Duke Energy 2013 Annual Report Download - page 46

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PART II
ITEM 6. SELECTED FINANCIAL DATA
(in millions, except per-share amounts) 2013 2012 2011 2010 2009
Statement of Operations(a)
Total operating revenues $ 24,598 $ 19,624 $14,529 $14,272 $12,731
Operating income 4,982 3,126 2,777 2,461 2,249
Income from continuing operations 2,659 1,746 1,713 1,320 1,073
Net income 2,676 1,782 1,714 1,323 1,085
Net income attributable to Duke Energy Corporation 2,665 1,768 1,706 1,320 1,075
Common Stock Data
Income from continuing operations attributable to Duke Energy Corporation common shareholders(b)
Basic $ 3.74 $ 3.01 $ 3.83 $ 2.99 $ 2.46
Diluted 3.74 3.01 3.83 2.99 2.46
Net income attributable to Duke Energy Corporation common shareholders(b)
Basic $ 3.77 $ 3.07 $ 3.83 $ 3.00 $ 2.49
Diluted 3.76 3.07 3.83 3.00 2.49
Dividends declared per share(b) 3.09 3.03 2.97 2.91 2.82
Balance Sheet
Total assets $114,779 $113,856 $62,526 $59,090 $57,040
Long-term debt including capital leases and redeemable preferred stock of subsidiaries, less current maturities 38,152 36,444 18,679 17,935 16,113
(a) Significant transactions reflected in the results above include: (i) 2013 charges related to Crystal River Unit 3 and nuclear development costs (see Note 4 to the Consolidated Financial Statements, “Regulatory Matters”);
(ii) the 2012 merger with Progress Energy (see Note 2 to the Consolidated Financial Statements, “Acquisitions, Dispositions and Sales of Other Assets”); (iii) 2012 and 2011 charges related to the Edwardsport Integrated
Gasification Combined Cycle (IGCC) project (see Note 4 to the Consolidated Financial Statements); and (iv) 2010 impairment of goodwill and other assets.
(b) On July 2, 2012, immediately prior to the merger with Progress Energy, Duke Energy executed a one-for-three reverse stock split. All share and earnings per share amounts are presented as if the one-for-three reverse stock
split had been effective at the beginning of the earliest period presented.
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Management’s Discussion and Analysis includes financial information
prepared in accordance with generally accepted accounting principles (GAAP)
in the U.S., as well as certain non-GAAP financial measures such as adjusted
earnings, adjusted earnings per share and adjusted segment income, discussed
below. Generally, a non-GAAP financial measure is a numerical measure
of financial performance, financial position or cash flows that excludes (or
includes) amounts that are included in (or excluded from) the most directly
comparable measure calculated and presented in accordance with GAAP. The
non-GAAP financial measures should be viewed as a supplement to, and not
a substitute for, financial measures presented in accordance with GAAP. Non-
GAAP measures as presented herein may not be comparable to similarly titled
measures used by other companies.
The following combined Management’s Discussion and Analysis of
Financial Condition and Results of Operations is separately filed by Duke Energy,
Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy
Florida, Duke Energy Ohio and Duke Energy Indiana. However, none of the
registrants makes any representation as to information related solely to Duke
Energy or the Subsidiary Registrants of Duke Energy other than itself.
DUKE ENERGY
Duke Energy Corporation (collectively with its subsidiaries, Duke Energy)
is an energy company headquartered in Charlotte, North Carolina. Duke Energy
operates in the U.S. primarily through its wholly owned subsidiaries, Duke Energy
Carolinas, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, and
Duke Energy Indiana, as well as in Latin America.
When discussing Duke Energy’s consolidated financial information, it
necessarily includes the results of the Subsidiary Registrants, which, along with
Duke Energy, are collectively referred to as the Duke Energy Registrants.
Management’s Discussion and Analysis should be read in conjunction
with the Consolidated Financial Statements and Notes for the years ended
December 31, 2013, 2012, and 2011.
Executive Overview
MERGER WITH PROGRESS ENERGY
On July 2, 2012, Duke Energy merged with Progress Energy, with Duke
Energy continuing as the surviving corporation, and Progress Energy becoming
a wholly owned subsidiary of Duke Energy. Duke Energy Progress and Duke
Energy Florida, Progress Energy’s regulated utility subsidiaries, are now indirect
wholly owned subsidiaries of Duke Energy. Duke Energy’s consolidated financial
statements include Progress Energy, Duke Energy Progress and Duke Energy
Florida activity beginning July 2, 2012.
Immediately preceding the merger, Duke Energy completed a one-for-three
reverse stock split with respect to the issued and outstanding shares of Duke
Energy common stock. All share and per share amounts presented herein reflect
the impact of the one-for-three reverse stock split.
For additional information on the details of this transaction including
regulatory conditions and accounting implications, see Note 2 to the
Consolidated Financial Statements, “Acquisitions and Dispositions of Businesses
and Sales of Other Assets.”