Duke Energy 2011 Annual Report Download - page 235

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PART II
DUKE ENERGY CORPORATION •DUKE ENERGY CAROLINAS, LLC •DUKE ENERGY OHIO, INC. •DUKE ENERGY INDIANA, INC.
Combined Notes to Consolidated Financial Statements – (Continued)
The following table includes unusual or infrequently occurring
items recorded by Duke Energy in each quarter during the two most
recently completed fiscal years. All amounts discussed below are
pre-tax unless otherwise noted.
(In millions)
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
2011
Edwardsport IGCC
impairment (see Note 4) $ — $ — $(222) $ —
Emission Allowance
impairment (see Note 12) — — (79) —
Energy efficiency revenue
adjustment(a) ———59
Total $ — $ — $(301) $ -59
2010
Voluntary severance
program expenses (see
Note 19) $(68) $ (76) $ (20) $ (8)
Commercial Power
non-regulated Midwest
generation goodwill
impairment (see Note 12) — (500) — —
Midwest generation asset
and emission allowance
impairment (see Note 12) — (160) — —
Edwardsport IGCC
impairment (see Note 4) — — (44) —
Gain on sale of investment
in Q-Comm (see Note 13) — — — 109
Gain on sale of DukeNet
(see Note 3) — — — 139
Total $(68) $(736) $ (64) $240
(a) In the fourth quarter of 2011, Duke Energy recorded $59 million of previously deferred
revenue resulting from the receipt of an order from the NCUC which allowed the
recognition of revenue in excess of amounts billed to customers.
Duke Energy Carolinas
(In millions)
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter Total
2011
Operating
revenues $1,552 $1,607 $1,868 $1,466 $6,493
Operating
income 363 331 541 245 1,480
Net income 205 193 311 125 834
2010
Operating
revenues $1,545 $1,513 $1,877 $1,489 $6,424
Operating
income 347 313 521 264 1,445
Net income 192 202 315 129 838
The following table includes unusual or infrequently occurring
items recorded by Duke Energy Carolinas in each quarter during
2011 and 2010. All amounts discussed below are pre-tax unless
otherwise noted.
(In millions)
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
2011
Energy efficiency revenue
adjustment(a) $59
2010
Voluntary severance
program expenses (see
Note 19) $(42) $(43) $(13) $ (1)
(a) In the fourth quarter of 2011, Duke Energy Carolinas recorded $59 million of
previously deferred revenue resulting from the receipt of an order from the NCUC which
allowed the recognition of revenue in excess of amounts billed to customers.
215