 98 | i 31 | i 1 | i 30 | |||||||||||||||||||||||
Total
inventory | $ | i 3,189 | $ | i 1,025 | $ | i 1,480 | $ | i 980 | $ | i 499 | $ | i 124 | $ | i 463 | $ | i 33 |
Duke | Duke | Duke | Duke | Duke | |||||||||||||||||||||||||||
Duke | Energy | Progress | Energy | Energy | Energy | Energy | |||||||||||||||||||||||||
(in
millions) | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont | |||||||||||||||||||||||
Materials
and supplies | $ | i 2,238 | $ | i 731 | $ | i 1,049 | $ | i 734 | $ | i 315 | $ | i 84 | $ | i 312 | $ | i 2 | |||||||||||||||
Coal | i 491 | i 175 | i 192 | i 106 | i 86 | i 14 | i 109 | — | |||||||||||||||||||||||
Natural
gas, oil and other fuel | i 355 | i 42 | i 218 | i 114 | i 103 | i 28 | i 1 | i 68 | |||||||||||||||||||||||
Total
inventory | $ | i 3,084 | $ | i 948 | $ | i 1,459 | $ | i 954 | $ | i 504 | $ | i 126 | $ | i 422 | $ | i 70 |
FINANCIAL
STATEMENTS | ORGANIZATION AND BASIS OF PRESENTATION |
Practical Expedient | Description |
Package of transition
practical expedients (for leases commenced prior to adoption date and must be adopted as a package) | Do not need to 1) reassess whether any expired or existing contracts are/or contain leases, 2) reassess the lease classification for any expired or existing leases and 3) reassess initial direct costs for any existing leases. |
Short-term lease expedient (elect by class of underlying asset) | Elect as an accounting policy to not apply the recognition requirements to short-term leases by asset class. |
Lease and non-lease components (elect by class of underlying asset) | Elect as an accounting policy to not separate non-lease components from lease components
and instead account for each lease and associated non-lease component as a single lease component by asset class. |
Hindsight expedient (when determining lease term) | Elect to use hindsight to determine the lease term. |
Existing and expired land easements not previously accounted for as leases | Elect to not evaluate existing or expired easements under the new guidance and carry forward current accounting treatment. |
Comparative reporting requirements for initial adoption | Elect to apply transition requirements at adoption date, recognize
cumulative effect adjustment to retained earnings in period of adoption and not apply the new requirements to comparative periods, including disclosures. |
Lessor expedient (elect by class of underlying asset) | Elect as an accounting policy to aggregate non-lease components with the related lease component when specified conditions are met by asset class. Account for the combined component based on its predominant characteristic (revenue or operating lease). |
FINANCIAL
STATEMENTS | BUSINESS SEGMENTS |
Three
Months Ended June 30, 2019 | |||||||||||||||||||||||||||
Electric | Gas | Total | |||||||||||||||||||||||||
Utilities
and | Utilities and | Commercial | Reportable | ||||||||||||||||||||||||
(in
millions) | Infrastructure | Infrastructure | Renewables | Segments | Other | Eliminations | Total | ||||||||||||||||||||
Unaffiliated
revenues | $ | i 5,467 | $ | i 282 | $ | i 118 | $ | i 5,867 | $ | i 6 | $ | — | $ | i 5,873 | |||||||||||||
Intersegment
revenues | i 8 | i 24 | — | i 32 | i 19 | ( i 51 | ) | — | |||||||||||||||||||
Total
revenues | $ | i 5,475 | $ | i 306 | $ | i 118 | $ | i 5,899 | $ | i 25 | $ | ( i 51 | ) | $ | i 5,873 | ||||||||||||
Segment
income (loss) | $ | i 809 | $ | i 40 | $ | i 86 | $ | i 935 | $ | ( i 115 | ) | $ | — | $ | i 820 | ||||||||||||
Add
back noncontrolling interests(a) | ( i 84 | ) | |||||||||||||||||||||||||
Add
back preferred stock dividend | i 12 | ||||||||||||||||||||||||||
Net
income | $ | i 748 | |||||||||||||||||||||||||
Segment
assets | $ | i 131,640 | $ | i 12,943 | $ | i 4,870 | $ | i 149,453 | $ | i 3,815 | $ | i 181 | $ | i 153,449 |
Three
Months Ended June 30, 2018 | |||||||||||||||||||||||||||
Electric | Gas | Total | |||||||||||||||||||||||||
Utilities
and | Utilities and | Commercial | Reportable | ||||||||||||||||||||||||
(in
millions) | Infrastructure | Infrastructure | Renewables | Segments | Other | Eliminations | Total | ||||||||||||||||||||
Unaffiliated
revenues | $ | i 5,215 | $ | i 294 | $ | i 119 | $ | i 5,628 | $ | i 15 | $ | — | $ | i 5,643 | |||||||||||||
Intersegment
revenues | i 8 | i 24 | — | i 32 | i 17 | ( i 49 | ) | — | |||||||||||||||||||
Total
revenues | $ | i 5,223 | $ | i 318 | $ | i 119 | $ | i 5,660 | $ | i 32 | $ | ( i 49 | ) | $ | i 5,643 | ||||||||||||
Segment
income (loss)(b)(c) | $ | i 575 | $ | i 28 | $ | i 38 | $ | i 641 | $ | ( i 136 | ) | $ | — | $ | i 505 | ||||||||||||
Add
back noncontrolling interests | i 2 | ||||||||||||||||||||||||||
Loss
from discontinued operations, net of tax | ( i 5 | ) | |||||||||||||||||||||||||
Net
income | $ | i 502 |
Six
Months Ended June 30, 2019 | |||||||||||||||||||||||||||
Electric | Gas | Total | |||||||||||||||||||||||||
Utilities
and | Utilities and | Commercial | Reportable | ||||||||||||||||||||||||
(in
millions) | Infrastructure | Infrastructure | Renewables | Segments | Other | Eliminations | Total | ||||||||||||||||||||
Unaffiliated
revenues | $ | i 10,788 | $ | i 1,014 | $ | i 224 | $ | i 12,026 | $ | i 10 | $ | — | $ | i 12,036 | |||||||||||||
Intersegment
revenues | i 16 | i 48 | — | i 64 | i 36 | ( i 100 | ) | — | |||||||||||||||||||
Total
revenues | $ | i 10,804 | $ | i 1,062 | $ | i 224 | $ | i 12,090 | $ | i 46 | $ | ( i 100 | ) | $ | i 12,036 | ||||||||||||
Segment
income (loss) | $ | i 1,559 | $ | i 266 | $ | i 99 | $ | i 1,924 | $ | ( i 204 | ) | $ | — | $ | i 1,720 | ||||||||||||
Add
back noncontrolling interests(a) | ( i 91 | ) | |||||||||||||||||||||||||
Add
back preferred stock dividend | i 12 | ||||||||||||||||||||||||||
Net
income | $ | i 1,641 |
Six
Months Ended June 30, 2018 | |||||||||||||||||||||||||||
Electric | Gas | Total | |||||||||||||||||||||||||
Utilities
and | Utilities and | Commercial | Reportable | ||||||||||||||||||||||||
(in
millions) | Infrastructure | Infrastructure | Renewables | Segments | Other | Eliminations | Total | ||||||||||||||||||||
Unaffiliated
revenues | $ | i 10,530 | $ | i 997 | $ | i 220 | $ | i 11,747 | $ | i 31 | $ | — | $ | i 11,778 | |||||||||||||
Intersegment
revenues | i 16 | i 48 | — | i 64 | i 36 | ( i 100 | ) | — | |||||||||||||||||||
Total
revenues | $ | i 10,546 | $ | i 1,045 | $ | i 220 | $ | i 11,811 | $ | i 67 | $ | ( i 100 | ) | $ | i 11,778 | ||||||||||||
Segment
income (loss)(b)(c)(d)(e) | $ | i 1,325 | $ | i 144 | $ | i 58 | $ | i 1,527 | $ | ( i 402 | ) | $ | — | $ | i 1,125 | ||||||||||||
Add
back noncontrolling interests | i 4 | ||||||||||||||||||||||||||
Loss
from discontinued operations, net of tax | ( i 5 | ) | |||||||||||||||||||||||||
Net
income | $ | i 1,124 |
FINANCIAL
STATEMENTS | BUSINESS SEGMENTS |
(a) | Includes the allocation of losses to noncontrolling tax equity members. See Note 1 for additional information. |
(b) | Electric Utilities and Infrastructure includes regulatory and legislative impairment charges related to rate case orders, settlements or other
actions of regulators or legislative bodies. See Note 3 for additional information. |
(c) | Other includes costs to achieve the Piedmont acquisition. |
(d) | Gas Utilities and Infrastructure includes an impairment of the investment in Constitution. See Note 3 for additional information. |
(e) | Other
includes the loss on the sale of Beckjord described below and a valuation allowance recorded against the AMT credits. |
Three
Months Ended June 30, 2019 | |||||||||||||||||||
Electric | Gas | Total | |||||||||||||||||
Utilities
and | Utilities and | Reportable | |||||||||||||||||
(in millions) | Infrastructure | Infrastructure | Segments | Other | Total | ||||||||||||||
Total
revenues | $ | i 336 | $ | i 97 | $ | i 433 | $ | — | $ | i 433 | |||||||||
Segment
income/Net (loss) income | $ | i 31 | $ | i 17 | $ | i 48 | $ | ( i 1 | ) | $ | i 47 | ||||||||
Segment
assets | $ | i 5,914 | $ | i 2,948 | $ | i 8,862 | $ | i 27 | $ | i 8,889 |
Three
Months Ended June 30, 2018 | |||||||||||||||||||
Electric | Gas | Total | |||||||||||||||||
Utilities
and | Utilities and | Reportable | |||||||||||||||||
(in millions) | Infrastructure | Infrastructure | Segments | Other | Total | ||||||||||||||
Total
revenues | $ | i 346 | $ | i 103 | $ | i 449 | $ | i 10 | $ | i 459 | |||||||||
Segment
income/Net (loss) income | $ | i 39 | $ | i 18 | $ | i 57 | $ | ( i 11 | ) | $ | i 46 |
Six
Months Ended June 30, 2019 | |||||||||||||||||||
Electric | Gas | Total | |||||||||||||||||
Utilities
and | Utilities and | Reportable | |||||||||||||||||
(in millions) | Infrastructure | Infrastructure | Segments | Other | Total | ||||||||||||||
Total
revenues | $ | i 691 | $ | i 273 | $ | i 964 | $ | — | $ | i 964 | |||||||||
Segment
income/Net (loss) income | $ | i 67 | $ | i 52 | $ | i 119 | $ | ( i 3 | ) | $ | i 116 |
Six
Months Ended June 30, 2018 | |||||||||||||||||||
Electric | Gas | Total | |||||||||||||||||
Utilities
and | Utilities and | Reportable | |||||||||||||||||
(in millions) | Infrastructure | Infrastructure | Segments | Other | Total | ||||||||||||||
Total
revenues | $ | i 682 | $ | i 277 | $ | i 959 | $ | i 24 | $ | i 983 | |||||||||
Segment
income/Net (loss) income(a) | $ | i 72 | $ | i 52 | $ | i 124 | $ | ( i 103 | ) | $ | i 21 |
FINANCIAL STATEMENTS | REGULATORY MATTERS |
FINANCIAL STATEMENTS | REGULATORY MATTERS |
• | Approval of cancellation of the Lee Nuclear Project, with Duke Energy Carolinas maintaining the Combined Operating License; |
• | Approval of recovery of $ i 125
million (South Carolina retail portion) of Lee Nuclear Project development costs (including AFUDC through December 2017) over a i 12-year period, but denial of a return on the deferred balance of costs; |
• | Approval
of recovery of $ i 96 million of coal ash costs over a five-year period with a return at Duke Energy Carolinas' WACC; |
• | Denial
of recovery of $ i 115 million of certain coal ash costs deemed to be related to the Coal Ash Act and incremental to the federal CCR rule; |
• | Approval
of a $ i 66 million decrease to base rates to reflect the change in ongoing tax expense, primarily the reduction in the federal income tax rate from 35 to 21 percent; |
• | Approval
of a $ i 45 million decrease through the EDIT Rider to return EDIT resulting from the federal tax rate change and deferred revenues since January 2018 related to the change, to be returned in accordance with the Average Rate Assumption Method (ARAM) for protected EDIT,
over a 20-year period for unprotected EDIT associated with Property, Plant and Equipment, over a five-year period for unprotected EDIT not associated with Property, Plant and Equipment and over a five-year period for the deferred revenues; and |
• | Approval of a $ i 17
million decrease through the EDIT Rider related to reductions in the North Carolina state income tax rate from 6.9 to 2.5 percent to be returned over a five-year period. |
FINANCIAL STATEMENTS | REGULATORY MATTERS |
FINANCIAL STATEMENTS | REGULATORY MATTERS |
• | Approval
of recovery of $ i 4 million of coal ash costs over a five-year period with a return at Duke Energy Progress' WACC; |
• | Denial
of recovery of $ i 65 million of certain coal ash costs deemed to be related to the Coal Ash Act and incremental to the federal CCR rule; |
• | Approval
of a $ i 17 million decrease to base rates to reflect the change in ongoing tax expense, primarily the reduction in the federal income tax rate from 35 to 21 percent; |
• | Approval
of a $ i 12 million decrease through the EDIT Tax Savings Rider resulting from the federal tax rate change and deferred revenues since January 2018 related to the change, to be returned in accordance with ARAM for protected EDIT, over a 20-year period for unprotected
EDIT associated with Property, Plant and Equipment, over a five-year period for unprotected EDIT not associated with Property, Plant and Equipment and over a three-year period for the deferred revenues; and |
• | Approval of a $ i 12
million increase due to the expiration of EDIT related to reductions in the North Carolina state income tax rate from 6.9 to 2.5 percent. |
FINANCIAL STATEMENTS | REGULATORY MATTERS |
FINANCIAL STATEMENTS | REGULATORY MATTERS |
FINANCIAL
STATEMENTS | REGULATORY MATTERS |
FINANCIAL STATEMENTS | REGULATORY MATTERS |
FINANCIAL STATEMENTS | REGULATORY MATTERS |
FINANCIAL
STATEMENTS | REGULATORY MATTERS |
FINANCIAL STATEMENTS | REGULATORY
MATTERS |
Remaining Net | ||||||
Capacity | Book
Value | |||||
(in MW) | (in millions) | |||||
Duke Energy Carolinas | ||||||
Allen Steam Station Units 1-3(a) | i 585 | i 156 | ||||
Duke
Energy Indiana | ||||||
Gallagher Units 2 and 4(b) | i 280 | i 118 | ||||
Gibson
Units 1-5(c) | i 3,132 | i 1,960 | ||||
Cayuga
Units 1-2(c) | i 1,005 | i 983 | ||||
Total
Duke Energy | i 5,002 | $ | i 3,217 |
(a) | Duke
Energy Carolinas will retire Allen Steam Station Units 1 through 3 by December 31, 2024, as part of the resolution of a lawsuit involving alleged New Source Review violations. |
(b) | Duke Energy Indiana committed to either retire or stop burning coal at Gallagher Units 2 and 4 by December 31, 2022, as part of the 2016 settlement of Edwardsport IGCC matters. |
(c) | On
July 1, 2019, Duke Energy Indiana filed its 2018 IRP with the IURC. The 2018 IRP included scenarios evaluating the potential retirement of coal-fired generating units at Gibson and Cayuga. The rate case filed July 2, 2019, includes proposed depreciation rates reflecting retirement dates from 2026 to 2038. |
FINANCIAL
STATEMENTS | COMMITMENTS AND CONTINGENCIES |
Six
Months Ended June 30, 2019 | |||||||||||||||||||||||||||||||
Duke | Duke | Duke | Duke | Duke | |||||||||||||||||||||||||||
Duke | Energy | Progress | Energy | Energy | Energy | Energy | |||||||||||||||||||||||||
(in
millions) | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont | |||||||||||||||||||||||
Balance
at beginning of period | $ | i 77 | $ | i 11 | $ | i 11 | $ | i 4 | $ | i 6 | $ | i 48 | $ | i 5 | $ | i 2 | |||||||||||||||
Provisions/adjustments | i 9 | i 4 | i 3 | i 2 | i 1 | i 2 | — | — | |||||||||||||||||||||||
Cash
reductions | ( i 22 | ) | ( i 3 | ) | ( i 1 | ) | ( i 1 | ) | i — | ( i 18 | ) | i — | i — | ||||||||||||||||||
Balance
at end of period | $ | i 64 | $ | i 12 | $ | i 13 | $ | i 5 | $ | i 7 | $ | i 32 | $ | i 5 | $ | i 2 |
Six
Months Ended June 30, 2018 | |||||||||||||||||||||||||||||||
Duke | Duke | Duke | Duke | Duke | |||||||||||||||||||||||||||
Duke | Energy | Progress | Energy | Energy | Energy | Energy | |||||||||||||||||||||||||
(in
millions) | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont | |||||||||||||||||||||||
Balance
at beginning of period | $ | i 81 | $ | i 10 | $ | i 15 | $ | i 3 | $ | i 12 | $ | i 47 | $ | i 5 | $ | i 2 | |||||||||||||||
Provisions/adjustments | i 1 | i 2 | i 2 | i 2 | ( i 1 | ) | ( i 3 | ) | i 1 | — | |||||||||||||||||||||
Cash
reductions | ( i 14 | ) | ( i 1 | ) | ( i 2 | ) | ( i 1 | ) | ( i 1 | ) | ( i 9 | ) | ( i 1 | ) | — | ||||||||||||||||
Balance
at end of period | $ | i 68 | $ | i 11 | $ | i 15 | $ | i 4 | $ | i 10 | $ | i 35 | $ | i 5 | $ | i 2 |
(in millions) | |||
Duke Energy | $ | i 51 | |
Duke
Energy Carolinas | i 12 | ||
Duke Energy Ohio | i 29 | ||
Piedmont | i 2 |
FINANCIAL
STATEMENTS | COMMITMENTS AND CONTINGENCIES |
FINANCIAL STATEMENTS | COMMITMENTS AND CONTINGENCIES |
(in millions) | |||||||
Reserves
for Legal Matters | |||||||
Duke Energy | $ | i 64 | $ | i 65 | |||
Duke
Energy Carolinas | i 7 | i 9 | |||||
Progress
Energy | i 55 | i 54 | |||||
Duke
Energy Progress | i 14 | i 12 | |||||
Duke
Energy Florida | i 24 | i 24 | |||||
Piedmont | i 1 | i 1 |
FINANCIAL
STATEMENTS | LEASES |
As
of January 1, 2019 | |||||||||||||||||||||||||||||||
Duke | Duke | Duke | Duke | Duke | |||||||||||||||||||||||||||
Duke | Energy | Progress | Energy | Energy | Energy | Energy | |||||||||||||||||||||||||
(in
millions) | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont | |||||||||||||||||||||||
ROU
assets | $ | i 1,750 | $ | i 153 | $ | i 863 | $ | i 407 | $ | i 456 | $ | i 23 | $ | i 61 | $ | i 26 | |||||||||||||||
Operating
lease liabilities – current | i 205 | i 28 | i 96 | i 35 | i 61 | i 1 | i 4 | i 4 | |||||||||||||||||||||||
Operating
lease liabilities – noncurrent | i 1,504 | i 127 | i 766 | i 371 | i 395 | i 22 | i 58 | i 25 |
FINANCIAL
STATEMENTS | LEASES |
Three
Months Ended June 30, 2019 | |||||||||||||||||||||||||||||||
Duke | Duke | Duke | Duke | Duke | |||||||||||||||||||||||||||
Duke | Energy | Progress | Energy | Energy | Energy | Energy | |||||||||||||||||||||||||
(in
millions) | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont | |||||||||||||||||||||||
Operating
lease expense(a) | $ | i 73 | $ | i 11 | $ | i 40 | $ | i 17 | $ | i 23 | $ | i 3 | $ | i 5 | $ | i 2 | |||||||||||||||
Short-term
lease expense(a) | i 6 | i 2 | i 4 | i 2 | i 2 | i 1 | — | — | |||||||||||||||||||||||
Variable
lease expense(a) | i 10 | i 4 | i 5 | i 2 | i 3 | — | — | — | |||||||||||||||||||||||
Finance
lease expense | |||||||||||||||||||||||||||||||
Amortization
of leased assets(b) | i 29 | i 1 | i 5 | i 1 | i 4 | i 1 | — | — | |||||||||||||||||||||||
Interest
on lease liabilities(c) | i 20 | i 3 | i 13 | i 10 | i 3 | — | i 1 | — | |||||||||||||||||||||||
Total
finance lease expense | i 49 | i 4 | i 18 | i 11 | i 7 | i 1 | i 1 | — | |||||||||||||||||||||||
Total
lease expense | $ | i 138 | $ | i 21 | $ | i 67 | $ | i 32 | $ | i 35 | $ | i 5 | $ | i 6 | $ | i 2 |
Six
Months Ended June 30, 2019 | |||||||||||||||||||||||||||||||
Duke | Duke | Duke | Duke | Duke | |||||||||||||||||||||||||||
Duke | Energy | Progress | Energy | Energy | Energy | Energy | |||||||||||||||||||||||||
(in
millions) | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont | |||||||||||||||||||||||
Operating
lease expense(a) | $ | i 145 | $ | i 23 | $ | i 82 | $ | i 36 | $ | i 46 | $ | i 6 | $ | i 10 | $ | i 3 | |||||||||||||||
Short-term
lease expense(a) | i 13 | i 4 | i 7 | i 3 | i 4 | i 1 | i 1 | — | |||||||||||||||||||||||
Variable
lease expense(a) | i 21 | i 12 | i 7 | i 3 | i 4 | — | — | — | |||||||||||||||||||||||
Finance
lease expense | |||||||||||||||||||||||||||||||
Amortization
of leased assets(b) | i 56 | i 2 | i 8 | i 2 | i 6 | i 1 | — | — | |||||||||||||||||||||||
Interest
on lease liabilities(c) | i 37 | i 7 | i 19 | i 14 | i 5 | — | i 1 | — | |||||||||||||||||||||||
Total
finance lease expense | i 93 | i 9 | i 27 | i 16 | i 11 | i 1 | i 1 | — | |||||||||||||||||||||||
Total
lease expense | $ | i 272 | $ | i 48 | $ | i 123 | $ | i 58 | $ | i 65 | $ | i 8 | $ | i 12 | $ | i 3 |
(a) | Included
in Operations, maintenance and other or, for barges and railcars, Fuel used in electric generation and purchased power on the Condensed Consolidated Statements of Operations. |
(b) | Included in Depreciation and amortization on the Condensed Consolidated Statements of Operations. |
(c) | Included in Interest Expense on the Condensed Consolidated Statements of Operations. |
(in millions) | Year Ended December 31, 2018 | ||
Duke Energy | $ | i 268 | |
Duke
Energy Carolinas | i 49 | ||
Progress Energy | i 143 | ||
Duke
Energy Progress | i 75 | ||
Duke Energy Florida | i 68 | ||
Duke
Energy Ohio | i 13 | ||
Duke Energy Indiana | i 21 | ||
Piedmont | i 11 |
FINANCIAL
STATEMENTS | LEASES |
Twelve
Months Ended June 30, | |||||||||||||||||||||||||||||||
Duke | Duke | Duke | Duke | Duke | |||||||||||||||||||||||||||
Duke | Energy | Progress | Energy | Energy | Energy | Energy | |||||||||||||||||||||||||
(in
millions) | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont | |||||||||||||||||||||||
2020 | $ | i 279 | $ | i 33 | $ | i 129 | $ | i 51 | $ | i 78 | $ | i 2 | $ | i 6 | $ | i 5 | |||||||||||||||
2021 | i 239 | i 28 | i 112 | i 52 | i 60 | i 2 | i 5 | i 5 | |||||||||||||||||||||||
2022 | i 199 | i 19 | i 94 | i 40 | i 54 | i 2 | i 4 | i 5 | |||||||||||||||||||||||
2023 | i 190 | i 18 | i 95 | i 40 | i 55 | i 2 | i 4 | i 5 | |||||||||||||||||||||||
2024 | i 178 | i 15 | i 96 | i 41 | i 55 | i 2 | i 4 | i 5 | |||||||||||||||||||||||
Thereafter | i 1,055 | i 61 | i 513 | i 306 | i 207 | i 22 | i 65 | i 7 | |||||||||||||||||||||||
Total
operating lease payments | i 2,140 | i 174 | i 1,039 | i 530 | i 509 | i 32 | i 88 | i 32 | |||||||||||||||||||||||
Less:
present value discount | ( i 425 | ) | ( i 30 | ) | ( i 192 | ) | ( i 117 | ) | ( i 75 | ) | ( i 10 | ) | ( i 28 | ) | ( i 3 | ) | |||||||||||||||
Total
operating lease liabilities(a) | $ | i 1,715 | $ | i 144 | $ | i 847 | $ | i 413 | $ | i 434 | $ | i 22 | $ | i 60 | $ | i 29 |
(a) | Certain
operating lease payments include renewal options that are reasonably certain to be exercised. |
Duke | Duke | Duke | Duke | Duke | |||||||||||||||||||||||||||
Duke | Energy | Progress | Energy | Energy | Energy | Energy | |||||||||||||||||||||||||
(in
millions) | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont | |||||||||||||||||||||||
2019 | $ | i 239 | $ | i 33 | $ | i 97 | $ | i 49 | $ | i 48 | $ | i 2 | $ | i 6 | $ | i 5 | |||||||||||||||
2020 | i 219 | i 29 | i 90 | i 46 | i 44 | i 2 | i 5 | i 5 | |||||||||||||||||||||||
2021 | i 186 | i 19 | i 79 | i 37 | i 42 | i 2 | i 4 | i 5 | |||||||||||||||||||||||
2022 | i 170 | i 19 | i 76 | i 34 | i 42 | i 2 | i 4 | i 5 | |||||||||||||||||||||||
2023 | i 160 | i 17 | i 77 | i 35 | i 42 | i 2 | i 5 | i 6 | |||||||||||||||||||||||
Thereafter | i 1,017 | i 68 | i 455 | i 314 | i 141 | i 23 | i 66 | i 11 | |||||||||||||||||||||||
Total | $ | i 1,991 | $ | i 185 | $ | i 874 | $ | i 515 | $ | i 359 | $ | i 33 | $ | i 90 | $ | i 37 |
Twelve Months Ended June 30, | |||||||||||||||||||||||
Duke | Duke | Duke | Duke | ||||||||||||||||||||
Duke | Energy | Progress | Energy | Energy | Energy | ||||||||||||||||||
(in
millions) | Energy | Carolinas | Energy | Progress | Florida | Indiana | |||||||||||||||||
2020 | $ | i 177 | $ | i 19 | $ | i 69 | $ | i 44 | $ | i 25 | $ | i 1 | |||||||||||
2021 | i 183 | i 17 | i 69 | i 44 | i 25 | i 1 | |||||||||||||||||
2022 | i 180 | i 14 | i 69 | i 44 | i 25 | i 1 | |||||||||||||||||
2023 | i 171 | i 14 | i 69 | i 44 | i 25 | i 1 | |||||||||||||||||
2024 | i 172 | i 14 | i 64 | i 44 | i 20 | i 1 | |||||||||||||||||
Thereafter | i 847 | i 191 | i 560 | i 547 | i 13 | i 28 | |||||||||||||||||
Total
finance lease payments | i 1,730 | i 269 | i 900 | i 767 | i 133 | i 33 | |||||||||||||||||
Less:
amounts representing interest | ( i 708 | ) | ( i 162 | ) | ( i 483 | ) | ( i 457 | ) | ( i 26 | ) | ( i 23 | ) | |||||||||||
Total
finance lease liabilities | $ | i 1,022 | $ | i 107 | $ | i 417 | $ | i 310 | $ | i 107 | $ | i 10 |
FINANCIAL
STATEMENTS | LEASES |
Duke | Duke | Duke | Duke | Duke | |||||||||||||||||||||||
Duke | Energy | Progress | Energy | Energy | Energy | Energy | |||||||||||||||||||||
(in
millions) | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | ||||||||||||||||||||
2019 | $ | i 170 | $ | i 20 | $ | i 45 | $ | i 20 | $ | i 25 | $ | i 2 | $ | i 1 | |||||||||||||
2020 | i 174 | i 20 | i 46 | i 21 | i 25 | — | i 1 | ||||||||||||||||||||
2021 | i 177 | i 15 | i 45 | i 20 | i 25 | — | i 1 | ||||||||||||||||||||
2022 | i 165 | i 15 | i 45 | i 21 | i 24 | — | i 1 | ||||||||||||||||||||
2023 | i 165 | i 15 | i 45 | i 21 | i 24 | — | i 1 | ||||||||||||||||||||
Thereafter | i 577 | i 204 | i 230 | i 209 | i 21 | — | i 27 | ||||||||||||||||||||
Minimum
annual payments | i 1,428 | i 289 | i 456 | i 312 | i 144 | i 2 | i 32 | ||||||||||||||||||||
Less:
amount representing interest | ( i 487 | ) | ( i 180 | ) | ( i 205 | ) | ( i 175 | ) | ( i 30 | ) | — | ( i 22 | ) | ||||||||||||||
Total | $ | i 941 | $ | i 109 | $ | i 251 | $ | i 137 | $ | i 114 | $ | i 2 | $ | i 10 |
Duke | Duke | Duke | Duke | Duke | ||||||||||||||||||||||||||||
Duke | Energy | Progress | Energy | Energy | Energy | Energy | ||||||||||||||||||||||||||
(in
millions) | Classification | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont | |||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Operating | Operating
lease ROU assets, net | $ | i 1,735 | $ | i 141 | $ | i 839 | $ | i 407 | $ | i 432 | $ | i 22 | $ | i 60 | $ | i 26 | |||||||||||||||
Finance | Net
property, plant and equipment | i 1,013 | i 122 | i 423 | i 309 | i 114 | — | i 10 | — | |||||||||||||||||||||||
Total
lease assets | $ | i 2,748 | $ | i 263 | $ | i 1,262 | $ | i 716 | $ | i 546 | $ | i 22 | $ | i 70 | $ | i 26 | ||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Current | ||||||||||||||||||||||||||||||||
Operating | Other
current liabilities | $ | i 213 | $ | i 27 | $ | i 100 | $ | i 36 | $ | i 64 | $ | i 1 | $ | i 4 | $ | i 4 | |||||||||||||||
Finance | Current
maturities of long-term debt | i 115 | i 6 | i 23 | i 6 | i 17 | i — | — | — | |||||||||||||||||||||||
Noncurrent | ||||||||||||||||||||||||||||||||
Operating | Operating
lease liabilities | i 1,502 | i 117 | i 747 | i 377 | i 370 | i 21 | i 56 | i 25 | |||||||||||||||||||||||
Finance | Long-Term
Debt | i 907 | i 101 | i 394 | i 304 | i 90 | — | i 10 | — | |||||||||||||||||||||||
Total
lease liabilities | $ | i 2,737 | $ | i 251 | $ | i 1,264 | $ | i 723 | $ | i 541 | $ | i 22 | $ | i 70 | $ | i 29 |
FINANCIAL
STATEMENTS | LEASES |
Six
Months Ended June 30, 2019 | |||||||||||||||||||||||||||||||
Duke | Duke | Duke | Duke | Duke | |||||||||||||||||||||||||||
Duke | Energy | Progress | Energy | Energy | Energy | Energy | |||||||||||||||||||||||||
(in
millions) | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont | |||||||||||||||||||||||
Cash
paid for amounts included in the measurement of lease liabilities(a) | |||||||||||||||||||||||||||||||
Operating
cash flows from operating leases | $ | i 136 | $ | i 15 | $ | i 60 | $ | i 23 | $ | i 37 | $ | i 1 | $ | i 3 | $ | i 5 | |||||||||||||||
Operating
cash flows from finance leases | i 37 | i 7 | i 19 | i 14 | i 5 | — | i 1 | — | |||||||||||||||||||||||
Financing
cash flows from finance leases | i 56 | i 2 | i 8 | i 2 | i 6 | i 1 | — | — | |||||||||||||||||||||||
Lease
assets obtained in exchange for new lease liabilities (non-cash) | |||||||||||||||||||||||||||||||
Operating(b) | $ | i 78 | $ | i 2 | $ | i 30 | $ | i 30 | $ | — | $ | — | $ | — | $ | i 1 | |||||||||||||||
Finance | i 175 | — | i 175 | i 175 | — | — | — | — |
(a) | No
amounts were classified as investing cash flows from operating leases for the six months ended June 30, 2019. |
(b) | Does not include ROU assets recorded as a result of the adoption of the new lease standard. |
Duke | Duke | Duke | Duke | Duke | |||||||||||||||||||
Duke | Energy | Progress | Energy | Energy | Energy | Energy | |||||||||||||||||
Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont | ||||||||||||||||
Weighted-average
remaining lease term (years) | |||||||||||||||||||||||
Operating
leases | i 11 | i 9 | i 10 | i 12 | i 9 | i 18 | i 19 | i 6 | |||||||||||||||
Finance
leases | i 16 | i 19 | i 17 | i 18 | i 12 | — | i 27 | — | |||||||||||||||
Weighted-average
discount rate(a) | |||||||||||||||||||||||
Operating
leases | i 3.9 | % | i 3.7 | % | i 3.8 | % | i 3.8 | % | i 3.7 | % | i 4.2 | % | i 4.1 | % | i 3.6 | % | |||||||
Finance
leases | i 7.9 | % | i 12.9 | % | i 11.8 | % | i 12.4 | % | i 8.3 | % | i — | % | i 11.9 | % | — | % |
(a) | The
discount rate is calculated using the rate implicit in a lease if it is readily determinable. Generally, the rate used by the lessor is not provided to Duke Energy and in these cases the incremental borrowing rate is used. Duke Energy will typically use its fully collateralized incremental borrowing rate as of the commencement date to calculate and record the lease. The incremental borrowing rate is influenced by the lessee’s credit rating and lease term and as such may differ for individual leases, embedded leases or portfolios of leased assets. |
FINANCIAL
STATEMENTS | DEBT AND CREDIT FACILITIES |
Six
Months Ended June 30, 2019 | |||||||||||||||||||||||
Duke | Duke | Duke | |||||||||||||||||||||
Maturity | Interest | Duke | Energy | Energy | Energy | ||||||||||||||||||
Issuance
Date | Date | Rate | Energy | (Parent) | Progress | Ohio | Piedmont | ||||||||||||||||
Unsecured
Debt | |||||||||||||||||||||||
March 2019(a) | March
2022 | i 3.251 | % | (b) | $ | i 300 | $ | i 300 | $ | — | $ | — | $ | — | |||||||||
March
2019(a) | March 2022 | i 3.227 | % | i 300 | i 300 | — | — | — | |||||||||||||||
May
2019(e) | June 2029 | i 3.500 | % | i 600 | i — | — | — | i 600 | |||||||||||||||
June
2019(a) | June 2029 | i 3.400 | % | i 600 | i 600 | — | — | — | |||||||||||||||
June
2019(a) | June 2049 | i 4.200 | % | i 600 | i 600 | — | — | — | |||||||||||||||
First
Mortgage Bonds | |||||||||||||||||||||||
January 2019(c) | February
2029 | i 3.650 | % | i 400 | — | — | i 400 | — | |||||||||||||||
January
2019(c) | February 2049 | i 4.300 | % | i 400 | — | — | i 400 | — | |||||||||||||||
March
2019(d) | March 2029 | i 3.450 | % | i 600 | — | i 600 | — | — | |||||||||||||||
Total
issuances | $ | i 3,800 | $ | i 1,800 | $ | i 600 | $ | i 800 | $ | i 600 |
(a) | Debt
issued to pay down short-term debt and for general corporate purposes. |
(b) | Debt issuance has a floating interest rate. |
(c) | Debt issued to repay at maturity $ i 450
million first mortgage bonds due April 2019, pay down short-term debt and for general corporate purposes. |
(d) | Debt issued to fund eligible green energy projects in the Carolinas. |
(e) | Debt issued to repay in full the outstanding $ i 350
million Piedmont unsecured term loan due September 2019, pay down short-term debt and for general corporate purposes. |
(in
millions) | Maturity Date | Interest Rate | ||||||
Unsecured Debt | ||||||||
Duke
Energy (Parent) | September 2019 | i 5.050 | % | $ | i 500 | |||
Duke
Energy Kentucky | October 2019 | i 4.650 | % | i 100 | ||||
Progress
Energy | December 2019 | i 4.875 | % | i 350 | ||||
Duke
Energy (Parent) | June 2020 | i 2.100 | % | i 330 | ||||
First
Mortgage Bonds | ||||||||
Duke Energy Florida | January 2020 | i 1.850 | % | i 250 | ||||
Duke
Energy Florida | April 2020 | i 4.550 | % | i 250 | ||||
Duke
Energy Carolinas | June 2020 | i 4.300 | % | i 450 | ||||
Other(a) | i 468 | |||||||
Current
maturities of long-term debt | $ | i 2,698 |
FINANCIAL STATEMENTS | DEBT AND CREDIT FACILITIES |
Duke | Duke | Duke | Duke | Duke | Duke | ||||||||||||||||||||||||||
Duke | Energy | Energy | Energy | Energy | Energy | Energy | |||||||||||||||||||||||||
(in
millions) | Energy | (Parent) | Carolinas | Progress | Florida | Ohio | Indiana | Piedmont | |||||||||||||||||||||||
Facility
size(a) | $ | i 8,000 | $ | i 2,650 | $ | i 1,750 | $ | i 1,250 | $ | i 800 | $ | i 450 | $ | i 600 | $ | i 500 | |||||||||||||||
Reduction
to backstop issuances | |||||||||||||||||||||||||||||||
Commercial
paper(b) | ( i 3,420 | ) | ( i 1,009 | ) | ( i 1,099 | ) | ( i 276 | ) | ( i 474 | ) | ( i 236 | ) | ( i 326 | ) | — | ||||||||||||||||
Outstanding
letters of credit | ( i 53 | ) | ( i 45 | ) | ( i 4 | ) | ( i 2 | ) | — | — | — | ( i 2 | ) | ||||||||||||||||||
Tax-exempt
bonds | ( i 81 | ) | — | — | — | — | — | ( i 81 | ) | — | |||||||||||||||||||||
Coal
ash set-aside | ( i 500 | ) | — | ( i 250 | ) | ( i 250 | ) | — | — | — | — | ||||||||||||||||||||
Available
capacity under the Master Credit Facility | $ | i 3,946 | $ | i 1,596 | $ | i 397 | $ | i 722 | $ | i 326 | $ | i 214 | $ | i 193 | $ | i 498 |
(a) | Represents
the sublimit of each borrower. |
(b) | Duke Energy issued $ i 625 million of commercial paper and loaned
the proceeds through the money pool to Duke Energy Carolinas, Duke Energy Progress, Duke Energy Ohio and Duke Energy Indiana. The balances are classified as Long-Term Debt Payable to Affiliated Companies on the Condensed Consolidated Balance Sheets. |
(in
millions) | Facility size | Amount drawn | |||||
Duke Energy (Parent) Three-Year Revolving Credit Facility(a) | $ | i 1,000 | $ | i 500 | |||
Duke
Energy Progress Term Loan Facility(b) | i 700 | i 700 |
(a) | In
May 2019, Duke Energy (Parent) extended the termination date to May 2022. |
(b) | $ i 650 million
was drawn under the term loan in January and February 2019. |
FINANCIAL STATEMENTS | ASSET RETIREMENT OBLIGATIONS |
Duke | Duke | Duke | Duke | Duke | |||||||||||||||||||||||||||
Duke | Energy | Progress | Energy | Energy | Energy | Energy | |||||||||||||||||||||||||
(in
millions) | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont | |||||||||||||||||||||||
Decommissioning
of nuclear power facilities(a) | $ | i 5,807 | $ | i 2,401 | $ | i 3,265 | $ | i 2,739 | $ | i 526 | $ | — | $ | — | $ | — | |||||||||||||||
Closure
of ash impoundments | i 6,498 | i 2,894 | i 2,858 | i 2,839 | i 19 | i 47 | i 699 | — | |||||||||||||||||||||||
Other | i 323 | i 47 | i 70 | i 38 | i 32 | i 42 | i 20 | i 19 | |||||||||||||||||||||||
Total
ARO | $ | i 12,628 | $ | i 5,342 | $ | i 6,193 | $ | i 5,616 | $ | i 577 | $ | i 89 | $ | i 719 | $ | i 19 | |||||||||||||||
Less:
current portion | i 739 | i 203 | i 416 | i 413 | i 3 | i 6 | i 115 | — | |||||||||||||||||||||||
Total
noncurrent ARO | $ | i 11,889 | $ | i 5,139 | $ | i 5,777 | $ | i 5,203 | $ | i 574 | $ | i 83 | $ | i 604 | $ | i 19 |
Duke | Duke | Duke | Duke | Duke | |||||||||||||||||||||||||||
Duke | Energy | Progress | Energy | Energy | Energy | Energy | |||||||||||||||||||||||||
(in
millions) | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont | |||||||||||||||||||||||
Balance
at December 31, 2018(a) | $ | i 10,467 | $ | i 3,949 | $ | i 5,411 | $ | i 4,820 | $ | i 591 | $ | i 93 | $ | i 722 | $ | i 19 | |||||||||||||||
Accretion
expense(b) | i 245 | i 111 | i 124 | i 111 | i 13 | i 2 | i 14 | — | |||||||||||||||||||||||
Liabilities
settled(c) | ( i 404 | ) | ( i 155 | ) | ( i 225 | ) | ( i 197 | ) | ( i 28 | ) | ( i 6 | ) | ( i 17 | ) | — | ||||||||||||||||
Revisions
in estimates of cash flows(d) | i 2,320 | i 1,437 | i 883 | i 882 | i 1 | — | — | — | |||||||||||||||||||||||
Balance
at June 30, 2019 | $ | i 12,628 | $ | i 5,342 | $ | i 6,193 | $ | i 5,616 | $ | i 577 | $ | i 89 | $ | i 719 | $ | i 19 |
(a) | Primarily
relates to decommissioning nuclear power facilities, closure of ash impoundments, asbestos removal, closure of landfills at fossil generation facilities, retirement of natural gas mains and removal of renewable energy generation assets. |
(b) | For the six months ended June 30, 2019, substantially all accretion expense relates to Duke Energy's regulated operations and has been deferred in accordance with regulatory accounting treatment. |
(c) | Primarily
relates to ash impoundment closures. |
(d) | Relates to increases in closure estimates for certain ash impoundments as a result of the NCDEQ's April 1 Order. See Note 4 for more information. The incremental amount recorded represents the discounted cash flows for estimated closure costs based upon the probability weightings of the potential closure methods as evaluated on a site-by-site basis. |
(in millions) | |||||||
Duke Energy | $ | i 6,327 | $ | i 5,579 | |||
Duke
Energy Carolinas | i 3,574 | i 3,133 | |||||
Duke
Energy Progress | i 2,753 | i 2,446 |
FINANCIAL
STATEMENTS | GOODWILL |
Electric Utilities | Gas
Utilities | Commercial | |||||||||||||
(in millions) | and Infrastructure | and Infrastructure | Renewables | Total | |||||||||||
Goodwill
balance | $ | i 17,379 | $ | i 1,924 | $ | i 122 | $ | i 19,425 | |||||||
Accumulated
impairment charges | — | — | ( i 122 | ) | ( i 122 | ) | |||||||||
Goodwill,
adjusted for accumulated impairment charges | $ | i 17,379 | $ | i 1,924 | $ | — | $ | i 19,303 |
FINANCIAL
STATEMENTS | RELATED PARTY TRANSACTIONS |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(in
millions) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Duke Energy Carolinas | |||||||||||||||
Corporate
governance and shared service expenses(a) | $ | i 197 | $ | i 213 | $ | i 409 | $ | i 433 | |||||||
Indemnification
coverages(b) | i 5 | i 5 | i 10 | i 11 | |||||||||||
JDA
revenue(c) | i 17 | i 19 | i 40 | i 53 | |||||||||||
JDA
expense(c) | i 20 | i 19 | i 113 | i 73 | |||||||||||
Intercompany
natural gas purchases(d) | i 3 | i 4 | i 7 | i 8 | |||||||||||
Progress
Energy | |||||||||||||||
Corporate governance and shared service expenses(a) | $ | i 183 | $ | i 206 | $ | i 359 | $ | i 397 | |||||||
Indemnification
coverages(b) | i 10 | i 9 | i 19 | i 17 | |||||||||||
JDA
revenue(c) | i 20 | i 19 | i 113 | i 73 | |||||||||||
JDA
expense(c) | i 17 | i 19 | i 40 | i 53 | |||||||||||
Intercompany
natural gas purchases(d) | i 19 | i 19 | i 38 | i 38 | |||||||||||
Duke
Energy Progress | |||||||||||||||
Corporate governance and shared service expenses(a) | $ | i 108 | $ | i 126 | $ | i 214 | $ | i 244 | |||||||
Indemnification
coverages(b) | i 4 | i 3 | i 8 | i 6 | |||||||||||
JDA
revenue(c) | i 20 | i 19 | i 113 | i 73 | |||||||||||
JDA
expense(c) | i 17 | i 19 | i 40 | i 53 | |||||||||||
Intercompany
natural gas purchases(d) | i 19 | i 19 | i 38 | i 38 | |||||||||||
Duke
Energy Florida | |||||||||||||||
Corporate governance and shared service expenses(a) | $ | i 75 | $ | i 80 | $ | i 145 | $ | i 153 | |||||||
Indemnification
coverages(b) | i 6 | i 6 | i 11 | i 11 | |||||||||||
Duke
Energy Ohio | |||||||||||||||
Corporate governance and shared service expenses(a) | $ | i 83 | $ | i 90 | $ | i 168 | $ | i 179 | |||||||
Indemnification
coverages(b) | i 1 | i 1 | i 2 | i 2 | |||||||||||
Duke
Energy Indiana | |||||||||||||||
Corporate governance and shared service expenses(a) | $ | i 93 | $ | i 96 | $ | i 190 | $ | i 197 | |||||||
Indemnification
coverages(b) | i 1 | i 2 | i 3 | i 4 | |||||||||||
Piedmont | |||||||||||||||
Corporate
governance and shared service expenses(a) | $ | i 37 | $ | i 40 | $ | i 69 | $ | i 76 | |||||||
Indemnification
coverages(b) | — | — | i 1 | i 1 | |||||||||||
Intercompany
natural gas sales(d) | i 22 | i 23 | i 45 | i 46 | |||||||||||
Natural
gas storage and transportation costs(e) | i 6 | i 6 | i 11 | i 12 |
(a) | The
Subsidiary Registrants are charged their proportionate share of corporate governance and other shared services costs, primarily related to human resources, employee benefits, information technology, legal and accounting fees, as well as other third-party costs. These amounts are primarily recorded in Operation, maintenance and other on the Condensed Consolidated Statements of Operations and Comprehensive Income. |
(b) | The Subsidiary Registrants incur expenses related to certain indemnification coverages through Bison, Duke Energy’s wholly owned captive insurance subsidiary. These expenses are recorded in Operation, maintenance and other on the Condensed Consolidated Statements of Operations and Comprehensive Income. |
(c) | Duke
Energy Carolinas and Duke Energy Progress participate in a JDA, which allows the collective dispatch of power plants between the service territories to reduce customer rates. Revenues from the sale of power and expenses from the purchase of power pursuant to the JDA are recorded in Operating Revenues and Fuel used in electric generation and purchased power, respectively, on the Condensed Consolidated Statements of Operations and Comprehensive Income. |
(d) | Piedmont provides long-term natural gas delivery service to certain Duke Energy Carolinas and Duke Energy Progress natural gas-fired generation facilities. Piedmont records the sales in Operating revenues, and Duke Energy Carolinas and Duke Energy Progress record the related purchases as a component
of Fuel used in electric generation and purchased power on their respective Condensed Consolidated Statements of Operations and Comprehensive Income. |
(e) | Piedmont has related party transactions as a customer of its equity method investments in Pine Needle, Hardy Storage, and Cardinal natural gas storage and transportation facilities. These expenses are included in Cost of natural gas on Piedmont's Condensed Consolidated Statements of Operations and Comprehensive Income. |
FINANCIAL
STATEMENTS | RELATED PARTY TRANSACTIONS |
Duke | Duke | Duke | Duke | Duke | |||||||||||||||||
Energy | Progress | Energy | Energy | Energy | Energy | ||||||||||||||||
(in
millions) | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont | ||||||||||||||
Intercompany
income tax receivable | $ | — | $ | i 25 | $ | — | $ | — | $ | i 15 | $ | — | $ | i 26 | |||||||
Intercompany
income tax payable | i 76 | — | i 41 | i 19 | — | i 1 | — | ||||||||||||||
Intercompany
income tax receivable | $ | i 52 | $ | i 47 | $ | i 29 | $ | — | $ | — | $ | i 8 | $ | — | |||||||
Intercompany
income tax payable | — | — | — | i 16 | i 3 | — | i 45 |
FINANCIAL
STATEMENTS | DERIVATIVES AND HEDGING |
Duke | Duke | Duke | Duke | ||||||||||||||||||||
Duke | Energy | Progress | Energy | Energy | Energy | ||||||||||||||||||
(in
millions) | Energy | Carolinas | Energy | Progress | Florida | Ohio | |||||||||||||||||
Cash
flow hedges | $ | i 959 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Undesignated
contracts | i 1,427 | i 600 | i 800 | i 250 | i 550 | i 27 | |||||||||||||||||
Total
notional amount(a) | $ | i 2,386 | $ | i 600 | $ | i 800 | $ | i 250 | $ | i 550 | $ | i 27 |
Duke | Duke | Duke | Duke | ||||||||||||||||||||
Duke | Energy | Progress | Energy | Energy | Energy | ||||||||||||||||||
(in
millions) | Energy | Carolinas | Energy | Progress | Florida | Ohio | |||||||||||||||||
Cash
flow hedges | $ | i 923 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Undesignated
contracts | i 1,721 | i 300 | i 1,200 | i 650 | i 550 | i 27 | |||||||||||||||||
Total
notional amount(a) | $ | i 2,644 | $ | i 300 | $ | i 1,200 | $ | i 650 | $ | i 550 | $ | i 27 |
(a) | Duke
Energy includes amounts related to consolidated VIEs of $ i 659 million in cash flow hedges as of June 30, 2019, and $ i 422
million in cash flow hedges and $ i 194 million in undesignated contracts as of December 31, 2018. |
Duke | Duke | Duke | Duke | Duke | |||||||||||||||||||
Duke | Energy | Progress | Energy | Energy | Energy | Energy | |||||||||||||||||
Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont | ||||||||||||||||
Electricity
(GWh) | i 33,135 | — | — | — | — | i 3,514 | i 29,621 | — | |||||||||||||||
Natural
gas (millions of dekatherms) | i 740 | i 133 | i 173 | i 173 | — | — | i 4 | i 430 |
Duke | Duke | Duke | Duke | Duke | |||||||||||||||||||
Duke | Energy | Progress | Energy | Energy | Energy | Energy | |||||||||||||||||
Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont | ||||||||||||||||
Electricity
(GWh) | i 15,286 | — | — | — | — | i 1,786 | i 13,500 | — | |||||||||||||||
Natural
gas (millions of dekatherms) | i 739 | i 121 | i 169 | i 166 | i 3 | — | i 1 | i 448 |
FINANCIAL STATEMENTS | DERIVATIVES AND HEDGING |
Derivative
Assets | ||||||||||||||||||||||||||||||||
Duke | Duke | Duke | Duke | Duke | ||||||||||||||||||||||||||||
Duke | Energy | Progress | Energy | Energy | Energy | Energy | ||||||||||||||||||||||||||
(in
millions) | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont | ||||||||||||||||||||||||
Commodity
Contracts | ||||||||||||||||||||||||||||||||
Not
Designated as Hedging Instruments | ||||||||||||||||||||||||||||||||
Current | $ | i 37 | $ | — | $ | — | $ | — | $ | — | $ | i 7 | $ | i 29 | $ | i 2 | ||||||||||||||||
Total
Derivative Assets – Commodity Contracts | $ | i 37 | $ | — | $ | — | $ | — | $ | — | $ | i 7 | $ | i 29 | $ | i 2 | ||||||||||||||||
Interest
Rate Contracts | ||||||||||||||||||||||||||||||||
Designated
as Hedging Instruments | ||||||||||||||||||||||||||||||||
Noncurrent | i 1 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total
Derivative Assets – Interest Rate Contracts | $ | i 1 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Total
Derivative Assets | $ | i 38 | $ | — | $ | — | $ | — | $ | — | $ | i 7 | $ | i 29 | $ | i 2 |
Derivative
Liabilities | ||||||||||||||||||||||||||||||||
Duke | Duke | Duke | Duke | Duke | ||||||||||||||||||||||||||||
Duke | Energy | Progress | Energy | Energy | Energy | Energy | ||||||||||||||||||||||||||
(in
millions) | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont | ||||||||||||||||||||||||
Commodity
Contracts | ||||||||||||||||||||||||||||||||
Not
Designated as Hedging Instruments | ||||||||||||||||||||||||||||||||
Current | $ | i 64 | $ | i 31 | $ | i 24 | $ | i 24 | $ | — | $ | — | $ | i 2 | $ | i 7 | ||||||||||||||||
Noncurrent | i 140 | i 8 | i 24 | i 9 | — | — | — | i 107 | ||||||||||||||||||||||||
Total
Derivative Liabilities – Commodity Contracts | $ | i 204 | $ | i 39 | $ | i 48 | $ | i 33 | $ | — | $ | — | $ | i 2 | $ | i 114 | ||||||||||||||||
Interest
Rate Contracts | ||||||||||||||||||||||||||||||||
Designated
as Hedging Instruments | ||||||||||||||||||||||||||||||||
Current | $ | i 4 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Noncurrent | i 32 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Not
Designated as Hedging Instruments | ||||||||||||||||||||||||||||||||
Current | i 86 | i 54 | i 31 | i 2 | i 29 | i 1 | — | — | ||||||||||||||||||||||||
Noncurrent | i 16 | — | i 11 | — | i 10 | i 5 | — | — | ||||||||||||||||||||||||
Total
Derivative Liabilities – Interest Rate Contracts | $ | i 138 | $ | i 54 | $ | i 42 | $ | i 2 | $ | i 39 | $ | i 6 | $ | — | $ | — | ||||||||||||||||
Total
Derivative Liabilities | $ | i 342 | $ | i 93 | $ | i 90 | $ | i 35 | $ | i 39 | $ | i 6 | $ | i 2 | $ | i 114 |
FINANCIAL
STATEMENTS | DERIVATIVES AND HEDGING |
Derivative
Assets | ||||||||||||||||||||||||||||||||
Duke | Duke | Duke | Duke | Duke | ||||||||||||||||||||||||||||
Duke | Energy | Progress | Energy | Energy | Energy | Energy | ||||||||||||||||||||||||||
(in
millions) | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont | ||||||||||||||||||||||||
Commodity
Contracts | ||||||||||||||||||||||||||||||||
Not
Designated as Hedging Instruments | ||||||||||||||||||||||||||||||||
Current | $ | i 35 | $ | i 2 | $ | i 2 | $ | i 2 | $ | — | $ | i 6 | $ | i 23 | $ | i 3 | ||||||||||||||||
Noncurrent | i 4 | i 1 | i 2 | i 2 | — | — | — | — | ||||||||||||||||||||||||
Total
Derivative Assets – Commodity Contracts | $ | i 39 | $ | i 3 | $ | i 4 | $ | i 4 | $ | — | $ | i 6 | $ | i 23 | $ | i 3 | ||||||||||||||||
Interest
Rate Contracts | ||||||||||||||||||||||||||||||||
Designated
as Hedging Instruments | ||||||||||||||||||||||||||||||||
Current | $ | i 1 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Noncurrent | i 3 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Not
Designated as Hedging Instruments | ||||||||||||||||||||||||||||||||
Current | i 2 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Noncurrent | i 12 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total
Derivative Assets – Interest Rate Contracts | $ | i 18 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Total
Derivative Assets | $ | i 57 | $ | i 3 | $ | i 4 | $ | i 4 | $ | — | $ | i 6 | $ | i 23 | $ | i 3 |
Derivative
Liabilities | ||||||||||||||||||||||||||||||||
Duke | Duke | Duke | Duke | Duke | ||||||||||||||||||||||||||||
Duke | Energy | Progress | Energy | Energy | Energy | Energy | ||||||||||||||||||||||||||
(in
millions) | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont | ||||||||||||||||||||||||
Commodity
Contracts | ||||||||||||||||||||||||||||||||
Not
Designated as Hedging Instruments | ||||||||||||||||||||||||||||||||
Current | $ | i 33 | $ | i 14 | $ | i 10 | $ | i 5 | $ | i 6 | $ | — | $ | — | $ | i 8 | ||||||||||||||||
Noncurrent | i 158 | i 10 | i 15 | i 6 | — | — | — | i 133 | ||||||||||||||||||||||||
Total
Derivative Liabilities – Commodity Contracts | $ | i 191 | $ | i 24 | $ | i 25 | $ | i 11 | $ | i 6 | $ | — | $ | — | $ | i 141 | ||||||||||||||||
Interest
Rate Contracts | ||||||||||||||||||||||||||||||||
Designated
as Hedging Instruments | ||||||||||||||||||||||||||||||||
Current | $ | i 12 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Noncurrent | i 6 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Not
Designated as Hedging Instruments | ||||||||||||||||||||||||||||||||
Current | i 23 | i 9 | i 13 | i 11 | i 2 | i 1 | — | — | ||||||||||||||||||||||||
Noncurrent | i 10 | — | i 6 | i 5 | i 1 | i 4 | — | — | ||||||||||||||||||||||||
Total
Derivative Liabilities – Interest Rate Contracts | $ | i 51 | $ | i 9 | $ | i 19 | $ | i 16 | $ | i 3 | $ | i 5 | $ | — | $ | — | ||||||||||||||||
Total
Derivative Liabilities | $ | i 242 | $ | i 33 | $ | i 44 | $ | i 27 | $ | i 9 | $ | i 5 | $ | — | $ | i 141 |
FINANCIAL
STATEMENTS | DERIVATIVES AND HEDGING |
Derivative
Assets | ||||||||||||||||||||||||||||||||
Duke | Duke | Duke | Duke | Duke | ||||||||||||||||||||||||||||
Duke | Energy | Progress | Energy | Energy | Energy | Energy | ||||||||||||||||||||||||||
(in
millions) | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont | ||||||||||||||||||||||||
Current | ||||||||||||||||||||||||||||||||
Gross
amounts recognized | $ | i 37 | $ | — | $ | — | $ | — | $ | — | $ | i 7 | $ | i 29 | $ | i 2 | ||||||||||||||||
Gross
amounts offset | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net
amounts presented in Current Assets: Other | $ | i 37 | $ | — | $ | — | $ | — | $ | — | $ | i 7 | $ | i 29 | $ | i 2 | ||||||||||||||||
Noncurrent | ||||||||||||||||||||||||||||||||
Gross
amounts recognized | $ | i 1 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Gross
amounts offset | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net
amounts presented in Other Noncurrent Assets: Other | $ | i 1 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
Derivative
Liabilities | ||||||||||||||||||||||||||||||||
Duke | Duke | Duke | Duke | Duke | ||||||||||||||||||||||||||||
Duke | Energy | Progress | Energy | Energy | Energy | Energy | ||||||||||||||||||||||||||
(in
millions) | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont | ||||||||||||||||||||||||
Current | ||||||||||||||||||||||||||||||||
Gross
amounts recognized | $ | i 154 | $ | i 85 | $ | i 55 | $ | i 26 | $ | i 29 | $ | i 1 | $ | i 2 | $ | i 7 | ||||||||||||||||
Gross
amounts offset | ( i 1 | ) | — | ( i 1 | ) | ( i 1 | ) | — | — | — | — | |||||||||||||||||||||
Net
amounts presented in Current Liabilities: Other | $ | i 153 | $ | i 85 | $ | i 54 | $ | i 25 | $ | i 29 | $ | i 1 | $ | i 2 | $ | i 7 | ||||||||||||||||
Noncurrent | ||||||||||||||||||||||||||||||||
Gross
amounts recognized | $ | i 188 | $ | i 8 | $ | i 35 | $ | i 9 | $ | i 10 | $ | i 5 | $ | — | $ | i 107 | ||||||||||||||||
Gross
amounts offset | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net
amounts presented in Other Noncurrent Liabilities: Other | $ | i 188 | $ | i 8 | $ | i 35 | $ | i 9 | $ | i 10 | $ | i 5 | $ | — | $ | i 107 |
Derivative
Assets | ||||||||||||||||||||||||||||||||
Duke | Duke | Duke | Duke | Duke | ||||||||||||||||||||||||||||
Duke | Energy | Progress | Energy | Energy | Energy | Energy | ||||||||||||||||||||||||||
(in
millions) | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont | ||||||||||||||||||||||||
Current | ||||||||||||||||||||||||||||||||
Gross
amounts recognized | $ | i 38 | $ | i 2 | $ | i 2 | $ | i 2 | $ | — | $ | i 6 | $ | i 23 | $ | i 3 | ||||||||||||||||
Gross
amounts offset | ( i 3 | ) | ( i 2 | ) | ( i 2 | ) | ( i 2 | ) | — | — | — | — | ||||||||||||||||||||
Net
amounts presented in Current Assets: Other | $ | i 35 | $ | — | $ | — | $ | — | $ | — | $ | i 6 | $ | i 23 | $ | i 3 | ||||||||||||||||
Noncurrent | ||||||||||||||||||||||||||||||||
Gross
amounts recognized | $ | i 19 | $ | i 1 | $ | i 2 | $ | i 2 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Gross
amounts offset | ( i 3 | ) | ( i 1 | ) | ( i 2 | ) | ( i 2 | ) | — | — | — | — | ||||||||||||||||||||
Net
amounts presented in Other Noncurrent Assets: Other | $ | i 16 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
FINANCIAL
STATEMENTS | DERIVATIVES AND HEDGING |
Derivative
Liabilities | ||||||||||||||||||||||||||||||||
Duke | Duke | Duke | Duke | Duke | ||||||||||||||||||||||||||||
Duke | Energy | Progress | Energy | Energy | Energy | Energy | ||||||||||||||||||||||||||
(in
millions) | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont | ||||||||||||||||||||||||
Current | ||||||||||||||||||||||||||||||||
Gross
amounts recognized | $ | i 68 | $ | i 23 | $ | i 23 | $ | i 16 | $ | i 8 | $ | i 1 | $ | — | $ | i 8 | ||||||||||||||||
Gross
amounts offset | ( i 4 | ) | ( i 2 | ) | ( i 2 | ) | ( i 2 | ) | — | — | — | — | ||||||||||||||||||||
Net
amounts presented in Current Liabilities: Other | $ | i 64 | $ | i 21 | $ | i 21 | $ | i 14 | $ | i 8 | $ | i 1 | $ | — | $ | i 8 | ||||||||||||||||
Noncurrent | ||||||||||||||||||||||||||||||||
Gross
amounts recognized | $ | i 174 | $ | i 10 | $ | i 21 | $ | i 11 | $ | i 1 | $ | i 4 | $ | — | $ | i 133 | ||||||||||||||||
Gross
amounts offset | ( i 3 | ) | ( i 1 | ) | ( i 2 | ) | ( i 2 | ) | — | — | — | — | ||||||||||||||||||||
Net
amounts presented in Other Noncurrent Liabilities: Other | $ | i 171 | $ | i 9 | $ | i 19 | $ | i 9 | $ | i 1 | $ | i 4 | $ | — | $ | i 133 |
Duke | Duke | ||||||||||||||
Duke | Energy | Progress | Energy | ||||||||||||
(in
millions) | Energy | Carolinas | Energy | Progress | |||||||||||
Aggregate fair value of derivatives in a net liability position | $ | i 67 | $ | i 34 | $ | i 33 | $ | i 33 | |||||||
Fair
value of collateral already posted | — | — | — | — | |||||||||||
Additional cash collateral or letters of credit in the event credit-risk-related contingent features
were triggered | i 67 | i 34 | i 33 | i 33 |
Duke | Duke | ||||||||||||||
Duke | Energy | Progress | Energy | ||||||||||||
(in
millions) | Energy | Carolinas | Energy | Progress | |||||||||||
Aggregate fair value of derivatives in a net liability position | $ | i 44 | $ | i 19 | $ | i 25 | $ | i 25 | |||||||
Fair
value of collateral already posted | — | — | — | — | |||||||||||
Additional cash collateral or letters of credit in the event credit-risk-related contingent features
were triggered | i 44 | i 19 | i 25 | i 25 |
FINANCIAL STATEMENTS | INVESTMENTS IN DEBT AND EQUITY SECURITIES |
Gross | Gross | Gross | Gross | ||||||||||||||||||||
Unrealized | Unrealized | Estimated | Unrealized | Unrealized | Estimated | ||||||||||||||||||
Holding | Holding | Fair | Holding | Holding | Fair | ||||||||||||||||||
(in
millions) | Gains | Losses | Value | Gains | Losses | Value | |||||||||||||||||
NDTF | |||||||||||||||||||||||
Cash
and cash equivalents | $ | — | $ | — | $ | i 114 | $ | — | $ | — | $ | i 88 | |||||||||||
Equity
securities | i 3,076 | i 36 | i 5,178 | i 2,402 | i 95 | i 4,475 | |||||||||||||||||
Corporate
debt securities | i 30 | i 1 | i 571 | i 4 | i 13 | i 566 | |||||||||||||||||
Municipal
bonds | i 10 | — | i 318 | i 1 | i 4 | i 353 | |||||||||||||||||
U.S.
government bonds | i 34 | i 1 | i 1,270 | i 14 | i 12 | i 1,076 | |||||||||||||||||
Other
debt securities | i 3 | i 1 | i 152 | — | i 2 | i 148 | |||||||||||||||||
Total
NDTF Investments | $ | i 3,153 | $ | i 39 | $ | i 7,603 | $ | i 2,421 | $ | i 126 | $ | i 6,706 | |||||||||||
Other
Investments | |||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | i 49 | $ | — | $ | — | $ | i 22 | |||||||||||
Equity
securities | i 49 | — | i 112 | i 36 | i 1 | i 99 | |||||||||||||||||
Corporate
debt securities | i 2 | — | i 60 | — | i 2 | i 60 | |||||||||||||||||
Municipal
bonds | i 3 | i 1 | i 90 | i — | i 1 | i 85 | |||||||||||||||||
U.S.
government bonds | i 2 | — | i 51 | i 1 | — | i 45 | |||||||||||||||||
Other
debt securities | — | — | i 65 | — | i 1 | i 58 | |||||||||||||||||
Total
Other Investments | $ | i 56 | $ | i 1 | $ | i 427 | $ | i 37 | $ | i 5 | $ | i 369 | |||||||||||
Total
Investments | $ | i 3,209 | $ | i 40 | $ | i 8,030 | $ | i 2,458 | $ | i 131 | $ | i 7,075 |
Three Months Ended | Six
Months Ended | ||||||||||||||
(in millions) | |||||||||||||||
FV-NI: | |||||||||||||||
Realized
gains | $ | i 66 | $ | i 47 | $ | i 101 | $ | i 66 | |||||||
Realized
losses | i 63 | i 31 | i 93 | i 44 | |||||||||||
AFS: | |||||||||||||||
Realized
gains | i 47 | i 5 | i 57 | i 10 | |||||||||||
Realized
losses | i 36 | i 12 | i 47 | i 25 |
FINANCIAL
STATEMENTS | INVESTMENTS IN DEBT AND EQUITY SECURITIES |
Gross | Gross | Gross | Gross | ||||||||||||||||||||
Unrealized | Unrealized | Estimated | Unrealized | Unrealized | Estimated | ||||||||||||||||||
Holding | Holding | Fair | Holding | Holding | Fair | ||||||||||||||||||
(in
millions) | Gains | Losses | Value | Gains | Losses | Value | |||||||||||||||||
NDTF | |||||||||||||||||||||||
Cash
and cash equivalents | $ | — | $ | — | $ | i 41 | $ | — | $ | — | $ | i 29 | |||||||||||
Equity
securities | i 1,671 | i 9 | i 2,883 | i 1,309 | i 54 | i 2,484 | |||||||||||||||||
Corporate
debt securities | i 18 | i 1 | i 360 | i 2 | i 9 | i 341 | |||||||||||||||||
Municipal
bonds | i 2 | — | i 63 | — | i 1 | i 81 | |||||||||||||||||
U.S.
government bonds | i 17 | i 1 | i 556 | i 5 | i 8 | i 475 | |||||||||||||||||
Other
debt securities | i 3 | i 1 | i 141 | — | i 2 | i 143 | |||||||||||||||||
Total
NDTF Investments | $ | i 1,711 | $ | i 12 | $ | i 4,044 | $ | i 1,316 | $ | i 74 | $ | i 3,553 |
Three Months Ended | Six
Months Ended | ||||||||||||||
(in millions) | |||||||||||||||
FV-NI: | |||||||||||||||
Realized
gains | $ | i 44 | $ | i 26 | $ | i 67 | $ | i 36 | |||||||
Realized
losses | i 48 | i 17 | i 69 | i 22 | |||||||||||
AFS: | |||||||||||||||
Realized
gains | i 16 | i 4 | i 25 | i 9 | |||||||||||
Realized
losses | i 11 | i 8 | i 21 | i 18 |
Gross | Gross | Gross | Gross | ||||||||||||||||||||
Unrealized | Unrealized | Estimated | Unrealized | Unrealized | Estimated | ||||||||||||||||||
Holding | Holding | Fair | Holding | Holding | Fair | ||||||||||||||||||
(in
millions) | Gains | Losses | Value | Gains | Losses | Value | |||||||||||||||||
NDTF | |||||||||||||||||||||||
Cash
and cash equivalents | $ | — | $ | — | $ | i 73 | $ | — | $ | — | $ | i 59 | |||||||||||
Equity
securities | i 1,405 | i 27 | i 2,295 | i 1,093 | i 41 | i 1,991 | |||||||||||||||||
Corporate
debt securities | i 12 | — | i 211 | i 2 | i 4 | i 225 | |||||||||||||||||
Municipal
bonds | i 8 | — | i 255 | i 1 | i 3 | i 272 | |||||||||||||||||
U.S.
government bonds | i 17 | — | i 714 | i 9 | i 4 | i 601 | |||||||||||||||||
Other
debt securities | — | — | i 11 | — | — | i 5 | |||||||||||||||||
Total
NDTF Investments | $ | i 1,442 | $ | i 27 | $ | i 3,559 | $ | i 1,105 | $ | i 52 | $ | i 3,153 | |||||||||||
Other
Investments | |||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | i 47 | $ | — | $ | — | $ | i 17 | |||||||||||
Municipal
bonds | i 3 | — | i 50 | — | — | i 47 | |||||||||||||||||
Total
Other Investments | $ | i 3 | $ | — | $ | i 97 | $ | — | $ | — | $ | i 64 | |||||||||||
Total
Investments | $ | i 1,445 | $ | i 27 | $ | i 3,656 | $ | i 1,105 | $ | i 52 | $ | i 3,217 |
FINANCIAL
STATEMENTS | INVESTMENTS IN DEBT AND EQUITY SECURITIES |
Three Months Ended | Six Months Ended | ||||||||||||||
(in millions) | |||||||||||||||
FV-NI: | |||||||||||||||
Realized
gains | $ | i 22 | $ | i 21 | $ | i 34 | $ | i 30 | |||||||
Realized
losses | i 15 | i 14 | i 24 | i 22 | |||||||||||
AFS: | |||||||||||||||
Realized
gains | i 30 | i 1 | i 31 | i 1 | |||||||||||
Realized
losses | i 25 | i 4 | i 26 | i 7 |
Gross | Gross | Gross | Gross | ||||||||||||||||||||
Unrealized | Unrealized | Estimated | Unrealized | Unrealized | Estimated | ||||||||||||||||||
Holding | Holding | Fair | Holding | Holding | Fair | ||||||||||||||||||
(in
millions) | Gains | Losses | Value | Gains | Losses | Value | |||||||||||||||||
NDTF | |||||||||||||||||||||||
Cash
and cash equivalents | $ | — | $ | — | $ | i 42 | $ | — | $ | — | $ | i 46 | |||||||||||
Equity
securities | i 1,092 | i 24 | i 1,886 | i 833 | i 30 | i 1,588 | |||||||||||||||||
Corporate
debt securities | i 12 | — | i 211 | i 2 | i 3 | i 171 | |||||||||||||||||
Municipal
bonds | i 8 | — | i 255 | i 1 | i 3 | i 271 | |||||||||||||||||
U.S.
government bonds | i 16 | — | i 429 | i 6 | i 3 | i 415 | |||||||||||||||||
Other
debt securities | — | — | i 11 | — | — | i 3 | |||||||||||||||||
Total
NDTF Investments | $ | i 1,128 | $ | i 24 | $ | i 2,834 | $ | i 842 | $ | i 39 | $ | i 2,494 | |||||||||||
Other
Investments | |||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | i 2 | $ | — | $ | — | $ | i 6 | |||||||||||
Total
Other Investments | $ | — | $ | — | $ | i 2 | $ | — | $ | — | $ | i 6 | |||||||||||
Total
Investments | $ | i 1,128 | $ | i 24 | $ | i 2,836 | $ | i 842 | $ | i 39 | $ | i 2,500 |
Three Months Ended | Six
Months Ended | ||||||||||||||
(in millions) | |||||||||||||||
FV-NI: | |||||||||||||||
Realized
gains | $ | i 7 | $ | i 17 | $ | i 17 | $ | i 25 | |||||||
Realized
losses | i 7 | i 12 | i 15 | i 20 | |||||||||||
AFS: | |||||||||||||||
Realized
gains | i 1 | i 1 | i 2 | i 1 | |||||||||||
Realized
losses | i 1 | i 3 | i 2 | i 5 |
FINANCIAL
STATEMENTS | INVESTMENTS IN DEBT AND EQUITY SECURITIES |
Gross | Gross | Gross | Gross | ||||||||||||||||||||
Unrealized | Unrealized | Estimated | Unrealized | Unrealized | Estimated | ||||||||||||||||||
Holding | Holding | Fair | Holding | Holding | Fair | ||||||||||||||||||
(in
millions) | Gains | Losses | Value | Gains | Losses | Value | |||||||||||||||||
NDTF | |||||||||||||||||||||||
Cash
and cash equivalents | $ | — | $ | — | $ | i 31 | $ | — | $ | — | $ | i 13 | |||||||||||
Equity
securities | i 313 | i 3 | i 409 | i 260 | i 11 | i 403 | |||||||||||||||||
Corporate
debt securities | — | — | — | — | i 1 | i 54 | |||||||||||||||||
Municipal
bonds | — | — | — | — | — | i 1 | |||||||||||||||||
U.S.
government bonds | i 1 | — | i 285 | i 3 | i 1 | i 186 | |||||||||||||||||
Other
debt securities | — | — | — | — | — | i 2 | |||||||||||||||||
Total
NDTF Investments(a) | $ | i 314 | $ | i 3 | $ | i 725 | $ | i 263 | $ | i 13 | $ | i 659 | |||||||||||
Other
Investments | |||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | i 2 | $ | — | $ | — | $ | i 1 | |||||||||||
Municipal
bonds | i 3 | — | i 50 | — | — | i 47 | |||||||||||||||||
Total
Other Investments | $ | i 3 | $ | — | $ | i 52 | $ | — | $ | — | $ | i 48 | |||||||||||
Total
Investments | $ | i 317 | $ | i 3 | $ | i 777 | $ | i 263 | $ | i 13 | $ | i 707 |
(a) | During
the six months ended June 30, 2019, Duke Energy Florida continued to receive reimbursements from the NDTF for costs related to ongoing decommissioning activity of Crystal River Unit 3. |
Three Months Ended | Six Months Ended | ||||||||||||||
(in millions) | |||||||||||||||
FV-NI: | |||||||||||||||
Realized
gains | $ | i 15 | $ | i 4 | $ | i 17 | $ | i 5 | |||||||
Realized
losses | i 8 | i 2 | i 9 | i 2 | |||||||||||
AFS: | |||||||||||||||
Realized
gains | i 29 | — | i 29 | — | |||||||||||
Realized
losses | i 24 | i 1 | i 24 | i 2 |
Gross | Gross | Gross | Gross | ||||||||||||||||||||
Unrealized | Unrealized | Estimated | Unrealized | Unrealized | Estimated | ||||||||||||||||||
Holding | Holding | Fair | Holding | Holding | Fair | ||||||||||||||||||
(in
millions) | Gains | Losses | Value | Gains | Losses | Value | |||||||||||||||||
Investments | |||||||||||||||||||||||
Equity
securities | $ | i 37 | $ | — | $ | i 74 | $ | i 29 | $ | — | $ | i 67 | |||||||||||
Corporate
debt securities | — | — | i 7 | — | — | i 8 | |||||||||||||||||
Municipal
bonds | — | i 1 | i 34 | — | i 1 | i 33 | |||||||||||||||||
U.S.
government bonds | — | — | i 1 | — | — | — | |||||||||||||||||
Total
Investments | $ | i 37 | $ | i 1 | $ | i 116 | $ | i 29 | $ | i 1 | $ | i 108 |
FINANCIAL STATEMENTS | INVESTMENTS IN DEBT AND EQUITY SECURITIES |
Duke | Duke | Duke | Duke | ||||||||||||||||||||
Duke | Energy | Progress | Energy | Energy | Energy | ||||||||||||||||||
(in
millions) | Energy | Carolinas | Energy | Progress | Florida | Indiana | |||||||||||||||||
Due
in one year or less | $ | i 365 | $ | i 43 | $ | i 315 | $ | i 29 | $ | i 286 | $ | i 4 | |||||||||||
Due
after one through five years | i 527 | i 213 | i 265 | i 257 | i 8 | i 15 | |||||||||||||||||
Due
after five through 10 years | i 499 | i 242 | i 203 | i 192 | i 11 | i 4 | |||||||||||||||||
Due
after 10 years | i 1,186 | i 622 | i 458 | i 428 | i 30 | i 19 | |||||||||||||||||
Total | $ | i 2,577 | $ | i 1,120 | $ | i 1,241 | $ | i 906 | $ | i 335 | $ | i 42 |
FINANCIAL STATEMENTS | FAIR VALUE MEASUREMENTS |
(in
millions) | Total Fair Value | Level 1 | Level 2 | Level 3 | Not Categorized | ||||||||||
NDTF equity securities | $ | i 5,178 | $ | i 5,119 | $ | — | $ | — | $ | i 59 | |||||
NDTF
debt securities | i 2,425 | i 870 | i 1,555 | — | — | ||||||||||
Other
equity securities | i 112 | i 112 | — | — | — | ||||||||||
Other
debt securities | i 315 | i 99 | i 216 | — | — | ||||||||||
Derivative
assets | i 38 | i 3 | — | i 35 | — | ||||||||||
Total
assets | i 8,068 | i 6,203 | i 1,771 | i 35 | i 59 | ||||||||||
Derivative
liabilities | ( i 342 | ) | ( i 12 | ) | ( i 216 | ) | ( i 114 | ) | — | ||||||
Net
assets (liabilities) | $ | i 7,726 | $ | i 6,191 | $ | i 1,555 | $ | ( i 79 | ) | $ | i 59 |
(in
millions) | Total Fair Value | Level 1 | Level 2 | Level 3 | Not Categorized | ||||||||||
NDTF equity securities | $ | i 4,475 | $ | i 4,410 | $ | — | $ | — | $ | i 65 | |||||
NDTF
debt securities | i 2,231 | i 576 | i 1,655 | — | — | ||||||||||
Other
equity securities | i 99 | i 99 | — | — | — | ||||||||||
Other
debt securities | i 270 | i 67 | i 203 | — | — | ||||||||||
Derivative
assets | i 57 | i 4 | i 25 | i 28 | — | ||||||||||
Total
assets | i 7,132 | i 5,156 | i 1,883 | i 28 | i 65 | ||||||||||
Derivative
liabilities | ( i 242 | ) | ( i 11 | ) | ( i 90 | ) | ( i 141 | ) | — | ||||||
Net
assets (liabilities) | $ | i 6,890 | $ | i 5,145 | $ | i 1,793 | $ | ( i 113 | ) | $ | i 65 |
Derivatives (net) | |||||||||||||||
Three Months Ended June 30, | Six
Months Ended June 30, | ||||||||||||||
(in millions) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Balance at
beginning of period | $ | ( i 115 | ) | $ | ( i 124 | ) | $ | ( i 113 | ) | $ | ( i 114 | ) | |||
Purchases,
sales, issuances and settlements: | |||||||||||||||
Purchases | i 38 | i 56 | i 38 | i 56 | |||||||||||
Settlements | ( i 11 | ) | ( i 15 | ) | ( i 23 | ) | ( i 29 | ) | |||||||
Total
gains (losses) included on the Condensed Consolidated Balance Sheet | i 9 | ( i 14 | ) | i 19 | ( i 10 | ) | |||||||||
Balance
at end of period | $ | ( i 79 | ) | $ | ( i 97 | ) | $ | ( i 79 | ) | $ | ( i 97 | ) |
FINANCIAL
STATEMENTS | FAIR VALUE MEASUREMENTS |
(in
millions) | Total Fair Value | Level 1 | Level 2 | Not Categorized | ||||||||
NDTF equity securities | $ | i 2,883 | $ | i 2,824 | $ | — | $ | i 59 | ||||
NDTF
debt securities | i 1,161 | i 250 | i 911 | — | ||||||||
Total
assets | i 4,044 | i 3,074 | i 911 | i 59 | ||||||||
Derivative
liabilities | ( i 93 | ) | — | ( i 93 | ) | — | ||||||
Net
assets | $ | i 3,951 | $ | i 3,074 | $ | i 818 | $ | i 59 |
(in
millions) | Total Fair Value | Level 1 | Level 2 | Not Categorized | ||||||||
NDTF equity securities | $ | i 2,484 | $ | i 2,419 | $ | — | $ | i 65 | ||||
NDTF
debt securities | i 1,069 | i 149 | i 920 | — | ||||||||
Derivative
assets | i 3 | — | i 3 | — | ||||||||
Total
assets | i 3,556 | i 2,568 | i 923 | i 65 | ||||||||
Derivative
liabilities | ( i 33 | ) | — | ( i 33 | ) | — | ||||||
Net
assets | $ | i 3,523 | $ | i 2,568 | $ | i 890 | $ | i 65 |
(in millions) | Total Fair Value | Level 1 | Level 2 | Total Fair Value | Level 1 | Level
2 | |||||||||||||
NDTF equity securities | $ | i 2,295 | $ | i 2,295 | $ | — | $ | i 1,991 | $ | i 1,991 | $ | — | |||||||
NDTF
debt securities | i 1,264 | i 620 | i 644 | i 1,162 | i 427 | i 735 | |||||||||||||
Other
debt securities | i 97 | i 47 | i 50 | i 64 | i 17 | i 47 | |||||||||||||
Derivative
assets | — | — | i — | i 4 | — | i 4 | |||||||||||||
Total
assets | i 3,656 | i 2,962 | i 694 | i 3,221 | i 2,435 | i 786 | |||||||||||||
Derivative
liabilities | ( i 90 | ) | — | ( i 90 | ) | ( i 44 | ) | — | ( i 44 | ) | |||||||||
Net
assets | $ | i 3,566 | $ | i 2,962 | $ | i 604 | $ | i 3,177 | $ | i 2,435 | $ | i 742 |
(in millions) | Total Fair Value | Level 1 | Level 2 | Total Fair Value | Level 1 | Level
2 | |||||||||||||
NDTF equity securities | $ | i 1,886 | $ | i 1,886 | $ | — | $ | i 1,588 | $ | i 1,588 | $ | — | |||||||
NDTF
debt securities | i 948 | i 304 | i 644 | i 906 | i 294 | i 612 | |||||||||||||
Other
debt securities | i 2 | i 2 | — | i 6 | i 6 | — | |||||||||||||
Derivative
assets | — | — | — | i 4 | — | i 4 | |||||||||||||
Total
assets | i 2,836 | i 2,192 | i 644 | i 2,504 | i 1,888 | i 616 | |||||||||||||
Derivative
liabilities | ( i 35 | ) | — | ( i 35 | ) | ( i 27 | ) | — | ( i 27 | ) | |||||||||
Net
assets | $ | i 2,801 | $ | i 2,192 | $ | i 609 | $ | i 2,477 | $ | i 1,888 | $ | i 589 |
FINANCIAL
STATEMENTS | FAIR VALUE MEASUREMENTS |
(in millions) | Total Fair Value | Level 1 | Level 2 | Total Fair Value | Level 1 | Level
2 | |||||||||||||
NDTF equity securities | $ | i 409 | $ | i 409 | $ | — | $ | i 403 | $ | i 403 | $ | — | |||||||
NDTF
debt securities | i 316 | i 316 | — | i 256 | i 133 | i 123 | |||||||||||||
Other
debt securities | i 52 | i 2 | i 50 | i 48 | i 1 | i 47 | |||||||||||||
Total
assets | i 777 | i 727 | i 50 | i 707 | i 537 | i 170 | |||||||||||||
Derivative
liabilities | ( i 39 | ) | — | ( i 39 | ) | ( i 9 | ) | — | ( i 9 | ) | |||||||||
Net
assets | $ | i 738 | $ | i 727 | $ | i 11 | $ | i 698 | $ | i 537 | $ | i 161 |
(in millions) | Total Fair Value | Level 1 | Level 2 | Level 3 | Total Fair Value | Level
1 | Level 2 | Level 3 | |||||||||||||||||
Other equity securities | $ | i 74 | $ | i 74 | $ | — | $ | — | $ | i 67 | $ | i 67 | $ | — | $ | — | |||||||||
Other
debt securities | i 42 | — | i 42 | — | i 41 | — | i 41 | — | |||||||||||||||||
Derivative
assets | i 29 | i 1 | — | i 28 | i 23 | i 1 | — | i 22 | |||||||||||||||||
Total
assets | $ | i 145 | $ | i 75 | $ | i 42 | $ | i 28 | $ | i 131 | $ | i 68 | $ | i 41 | $ | i 22 | |||||||||
Derivative
liabilities | ( i 2 | ) | ( i 2 | ) | — | — | — | — | — | — | |||||||||||||||
Net
assets | $ | i 143 | $ | i 73 | $ | i 42 | $ | i 28 | $ | i 131 | $ | i 68 | $ | i 41 | $ | i 22 |
Derivatives (net) | |||||||||||||||
Three Months Ended June 30, | Six
Months Ended June 30, | ||||||||||||||
(in millions) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Balance at
beginning of period | $ | i 5 | $ | i 7 | $ | i 22 | $ | i 27 | |||||||
Purchases,
sales, issuances and settlements: | |||||||||||||||
Purchases | i 29 | i 49 | i 29 | i 49 | |||||||||||
Settlements | ( i 9 | ) | ( i 14 | ) | ( i 19 | ) | ( i 28 | ) | |||||||
Total
gains (losses) included on the Condensed Consolidated Balance Sheet | i 3 | i 2 | ( i 4 | ) | ( i 4 | ) | |||||||||
Balance
at end of period | $ | i 28 | $ | i 44 | $ | i 28 | $ | i 44 |
FINANCIAL
STATEMENTS | FAIR VALUE MEASUREMENTS |
(in millions) | Total Fair Value | Level 1 | Level 3 | Total Fair Value | Level 1 | Level
3 | |||||||||||||
Derivative assets | $ | i 2 | $ | i 2 | $ | — | $ | i 3 | i 3 | — | |||||||||
Derivative
liabilities | ( i 114 | ) | — | ( i 114 | ) | ( i 141 | ) | — | ( i 141 | ) | |||||||||
Net
(liabilities) assets | $ | ( i 112 | ) | $ | i 2 | $ | ( i 114 | ) | $ | ( i 138 | ) | $ | i 3 | $ | ( i 141 | ) |
Derivatives (net) | |||||||||||||||
Three Months Ended June 30, | Six
Months Ended June 30, | ||||||||||||||
(in millions) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Balance at
beginning of period | $ | ( i 121 | ) | $ | ( i 132 | ) | $ | ( i 141 | ) | $ | ( i 142 | ) | |||
Total
gains (losses) and settlements | i 7 | ( i 18 | ) | i 27 | ( i 8 | ) | |||||||||
Balance
at end of period | $ | ( i 114 | ) | $ | ( i 150 | ) | $ | ( i 114 | ) | $ | ( i 150 | ) |
Fair
Value | ||||||||||||
Investment Type | (in millions) | Valuation Technique | Unobservable Input | Range | ||||||||
Duke Energy Ohio | ||||||||||||
FTRs | $ | i 7 | RTO
auction pricing | FTR price – per MWh | $ | i 0.36 | - | $ | i 3.13 | |||
Duke
Energy Indiana | ||||||||||||
FTRs | i 28 | RTO
auction pricing | FTR price – per MWh | ( i 0.59 | ) | - | i 7.61 | |||||
Piedmont | ||||||||||||
Natural
gas contracts | ( i 114 | ) | Discounted
cash flow | Forward natural gas curves – price per MMBtu | i 1.96 | - | i 3.21 | |||||
Duke
Energy | ||||||||||||
Total Level 3 derivatives | $ | ( i 79 | ) |
Fair
Value | ||||||||||||
Investment Type | (in millions) | Valuation Technique | Unobservable Input | Range | ||||||||
Duke Energy Ohio | ||||||||||||
FTRs | $ | i 6 | RTO
auction pricing | FTR price – per MWh | $ | i 1.19 | - | $ | i 4.59 | |||
Duke
Energy Indiana | ||||||||||||
FTRs | i 22 | RTO
auction pricing | FTR price – per MWh | ( i 2.07 | ) | - | i 8.27 | |||||
Piedmont | ||||||||||||
Natural
gas contracts | ( i 141 | ) | Discounted
cash flow | Forward natural gas curves – price per MMBtu | i 1.87 | - | i 2.95 | |||||
Duke
Energy | ||||||||||||
Total Level 3 derivatives | $ | ( i 113 | ) |
FINANCIAL
STATEMENTS | FAIR VALUE MEASUREMENTS |
(in millions) | Book
Value | Fair Value | Book Value | Fair Value | |||||||||||
Duke Energy(a) | $ | i 57,040 | $ | i 60,667 | $ | i 54,529 | $ | i 54,534 | |||||||
Duke
Energy Carolinas | i 10,964 | i 12,300 | i 10,939 | i 11,471 | |||||||||||
Progress
Energy | i 19,199 | i 21,408 | i 18,911 | i 19,885 | |||||||||||
Duke
Energy Progress | i 9,049 | i 9,707 | i 8,204 | i 8,300 | |||||||||||
Duke
Energy Florida | i 7,213 | i 8,173 | i 7,321 | i 7,742 | |||||||||||
Duke
Energy Ohio | i 2,509 | i 2,779 | i 2,165 | i 2,239 | |||||||||||
Duke
Energy Indiana | i 3,723 | i 4,363 | i 3,782 | i 4,158 | |||||||||||
Piedmont | i 2,384 | i 2,576 | i 2,138 | i 2,180 |
(a) | Book
value of long-term debt includes $ i 1.5 billion as of June 30, 2019, and $ i 1.6
billion as of December 31, 2018, of unamortized debt discount and premium, net in purchase accounting adjustments related to the mergers with Progress Energy and Piedmont that are excluded from fair value of long-term debt. |
FINANCIAL
STATEMENTS | VARIABLE INTEREST ENTITIES |
Duke
Energy | |||||||||||||||
Duke Energy | Duke Energy | Duke Energy | |||||||||||||
Carolinas | Progress | Florida | |||||||||||||
(in
millions) | CRC | DERF | DEPR | DEFR | |||||||||||
Expiration date | December 2020 | December
2020 | February 2021 | April 2021 | |||||||||||
Credit facility amount | $ | i 350 | $ | i 475 | $ | i 325 | $ | i 250 | |||||||
Amounts
borrowed at June 30, 2019 | i 328 | i 475 | i 325 | i 250 | |||||||||||
Amounts
borrowed at December 31, 2018 | i 325 | i 450 | i 300 | i 225 | |||||||||||
Restricted
Receivables at June 30, 2019 | i 484 | i 671 | i 518 | i 472 | |||||||||||
Restricted
Receivables at December 31, 2018 | i 564 | i 699 | i 547 | i 357 |
(in millions) | ||||||
Receivables of VIEs | $ | i 8 | $ | i 5 | ||
Regulatory
Assets: Current | i 52 | i 52 | ||||
Current
Assets: Other | i 31 | i 39 | ||||
Other
Noncurrent Assets: Regulatory assets | i 1,019 | i 1,041 | ||||
Current
Liabilities: Other | i 10 | i 10 | ||||
Current
maturities of long-term debt | i 54 | i 53 | ||||
Long-Term
Debt | i 1,082 | i 1,111 |
(in millions) | ||||||
Current Assets: Other | $ | i 109 | $ | i 123 | ||
Property,
plant and equipment, cost | i 4,419 | i 4,007 | ||||
Accumulated
depreciation and amortization | ( i 769 | ) | ( i 698 | ) | ||
Other
Noncurrent Assets: Other | i 289 | i 261 | ||||
Current
maturities of long-term debt | i 178 | i 174 | ||||
Long-Term
Debt | i 1,610 | i 1,587 | ||||
Other
Noncurrent Liabilities: Asset Retirement Obligations | i 108 | i 106 | ||||
Other
Noncurrent Liabilities: Other | i 222 | i 212 |
FINANCIAL
STATEMENTS | VARIABLE INTEREST ENTITIES |
Duke
Energy | Duke | Duke | |||||||||||||||||||||
Pipeline | Commercial | Other | Energy | Energy | |||||||||||||||||||
(in
millions) | Investments | Renewables | VIEs | Total | Ohio | Indiana | |||||||||||||||||
Receivables
from affiliated companies | $ | — | $ | — | $ | — | $ | — | $ | i 45 | $ | i 81 | |||||||||||
Investments
in equity method unconsolidated affiliates | i 1,066 | i 187 | i 52 | i 1,305 | — | — | |||||||||||||||||
Total
assets | $ | i 1,066 | $ | i 187 | $ | i 52 | $ | i 1,305 | $ | i 45 | $ | i 81 | |||||||||||
Taxes
accrued | ( i 2 | ) | — | — | ( i 2 | ) | — | — | |||||||||||||||
Other
current liabilities | — | — | i 4 | i 4 | — | — | |||||||||||||||||
Deferred
income taxes | i 48 | — | — | i 48 | — | — | |||||||||||||||||
Other
noncurrent liabilities | — | — | i 11 | i 11 | — | — | |||||||||||||||||
Total
liabilities | $ | i 46 | $ | — | $ | i 15 | $ | i 61 | $ | — | $ | — | |||||||||||
Net
assets | $ | i 1,020 | $ | i 187 | $ | i 37 | $ | i 1,244 | $ | i 45 | $ | i 81 |
Duke
Energy | Duke | Duke | |||||||||||||||||||||
Pipeline | Commercial | Other
| Energy | Energy | |||||||||||||||||||
(in millions) | Investments | Renewables | VIEs | Total | Ohio | Indiana | |||||||||||||||||
Receivables
from affiliated companies | $ | — | $ | — | $ | — | $ | — | $ | i 93 | $ | i 118 | |||||||||||
Investments
in equity method unconsolidated affiliates | i 822 | i 190 | i 48 | i 1,060 | — | — | |||||||||||||||||
Total
assets | $ | i 822 | $ | i 190 | $ | i 48 | $ | i 1,060 | $ | i 93 | $ | i 118 | |||||||||||
Taxes
accrued | ( i 1 | ) | — | — | ( i 1 | ) | — | — | |||||||||||||||
Other
current liabilities | — | — | i 4 | i 4 | — | — | |||||||||||||||||
Deferred
income taxes | i 21 | — | — | i 21 | — | — | |||||||||||||||||
Other
noncurrent liabilities | — | — | i 12 | i 12 | — | — | |||||||||||||||||
Total
liabilities | $ | i 20 | $ | — | $ | i 16 | $ | i 36 | $ | — | $ | — | |||||||||||
Net
assets | $ | i 802 | $ | i 190 | $ | i 32 | $ | i 1,024 | $ | i 93 | $ | i 118 |
VIE Investment Amount (in millions) | ||||||||||
Ownership | June 30, | December
31, | ||||||||
Entity Name | Interest | 2019 | 2018 | |||||||
ACP(a) | i 47 | % | $ | i 1,041 | $ | i 797 | ||||
Constitution | i 24 | % | i 25 | i 25 | ||||||
Total | $ | i 1,066 | $ | i 822 |
(a) | Duke
Energy evaluated this investment for impairment as of June 30, 2019, and December 31, 2018, and determined that fair value approximated carrying value and therefore no impairment was necessary. |
FINANCIAL STATEMENTS | VARIABLE INTEREST ENTITIES |
Duke
Energy Ohio | Duke Energy Indiana | ||||||||||||||
(in millions) | |||||||||||||||
Receivables
sold | $ | i 210 | $ | i 269 | $ | i 314 | $ | i 336 | |||||||
Less:
Retained interests | i 45 | i 93 | i 81 | i 118 | |||||||||||
Net
receivables sold | $ | i 165 | $ | i 176 | $ | i 233 | $ | i 218 |
Duke Energy Ohio | Duke
Energy Indiana | ||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||||||||||||||||||
(in
millions) | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||
Sales | |||||||||||||||||||||||||||||||
Receivables
sold | $ | i 429 | $ | i 461 | $ | i 1,004 | $ | i 1,028 | $ | i 676 | $ | i 692 | $ | i 1,410 | $ | i 1,386 | |||||||||||||||
Loss
recognized on sale | i 3 | i 3 | i 7 | i 6 | i 4 | i 4 | i 9 | i 7 | |||||||||||||||||||||||
Cash
flows | |||||||||||||||||||||||||||||||
Cash
proceeds from receivables sold | $ | i 448 | $ | i 465 | $ | i 1,045 | $ | i 1,050 | $ | i 680 | $ | i 686 | $ | i 1,438 | $ | i 1,397 | |||||||||||||||
Collection
fees received | i 1 | i 1 | i 1 | i 1 | i 1 | i 1 | i 1 | i 1 | |||||||||||||||||||||||
Return
received on retained interests | i 2 | i 1 | i 4 | i 3 | i 2 | i 2 | i 5 | i 4 |
FINANCIAL STATEMENTS | REVENUE |
Remaining Performance Obligations | |||||||||||||||||||||
(in millions) | 2019 | 2020 | 2021 | 2022 | 2023 | Thereafter | Total | ||||||||||||||
Progress
Energy | $ | i 63 | $ | i 121 | $ | i 87 | $ | i 82 | $ | i 39 | $ | i 42 | $ | i 434 | |||||||
Duke
Energy Progress | i 4 | i 9 | i 9 | i 9 | i 9 | i 9 | i 49 | ||||||||||||||
Duke
Energy Florida | i 59 | i 112 | i 78 | i 73 | i 30 | i 33 | i 385 | ||||||||||||||
Duke
Energy Indiana | i 5 | i 10 | i 5 | — | — | — | i 20 |
Remaining Performance Obligations | |||||||||||||||||||||
(in
millions) | 2019 | 2020 | 2021 | 2022 | 2023 | Thereafter | Total | ||||||||||||||
Piedmont | $ | i 34 | $ | i 69 | $ | i 65 | $ | i 64 | $ | i 61 | $ | i 432 | $ | i 725 |
FINANCIAL
STATEMENTS | REVENUE |
Three
Months Ended June 30, 2019 | ||||||||||||||||||||||||
Duke | Duke | Duke | Duke | Duke | ||||||||||||||||||||
(in
millions) | Duke | Energy | Progress | Energy | Energy | Energy | Energy | |||||||||||||||||
By
market or type of customer | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont | ||||||||||||||||
Electric
Utilities and Infrastructure | ||||||||||||||||||||||||
Residential | $ | i 2,304 | $ | i 679 | $ | i 1,243 | $ | i 496 | $ | i 747 | $ | i 159 | $ | i 225 | $ | — | ||||||||
General | i 1,584 | i 531 | i 750 | i 339 | i 411 | i 105 | i 197 | — | ||||||||||||||||
Industrial | i 759 | i 289 | i 231 | i 164 | i 67 | i 36 | i 201 | — | ||||||||||||||||
Wholesale | i 527 | i 109 | i 351 | i 309 | i 42 | i 9 | i 59 | — | ||||||||||||||||
Other
revenues | i 187 | i 68 | i 99 | i 44 | i 55 | i 25 | i 27 | — | ||||||||||||||||
Total
Electric Utilities and Infrastructure revenue from contracts with customers | $ | i 5,361 | $ | i 1,676 | $ | i 2,674 | $ | i 1,352 | $ | i 1,322 | $ | i 334 | $ | i 709 | $ | — | ||||||||
Gas
Utilities and Infrastructure | ||||||||||||||||||||||||
Residential | $ | i 146 | $ | — | $ | — | $ | — | $ | — | $ | i 64 | $ | — | $ | i 82 | ||||||||
Commercial | i 85 | — | — | — | — | i 26 | — | i 59 | ||||||||||||||||
Industrial | i 29 | — | — | — | — | i 3 | — | i 24 | ||||||||||||||||
Power
Generation | — | — | — | — | — | — | — | i 13 | ||||||||||||||||
Other
revenues | i 22 | — | — | — | — | i 2 | — | i 19 | ||||||||||||||||
Total
Gas Utilities and Infrastructure revenue from contracts with customers | $ | i 282 | $ | — | $ | — | $ | — | $ | — | $ | i 95 | $ | — | $ | i 197 | ||||||||
Commercial
Renewables | ||||||||||||||||||||||||
Revenue from contracts with customers | $ | i 46 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||
Other | ||||||||||||||||||||||||
Revenue
from contracts with customers | $ | i 6 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||
Total
revenue from contracts with customers | $ | i 5,695 | $ | i 1,676 | $ | i 2,674 | $ | i 1,352 | $ | i 1,322 | $ | i 429 | $ | i 709 | $ | i 197 | ||||||||
Other
revenue sources(a) | $ | i 178 | $ | i 37 | $ | i 70 | $ | i 35 | $ | i 31 | $ | i 4 | $ | i 5 | $ | i 12 | ||||||||
Total
revenues | $ | i 5,873 | $ | i 1,713 | $ | i 2,744 | $ | i 1,387 | $ | i 1,353 | $ | i 433 | $ | i 714 | $ | i 209 |
FINANCIAL
STATEMENTS | REVENUE |
Three Months Ended June 30,
2018 | ||||||||||||||||||||||||
Duke | Duke | Duke | Duke | Duke | ||||||||||||||||||||
(in
millions) | Duke | Energy | Progress | Energy | Energy | Energy | Energy | |||||||||||||||||
By
market or type of customer | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont | ||||||||||||||||
Electric
Utilities and Infrastructure | ||||||||||||||||||||||||
Residential | $ | i 2,185 | $ | i 659 | $ | i 1,099 | $ | i 452 | $ | i 648 | $ | i 181 | $ | i 245 | $ | — | ||||||||
General | i 1,481 | i 501 | i 678 | i 300 | i 377 | i 110 | i 188 | — | ||||||||||||||||
Industrial | i 736 | i 286 | i 224 | i 159 | i 66 | i 33 | i 192 | — | ||||||||||||||||
Wholesale | i 515 | i 115 | i 322 | i 287 | i 34 | i 2 | i 77 | — | ||||||||||||||||
Other
revenues | i 194 | i 85 | i 96 | i 47 | i 50 | i 23 | i 20 | — | ||||||||||||||||
Total
Electric Utilities and Infrastructure revenue from contracts with customers | $ | i 5,111 | $ | i 1,646 | $ | i 2,419 | $ | i 1,245 | $ | i 1,175 | $ | i 349 | $ | i 722 | $ | — | ||||||||
Gas
Utilities and Infrastructure | ||||||||||||||||||||||||
Residential | $ | i 153 | $ | — | $ | — | $ | — | $ | — | $ | i 66 | $ | — | $ | i 87 | ||||||||
Commercial | i 87 | — | — | — | — | i 28 | — | i 59 | ||||||||||||||||
Industrial | i 31 | — | — | — | — | i 3 | — | i 28 | ||||||||||||||||
Power
Generation | — | — | — | — | — | — | — | i 14 | ||||||||||||||||
Other
revenues | i 23 | — | — | — | — | i 6 | — | i 17 | ||||||||||||||||
Total
Gas Utilities and Infrastructure revenue from contracts with customers | $ | i 294 | $ | — | $ | — | $ | — | $ | — | $ | i 103 | $ | — | $ | i 205 | ||||||||
Commercial
Renewables | ||||||||||||||||||||||||
Revenue from contracts with customers | $ | i 47 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||
Other | ||||||||||||||||||||||||
Revenue
from contracts with customers | $ | i 15 | $ | — | $ | — | $ | — | $ | — | $ | i 10 | $ | — | $ | — | ||||||||
Total
revenue from contracts with customers | $ | i 5,467 | $ | i 1,646 | $ | i 2,419 | $ | i 1,245 | $ | i 1,175 | $ | i 462 | $ | i 722 | $ | i 205 | ||||||||
Other
revenue sources(a) | $ | i 176 | $ | i 26 | $ | i 79 | $ | i 46 | $ | i 28 | $ | ( i 3 | ) | $ | i 16 | $ | i 10 | |||||||
Total
revenues | $ | i 5,643 | $ | i 1,672 | $ | i 2,498 | $ | i 1,291 | $ | i 1,203 | $ | i 459 | $ | i 738 | $ | i 215 |
(a) | Other
revenue sources include revenues from leases, derivatives and alternative revenue programs that are not considered revenues from contracts with customers. Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over or under collection of related revenues. |
FINANCIAL
STATEMENTS | REVENUE |
Six Months Ended June 30, 2019 | ||||||||||||||||||||||||
Duke | Duke | Duke | Duke | Duke | ||||||||||||||||||||
(in
millions) | Duke | Energy | Progress | Energy | Energy | Energy | Energy | |||||||||||||||||
By
market or type of customer | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont | ||||||||||||||||
Electric
Utilities and Infrastructure | ||||||||||||||||||||||||
Residential | $ | i 4,674 | $ | i 1,439 | $ | i 2,357 | $ | i 1,032 | $ | i 1,325 | $ | i 348 | $ | i 531 | $ | — | ||||||||
General | i 3,011 | i 1,027 | i 1,382 | i 645 | i 737 | i 208 | i 394 | — | ||||||||||||||||
Industrial | i 1,470 | i 555 | i 453 | i 325 | i 128 | i 69 | i 391 | — | ||||||||||||||||
Wholesale | i 1,068 | i 228 | i 704 | i 624 | i 80 | i 23 | i 113 | — | ||||||||||||||||
Other
revenues | i 359 | i 146 | i 271 | i 169 | i 102 | i 41 | i 44 | — | ||||||||||||||||
Total
Electric Utilities and Infrastructure revenue from contracts with customers | $ | i 10,582 | $ | i 3,395 | $ | i 5,167 | $ | i 2,795 | $ | i 2,372 | $ | i 689 | $ | i 1,473 | $ | — | ||||||||
Gas
Utilities and Infrastructure | ||||||||||||||||||||||||
Residential | $ | i 560 | $ | — | $ | — | $ | — | $ | — | $ | i 176 | $ | — | $ | i 384 | ||||||||
Commercial | i 291 | — | — | — | — | i 75 | — | i 216 | ||||||||||||||||
Industrial | i 77 | — | — | — | — | i 10 | — | i 66 | ||||||||||||||||
Power
Generation | — | — | — | — | — | — | — | i 26 | ||||||||||||||||
Other
revenues | i 85 | — | — | — | — | i 10 | — | i 75 | ||||||||||||||||
Total
Gas Utilities and Infrastructure revenue from contracts with customers | $ | i 1,013 | $ | — | $ | — | $ | — | $ | — | $ | i 271 | $ | — | $ | i 767 | ||||||||
Commercial
Renewables | ||||||||||||||||||||||||
Revenue from contracts with customers | $ | i 88 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||
Other | ||||||||||||||||||||||||
Revenue
from contracts with customers | $ | i 10 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||
Total
Revenue from contracts with customers | $ | i 11,693 | $ | i 3,395 | $ | i 5,167 | $ | i 2,795 | $ | i 2,372 | $ | i 960 | $ | i 1,473 | $ | i 767 | ||||||||
Other
revenue sources(a) | $ | i 343 | $ | i 62 | $ | i 149 | $ | i 76 | $ | i 67 | $ | i 4 | $ | i 9 | $ | i 21 | ||||||||
Total
revenues | $ | i 12,036 | $ | i 3,457 | $ | i 5,316 | $ | i 2,871 | $ | i 2,439 | $ | i 964 | $ | i 1,482 | $ | i 788 |
FINANCIAL
STATEMENTS | REVENUE |
Six Months Ended June 30,
2018 | ||||||||||||||||||||||||
Duke | Duke | Duke | Duke | Duke | ||||||||||||||||||||
(in
millions) | Duke | Energy | Progress | Energy | Energy | Energy | Energy | |||||||||||||||||
By
market or type of customer | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont | ||||||||||||||||
Electric
Utilities and Infrastructure | ||||||||||||||||||||||||
Residential | $ | i 4,535 | $ | i 1,440 | $ | i 2,211 | $ | i 968 | $ | i 1,243 | $ | i 361 | $ | i 523 | $ | — | ||||||||
General | i 2,856 | i 973 | i 1,309 | i 599 | i 710 | i 206 | i 366 | — | ||||||||||||||||
Industrial | i 1,400 | i 541 | i 432 | i 304 | i 128 | i 63 | i 365 | — | ||||||||||||||||
Wholesale | i 1,148 | i 234 | i 768 | i 684 | i 84 | i 2 | i 145 | — | ||||||||||||||||
Other
revenues | i 333 | i 152 | i 225 | i 132 | i 93 | i 37 | i 37 | — | ||||||||||||||||
Total
Electric Utilities and Infrastructure revenue from contracts with customers | $ | i 10,272 | $ | i 3,340 | $ | i 4,945 | $ | i 2,687 | $ | i 2,258 | $ | i 669 | $ | i 1,436 | $ | — | ||||||||
Gas
Utilities and Infrastructure | ||||||||||||||||||||||||
Residential | $ | i 566 | $ | — | $ | — | $ | — | $ | — | $ | i 177 | $ | — | $ | i 389 | ||||||||
Commercial | i 288 | — | — | — | — | i 77 | — | i 211 | ||||||||||||||||
Industrial | i 79 | — | — | — | — | i 10 | — | i 69 | ||||||||||||||||
Power
Generation | — | — | — | — | — | — | — | i 27 | ||||||||||||||||
Other
revenues | i 78 | — | — | — | — | i 12 | — | i 66 | ||||||||||||||||
Total
Gas Utilities and Infrastructure revenue from contracts with customers | $ | i 1,011 | $ | — | $ | — | $ | — | $ | — | $ | i 276 | $ | — | $ | i 762 | ||||||||
Commercial
Renewables | ||||||||||||||||||||||||
Revenue from contracts with customers | $ | i 80 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||
Other | ||||||||||||||||||||||||
Revenue
from contracts with customers | $ | i 31 | $ | — | $ | — | $ | — | $ | — | $ | i 24 | $ | — | $ | — | ||||||||
Total
Revenue from contracts with customers | $ | i 11,394 | $ | i 3,340 | $ | i 4,945 | $ | i 2,687 | $ | i 2,258 | $ | i 969 | $ | i 1,436 | $ | i 762 | ||||||||
Other
revenue sources(a) | $ | i 384 | $ | i 95 | $ | i 129 | $ | i 64 | $ | i 60 | $ | i 14 | $ | i 33 | $ | i 6 | ||||||||
Total
revenues | $ | i 11,778 | $ | i 3,435 | $ | i 5,074 | $ | i 2,751 | $ | i 2,318 | $ | i 983 | $ | i 1,469 | $ | i 768 |
(a) | Other
revenue sources include revenues from leases, derivatives and alternative revenue programs that are not considered revenues from contracts with customers. Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over or under collection of related revenues. |
(in millions) | |||||||
Duke
Energy | $ | i 790 | $ | i 896 | |||
Duke
Energy Carolinas | i 288 | i 313 | |||||
Progress
Energy | i 270 | i 244 | |||||
Duke
Energy Progress | i 148 | i 148 | |||||
Duke
Energy Florida | i 122 | i 96 | |||||
Duke
Energy Ohio | i 1 | i 2 | |||||
Duke
Energy Indiana | i 14 | i 23 | |||||
Piedmont | i 4 | i 73 |
FINANCIAL
STATEMENTS | REVENUE |
(in
millions) | |||||||
Duke Energy Ohio | $ | i 65 | $ | i 86 | |||
Duke
Energy Indiana | i 116 | i 128 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(in
millions, except per-share amounts) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Income from continuing operations attributable to Duke Energy common stockholders
excluding impact of participating securities | $ | i 819 | $ | i 504 | $ | i 1,718 | $ | i 1,123 | |||||||
Weighted
average common shares outstanding – basic | i 728 | i 703 | i 728 | i 702 | |||||||||||
Equity
Forwards | — | i 1 | — | — | |||||||||||
Weighted
average common shares outstanding – diluted | i 728 | i 704 | i 728 | i 702 | |||||||||||
EPS
from continuing operations attributable to Duke Energy common stockholders | |||||||||||||||
Basic and Diluted | $ | i 1.12 | $ | i 0.72 | $ | i 2.36 | $ | i 1.60 | |||||||
Potentially
dilutive items excluded from the calculation(a) | i 2 | i 2 | i 2 | i 2 | |||||||||||
Dividends
declared per common share | $ | i 0.928 | $ | i 0.89 | $ | i 1.855 | $ | i 1.78 | |||||||
Dividends
declared on preferred stock per depositary share | $ | i 0.307 | $ | — | $ | i 0.307 | $ | — |
(a) | Performance
stock awards were not included in the dilutive securities calculation because the performance measures related to the awards had not been met. |
FINANCIAL STATEMENTS | STOCKHOLDERS' EQUITY |
• | senior to Common Stock and to each other class or series of capital stock established after the original issue date of the Series A Preferred Stock that is expressly made subordinated to the Series A Preferred Stock; |
• | on
a parity with any class or series of capital stock established after the original issue date of the Series A Preferred Stock that is not expressly made senior or subordinated to the Series A Preferred Stock; |
• | junior to any class or series of capital stock established after the original issue date of the Series A Preferred Stock that is expressly made senior to the Series A Preferred Stock; |
• | junior to all of existing and future indebtedness (including indebtedness outstanding under Duke Energy's credit facilities, unsecured
senior notes, junior subordinated debentures and commercial paper) and other liabilities with respect to assets available to satisfy claims against Duke Energy; and |
• | structurally subordinated to existing and future indebtedness and other liabilities of Duke Energy's subsidiaries and future preferred stock of subsidiaries. |
FINANCIAL
STATEMENTS | EMPLOYEE BENEFIT PLANS |
Three Months
Ended June 30, 2019 | |||||||||||||||||||||||||||||||
Duke | Duke | Duke | Duke | Duke | |||||||||||||||||||||||||||
Duke | Energy | Progress | Energy | Energy | Energy | Energy | |||||||||||||||||||||||||
(in
millions) | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont | |||||||||||||||||||||||
Service
cost | $ | i 37 | $ | i 12 | $ | i 10 | $ | i 6 | $ | i 6 | $ | i 1 | $ | i 2 | $ | i 2 | |||||||||||||||
Interest
cost on projected benefit obligation | i 82 | i 21 | i 26 | i 12 | i 13 | i 4 | i 7 | i 3 | |||||||||||||||||||||||
Expected
return on plan assets | ( i 143 | ) | ( i 37 | ) | ( i 45 | ) | ( i 21 | ) | ( i 22 | ) | ( i 6 | ) | ( i 10 | ) | ( i 6 | ) | |||||||||||||||
Amortization
of actuarial loss | i 25 | i 5 | i 9 | i 3 | i 6 | — | i 1 | i 1 | |||||||||||||||||||||||
Amortization
of prior service credit | ( i 8 | ) | ( i 2 | ) | — | ( i 1 | ) | ( i 1 | ) | — | ( i 1 | ) | ( i 2 | ) | |||||||||||||||||
Net
periodic pension costs | $ | ( i 7 | ) | $ | ( i 1 | ) | $ | — | $ | ( i 1 | ) | $ | i 2 | $ | ( i 1 | ) | $ | ( i 1 | ) | $ | ( i 2 | ) |
Three
Months Ended June 30, 2018 | |||||||||||||||||||||||||||||||
Duke | Duke | Duke | Duke | Duke | |||||||||||||||||||||||||||
Duke | Energy | Progress | Energy | Energy | Energy | Energy | |||||||||||||||||||||||||
(in
millions) | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont | |||||||||||||||||||||||
Service
cost | $ | i 45 | $ | i 15 | $ | i 13 | $ | i 8 | $ | i 6 | $ | i 1 | $ | i 3 | $ | i 2 | |||||||||||||||
Interest
cost on projected benefit obligation | i 75 | i 18 | i 22 | i 10 | i 12 | i 4 | i 6 | i 3 | |||||||||||||||||||||||
Expected
return on plan assets | ( i 140 | ) | ( i 37 | ) | ( i 43 | ) | ( i 21 | ) | ( i 23 | ) | ( i 7 | ) | ( i 11 | ) | ( i 6 | ) | |||||||||||||||
Amortization
of actuarial loss | i 33 | i 7 | i 11 | i 5 | i 6 | i 1 | i 2 | i 3 | |||||||||||||||||||||||
Amortization
of prior service credit | ( i 8 | ) | ( i 2 | ) | ( i 1 | ) | ( i 1 | ) | ( i 1 | ) | — | — | ( i 3 | ) | |||||||||||||||||
Net
periodic pension costs | $ | i 5 | $ | i 1 | $ | i 2 | $ | i 1 | $ | — | $ | ( i 1 | ) | $ | — | $ | ( i 1 | ) |
Six
Months Ended June 30, 2019 | |||||||||||||||||||||||||||||||
Duke | Duke | Duke | Duke | Duke | |||||||||||||||||||||||||||
Duke | Energy | Progress | Energy | Energy | Energy | Energy | |||||||||||||||||||||||||
(in
millions) | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont | |||||||||||||||||||||||
Service
cost | $ | i 74 | $ | i 24 | $ | i 21 | $ | i 12 | $ | i 10 | $ | i 2 | $ | i 4 | $ | i 3 | |||||||||||||||
Interest
cost on projected benefit obligation | i 165 | i 41 | i 52 | i 24 | i 27 | i 9 | i 13 | i 6 | |||||||||||||||||||||||
Expected
return on plan assets | ( i 286 | ) | ( i 75 | ) | ( i 89 | ) | ( i 44 | ) | ( i 44 | ) | ( i 14 | ) | ( i 21 | ) | ( i 11 | ) | |||||||||||||||
Amortization
of actuarial loss | i 49 | i 11 | i 18 | i 6 | i 12 | i 1 | i 3 | i 3 | |||||||||||||||||||||||
Amortization
of prior service credit | ( i 16 | ) | ( i 4 | ) | ( i 1 | ) | ( i 1 | ) | ( i 1 | ) | — | ( i 1 | ) | ( i 5 | ) | ||||||||||||||||
Net
periodic pension costs | $ | ( i 14 | ) | $ | ( i 3 | ) | $ | i 1 | $ | ( i 3 | ) | $ | i 4 | $ | ( i 2 | ) | $ | ( i 2 | ) | $ | ( i 4 | ) |
Six
Months Ended June 30, 2018 | |||||||||||||||||||||||||||||||
Duke | Duke | Duke | Duke | Duke | |||||||||||||||||||||||||||
Duke | Energy | Progress | Energy | Energy | Energy | Energy | |||||||||||||||||||||||||
(in
millions) | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont | |||||||||||||||||||||||
Service
cost | $ | i 90 | $ | i 30 | $ | i 26 | $ | i 15 | $ | i 11 | $ | i 2 | $ | i 5 | $ | i 4 | |||||||||||||||
Interest
cost on projected benefit obligation | i 150 | i 36 | i 46 | i 21 | i 25 | i 9 | i 12 | i 6 | |||||||||||||||||||||||
Expected
return on plan assets | ( i 280 | ) | ( i 74 | ) | ( i 88 | ) | ( i 42 | ) | ( i 46 | ) | ( i 14 | ) | ( i 21 | ) | ( i 12 | ) | |||||||||||||||
Amortization
of actuarial loss | i 66 | i 14 | i 22 | i 10 | i 12 | i 2 | i 4 | i 6 | |||||||||||||||||||||||
Amortization
of prior service credit | ( i 16 | ) | ( i 4 | ) | ( i 2 | ) | ( i 1 | ) | ( i 1 | ) | — | — | ( i 6 | ) | |||||||||||||||||
Net
periodic pension costs | $ | i 10 | $ | i 2 | $ | i 4 | $ | i 3 | $ | i 1 | $ | ( i 1 | ) | $ | — | $ | ( i 2 | ) |
FINANCIAL
STATEMENTS | EMPLOYEE BENEFIT PLANS |
Three
Months Ended | Six Months Ended | ||||||||||
June 30, | |||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||
Duke
Energy | i 15.9 | % | i 16.5 | % | i 12.6 | % | i 19.9 | % | |||
Duke
Energy Carolinas | i 19.7 | % | i 21.5 | % | i 18.7 | % | i 21.8 | % | |||
Progress
Energy | i 16.7 | % | i 17.3 | % | i 17.0 | % | i 15.4 | % | |||
Duke
Energy Progress | i 16.3 | % | i 20.1 | % | i 17.1 | % | i 16.8 | % | |||
Duke
Energy Florida | i 19.6 | % | i 18.0 | % | i 19.5 | % | i 17.4 | % | |||
Duke
Energy Ohio | i 16.1 | % | i 25.8 | % | i 16.5 | % | i 16.0 | % | |||
Duke
Energy Indiana | i 24.2 | % | i 25.8 | % | i 24.2 | % | i 25.8 | % | |||
Piedmont | i 22.2 | % | i 27.3 | % | i 21.8 | % | i 23.9 | % |
MD&A | DUKE ENERGY |
• | New base rates were implemented in the Duke Energy Ohio Electric Base Rate Case on January 2, 2019. |
• | On January 11, 2019, Duke Energy Progress filed a request with the PSCSC, which included a request for the continuation of prior deferrals requested for ice storms and hurricanes Florence, Michael and Matthew. The request was approved on January
30, 2019. |
• | On January 30, 2019, Duke Energy Kentucky entered into a settlement agreement with the Attorney General of Kentucky related to the Natural Gas Base Rate Case. The settlement provides for an approximate $7 million increase in natural gas base revenue and approval of the proposed WNA mechanism. The KPSC issued its Order approving the settlement without material modification on March 27, 2019. |
• | On April
1, 2019, Piedmont filed an application with the NCUC, its first general rate case in North Carolina in six years. Piedmont expects new rates arising from this proceeding to take effect by the end of 2019. |
• | On May 21, 2019, Duke Energy Carolinas and Duke Energy Progress received orders from the PSCSC and revised customer rates became effective June 1, 2019. On May 31, 2019, Duke Energy Carolinas and Duke Energy Progress filed Petitions for Rehearing or Reconsideration regarding certain coal ash costs and return on equity, among other items, and await the orders on reconsideration detailing the
commission's decision. Once the orders are received, Duke Energy Carolinas and Duke Energy Progress have 30 days to file a notice of appeal with the South Carolina Supreme Court. |
• | On June 11, 2019, the FPSC approved the petition to recover incremental storm restoration costs for Hurricane Michael and to apply tax savings resulting from the Tax Act toward storm costs in lieu of implementing a storm surcharge. On June 13, 2019, the FPSC issued its order approving the settlement agreement for storm cost recovery related to hurricanes Irma and Nate. Storm costs are currently expected to be fully recovered by approximately year-end 2021. |
• | On
July 2, 2019, Duke Energy Indiana filed a general rate case with the IURC, its first general rate case in Indiana in 16 years. Hearings are expected to commence in late 2019 or early 2020, with rates to be effective in mid-2020. |
• | Costs to Achieve Piedmont Merger represents charges that resulted from the Piedmont acquisition. |
MD&A | DUKE
ENERGY |
• | Regulatory and Legislative Impacts represents charges related to rate case orders, settlements or other actions of regulators or legislative bodies. |
• | Sale of Retired Plant represents the loss associated with selling Beckjord, a nonregulated generating facility in Ohio. |
• | Impairment
of Equity Method Investment represents an OTTI of an investment in Constitution. |
• | Impacts of the Tax Act represents an AMT valuation allowance recognized related to the Tax Act. |
Three
Months Ended June 30, | |||||||||||||||
2019 | 2018 | ||||||||||||||
(in millions, except per-share amounts) | Earnings | EPS | Earnings | EPS | |||||||||||
GAAP
Reported Earnings/GAAP Reported EPS | $ | 820 | $ | 1.12 | $ | 500 | $ | 0.71 | |||||||
Adjustments: | |||||||||||||||
Costs
to Achieve Piedmont Merger(a) | — | — | 15 | 0.02 | |||||||||||
Regulatory and Legislative Impacts(b) | — | — | 136 | 0.19 | |||||||||||
Discontinued
Operations | — | — | 5 | 0.01 | |||||||||||
Adjusted Earnings/Adjusted Diluted EPS | $ | 820 | $ | 1.12 | $ | 656 | $ | 0.93 |
(a) | Net
of $5 million tax benefit. |
(b) | Net of $43 million tax benefit. |
Six
Months Ended June 30, | |||||||||||||||
2019 | 2018 | ||||||||||||||
(in millions, except per-share amounts) | Earnings | EPS | Earnings | EPS | |||||||||||
GAAP
Reported Earnings/GAAP Reported EPS | $ | 1,720 | $ | 2.36 | $ | 1,120 | $ | 1.59 | |||||||
Adjustments: | |||||||||||||||
Costs
to Achieve Piedmont Merger(a) | — | — | 28 | 0.04 | |||||||||||
Regulatory and Legislative Impacts(b) | — | — | 202 | 0.29 | |||||||||||
Sale
of Retired Plant(c) | — | — | 82 | 0.12 | |||||||||||
Impairment of Equity Method Investment(d) | — | — | 42 | 0.06 | |||||||||||
Impacts
of the Tax Act (AMT valuation allowance) | — | — | 76 | 0.11 | |||||||||||
Discontinued Operations | — | — | 5 | 0.01 | |||||||||||
Adjusted
Earnings/Adjusted Diluted EPS | $ | 1,720 | $ | 2.36 | $ | 1,555 | $ | 2.22 |
(a) | Net
of $9 million tax benefit. |
(b) | Net of $63 million tax benefit. |
(c) | Net of $25 million tax benefit. |
(d) | Net of $13 million tax benefit. |
MD&A | SEGMENT
RESULTS - ELECTRIC UTILITIES AND INFRASTRUCTURE |
Three Months Ended June 30, | Six
Months Ended June 30, | ||||||||||||||||||||||
(in millions) | 2019 | 2018 | Variance | 2019 | 2018 | Variance | |||||||||||||||||
Operating
Revenues | $ | 5,475 | $ | 5,223 | $ | 252 | $ | 10,804 | $ | 10,546 | $ | 258 | |||||||||||
Operating
Expenses | |||||||||||||||||||||||
Fuel used in electric generation and purchased power | 1,662 | 1,582 | 80 | 3,292 | 3,267 | 25 | |||||||||||||||||
Operation,
maintenance and other | 1,318 | 1,395 | (77 | ) | 2,600 | 2,720 | (120 | ) | |||||||||||||||
Depreciation
and amortization | 951 | 838 | 113 | 1,898 | 1,673 | 225 | |||||||||||||||||
Property
and other taxes | 297 | 279 | 18 | 598 | 553 | 45 | |||||||||||||||||
Impairment
charges | 4 | 172 | (168 | ) | 4 | 215 | (211 | ) | |||||||||||||||
Total
operating expenses | 4,232 | 4,266 | (34 | ) | 8,392 | 8,428 | (36 | ) | |||||||||||||||
Gains
on Sales of Other Assets and Other, net | 3 | — | 3 | — | 1 | (1 | ) | ||||||||||||||||
Operating
Income | 1,246 | 957 | 289 | 2,412 | 2,119 | 293 | |||||||||||||||||
Other
Income and Expenses, net | 89 | 91 | (2 | ) | 180 | 179 | 1 | ||||||||||||||||
Interest
Expense | 330 | 316 | 14 | 668 | 633 | 35 | |||||||||||||||||
Income
Before Income Taxes | 1,005 | 732 | 273 | 1,924 | 1,665 | 259 | |||||||||||||||||
Income
Tax Expense | 196 | 157 | 39 | 365 | 340 | 25 | |||||||||||||||||
Segment
Income | $ | 809 | $ | 575 | $ | 234 | $ | 1,559 | $ | 1,325 | $ | 234 | |||||||||||
Duke
Energy Carolinas GWh sales | 21,604 | 22,272 | (668 | ) | 43,432 | 44,899 | (1,467 | ) | |||||||||||||||
Duke
Energy Progress GWh sales | 16,222 | 15,896 | 326 | 32,570 | 33,122 | (552 | ) | ||||||||||||||||
Duke
Energy Florida GWh sales | 11,151 | 10,304 | 847 | 19,472 | 19,423 | 49 | |||||||||||||||||
Duke
Energy Ohio GWh sales | 5,660 | 6,147 | (487 | ) | 11,824 | 12,219 | (395 | ) | |||||||||||||||
Duke
Energy Indiana GWh sales | 7,437 | 8,301 | (864 | ) | 15,470 | 16,786 | (1,316 | ) | |||||||||||||||
Total
Electric Utilities and Infrastructure GWh sales | 62,074 | 62,920 | (846 | ) | 122,768 | 126,449 | (3,681 | ) | |||||||||||||||
Net
proportional MW capacity in operation | 49,725 | 49,297 | 428 |
• | a $155 million increase in retail pricing primarily due to the prior year Duke Energy Carolinas North Carolina rate case and Duke Energy Florida's base rate adjustments related to Citrus County CC being placed in service; |
• | a $66 million increase in fuel related revenues; and |
• | a
$19 million increase in weather-normal retail sales volumes. |
• | a $168 million decrease in impairment charges primarily due to the impacts associated with the prior year Duke Energy Carolinas North Carolina rate case; and |
• | a $77 million decrease in operation, maintenance and other expense primarily due to lower payroll and benefit costs resulting from prior year workforce reductions. |
• | a $113 million increase in depreciation and amortization expense primarily due to higher amortization of deferred coal ash costs, additional plant in service and new depreciation rates associated with the prior year Duke Energy Carolinas North Carolina rate case and Duke Energy Florida's Citrus County CC being placed in service; |
• | an $80 million increase in fuel used in electric generation and purchased power primarily due to an increase in the North Carolina Renewable Energy and Energy Efficiency Portfolio Standard requirement
from the prior year at Duke Energy Progress; and |
• | an $18 million increase in property and other taxes primarily due to higher property taxes for additional plant in service at Duke Energy Florida. |
MD&A | SEGMENT RESULTS - ELECTRIC UTILITIES AND INFRASTRUCTURE |
• | a $330 million increase in retail pricing primarily due to the prior year Duke Energy Carolinas and Duke Energy Progress North Carolina rate cases and Duke Energy Florida's base rate adjustments related to Citrus County CC being placed in service; and |
• | a $34 million increase in fuel related revenues. |
• | a $76 million decrease in retail sales, net of fuel revenues, due to unfavorable weather in the current year; and |
• | a $35 million decrease in rider revenues primarily due to excess deferred taxes and energy efficiency programs, partially offset by a decrement rider relating to nuclear decommissioning that ended in the prior year at Duke Energy Carolinas. |
• | a
$211 million decrease in impairment charges primarily due to the impacts associated with the prior year Duke Energy Carolinas and Duke Energy Progress North Carolina rate cases; and |
• | a $120 million decrease in operation, maintenance and other expense primarily due to lower payroll and benefit costs resulting from prior year workforce reductions. |
• | a $225 million increase in depreciation and amortization expense primarily due to higher amortization of deferred
coal ash costs, additional plant in service and new depreciation rates associated with the prior year Duke Energy Carolinas and Duke Energy Progress North Carolina rate cases and Duke Energy Florida's Citrus County CC being placed in service; |
• | a $45 million increase in property and other taxes primarily due to higher property taxes for additional plant in service at Duke Energy Florida and a favorable sales and use tax credit in the prior year at Duke Energy Progress; and |
• | a $25 million increase in fuel used in electric
generation and purchased power primarily due to an increase in the North Carolina Renewable Energy and Energy Efficiency Portfolio Standard requirement from the prior year at Duke Energy Progress. |
MD&A | SEGMENT
RESULTS - ELECTRIC UTILITIES AND INFRASTRUCTURE |
MD&A | SEGMENT
RESULTS - GAS UTILITIES AND INFRASTRUCTURE |
Three Months Ended June 30, | Six
Months Ended June 30, | ||||||||||||||||||||||
(in millions) | 2019 | 2018 | Variance | 2019 | 2018 | Variance | |||||||||||||||||
Operating
Revenues | $ | 306 | $ | 318 | $ | (12 | ) | $ | 1,062 | $ | 1,045 | $ | 17 | ||||||||||
Operating
Expenses | |||||||||||||||||||||||
Cost of natural gas | 76 | 89 | (13 | ) | 403 | 402 | 1 | ||||||||||||||||
Operation,
maintenance and other | 107 | 103 | 4 | 217 | 211 | 6 | |||||||||||||||||
Depreciation
and amortization | 63 | 60 | 3 | 128 | 121 | 7 | |||||||||||||||||
Property
and other taxes | 27 | 26 | 1 | 60 | 57 | 3 | |||||||||||||||||
Total
operating expenses | 273 | 278 | (5 | ) | 808 | 791 | 17 | ||||||||||||||||
Operating
Income | 33 | 40 | (7 | ) | 254 | 254 | — | ||||||||||||||||
Other
Income and Expenses, net | 37 | 22 | 15 | 77 | (13 | ) | 90 | ||||||||||||||||
Interest
Expense | 27 | 26 | 1 | 57 | 53 | 4 | |||||||||||||||||
Income
Before Income Taxes | 43 | 36 | 7 | 274 | 188 | 86 | |||||||||||||||||
Income
Tax Expense | 3 | 8 | (5 | ) | 8 | 44 | (36 | ) | |||||||||||||||
Segment
Income | $ | 40 | $ | 28 | $ | 12 | $ | 266 | $ | 144 | $ | 122 | |||||||||||
Piedmont
LDC throughput (dekatherms) | 104,684,733 | 116,839,962 | (12,155,229 | ) | 256,350,657 | 271,741,341 | (15,390,684 | ) | |||||||||||||||
Duke
Energy Midwest LDC throughput (Mcf) | 13,742,907 | 15,615,050 | (1,872,143 | ) | 52,281,179 | 52,741,115 | (459,936 | ) |
• | an $11 million decrease at Piedmont primarily due to lower residential sales volumes due to unfavorable weather in the current year and a reduction of rates in South Carolina; and |
• | a
$6 million decrease in the Midwest primarily due to lower natural gas costs passed through to customers and unfavorable weather in the current year. |
• | a $4 million increase primarily due to North Carolina and Tennessee IMR increases. |
• | a $13 million decrease in cost of natural gas primarily due to lower volumes sold at
Piedmont and lower natural gas prices in the Midwest. |
• | a $4 million increase in operation, maintenance and other expense primarily due to higher employee benefit expenses and information technology outside services at Piedmont; and |
• | a $3 million increase in depreciation and amortization expense primarily due to additional plant in service. |
• | an $11 million increase primarily due to North Carolina and Tennessee IMR increases; |
• | a
$9 million increase primarily due to higher natural gas prices associated with off-system sales; and |
• | an $8 million increase primarily due to NCUC approval related to tax reform accounting from fixed rate contracts. |
MD&A | SEGMENT RESULTS - GAS UTILITIES AND INFRASTRUCTURE |
• | a $6 million decrease primarily due to a reduction of rates in South Carolina; |
• | a $4 million decrease due to lower natural gas costs passed through to customers in the Midwest, due to lower natural gas prices; and |
• | a $2 million decrease due to unfavorable weather in the current year for the Midwest. |
• | a $6 million increase in operation, maintenance and other expense primarily due to information technology outside services and higher gas operations labor costs; |
• | a $5 million increase in cost of natural gas at Piedmont primarily due to the impact of higher natural gas prices
on off-system sales and unbilled revenue; and |
• | a $3 million increase in property and other taxes primarily due to higher property tax expense related to additional plant in service. |
• | a $4 million decrease in cost of natural gas sold in the Midwest primarily due to lower natural gas prices. |
MD&A | SEGMENT RESULTS - COMMERCIAL RENEWABLES |
Three
Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in millions) | 2019 | 2018 | Variance | 2019 | 2018 | Variance | |||||||||||||||||
Operating
Revenues | $ | 118 | $ | 119 | $ | (1 | ) | $ | 224 | $ | 220 | $ | 4 | ||||||||||
Operating
Expenses | |||||||||||||||||||||||
Operation, maintenance and other | 64 | 69 | (5 | ) | 130 | 124 | 6 | ||||||||||||||||
Depreciation
and amortization | 40 | 38 | 2 | 80 | 76 | 4 | |||||||||||||||||
Property
and other taxes | 6 | 6 | — | 12 | 13 | (1 | ) | ||||||||||||||||
Total
operating expenses | 110 | 113 | (3 | ) | 222 | 213 | 9 | ||||||||||||||||
Operating
Income | 8 | 6 | 2 | 2 | 7 | (5 | ) | ||||||||||||||||
Other
Income and Expenses, net | (8 | ) | 18 | (26 | ) | (10 | ) | 20 | (30 | ) | |||||||||||||
Interest
Expense | 22 | 23 | (1 | ) | 43 | 45 | (2 | ) | |||||||||||||||
(Loss)
Income Before Income Taxes | (22 | ) | 1 | (23 | ) | (51 | ) | (18 | ) | (33 | ) | ||||||||||||
Income
Tax Benefit | (24 | ) | (36 | ) | 12 | (59 | ) | (75 | ) | 16 | |||||||||||||
Less:
Loss Attributable to Noncontrolling Interests | (84 | ) | (1 | ) | (83 | ) | (91 | ) | (1 | ) | (90 | ) | |||||||||||
Segment
Income | $ | 86 | $ | 38 | $ | 48 | $ | 99 | $ | 58 | $ | 41 | |||||||||||
Renewable
plant production, GWh | 2,314 | 2,471 | (157 | ) | 4,382 | 4,651 | (269 | ) | |||||||||||||||
Net
proportional MW capacity in operation(a) | 3,157 | 2,951 | 206 |
(a) | Certain
projects are included in tax equity structures where investors have differing interests in the project's economic attributes. One hundred percent of the tax equity project's capacity is included in the table above. |
MD&A | SEGMENT RESULTS - COMMERCIAL RENEWABLES |
Three
Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in millions) | 2019 | 2018 | Variance | 2019 | 2018 | Variance | |||||||||||||||||
Operating
Revenues | $ | 25 | $ | 32 | $ | (7 | ) | $ | 46 | $ | 67 | $ | (21 | ) | |||||||||
Operating
Expenses | 11 | 59 | (48 | ) | 39 | 113 | (74 | ) | |||||||||||||||
Gains
(Losses) on Sales of Other Assets and Other, net | — | 2 | (2 | ) | — | (99 | ) | 99 | |||||||||||||||
Operating
Income (Loss) | 14 | (25 | ) | 39 | 7 | (145 | ) | 152 | |||||||||||||||
Other
Income and Expenses, net | 30 | 27 | 3 | 74 | 41 | 33 | |||||||||||||||||
Interest
Expense | 180 | 164 | 16 | 351 | 321 | 30 | |||||||||||||||||
Loss
Before Income Taxes | (136 | ) | (162 | ) | 26 | (270 | ) | (425 | ) | 155 | |||||||||||||
Income
Tax Benefit | (33 | ) | (28 | ) | (5 | ) | (78 | ) | (27 | ) | (51 | ) | |||||||||||
Less:
Net Income Attributable to Noncontrolling Interests | — | 2 | (2 | ) | — | 4 | (4 | ) | |||||||||||||||
Less:
Preferred Dividends | 12 | — | 12 | 12 | — | 12 | |||||||||||||||||
Net
Loss | $ | (115 | ) | $ | (136 | ) | $ | 21 | $ | (204 | ) | $ | (402 | ) | $ | 198 |
MD&A | DUKE ENERGY CAROLINAS |
Six
Months Ended June 30, | |||||||||||
(in millions) | 2019 | 2018 | Variance | ||||||||
Operating Revenues | $ | 3,457 | $ | 3,435 | $ | 22 | |||||
Operating
Expenses | |||||||||||
Fuel used in electric generation and purchased power | 867 | 880 | (13 | ) | |||||||
Operation,
maintenance and other | 881 | 950 | (69 | ) | |||||||
Depreciation and amortization | 663 | 561 | 102 | ||||||||
Property
and other taxes | 155 | 147 | 8 | ||||||||
Impairment charges | 5 | 190 | (185 | ) | |||||||
Total
operating expenses | 2,571 | 2,728 | (157 | ) | |||||||
Losses on Sales of Other Assets and Other, net | — | (1 | ) | 1 | |||||||
Operating
Income | 886 | 706 | 180 | ||||||||
Other Income and Expenses, net | 72 | 74 | (2 | ) | |||||||
Interest
Expense | 227 | 217 | 10 | ||||||||
Income Before Income Taxes | 731 | 563 | 168 | ||||||||
Income
Tax Expense | 137 | 123 | 14 | ||||||||
Net Income | $ | 594 | $ | 440 | $ | 154 |
Increase (Decrease) over prior year | 2019 | |
Residential sales | (4.7 | )% |
General
service sales | (1.0 | )% |
Industrial sales | (1.6 | )% |
Wholesale power sales | (15.7 | )% |
Joint dispatch sales | 13.0 | % |
Total sales | (3.3 | )% |
Average
number of customers | 2.1 | % |
• | a $106 million increase in retail pricing due to the impacts of the prior year North Carolina rate case and the current year South Carolina rate case. |
• | a $44 million decrease in retail sales, net of fuel revenues, due to unfavorable weather in the current year; and |
• | a $35 million decrease in rider revenues primarily due to excess deferred taxes and energy efficiency programs, partially offset by a decrement rider relating to nuclear decommissioning that ended in the prior year. |
• | a
$185 million decrease in impairment charges primarily due to impacts of the prior year North Carolina rate order and charges related to coal ash costs in South Carolina; and |
• | a $69 million decrease in operation, maintenance and other expense primarily due to decreased labor costs, partially offset by higher distribution maintenance costs and higher storm restoration costs. |
• | a $102 million increase in depreciation and amortization expense primarily due to
additional plant in service, new depreciation rates associated with the prior year North Carolina rate case and higher amortization of deferred coal ash costs associated with the prior year North Carolina rate case. |
MD&A | DUKE ENERGY CAROLINAS |
MD&A | PROGRESS
ENERGY |
Six
Months Ended June 30, | |||||||||||
(in millions) | 2019 | 2018 | Variance | ||||||||
Operating Revenues | $ | 5,316 | $ | 5,074 | $ | 242 | |||||
Operating
Expenses | |||||||||||
Fuel used in electric generation and purchased power | 1,913 | 1,871 | 42 | ||||||||
Operation,
maintenance and other | 1,173 | 1,233 | (60 | ) | |||||||
Depreciation and amortization | 881 | 764 | 117 | ||||||||
Property
and other taxes | 280 | 254 | 26 | ||||||||
Impairment charges | — | 33 | (33 | ) | |||||||
Total
operating expenses | 4,247 | 4,155 | 92 | ||||||||
(Losses) Gains on Sales of Other Assets and Other, net | (1 | ) | 12 | (13 | ) | ||||||
Operating
Income | 1,068 | 931 | 137 | ||||||||
Other Income and Expenses, net | 65 | 77 | (12 | ) | |||||||
Interest
Expense | 438 | 412 | 26 | ||||||||
Income Before Income Taxes | 695 | 596 | 99 | ||||||||
Income
Tax Expense | 118 | 92 | 26 | ||||||||
Net Income | 577 | 504 | 73 | ||||||||
Less:
Net Income Attributable to Noncontrolling Interests | — | 4 | (4 | ) | |||||||
Net Income Attributable to Parent | $ | 577 | $ | 500 | $ | 77 |
• | a $193 million increase in retail pricing primarily due to the impacts of the prior year Duke Energy Progress North Carolina rate case, Duke Energy Florida's base rate adjustments related to Citrus County CC being placed in service and annual increases from the 2017 Settlement Agreement; |
• | a
$54 million increase in fuel revenues primarily related to increased fuel cost recovery due to extreme weather in the prior year at Duke Energy Progress; |
• | a $17 million increase in weather-normal retail sales volumes at Duke Energy Florida; |
• | a $12 million increase in transmission revenues related to the Fixed Bill program at Duke Energy Florida; and |
• | an
$11 million increase in rider revenues primarily related to energy efficiency programs at Duke Energy Progress. |
• | a $22 million decrease in fuel and capacity revenues primarily due to a decrease in fuel and capacity rates billed to retail customers at Duke Energy Florida; |
• | a $14 million decrease in retail rider revenues at Duke Energy Progress primarily related to decreased revenue requirements in the current year; and |
• | a
$13 million decrease in retail sales, net of fuel revenues, due to unfavorable weather in the current year at Duke Energy Progress. |
• | a $117 million increase in depreciation and amortization expense primarily due to higher amortization of deferred coal ash costs, new depreciation rates associated with the prior year Duke Energy Progress North Carolina rate case and Duke Energy Florida's base rate adjustments related to Citrus County CC being placed in service; |
• | a
$42 million increase in fuel used in electric generation and purchased power primarily due to an increase in the North Carolina Renewable Energy and Energy Efficiency Portfolio Standard requirement from prior year at Duke Energy Progress, partially offset by lower purchased power at Duke Energy Florida; and |
• | a $26 million increase in property and other taxes primarily due to higher property taxes for additional plant in service at Duke Energy Florida and a favorable sales and use tax credit in the prior year at Duke Energy Progress. |
MD&A | PROGRESS
ENERGY |
• | a $60 million decrease in operation, maintenance and other expense primarily due to prior year impacts associated with the Duke Energy Progress North Carolina rate case and lower employee benefit expenses at Duke Energy Progress; and |
• | a $33 million decrease in impairment charges primarily due to prior year impacts associated with the Duke Energy Progress North Carolina
rate case. |
MD&A | DUKE ENERGY PROGRESS |
Six Months Ended June 30, | |||||||||||
(in
millions) | 2019 | 2018 | Variance | ||||||||
Operating Revenues | $ | 2,871 | $ | 2,751 | $ | 120 | |||||
Operating
Expenses | |||||||||||
Fuel used in electric generation and purchased power | 994 | 917 | 77 | ||||||||
Operation,
maintenance and other | 692 | 756 | (64 | ) | |||||||
Depreciation and amortization | 541 | 470 | 71 | ||||||||
Property
and other taxes | 85 | 75 | 10 | ||||||||
Impairment charges | — | 33 | (33 | ) | |||||||
Total
operating expenses | 2,312 | 2,251 | 61 | ||||||||
Gains on Sales of Other Assets and Other, net | — | 2 | (2 | ) | |||||||
Operating
Income | 559 | 502 | 57 | ||||||||
Other Income and Expenses, net | 48 | 37 | 11 | ||||||||
Interest
Expense | 158 | 159 | (1 | ) | |||||||
Income Before Income Taxes | 449 | 380 | 69 | ||||||||
Income
Tax Expense | 77 | 64 | 13 | ||||||||
Net Income | $ | 372 | $ | 316 | $ | 56 |
Increase (Decrease) over prior period | 2019 | |
Residential sales | (7.6 | )% |
General
service sales | (3.3 | )% |
Industrial sales | 0.7 | % |
Wholesale power sales | (5.0 | )% |
Joint dispatch sales | 20.8 | % |
Total sales | (1.7 | )% |
Average
number of customers | 1.3 | % |
• | a $68 million increase in retail pricing due to the impacts of the prior year North Carolina rate case and the current year South Carolina rate case; |
• | a
$54 million increase in fuel revenues primarily related to increased fuel cost recovery due to extreme weather in the prior year; and |
• | an $11 million increase in rider revenues primarily related to energy efficiency programs. |
• | a $13 million decrease in retail sales, net of fuel revenues, due to unfavorable weather in the current year. |
• | a $77 million increase in fuel used in electric generation and purchased power primarily due to a higher deferred fuel balance and an increase in the North Carolina Renewable Energy and Energy Efficiency Portfolio Standard requirement from prior year, partially offset by lower demand and changes in generation mix; |
• | a $71 million increase in depreciation and amortization expense primarily due to higher amortization of deferred coal ash costs and new depreciation rates associated with the prior year North Carolina rate
case, partially offset by the amortization credit for the North Carolina Renewable Energy and Energy Efficiency Portfolio Standard requirement increase from prior year; and |
• | a $10 million increase in property and other taxes primarily due to a favorable sales and use tax credit in the prior year. |
• | a $64 million decrease in operation, maintenance and other expense primarily due to prior year impacts associated with the North Carolina rate case and lower employee
benefit and outage costs; and |
MD&A | DUKE ENERGY PROGRESS |
• | a $33 million decrease in impairment charges due to prior year impacts associated with the North Carolina rate case. |
MD&A | DUKE ENERGY FLORIDA |
Six Months Ended
June 30, | |||||||||||
(in millions) | 2019 | 2018 | Variance | ||||||||
Operating Revenues | $ | 2,439 | $ | 2,318 | $ | 121 | |||||
Operating
Expenses | |||||||||||
Fuel used in electric generation and purchased power | 919 | 953 | (34 | ) | |||||||
Operation,
maintenance and other | 474 | 474 | — | ||||||||
Depreciation and amortization | 340 | 294 | 46 | ||||||||
Property
and other taxes | 196 | 179 | 17 | ||||||||
Total operating expenses | 1,929 | 1,900 | 29 | ||||||||
Losses
on Sales of Other Assets and Other, net | (1 | ) | — | (1 | ) | ||||||
Operating Income | 509 | 418 | 91 | ||||||||
Other
Income and Expenses, net | 25 | 47 | (22 | ) | |||||||
Interest Expense | 165 | 137 | 28 | ||||||||
Income
Before Income Taxes | 369 | 328 | 41 | ||||||||
Income Tax Expense | 72 | 57 | 15 | ||||||||
Net
Income | $ | 297 | $ | 271 | $ | 26 |
Increase (Decrease) over prior period | 2019 | |
Residential sales | 2.1 | % |
General service sales | 1.2 | % |
Industrial
sales | (6.0 | )% |
Wholesale and other | 5.9 | % |
Total sales | 0.3 | % |
Average number of customers | 1.5 | % |
• | a $125 million increase in retail pricing due to base rate adjustments related to Citrus County CC being placed in service and annual increases from the 2017 Settlement Agreement; |
• | a $17 million increase in weather-normal retail sales volumes driven by residential growth; and |
• | a
$12 million increase in other revenues primarily due to increased transmission revenues related to the Fixed Bill program which began later in 2018 and non-regulated products and services revenues. |
• | a $22 million decrease in fuel and capacity revenues primarily due to a decrease in fuel and capacity rates billed to retail customers; and |
• | a $14 million decrease in retail rider revenues primarily related to decreased revenue requirements in the current year. |
• | a $46 million increase in depreciation and amortization expense primarily due to base rate adjustments related to Citrus County CC being placed in service, other additional plant in service and increases resulting from the 2018 Crystal River Unit 3 nuclear decommissioning cost study; and |
• | a $17 million increase in property and other taxes primarily due to higher property taxes from additional plant in service. |
• | a $34 million decrease in fuel used in electric generation and purchased power primarily due to lower purchased power, partially offset by higher deferred fuel and capacity expenses. |
MD&A | DUKE ENERGY FLORIDA |
Six
Months Ended June 30, | |||||||||||
(in millions) | 2019 | 2018 | Variance | ||||||||
Operating Revenues | |||||||||||
Regulated
electric | $ | 691 | $ | 682 | $ | 9 | |||||
Regulated natural gas | 273 | 277 | (4 | ) | |||||||
Nonregulated
electric and other | — | 24 | (24 | ) | |||||||
Total operating revenues | 964 | 983 | (19 | ) | |||||||
Operating
Expenses | |||||||||||
Fuel used in electric generation and purchased power – regulated | 179 | 185 | (6 | ) | |||||||
Fuel
used in electric generation and purchased power – nonregulated | — | 29 | (29 | ) | |||||||
Cost of natural gas | 64 | 69 | (5 | ) | |||||||
Operation,
maintenance and other | 255 | 261 | (6 | ) | |||||||
Depreciation and amortization | 130 | 132 | (2 | ) | |||||||
Property
and other taxes | 158 | 145 | 13 | ||||||||
Total operating expenses | 786 | 821 | (35 | ) | |||||||
Losses
on Sales of Other Assets and Other, net | — | (106 | ) | 106 | |||||||
Operating Income | 178 | 56 | 122 | ||||||||
Other
Income and Expenses, net | 15 | 14 | 1 | ||||||||
Interest Expense | 54 | 45 | 9 | ||||||||
Income
Before Income Taxes | 139 | 25 | 114 | ||||||||
Income Tax Expense | 23 | 4 | 19 | ||||||||
Net
Income | $ | 116 | $ | 21 | $ | 95 |
Electric | Natural Gas | |||
Increase (Decrease) over prior year | 2019 | 2019 | ||
Residential
sales | (7.2 | )% | (1.4 | )% |
General service sales | (3.5 | )% | 0.1 | % |
Industrial sales | (2.1 | )% | (1.0 | )% |
Wholesale
electric power sales | 65.3 | % | n/a | |
Other natural gas sales | n/a | (1.1 | )% | |
Total sales | (3.2 | )% | (0.9 | )% |
Average
number of customers | 0.6 | % | 0.8 | % |
MD&A | DUKE ENERGY OHIO |
• | a $25 million decrease in fuel related revenues primarily due to a decrease in sales volumes; |
• | a $16 million decrease in rider revenues primarily related to the implementation of new base rates; |
• | a
$14 million decrease in retail sales, net of fuel revenues, due to unfavorable weather in the current year; |
• | a $12 million decrease in FTR rider revenues; and |
• | a $6 million decrease in OVEC revenues. |
• | a $38 million increase in retail
pricing primarily due to rate case impacts; and |
• | a $12 million increase in point-to-point transmission revenues. |
• | a $35 million decrease in fuel used in electric generation and purchased power expense due to the prior year outage at East Bend Station and the deferral of OVEC related purchased power costs. |
• | a
$13 million increase in property and other taxes primarily due to a higher tax base. |
Six Months
Ended June 30, | |||||||||||
(in millions) | 2019 | 2018 | Variance | ||||||||
Operating Revenues | $ | 1,482 | $ | 1,469 | $ | 13 | |||||
Operating
Expenses | |||||||||||
Fuel used in electric generation and purchased power | 486 | 458 | 28 | ||||||||
Operation,
maintenance and other | 377 | 378 | (1 | ) | |||||||
Depreciation and amortization | 263 | 256 | 7 | ||||||||
Property
and other taxes | 39 | 40 | (1 | ) | |||||||
Total operating expenses | 1,165 | 1,132 | 33 | ||||||||
Operating
Income | 317 | 337 | (20 | ) | |||||||
Other Income and Expenses, net | 27 | 13 | 14 | ||||||||
Interest
Expense | 71 | 83 | (12 | ) | |||||||
Income Before Income Taxes | 273 | 267 | 6 | ||||||||
Income
Tax Expense | 66 | 69 | (3 | ) | |||||||
Net Income | $ | 207 | $ | 198 | $ | 9 |
MD&A | DUKE
ENERGY INDIANA |
Increase (Decrease) over prior year | 2019 | |
Residential
sales | (6.3 | )% |
General service sales | (1.7 | )% |
Industrial sales | (1.6 | )% |
Wholesale power sales | (33.1 | )% |
Total sales | (7.8 | )% |
Average
number of customers | 1.3 | % |
• | a $25 million increase in fuel revenues primarily due to higher fuel rates billed to customers, partially offset by lower wholesale fuel revenues due to the expiration
of a contract with a wholesale customer. |
• | a $10 million decrease in retail sales, net of fuel revenues, due to unfavorable weather in the current year; and |
• | a $1 million decrease in weather-normal retail sales volumes. |
• | a
$28 million increase in fuel used in electric generation and purchased power expense primarily due to higher amortization of deferred fuel costs and higher purchased power, partially offset by lower natural gas and coal costs; and |
• | a $7 million increase in depreciation and amortization expense primarily due to the regulatory liability related to Edwardsport IGCC plant being fully amortized in the prior year. |
MD&A | PIEDMONT |
Six Months Ended June 30, | |||||||||||
(in
millions) | 2019 | 2018 | Variance | ||||||||
Operating Revenues | $ | 788 | $ | 768 | $ | 20 | |||||
Operating
Expenses | |||||||||||
Cost of natural gas | 338 | 333 | 5 | ||||||||
Operation,
maintenance and other | 163 | 167 | (4 | ) | |||||||
Depreciation and amortization | 84 | 78 | 6 | ||||||||
Property
and other taxes | 25 | 24 | 1 | ||||||||
Total operating expenses | 610 | 602 | 8 | ||||||||
Operating
Income | 178 | 166 | 12 | ||||||||
Other Income and Expenses, net | 12 | 9 | 3 | ||||||||
Interest
Expense | 43 | 41 | 2 | ||||||||
Income Before Income Taxes | 147 | 134 | 13 | ||||||||
Income
Tax Expense | 32 | 32 | — | ||||||||
Net Income | $ | 115 | $ | 102 | $ | 13 |
Increase (Decrease) over prior year | 2019 | |
Residential deliveries | (8.3 | )% |
Commercial deliveries | (5.1 | )% |
Industrial
deliveries | 2.0 | % |
Power generation deliveries | (7.9 | )% |
For resale | 4.9 | % |
Total throughput deliveries | (5.7 | )% |
Secondary market volumes | 7.1 | % |
Average
number of customers | 1.2 | % |
• | an $11 million increase primarily due to North Carolina and Tennessee IMR increases; |
• | a $9 million increase primarily due to higher natural gas prices associated with increased off-system sales; and |
• | an
$8 million increase primarily due to NCUC approval related to tax reform accounting from fixed rate contracts. |
• | a $6 million decrease primarily due to a reduction of rates in South Carolina. |
• | a $6 million increase in depreciation and amortization expense primarily due to additional plant in service; and |
• | a
$5 million increase in cost of natural gas primarily due to the impact of higher natural gas prices on off-system sales and unbilled revenue. |
• | a $4 million decrease in operations, maintenance and other expense primarily due to lower labor costs and a portion of rent expense being charged to shared services in current year. |
MD&A | PIEDMONT |
Six Months Ended | ||||||||
June 30, | ||||||||
(in millions) | 2019 | 2018 | ||||||
Cash
flows provided by (used in): | ||||||||
Operating activities | $ | 3,056 | $ | 3,302 | ||||
Investing
activities | (5,788 | ) | (4,645 | ) | ||||
Financing activities | 2,622 | 1,265 | ||||||
Net
decrease in cash, cash equivalents and restricted cash | (110 | ) | (78 | ) | ||||
Cash, cash equivalents and restricted cash at beginning of period | 591 | 505 | ||||||
Cash,
cash equivalents and restricted cash at end of period | $ | 481 | $ | 427 |
Six
Months Ended | ||||||||||||
June 30, | ||||||||||||
(in millions) | 2019 | 2018 | Variance | |||||||||
Net
income | $ | 1,641 | $ | 1,124 | $ | 517 | ||||||
Non-cash adjustments to net income | 2,921 | 3,082 | (161 | ) | ||||||||
Contributions
to qualified pension plans | — | (141 | ) | 141 | ||||||||
Payments for asset retirement obligations | (336 | ) | (245 | ) | (91 | ) | ||||||
Payment
for disposal of other assets | — | (105 | ) | 105 | ||||||||
Working capital | (1,170 | ) | (413 | ) | (757 | ) | ||||||
Net
cash provided by operating activities | $ | 3,056 | $ | 3,302 | $ | (246 | ) |
MD&A | LIQUIDITY
AND CAPITAL RESOURCES |
• | a $757 million increase in cash outflows from working capital primarily due to fluctuations in coal stock inventory, fluctuations of payables balances due primarily to storm costs and timing and increases in federal tax receivables, partially offset by fluctuations in accounts receivable balances due to higher receivables at December 31, 2018; and |
• | a
$91 million increase in payments for asset retirement obligations. |
• | a $356 million increase in net income after adjustment for non-cash items due primarily to increases in revenues as a result of rate increases in the current year, partially offset by decreases in current year non-cash adjustments; |
• | a $141 million decrease
in contributions to qualified pension plans; and |
• | a $105 million payment for disposal of Beckjord in the prior year. |
Six
Months Ended | ||||||||||||
June 30, | ||||||||||||
(in millions) | 2019 | 2018 | Variance | |||||||||
Capital,
investment and acquisition expenditures | $ | (5,627 | ) | $ | (4,515 | ) | $ | (1,112 | ) | |||
Other investing items | (161 | ) | (130 | ) | (31 | ) | ||||||
Net
cash used in investing activities | $ | (5,788 | ) | $ | (4,645 | ) | $ | (1,143 | ) |
Six Months Ended | ||||||||||||
June 30, | ||||||||||||
(in
millions) | 2019 | 2018 | Variance | |||||||||
Issuances of long-term debt, net | $ | 2,467 | $ | 537 | $ | 1,930 | ||||||
Issuances
of common stock | 27 | 820 | (793 | ) | ||||||||
Issuances of preferred stock | 973 | — | 973 | |||||||||
Notes
payable and commercial paper | 324 | 1,131 | (807 | ) | ||||||||
Dividends paid | (1,312 | ) | (1,199 | ) | (113 | ) | ||||||
Other
financing items | 143 | (24 | ) | 167 | ||||||||
Net cash provided by financing activities | $ | 2,622 | $ | 1,265 | $ | 1,357 |
• | a $973 million increase in proceeds from the issuance of preferred stock; and |
• | a $1,930 million increase in proceeds from net issuances of long-term debt primarily due to the timing of issuances and redemptions of long-term debt. |
• | an
$807 million decrease in net proceeds from issuances of notes payable and commercial paper primarily due to the use of proceeds from the preferred stock issuance and increased long-term debt issuances to pay down outstanding commercial paper; and |
• | a $793 million decrease in proceeds from the issuance of common stock due primarily to prior year issuances under equity forward agreements. |
MD&A | OTHER
MATTERS |
MD&A | OTHER MATTERS |
OTHER
INFORMATION |
EXHIBITS |
Duke | Duke | Duke | Duke | Duke | |||||||||||||
Exhibit | Duke | Energy | Progress | Energy | Energy | Energy | Energy | ||||||||||
Number | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont | |||||||||
4.1 | X | ||||||||||||||||
4.2 | X | ||||||||||||||||
*10.1 | X | ||||||||||||||||
10.2 | X | ||||||||||||||||
*10.3 | X | ||||||||||||||||
*31.1.1 | X | ||||||||||||||||
*31.1.2 | X | ||||||||||||||||
*31.1.3 | X | ||||||||||||||||
*31.1.4 | X | ||||||||||||||||
*31.1.5 | X | ||||||||||||||||
*31.1.6 | X | ||||||||||||||||
*31.1.7 | X |
EXHIBITS |
*31.1.8 | X | ||||||||||||||||
*31.2.1 | X | ||||||||||||||||
*31.2.2 | X | ||||||||||||||||
*31.2.3 | X | ||||||||||||||||
*31.2.4 | X | ||||||||||||||||
*31.2.5 | X | ||||||||||||||||
*31.2.6 | X | ||||||||||||||||
*31.2.7 | X | ||||||||||||||||
*31.2.8 | X | ||||||||||||||||
*32.1.1 | X | ||||||||||||||||
*32.1.2 | X | ||||||||||||||||
*32.1.3 | X | ||||||||||||||||
*32.1.4 | X | ||||||||||||||||
*32.1.5 | X | ||||||||||||||||
*32.1.6 | X | ||||||||||||||||
*32.1.7 | X | ||||||||||||||||
*32.1.8 | X | ||||||||||||||||
*32.2.1 | X | ||||||||||||||||
*32.2.2 | X | ||||||||||||||||
*32.2.3 | X |
EXHIBITS |
*32.2.4 | X | ||||||||||||||||
*32.2.5 | X | ||||||||||||||||
*32.2.6 | X | ||||||||||||||||
*32.2.7 | X | ||||||||||||||||
*32.2.8 | X | ||||||||||||||||
*101.INS | XBRL
Instance Document (this does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document). | X | X | X | X | X | X | X | X | ||||||||
*101.SCH | XBRL
Taxonomy Extension Schema Document. | X | X | X | X | X | X | X | X | ||||||||
*101.CAL | XBRL
Taxonomy Calculation Linkbase Document. | X | X | X | X | X | X | X | X | ||||||||
*101.LAB | XBRL
Taxonomy Label Linkbase Document. | X | X | X | X | X | X | X | X | ||||||||
*101.PRE | XBRL
Taxonomy Presentation Linkbase Document. | X | X | X | X | X | X | X | X | ||||||||
*101.DEF | XBRL
Taxonomy Definition Linkbase Document. | X | X | X | X | X | X | X | X |
SIGNATURES |
DUKE ENERGY CORPORATION DUKE ENERGY CAROLINAS, LLC PROGRESS ENERGY, INC. DUKE ENERGY PROGRESS, LLC DUKE ENERGY FLORIDA, LLC DUKE ENERGY OHIO, INC. DUKE
ENERGY INDIANA, LLC PIEDMONT NATURAL GAS COMPANY, INC. | ||
Date: | /s/ STEVEN K. YOUNG | |
Steven
K. Young Executive Vice President and Chief Financial Officer (Principal Financial Officer) | ||
Date: | /s/ DWIGHT L. JACOBS | |
Dwight L.
Jacobs Senior Vice President, Chief Accounting Officer, Tax and Controller (Principal Accounting Officer) |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
5/31/25 | ||||
12/31/24 | ||||
6/15/24 | ||||
12/31/22 | ||||
12/31/20 | ||||
12/2/20 | ||||
3/31/20 | 10-Q, 10-Q/A | |||
1/1/20 | ||||
12/31/19 | 10-K, 11-K, 5, 8-K | |||
12/1/19 | ||||
9/25/19 | 424B5, 8-K, FWP | |||
9/23/19 | 424B3, S-3ASR | |||
9/15/19 | ||||
8/26/19 | 4 | |||
8/19/19 | ||||
8/7/19 | ||||
Filed on: | 8/6/19 | 8-K | ||
8/2/19 | ||||
8/1/19 | ||||
7/31/19 | ||||
7/26/19 | ||||
7/25/19 | ||||
7/23/19 | ||||
7/22/19 | ||||
7/17/19 | ||||
7/12/19 | ||||
7/10/19 | 4 | |||
7/2/19 | 8-K | |||
7/1/19 | ||||
For Period end: | 6/30/19 | |||
6/26/19 | 3, 4, 8-K | |||
6/25/19 | ||||
6/19/19 | ||||
6/16/19 | ||||
6/14/19 | ||||
6/13/19 | ||||
6/11/19 | ||||
6/10/19 | ||||
6/5/19 | 424B5 | |||
6/1/19 | ||||
5/31/19 | ||||
5/29/19 | 8-K | |||
5/24/19 | 8-K | |||
5/21/19 | 4, 424B5, 8-K, FWP | |||
5/20/19 | 4 | |||
5/14/19 | ||||
5/13/19 | ||||
5/10/19 | ||||
5/9/19 | 10-Q, 8-K | |||
5/8/19 | 8-K | |||
5/1/19 | ||||
4/30/19 | 8-K | |||
4/29/19 | ||||
4/26/19 | ||||
4/24/19 | ||||
4/16/19 | ||||
4/11/19 | 8-K | |||
4/10/19 | PX14A6G | |||
4/9/19 | PX14A6G | |||
4/5/19 | ||||
4/3/19 | 4 | |||
4/2/19 | ||||
4/1/19 | 8-K | |||
3/31/19 | 10-Q | |||
3/29/19 | 8-A12B, 8-K, CERT | |||
3/28/19 | ||||
3/27/19 | ||||
3/26/19 | 10-K, 424B5 | |||
3/25/19 | 424B5, 8-K, FWP, POSASR | |||
3/22/19 | ||||
3/21/19 | 8-K, DEF 14A, DEFA14A | |||
3/20/19 | ||||
3/15/19 | 10-D, 4 | |||
3/13/19 | ||||
3/12/19 | ||||
3/11/19 | 8-K | |||
3/8/19 | ||||
3/5/19 | 424B5 | |||
3/2/19 | ||||
3/1/19 | 10-D, 3, 4 | |||
2/21/19 | 4 | |||
2/20/19 | 4, 4/A | |||
2/14/19 | 8-K | |||
2/13/19 | 4 | |||
2/6/19 | ||||
2/5/19 | ||||
1/30/19 | ||||
1/29/19 | ||||
1/28/19 | ||||
1/25/19 | ||||
1/18/19 | ||||
1/11/19 | ||||
1/9/19 | 3, 4 | |||
1/8/19 | 8-K | |||
1/2/19 | ||||
1/1/19 | ||||
12/31/18 | 10-K, 11-K | |||
12/28/18 | ||||
12/27/18 | ||||
12/22/18 | ||||
12/21/18 | 4, 424B3 | |||
12/19/18 | 4 | |||
12/18/18 | ||||
11/29/18 | ||||
11/14/18 | ||||
11/8/18 | 8-K | |||
11/5/18 | 424B5, 8-K, FWP | |||
10/31/18 | 4 | |||
10/30/18 | ||||
10/24/18 | ||||
10/19/18 | ||||
10/16/18 | ||||
10/10/18 | ||||
10/8/18 | ||||
9/28/18 | ||||
9/20/18 | ||||
9/18/18 | ||||
9/10/18 | ||||
8/31/18 | ||||
8/28/18 | ||||
8/27/18 | ||||
8/20/18 | ||||
8/17/18 | ||||
8/9/18 | 8-K | |||
8/8/18 | ||||
8/1/18 | ||||
7/31/18 | ||||
7/27/18 | ||||
7/25/18 | ||||
7/24/18 | ||||
7/20/18 | ||||
7/5/18 | ||||
7/3/18 | ||||
6/30/18 | 10-Q | |||
6/25/18 | 8-K | |||
6/22/18 | 8-K | |||
6/18/18 | 424B3, 424B5, 8-K, FWP | |||
6/1/18 | 3, 8-K | |||
5/31/18 | ||||
5/30/18 | ||||
5/15/18 | 4 | |||
5/11/18 | ||||
5/8/18 | ||||
4/30/18 | ||||
4/17/18 | ||||
4/13/18 | ||||
4/1/18 | ||||
3/31/18 | 10-Q | |||
3/23/18 | ||||
3/16/18 | ||||
2/28/18 | 4 | |||
2/23/18 | 10-K/A, 8-K | |||
2/20/18 | 424B5, 8-K | |||
2/15/18 | ||||
2/6/18 | ||||
1/11/18 | ||||
1/10/18 | ||||
1/1/18 | ||||
12/31/17 | 10-K, 10-K/A, 11-K, 5 | |||
12/28/17 | ||||
12/5/17 | ||||
11/22/17 | 8-K | |||
11/21/17 | ||||
9/27/17 | ||||
9/26/17 | ||||
8/25/17 | 8-K | |||
7/31/17 | ||||
6/15/17 | ||||
6/1/17 | 8-K | |||
5/16/17 | ||||
5/10/17 | 8-K | |||
4/26/17 | ||||
4/14/17 | ||||
4/1/17 | ||||
3/31/17 | 10-K, 10-Q | |||
3/15/17 | 10-D, 8-K, NO ACT | |||
2/13/17 | ||||
2/3/17 | ||||
1/27/17 | ||||
1/20/17 | ||||
12/31/16 | 10-K, 10-QT, 11-K, 5 | |||
12/22/16 | 10-K, 4 | |||
10/26/16 | UPLOAD | |||
9/28/16 | ||||
8/19/16 | 8-K | |||
7/14/16 | ||||
6/30/16 | 10-Q | |||
6/15/16 | 4, 424B3, 8-K | |||
6/13/16 | 4, 8-K | |||
5/18/16 | 8-K | |||
4/22/16 | 8-K | |||
3/28/16 | 4 | |||
1/6/16 | 4, 4/A, 8-K | |||
12/22/15 | 8-K, DEFA14A | |||
11/4/15 | S-8 POS | |||
4/17/15 | PX14A6G | |||
1/5/15 | ||||
9/2/14 | 4, 8-K | |||
3/28/14 | ||||
11/13/13 | 4 | |||
8/16/13 | 4 | |||
List all Filings |