Duke Energy 2013 Annual Report Download - page 128

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PART II
DUKE ENERGY CORPORATION • DUKE ENERGY CAROLINAS, LLC • PROGRESS ENERGY, INC. •
DUKE ENERGY PROGRESS, INC. • DUKE ENERGY FLORIDA, INC. • DUKE ENERGY OHIO, INC. • DUKE ENERGY INDIANA, INC.
Combined Notes to Consolidated Financial Statements – (Continued)
Year Ended December 31, 2013
(in millions)
Regulated
Utilities
International
Energy
Commercial
Power
Total
Reportable
Segments Other Eliminations Total
Unafliated revenues(a)(b)(c) $ 20,871 $ 1,546 $ 2,106 $ 24,523 $ 75 $ — $ 24,598
Intersegment revenues 39 — 39 78 88 (166) —
Total revenues $ 20,910 $ 1,546 $ 2,145 $ 24,601 $ 163 $ (166) $ 24,598
Interest expense $ 986 $ 86 $ 64 $ 1,136 $ 417 $ (7) $ 1,546
Depreciation and amortization 2,323 100 250 2,673 135 — 2,808
Equity in earnings of unconsolidated afliates (1) 110 7 116 6 — 122
Income tax expense (benet) 1,522 166 (104) 1,584 (323) — 1,261
Segment income(a)(b)(c)(d)(e)(f)(g) 2,504 408 (3) 2,909 (261) — 2,648
Add back noncontrolling interest component 11
Income from discontinued operations, net of tax 17
Net income $ 2,676
Capital investments expenditures and acquisitions $ 5,049 $ 67 $ 268 $ 5,384 $ 223 $ — $ 5,607
Segment assets 99,884 4,998 6,955 111,837 2,754 188 114,779
(a) In May 2013, Duke Energy Ohio implemented revised customer rates approved by the PUCO. This increase impacts Regulated Utilities. See Note 4 for additional information about the revised customer rates.
(b) In June 2013, Duke Energy Progress implemented revised customer rates approved by the NCUC. This increase impacts Regulated Utilities. See Note 4 for additional information about the revised customer rates.
(c) In September 2013, Duke Energy Carolinas implemented revised rates approved by the NCUC and the PSCSC. This increase impacts Regulated Utilities. See Note 4 for additional information about the revised customer rates.
(d) Regulated Utilities recorded charges related to Duke Energy Florida’s Crystal River Unit 3. See Note 4 for additional information about the Crystal River Unit 3 charges.
(e) Regulated Utilities recorded an impairment charge related to Duke Energy Progress’ Shearon Harris Nuclear Station (Harris) site. Regulated Utilities also recorded an impairment charge related to Duke Energy Florida’s
proposed nuclear plant in Levy County, Florida (Levy) site. See Note 4 for additional information about the Harris site and Levy site impairments.
(f) Other includes after-tax costs to achieve the merger with Progress Energy. See Notes 2 and 25 for additional information about the merger and related costs.
(g) Other includes gain from the sale of Duke Energy’s ownership interest in DukeNet. See Note 12 for additional information on the sale of DukeNet.
Year Ended December 31, 2012
(in millions)
Regulated
Utilities
International
Energy
Commercial
Power
Total
Reportable
Segments Other Eliminations Total
Unafliated revenues $ 16,042 $ 1,549 $ 2,020 $ 19,611 $ 13 $ — $ 19,624
Intersegment revenues 38 — 58 96 47 (143) —
Total revenues $ 16,080 $ 1,549 $ 2,078 $ 19,707 $ 60 $ (143) $ 19,624
Interest expense $ 806 $ 77 $ 63 $ 946 $ 296 $ — $ 1,242
Depreciation and amortization 1,827 99 228 2,154 135 — 2,289
Equity in earnings of unconsolidated afliates (5) 134 14 143 5 — 148
Income tax expense (benet) 942 149 (8) 1,083 (378) — 705
Segment income(a)(b) 1,744 439 87 2,270 (538) — 1,732
Add back noncontrolling interest component 14
Income from discontinued operations, net of tax 36
Net income $ 1,782
Capital investments expenditures and acquisitions $ 4,220 $ 551 $ 1,038 $ 5,809 $ 149 $ — $ 5,958
Segment assets 98,162 5,406 6,992 110,560 3,126 170 113,856
(a) Regulated Utilities recorded charges related to Duke Energy Indiana’s IGCC project. See Note 4 for additional information about these charges. Regulated Utilities also recorded the reversal of expenses of $60 million related to
a prior year Voluntary Opportunity Plan in accordance with Duke Energy Carolinas’ 2011 rate case. See Note 19 for additional information about these expenses.
(b) Other includes after-tax costs to achieve the merger with Progress Energy. See Notes 2 and 25 for additional information about the merger and related costs.