2013 Q1 Form 10-Q Financial Statement

#000132616013000014 Filed on May 09, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q1
Revenue $5.898B $3.630B
YoY Change 62.48% -0.9%
Cost Of Revenue $1.807B $879.0M
YoY Change 105.57% -8.72%
Gross Profit $4.091B $2.751B
YoY Change 48.71% 1.89%
Gross Profit Margin 69.36% 75.79%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $762.0M $544.0M
YoY Change 40.07% 7.94%
% of Gross Profit 18.63% 19.77%
Operating Expenses $2.878B $1.857B
YoY Change 54.98% -2.06%
Operating Profit $1.259B $495.0M
YoY Change 154.34% -39.19%
Interest Expense $367.0M $224.0M
YoY Change 63.84% -219.79%
% of Operating Profit 29.15% 45.25%
Other Income/Expense, Net $116.0M $129.0M
YoY Change -10.08% 10.26%
Pretax Income $964.0M $400.0M
YoY Change 141.0% -46.38%
Income Tax $330.0M $103.0M
% Of Pretax Income 34.23% 25.75%
Net Earnings $634.0M $295.0M
YoY Change 114.92% -42.27%
Net Earnings / Revenue 10.75% 8.13%
Basic Earnings Per Share $0.89 $0.66
Diluted Earnings Per Share $0.89 $0.66
COMMON SHARES
Basic Shares Outstanding 705.0M shares 446.0M shares
Diluted Shares Outstanding 705.0M shares

Balance Sheet

Concept 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.584B $1.309B
YoY Change 21.01% -8.33%
Cash & Equivalents $1.296B $1.071B
Short-Term Investments $288.0M $238.0M
Other Short-Term Assets $2.062B $1.124B
YoY Change 83.45% 33.02%
Inventory $3.096B $1.754B
Prepaid Expenses
Receivables $2.807B $1.737B
Other Receivables $0.00 $0.00
Total Short-Term Assets $9.549B $5.924B
YoY Change 61.19% 6.83%
LONG-TERM ASSETS
Property, Plant & Equipment $68.81B $42.97B
YoY Change 60.14% 4.95%
Goodwill $16.37B
YoY Change
Intangibles $356.0M
YoY Change
Long-Term Investments $478.0M $479.0M
YoY Change -0.21% 7.64%
Other Assets $2.466B $8.147B
YoY Change -69.73% 6.27%
Total Long-Term Assets $104.1B $55.88B
YoY Change 86.34% 4.55%
TOTAL ASSETS
Total Short-Term Assets $9.549B $5.924B
Total Long-Term Assets $104.1B $55.88B
Total Assets $113.7B $61.80B
YoY Change 83.93% 4.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.985B $1.050B
YoY Change 89.05% -19.54%
Accrued Expenses $903.0M $656.0M
YoY Change 37.65% 1.08%
Deferred Revenue
YoY Change
Short-Term Debt $1.361B $456.0M
YoY Change 198.46% 65.82%
Long-Term Debt Due $3.323B $1.067B
YoY Change 211.43% 3.69%
Total Short-Term Liabilities $9.965B $4.283B
YoY Change 132.66% 2.05%
LONG-TERM LIABILITIES
Long-Term Debt $35.08B $19.03B
YoY Change 84.4% 10.45%
Other Long-Term Liabilities $15.36B $7.505B
YoY Change 104.66% 2.71%
Total Long-Term Liabilities $35.08B $26.53B
YoY Change 32.24% 8.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.965B $4.283B
Total Long-Term Liabilities $35.08B $26.53B
Total Liabilities $45.05B $39.02B
YoY Change 15.46% 7.63%
SHAREHOLDERS EQUITY
Retained Earnings $1.978B
YoY Change
Common Stock $39.26B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $40.95B $22.78B
YoY Change
Total Liabilities & Shareholders Equity $113.7B $61.80B
YoY Change 83.93% 4.77%

Cashflow Statement

Concept 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income $634.0M $295.0M
YoY Change 114.92% -42.27%
Depreciation, Depletion And Amortization $762.0M $544.0M
YoY Change 40.07% 7.94%
Cash From Operating Activities $1.091B $872.0M
YoY Change 25.11% -9.26%
INVESTING ACTIVITIES
Capital Expenditures $1.375B $988.0M
YoY Change 39.17% -198.21%
Acquisitions
YoY Change
Other Investing Activities -$35.00M -$8.000M
YoY Change 337.5% -109.09%
Cash From Investing Activities -$1.465B -$1.180B
YoY Change 24.15% 28.54%
FINANCING ACTIVITIES
Cash Dividend Paid $542.0M $335.0M
YoY Change 61.79%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $747.0M $821.0M
YoY Change -9.01%
Cash From Financing Activities 246.0M -731.0M
YoY Change -133.65% 148.64%
NET CHANGE
Cash From Operating Activities 1.091B 872.0M
Cash From Investing Activities -1.465B -1.180B
Cash From Financing Activities 246.0M -731.0M
Net Change In Cash -128.0M -1.039B
YoY Change -87.68% 313.94%
FREE CASH FLOW
Cash From Operating Activities $1.091B $872.0M
Capital Expenditures $1.375B $988.0M
Free Cash Flow -$284.0M -$116.0M
YoY Change 144.83% -105.9%

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<p style='margin-top:0pt; margin-bottom:8pt'><font style="font-family:Arial;font-size:8pt;font-weight:bold;margin-left:0px;">NATURE OF OPERATIONS AND BASIS OF CONSOLIDATION</font></p><p style='margin-top:0pt; margin-bottom:8pt'><font style="font-family:Arial;font-size:8pt;margin-left:0px;">Duke Energy Corporation (collectively with its subsidiaries, Duke Energy), is an energy company headquartered in Charlotte, North Carolina. Duke Energy operates in the United States (U.S.) </font><font style="font-family:Arial;font-size:8pt;">and Latin America </font><font style="font-family:Arial;font-size:8pt;">primarily through its direct and indirect subsidiaries</font><font style="font-family:Arial;font-size:8pt;">. Duke Energy's subsidiaries include</font><font style="font-family:Arial;font-size:8pt;">s</font><font style="font-family:Arial;font-size:8pt;"> Duke Energy Carolin</font><font style="font-family:Arial;font-size:8pt;">as, LLC (Duke Energy Carolinas);</font><font style="font-family:Arial;font-size:8pt;"> </font><font style="font-family:Arial;font-size:8pt;">Progress Energy, Inc. (Progress Energy</font><font style="font-family:Arial;font-size:8pt;">)</font><font style="font-family:Arial;font-size:8pt;">;</font><font style="font-family:Arial;font-size:8pt;"> Duke Energy Progre</font><font style="font-family:Arial;font-size:8pt;">ss, Inc. (Duke Energy Progress);</font><font style="font-family:Arial;font-size:8pt;"> Duke Energy Flor</font><font style="font-family:Arial;font-size:8pt;">ida, Inc. (Duke Energy Florida);</font><font style="font-family:Arial;font-size:8pt;"> </font><font style="font-family:Arial;font-size:8pt;">Duke Energy Ohio, Inc. (Duke Energy Ohio), which includes Duke Energy Kentuc</font><font style="font-family:Arial;font-size:8pt;">ky, Inc. (Duke Energy Kentucky);</font><font style="font-family:Arial;font-size:8pt;"> and Duke Energy Indiana, Inc. (Duke Energy Indiana</font><font style="font-family:Arial;font-size:8pt;">)</font><font style="font-family:Arial;font-size:8pt;">.</font><font style="font-family:Arial;font-size:8pt;"> </font></p><p style='margin-top:0pt; margin-bottom:8pt'><font style="font-family:Arial;font-size:8pt;margin-left:0px;">On July 2, 2012, Duke Energy merged with Progress Energy, with Duke Energy continuing as</font><font style="font-family:Arial;font-size:8pt;"> the surviving corporation, </font><font style="font-family:Arial;font-size:8pt;">Progress Energy becoming a subsidiary of Duke Energy</font><font style="font-family:Arial;font-size:8pt;"> and </font><font style="font-family:Arial;font-size:8pt;">Progress Energy's regulated utility subsidiaries, </font><font style="font-family:Arial;font-size:8pt;">Duke Energy Progress (formerly </font><font style="font-family:Arial;font-size:8pt;">Carolina Power &amp; Light Company d/b/a </font><font style="font-family:Arial;font-size:8pt;">Progress Energy Carolinas</font><font style="font-family:Arial;font-size:8pt;">, Inc.) and Duke Energy Florida (formerly Florida </font><font style="font-family:Arial;font-size:8pt;">Power Corporation d/b/a </font><font style="font-family:Arial;font-size:8pt;">Progress</font><font style="font-family:Arial;font-size:8pt;"> Energy </font><font style="font-family:Arial;font-size:8pt;">Florida </font><font style="font-family:Arial;font-size:8pt;">,</font><font style="font-family:Arial;font-size:8pt;"> Inc.</font><font style="font-family:Arial;font-size:8pt;">), becoming</font><font style="font-family:Arial;font-size:8pt;"> indirect subsidiaries of Duke Energy</font><font style="font-family:Arial;font-size:8pt;">.</font><font style="font-family:Arial;font-size:8pt;"> Duke Energy's consolidated financial statements include Progress Energy, </font><font style="font-family:Arial;font-size:8pt;">Duke</font><font style="font-family:Arial;font-size:8pt;"> Energy </font><font style="font-family:Arial;font-size:8pt;">Progress</font><font style="font-family:Arial;font-size:8pt;"> and </font><font style="font-family:Arial;font-size:8pt;">Duke</font><font style="font-family:Arial;font-size:8pt;"> Energy Florida activity </font><font style="font-family:Arial;font-size:8pt;">beginning</font><font style="font-family:Arial;font-size:8pt;"> July 2, 2012. </font><font style="font-family:Arial;font-size:8pt;">In accordance with </font><font style="font-family:Arial;font-size:8pt;">Securities and Exchange Commission (</font><font style="font-family:Arial;font-size:8pt;">SEC</font><font style="font-family:Arial;font-size:8pt;">)</font><font style="font-family:Arial;font-size:8pt;"> guidance, Progress Energy, Duke Energy Progress and Duke Energy Florida did not reflect the impacts of acquisition accounting from the merger with Duke Energy, whereby the adjustments of assets and liabilities to fair value and the resultant goodwill would be shown on the financial statements of Progress Energy, Duke Energy Progress and Duke Energy Florida. These adjustments were recorded by Duke Energy. </font><font style="font-family:Arial;font-size:8pt;">See Note 2 for additional information regarding the merger. </font><font style="font-family:Arial;font-size:8pt;">When discussing Duke Energy's consolidated financial information, it necessarily i</font><font style="font-family:Arial;font-size:8pt;">ncludes the results of its six</font><font style="font-family:Arial;font-size:8pt;"> separate subsidiary registrants, Duke Energy Carolinas, </font><font style="font-family:Arial;font-size:8pt;">Progress Energy, </font><font style="font-family:Arial;font-size:8pt;">Duke</font><font style="font-family:Arial;font-size:8pt;"> Energy </font><font style="font-family:Arial;font-size:8pt;">Progress</font><font style="font-family:Arial;font-size:8pt;">, </font><font style="font-family:Arial;font-size:8pt;">Duke</font><font style="font-family:Arial;font-size:8pt;"> Energy Florida, </font><font style="font-family:Arial;font-size:8pt;">Duke Energy Ohio and Duke Energy Indiana (collectively referred to as the Subsidiary Registrants), which, along with Duke Energy, are collectively referred to as the Duke Energy Registrants. </font></p><p style='margin-top:0pt; margin-bottom:8pt'><font style="font-family:Arial;font-size:8pt;margin-left:0px;">The information in these combined notes relates to each of the Duke Energy Registrants as noted in the Index to Combined Notes. However, none of the registrants makes any representation as to information related solely to Duke Energy or the subsidiaries of Duke Energy other than itself. As discussed further in Note </font><font style="font-family:Arial;font-size:8pt;">3</font><font style="font-family:Arial;font-size:8pt;">, Duke Energy operates three reportable business segments: U.S. Franchised Electric and Gas</font><font style="font-family:Arial;font-size:8pt;"> (USFE&amp;G)</font><font style="font-family:Arial;font-size:8pt;">, Commercial Power and International Energy. </font><font style="font-family:Arial;font-size:8pt;">The remainder of Duke Energy's operations is presented as </font><font style="font-family:Arial;font-size:8pt;">Other</font><font style="font-family:Arial;font-size:8pt;">.</font></p><p style='margin-top:0pt; margin-bottom:8pt'><font style="font-family:Arial;font-size:8pt;margin-left:0px;">These </font><font style="font-family:Arial;font-size:8pt;">Condensed </font><font style="font-family:Arial;font-size:8pt;">Consolidated Financial Statements include, after eliminating intercompany transactions and balances, the accounts of the Duke Energy Registrants and all majority-owned subsidiaries where the respective Duke Energy Registrants have control and those variable interest entities (VIEs) where the respective Duke Energy Registrants are the primary beneficiary. </font><font style="font-family:Arial;font-size:8pt;">These </font><font style="font-family:Arial;font-size:8pt;">Condensed </font><font style="font-family:Arial;font-size:8pt;">Consolidated Financial Statements also reflect the Duke Energy Registrants' proportionate share of certain generation and transmission facilities. See Note 2 for further discussion.</font></p><p style='margin-top:0pt; margin-bottom:8pt'><font style="font-family:Arial;font-size:8pt;margin-left:0px;">Duke Energy Carolinas</font><font style="font-family:Arial;font-size:8pt;">, a </font><font style="font-family:Arial;font-size:8pt;">wholly owned</font><font style="font-family:Arial;font-size:8pt;"> subsidiary of Duke Energy,</font><font style="font-family:Arial;font-size:8pt;"> is a regulated public</font><font style="font-family:Arial;font-size:8pt;"> utility that generates, transmits, distributes and sells electricity in No</font><font style="font-family:Arial;font-size:8pt;">rth Carolina and South Carolina</font><font style="font-family:Arial;font-size:8pt;">. Duke Energy Carolinas is subject to the regulatory provisions of the North Carolina Utilities Commission (NCUC), the Public Service Commission of South Carolina (PSCSC), the U.S. Nuclear Regulatory Commission (NRC) and the Federal Energy Regulatory Commission (FERC). Substantially all of Duke Energy Carolinas' operations are regulated and qualify for regulatory accounting treatment. As discussed further in Note </font><font style="font-family:Arial;font-size:8pt;">3</font><font style="font-family:Arial;font-size:8pt;">, Duke Energy Carolinas' operations include one reportable business segment, Franchised Electric. </font></p><p style='margin-top:0pt; margin-bottom:8pt'><font style="font-family:Arial;font-size:8pt;margin-left:0px;">Progress Energy</font><font style="font-family:Arial;font-size:8pt;">, a </font><font style="font-family:Arial;font-size:8pt;">wholly owned</font><font style="font-family:Arial;font-size:8pt;"> subsidiary of Duke Energy,</font><font style="font-family:Arial;font-size:8pt;"> is a holding company headquartered in Raleigh, North Carolina, subject to regulation by the FERC. Progress Energy conducts operations through its wholly owned subsidiaries</font><font style="font-family:Arial;font-size:8pt;">,</font><font style="font-family:Arial;font-size:8pt;"> </font><font style="font-family:Arial;font-size:8pt;">Duke</font><font style="font-family:Arial;font-size:8pt;"> Energy </font><font style="font-family:Arial;font-size:8pt;">Progress</font><font style="font-family:Arial;font-size:8pt;"> and </font><font style="font-family:Arial;font-size:8pt;">Duke</font><font style="font-family:Arial;font-size:8pt;"> Energy Florida. </font><font style="font-family:Arial;font-size:8pt;">As discussed further in Note 3</font><font style="font-family:Arial;font-size:8pt;">,</font><font style="font-family:Arial;font-size:8pt;"> </font><font style="font-family:Arial;font-size:8pt;">Progress Energy's operations include one reportable segment, Franchised Electric. </font></p><p style='margin-top:0pt; margin-bottom:8pt'><font style="font-family:Arial;font-size:8pt;margin-left:0px;">Duke </font><font style="font-family:Arial;font-size:8pt;">Energy </font><font style="font-family:Arial;font-size:8pt;">Progress</font><font style="font-family:Arial;font-size:8pt;">, an indirect </font><font style="font-family:Arial;font-size:8pt;">wholly owned</font><font style="font-family:Arial;font-size:8pt;"> subsidiary of Duke Energy,</font><font style="font-family:Arial;font-size:8pt;"> is a regulated public utility primarily engaged in the generation, transmission, distribution and sale of electricity in portions of North Carolina and South Carolina. </font><font style="font-family:Arial;font-size:8pt;">Duke </font><font style="font-family:Arial;font-size:8pt;">Energy </font><font style="font-family:Arial;font-size:8pt;">Progress </font><font style="font-family:Arial;font-size:8pt;">is subject to the regulatory provisions of the NCUC, the PSCSC, the NRC and the FERC. Substantially all of </font><font style="font-family:Arial;font-size:8pt;">Duke Energy Progress'</font><font style="font-family:Arial;font-size:8pt;"> operations are regulated and qualify for </font><font style="font-family:Arial;font-size:8pt;">regulatory accounting treatment. As discussed further in Note 3</font><font style="font-family:Arial;font-size:8pt;">, </font><font style="font-family:Arial;font-size:8pt;">Duke Energy Progress</font><font style="font-family:Arial;font-size:8pt;">' operations include one reportable segment, Franchised Electric.</font></p><p style='margin-top:0pt; margin-bottom:8pt'><font style="font-family:Arial;font-size:8pt;margin-left:0px;">Duke Energy Florida</font><font style="font-family:Arial;font-size:8pt;">, an indirect </font><font style="font-family:Arial;font-size:8pt;">wholly owned</font><font style="font-family:Arial;font-size:8pt;"> subsidiary of Duke Energy,</font><font style="font-family:Arial;font-size:8pt;"> is a regulated public utility primarily engaged in the generation, transmission, distribution and sale of electricity in west central Florida. </font><font style="font-family:Arial;font-size:8pt;">Duke Energy Florida</font><font style="font-family:Arial;font-size:8pt;"> is subject to the regulatory jurisdiction of the Florida Public Service Commission (FPSC), the NRC and the FERC. Substantially all of </font><font style="font-family:Arial;font-size:8pt;">Duke Energy Florida</font><font style="font-family:Arial;font-size:8pt;">'s operations are regulated and qualify for regulatory accounting treatment.</font><font style="font-family:Arial;font-size:8pt;"> As discussed further in Note 3</font><font style="font-family:Arial;font-size:8pt;">, </font><font style="font-family:Arial;font-size:8pt;">Duke Energy Florida</font><font style="font-family:Arial;font-size:8pt;">'s operations include one reportable segment, Franchised Electric.</font></p><p style='margin-top:0pt; margin-bottom:8pt'><font style="font-family:Arial;font-size:8pt;margin-left:0px;">Duke Energy Ohio,</font><font style="font-family:Arial;font-size:8pt;"> an indirect </font><font style="font-family:Arial;font-size:8pt;">wholly owned</font><font style="font-family:Arial;font-size:8pt;"> subsidiary of Duke Energy</font><font style="font-family:Arial;font-size:8pt;">,</font><font style="font-family:Arial;font-size:8pt;"> is a combination electric and gas public utility that provides service in the southwestern portion of Ohio and in northern Kentucky through its </font><font style="font-family:Arial;font-size:8pt;">wholly owned</font><font style="font-family:Arial;font-size:8pt;"> subsidiary</font><font style="font-family:Arial;font-size:8pt;">,</font><font style="font-family:Arial;font-size:8pt;"> Duke Energy Kentucky, as well as electric generat</font><font style="font-family:Arial;font-size:8pt;">ion in parts of Ohio, Illinois </font><font style="font-family:Arial;font-size:8pt;">and Pennsylvania. Duke Energy Ohio's principal lines of business include generation, transmission and distribution of electricity, the sale of and/or transportation of natural gas, and energy marketing. </font><font style="font-family:Arial;font-size:8pt;">Duke Energy Ohio conducts competitive auctions for retail electricity supply in Ohio whereby the energy price is recovered from retail customers. </font><font style="font-family:Arial;font-size:8pt;">Duke Energy Kentucky's principal lines of business include generation, transmission and distribution of electricity, as well as the sale of and/or transportation of natural gas. References herein to Duke Energy Ohio include Duke Energy Ohio and its subsidiaries</font><font style="font-family:Arial;font-size:8pt;">, unless otherwise noted</font><font style="font-family:Arial;font-size:8pt;">. Duke Energy Ohio is subject to the regulatory provisions of the Public Utilities Commission of Ohio (PUCO), the Kentucky Public Service Commission (KPSC) and the FERC. Duke Energy Ohio applies regulatory accounting treatment to substantially all of the operations in its Franchised Electric and Gas operating segment. See Note </font><font style="font-family:Arial;font-size:8pt;">3</font><font style="font-family:Arial;font-size:8pt;"> for </font><font style="font-family:Arial;font-size:8pt;">further </font><font style="font-family:Arial;font-size:8pt;">information about </font><font style="font-family:Arial;font-size:8pt;">Duke Energy Ohio's </font><font style="font-family:Arial;font-size:8pt;">business segments. </font></p><p style='margin-top:0pt; margin-bottom:8pt'><font style="font-family:Arial;font-size:8pt;margin-left:0px;">Duke Energy Indiana, </font><font style="font-family:Arial;font-size:8pt;">an indirect </font><font style="font-family:Arial;font-size:8pt;">wholly owned</font><font style="font-family:Arial;font-size:8pt;"> subsidiary of Duke Energy</font><font style="font-family:Arial;font-size:8pt;">,</font><font style="font-family:Arial;font-size:8pt;"> is a regulated</font><font style="font-family:Arial;font-size:8pt;"> </font><font style="font-family:Arial;font-size:8pt;">public</font><font style="font-family:Arial;font-size:8pt;"> utility that provides</font><font style="font-family:Arial;font-size:8pt;"> electricity</font><font style="font-family:Arial;font-size:8pt;"> service in north central, central, and southern Indiana. Its primary line of business is generation, transmission and distribution of electricity. Duke Energy Indiana is subject to the regulatory provisions of the Indiana Utility Regulatory Commission (IURC) and the FERC. </font><font style="font-family:Arial;font-size:8pt;">Substantially all</font><font style="font-family:Arial;font-size:8pt;"> of Duke Energy Indiana's operations are regulated and qualify for regulatory accounting treatment. As discussed further in Note </font><font style="font-family:Arial;font-size:8pt;">3</font><font style="font-family:Arial;font-size:8pt;">, Duke Energy Indiana's operations include one reportable business segment, Franchised Electric</font><font style="font-family:Arial;font-size:8pt;">.</font></p>
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<p style='margin-top:0pt; margin-bottom:8pt'><font style="font-family:Arial;font-size:8pt;font-weight:bold;margin-left:0px;">BASIS OF PRESENTATION</font></p><p style='margin-top:0pt; margin-bottom:8pt'><font style="font-family:Arial;font-size:8pt;margin-left:0px;">These </font><font style="font-family:Arial;font-size:8pt;">Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles (GAAP) in the U.S. for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these Condensed Consolidated Financial Statements do not include all of the information and notes required by GAAP in the U.S. for annual financial statements. Because the interim Condensed Consolidated Financial Statements and Notes do not include all of the information and notes required by GAAP in the U.S. for annual financial statements, the Condensed Consolidated Financial Statements and other information included in this quarterly report should be read in conjunction with the Consolidated Financial Statements and Notes in the Duke Energy Registrants' combined Form 10-K for the year ended </font><font style="font-family:Arial;font-size:8pt;">December&#160;31, 2012. </font></p><p style='margin-top:0pt; margin-bottom:8pt'><font style="font-family:Arial;font-size:8pt;margin-left:0px;">These Condensed Consolidated Financial Statements, in the opinion of management, reflect all normal recurring adjustments that are, in the opinion of the respective companies' management, necessary to fairly present the financial position and results of operations of each Duke Energy Registrant. Amounts reported in Duke Energy's interim Condensed Consolidated Statements of Operations and each of the Subsidiary Registrants' interim Condensed Consolidated Statements of Income and Comprehensive Income are not necessarily indicative of amounts expected for the respective annual periods due to the effects of seasonal temperature variations on energy consumption, regulatory rulings, the timing of maintenance on electric generating units, changes in mark-to-market valuations, changing commodity prices and other factors. </font></p><p style='margin-top:0pt; margin-bottom:8pt'><font style="font-family:Arial;font-size:8pt;margin-left:0px;">In preparing financial statements that conform to GAAP, management must make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates</font><font style="font-family:Arial;font-size:8pt;">.</font></p><p style='margin-top:0pt; margin-bottom:8pt'><font style="font-family:Arial;font-size:8pt;margin-left:0px;">P</font><font style="font-family:Arial;font-size:8pt;">rior year financial statements and footnote disclosures for </font><font style="font-family:Arial;font-size:8pt;">Progress Energy, Duke Energy Progress and Duke Energy Florida</font><font style="font-family:Arial;font-size:8pt;"> </font><font style="font-family:Arial;font-size:8pt;">have been reclassified to conform to Duke Energy's presenta</font><font style="font-family:Arial;font-size:8pt;">tion</font><font style="font-family:Arial;font-size:8pt;">.</font></p>
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39662000000
CY2013Q1 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
44068000000
CY2013Q1 duk Defined Contribution Plan Contribution By Employer
DefinedContributionPlanContributionByEmployer
41000000
CY2012Q4 us-gaap Trading Securities
TradingSecurities
33000000
CY2013Q1 us-gaap Trading Securities
TradingSecurities
25000000
CY2013Q1 us-gaap Available For Sale Securities Gross Unrealized Losses1
AvailableForSaleSecuritiesGrossUnrealizedLosses1
33000000
CY2013Q1 us-gaap Available For Sale Securities Fair Value Disclosure
AvailableForSaleSecuritiesFairValueDisclosure
5277000000
CY2012Q4 us-gaap Availableforsale Securities Gross Unrealized Gain
AvailableforsaleSecuritiesGrossUnrealizedGain
1216000000
CY2012Q4 us-gaap Available For Sale Securities Gross Unrealized Losses1
AvailableForSaleSecuritiesGrossUnrealizedLosses1
30000000
CY2012Q4 us-gaap Available For Sale Securities Fair Value Disclosure
AvailableForSaleSecuritiesFairValueDisclosure
4932000000
CY2013Q1 us-gaap Availableforsale Securities Gross Unrealized Gain
AvailableforsaleSecuritiesGrossUnrealizedGain
1461000000
CY2013Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
328000000
CY2013Q1 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
435000000
CY2013Q1 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue
398000000
CY2013Q1 us-gaap Available For Sale Securities Debt Maturities After Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue
788000000
CY2013Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
1949000000
CY2013Q1 us-gaap Severance Costs
SeveranceCosts
16000000
CY2013Q1 us-gaap Available For Sale Securities Gross Realized Gains
AvailableForSaleSecuritiesGrossRealizedGains
31000000
CY2013Q1 us-gaap Available For Sale Securities Gross Realized Losses
AvailableForSaleSecuritiesGrossRealizedLosses
7000000
CY2012Q1 us-gaap Available For Sale Securities Gross Realized Gains
AvailableForSaleSecuritiesGrossRealizedGains
21000000
CY2012Q1 us-gaap Available For Sale Securities Gross Realized Losses
AvailableForSaleSecuritiesGrossRealizedLosses
2000000
CY2012Q1 duk Defined Contribution Plan Contribution By Employer
DefinedContributionPlanContributionByEmployer
28000000
CY2013Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1000000 shares
CY2012Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1000000 shares
CY2012Q1 duk Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-2000000
CY2013Q1 duk Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
17000000
CY2013Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
26000000
CY2013Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
10000000
CY2013Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
1000000
CY2012Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
0
CY2012Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8000000
CY2013Q1 duk Accelerated Stock Compensation Expense
AcceleratedStockCompensationExpense
5000000
CY2012Q4 us-gaap Restructuring Reserve
RestructuringReserve
135000000
CY2013Q1 us-gaap Restructuring Charges
RestructuringCharges
31000000
CY2013Q1 us-gaap Restructuring Reserve Settled With Cash
RestructuringReserveSettledWithCash
67000000
CY2013Q1 us-gaap Restructuring Reserve
RestructuringReserve
99000000
CY2012Q1 duk Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
62000000
CY2013Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.342 pure
CY2012Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.258 pure
CY2013Q1 us-gaap Excise Taxes Collected
ExciseTaxesCollected
149000000
CY2012Q1 us-gaap Excise Taxes Collected
ExciseTaxesCollected
77000000

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