2016 Q1 Form 10-Q Financial Statement

#000132616016000296 Filed on May 05, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $5.377B $5.792B
YoY Change -7.17% -7.52%
Cost Of Revenue $1.637B $2.052B
YoY Change -20.22% -3.02%
Gross Profit $3.740B $4.013B
YoY Change -6.8% -3.23%
Gross Profit Margin 69.56% 69.29%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $931.0M $883.0M
YoY Change 5.44% -0.11%
% of Gross Profit 24.89% 22.0%
Operating Expenses $2.504B $2.571B
YoY Change -2.61% -4.42%
Operating Profit $1.240B $1.390B
YoY Change -10.79% 2.06%
Interest Expense $489.0M $403.0M
YoY Change 21.34% -0.25%
% of Operating Profit 39.44% 28.99%
Other Income/Expense, Net $78.00M $87.00M
YoY Change -10.34% -33.59%
Pretax Income $829.0M $1.140B
YoY Change -27.28% 4.68%
Income Tax $252.0M $364.0M
% Of Pretax Income 30.4% 31.93%
Net Earnings $694.0M $864.0M
YoY Change -19.68% -990.72%
Net Earnings / Revenue 12.91% 14.92%
Basic Earnings Per Share $1.01 $1.22
Diluted Earnings Per Share $1.01 $1.22
COMMON SHARES
Basic Shares Outstanding 689.0M shares 708.0M shares
Diluted Shares Outstanding 689.0M shares 708.0M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $785.0M $2.855B
YoY Change -72.5% 83.6%
Cash & Equivalents $334.0M $2.821B
Short-Term Investments $7.000M $34.00M
Other Short-Term Assets $1.114B $3.288B
YoY Change -66.12% -0.54%
Inventory $3.721B $3.413B
Prepaid Expenses
Receivables $2.323B $2.766B
Other Receivables $0.00 $0.00
Total Short-Term Assets $7.943B $12.32B
YoY Change -35.54% 16.63%
LONG-TERM ASSETS
Property, Plant & Equipment $76.43B $70.30B
YoY Change 8.72% 5.95%
Goodwill $16.35B $16.33B
YoY Change 0.12% -0.08%
Intangibles
YoY Change
Long-Term Investments $573.0M $2.937B
YoY Change -80.49% 29.78%
Other Assets $3.036B $3.207B
YoY Change -5.33% -1.35%
Total Long-Term Assets $113.8B $109.8B
YoY Change 3.59% 6.39%
TOTAL ASSETS
Total Short-Term Assets $7.943B $12.32B
Total Long-Term Assets $113.8B $109.8B
Total Assets $121.7B $122.1B
YoY Change -0.35% 7.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.086B $1.920B
YoY Change 8.65% 1.48%
Accrued Expenses $875.0M $998.0M
YoY Change -12.32% 10.77%
Deferred Revenue
YoY Change
Short-Term Debt $3.486B $3.790B
YoY Change -8.02% 118.19%
Long-Term Debt Due $2.075B $2.800B
YoY Change -25.89% 216.38%
Total Short-Term Liabilities $10.89B $11.90B
YoY Change -8.5% 58.88%
LONG-TERM LIABILITIES
Long-Term Debt $38.23B $37.17B
YoY Change 2.85% -4.68%
Other Long-Term Liabilities $19.33B $17.64B
YoY Change 9.56% 24.05%
Total Long-Term Liabilities $38.23B $37.17B
YoY Change 2.85% -4.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.89B $11.90B
Total Long-Term Liabilities $38.23B $37.17B
Total Liabilities $49.12B $49.08B
YoY Change 0.1% 5.56%
SHAREHOLDERS EQUITY
Retained Earnings $2.688B $2.309B
YoY Change 16.41% 34.79%
Common Stock $37.97B $39.41B
YoY Change -3.66% 0.1%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $39.89B $41.05B
YoY Change
Total Liabilities & Shareholders Equity $121.7B $122.1B
YoY Change -0.35% 7.34%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $694.0M $864.0M
YoY Change -19.68% -990.72%
Depreciation, Depletion And Amortization $931.0M $883.0M
YoY Change 5.44% -0.11%
Cash From Operating Activities $1.682B $1.440B
YoY Change 16.81% 4.88%
INVESTING ACTIVITIES
Capital Expenditures $1.645B $1.411B
YoY Change 16.58% 14.53%
Acquisitions
YoY Change
Other Investing Activities $37.00M $1.000M
YoY Change 3600.0% -96.88%
Cash From Investing Activities -$1.758B -$1.456B
YoY Change 20.74% 13.22%
FINANCING ACTIVITIES
Cash Dividend Paid $570.0M $564.0M
YoY Change 1.06% 1.99%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $389.0M $403.0M
YoY Change -3.47% -68.69%
Cash From Financing Activities -$3.000M $801.0M
YoY Change -100.37% -1505.26%
NET CHANGE
Cash From Operating Activities $1.682B $1.440B
Cash From Investing Activities -$1.758B -$1.456B
Cash From Financing Activities -$3.000M $801.0M
Net Change In Cash -$79.00M $785.0M
YoY Change -110.06% 2516.67%
FREE CASH FLOW
Cash From Operating Activities $1.682B $1.440B
Capital Expenditures $1.645B $1.411B
Free Cash Flow $37.00M $29.00M
YoY Change 27.59% -79.43%

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WeightedAverageNumberOfDilutedSharesOutstanding
708000000 shares
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
689000000 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
708000000 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
689000000 shares
CY2016Q1 us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;font-weight:bold;">NATURE OF OPERATIONS AND BASIS OF CONSOLIDATION</font></div><div style="line-height:120%;padding-bottom:10px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Duke Energy Corporation (collectively with its subsidiaries, Duke Energy) is an energy company headquartered in Charlotte, North Carolina, subject to regulation by the Federal Energy Regulatory Commission (FERC). Duke Energy operates in the United States (U.S.) and Latin America primarily through its direct and indirect subsidiaries. Duke Energy&#8217;s subsidiaries include its subsidiary registrants, Duke Energy Carolinas, LLC (Duke Energy Carolinas); Progress Energy, Inc. (Progress Energy); Duke Energy Progress, LLC (Duke Energy Progress); Duke Energy Florida, LLC (Duke Energy Florida); Duke Energy Ohio, Inc. (Duke Energy Ohio) and Duke Energy Indiana, LLC (Duke Energy Indiana, formerly Duke Energy Indiana, Inc.). When discussing Duke Energy&#8217;s consolidated financial information, it necessarily includes the results of its six separate subsidiary registrants (collectively referred to as the Subsidiary Registrants), which, along with Duke Energy, are collectively referred to as the Duke Energy Registrants (Duke Energy Registrants).</font></div><div style="line-height:120%;padding-bottom:10px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">These Condensed Consolidated Financial Statements include, after eliminating intercompany transactions and balances, the accounts of the Duke Energy Registrants and subsidiaries where the respective Duke Energy Registrants have control. These Condensed Consolidated Financial Statements also reflect the Duke Energy Registrants&#8217; proportionate share of certain jointly owned generation and transmission facilities.</font></div><div style="line-height:120%;padding-bottom:10px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Duke Energy Carolinas is a regulated public utility primarily engaged in the generation, transmission, distribution and sale of electricity in portions of North Carolina and South Carolina. Duke Energy Carolinas is subject to the regulatory provisions of the North Carolina Utilities Commission (NCUC), Public Service Commission of South Carolina (PSCSC), U.S. Nuclear Regulatory Commission (NRC) and FERC. Substantially all of Duke Energy Carolinas&#8217; operations qualify for regulatory accounting.</font></div><div style="line-height:120%;padding-bottom:10px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Progress Energy is a public utility holding company headquartered in Raleigh, North Carolina, subject to regulation by the FERC. Progress Energy conducts operations through its wholly owned subsidiaries, Duke Energy Progress and Duke Energy Florida. Substantially all of Progress Energy&#8217;s operations qualify for regulatory accounting. </font></div><div style="line-height:120%;padding-bottom:10px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Duke Energy Progress is a regulated public utility primarily engaged in the generation, transmission, distribution and sale of electricity in portions of North Carolina and South Carolina. Duke Energy Progress is subject to the regulatory provisions of the NCUC, PSCSC, NRC and FERC. Substantially all of Duke Energy Progress&#8217; operations qualify for regulatory accounting. </font></div><div style="line-height:120%;padding-bottom:10px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Duke Energy Florida is a regulated public utility primarily engaged in the generation, transmission, distribution and sale of electricity in portions of Florida. Duke Energy Florida is subject to the regulatory provisions of the Florida Public Service Commission (FPSC), NRC and FERC. Substantially all of Duke Energy Florida&#8217;s operations qualify for regulatory accounting. </font></div><div style="line-height:120%;padding-bottom:10px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Duke Energy Ohio is a regulated public utility primarily engaged in the transmission and distribution of electricity in portions of Ohio and Kentucky, the generation and sale of electricity in portions of Kentucky, and the transportation and sale of natural gas in portions of Ohio and Kentucky. Duke Energy Ohio conducts competitive auctions for retail electricity supply in Ohio whereby the energy price is recovered from retail customers and recorded in Operating Revenues on the Condensed Consolidated Statements of Operations and Comprehensive Income. Operations in Kentucky are conducted through its wholly owned subsidiary, Duke Energy Kentucky, Inc. (Duke Energy Kentucky). References herein to Duke Energy Ohio collectively include Duke Energy Ohio and its subsidiaries, unless otherwise noted. Duke Energy Ohio is subject to the regulatory provisions of the Public Utilities Commission of Ohio (PUCO), Kentucky Public Service Commission (KPSC) and FERC. On April 2, 2015, Duke Energy completed the sale of its nonregulated Midwest generation business, which sold power into wholesale energy markets, to a subsidiary of Dynegy Inc. (Dynegy). See Note </font><font style="font-family:Arial;font-size:8pt;">2</font><font style="font-family:Arial;font-size:8pt;"> for additional information. Substantially all of Duke Energy Ohio&#8217;s operations that remain after the sale qualify for regulatory accounting.</font></div><div style="line-height:120%;padding-bottom:10px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Duke Energy Indiana is a regulated public utility primarily engaged in the generation, transmission, distribution and sale of electricity in portions of Indiana. Duke Energy Indiana is subject to the regulatory provisions of the Indiana Utility Regulatory Commission (IURC) and FERC. Substantially all of Duke Energy Indiana&#8217;s operations qualify for regulatory accounting. On January 1, 2016, Duke Energy Indiana, an Indiana corporation, converted into an Indiana limited liability company.</font></div><div style="line-height:120%;padding-bottom:10px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;font-weight:bold;"></font></div></div>
CY2016Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">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></div></div>

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