v3.3.0.814

Business Segments | 9 Months Ended
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Sep. 30, 2015
Segment Reporting [Abstract] |
Business Segments | BUSINESS SEGMENTS Operating segments are determined based on information used by the chief operating decision-maker in deciding how to allocate resources and evaluate the performance of the business. Duke Energy evaluates segment performance based on segment income. Segment income is defined as income from continuing operations net of income attributable to noncontrolling interests. Segment income, as discussed below, includes intercompany revenues and expenses that are eliminated in the Condensed Consolidated Financial Statements. Certain governance costs are allocated to each segment. In addition, direct interest expense and income taxes are included in segment income. Products and services are sold between affiliate companies and reportable segments of Duke Energy at cost. Segment assets presented in the following tables exclude all intercompany assets. DUKE ENERGY Duke Energy has the following reportable operating segments: Regulated Utilities, International Energy and Commercial Portfolio. Regulated Utilities conducts electric and natural gas operations that are substantially all regulated and, accordingly, qualify for regulatory accounting treatment. These operations are primarily conducted through the Subsidiary Registrants and are subject to the rules and regulations of the FERC, NRC, NCUC, PSCSC, FPSC, PUCO, IURC and KPSC. International Energy principally operates and manages power generation facilities and engages in sales and marketing of electric power, natural gas and natural gas liquids outside the U.S. Its activities principally relate to power generation in Latin America. Additionally, International Energy owns a 25 percent interest in National Methanol Company (NMC), a large regional producer of methyl tertiary butyl ether (MTBE) located in Saudi Arabia. The investment in NMC is accounted for under the equity method of accounting. Commercial Portfolio builds, develops and operates wind and solar renewable generation and energy transmission projects throughout the U.S. The segment was renamed as a result of the sale of the nonregulated Midwest generation business, as discussed in Note 2. For periods subsequent to the sale, beginning in the second quarter of 2015, certain immaterial results of operations and related assets previously presented in the Commercial Portfolio segment are presented in Regulated Utilities and Other. The remainder of Duke Energy’s operations is presented as Other, which is primarily comprised of unallocated corporate interest expense, unallocated corporate costs, contributions to The Duke Energy Foundation and the operations of Duke Energy’s wholly owned captive insurance subsidiary, Bison Insurance Company Limited (Bison).
| Three Months Ended September 30, 2015
|  |  |  |  |  |  | Total |  |  |  |  |  |  |
| Regulated |  |  | International |  |  | Commercial |  |  | Reportable |  |  |  |  |  |  |
(in millions) | Utilities |  |  | Energy |  |  | Portfolio |  |  | Segments |  |  | Other |  |  | Eliminations |  |  | Consolidated |
Unaffiliated revenues | $ | 6,138 |  |  | $ | 281 |  |  | $ | 66 |  |  | $ | 6,485 |  |  | $ | (2 | ) |  | $ | — |  |  | $ | 6,483 |
Intersegment revenues | 9 |  |  | — |  |  | — |  |  | 9 |  |  | 19 |  |  | (28 | ) |  | — |
Total revenues | $ | 6,147 |  |  | $ | 281 |  |  | $ | 66 |  |  | $ | 6,494 |  |  | $ | 17 |  |  | $ | (28 | ) |  | $ | 6,483 |
Segment income (loss)(a)(b) | $ | 905 |  |  | $ | 69 |  |  | $ | (3 | ) |  | $ | 971 |  |  | $ | (34 | ) |  | $ | — |  |  | $ | 937 |
Add back noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  | 3 |
Loss from discontinued operations, net of tax |  |  |  |  |  |  |  |  |  |  |  |  | (5 | )
Net income |  |  |  |  |  |  |  |  |  |  |  |  | $ | 935 |
Segment assets | $ | 110,520 |  |  | $ | 3,730 |  |  | $ | 3,841 |  |  | $ | 118,091 |  |  | $ | 2,757 |  |  | $ | 185 |  |  | $ | 121,033 |
(a) Regulated Utilities includes an after-tax charge of $56 million related to the Edwardsport settlement. Refer to Note 4 for further information. (b) Other includes $15 million of after-tax costs to achieve the 2012 Progress Energy merger.
| Three Months Ended September 30, 2014
|  |  |  |  |  |  | Total |  |  |  |  |  |  |
| Regulated |  |  | International |  |  | Commercial |  |  | Reportable |  |  |  |  |  |  |
(in millions) | Utilities |  |  | Energy |  |  | Portfolio |  |  | Segments |  |  | Other |  |  | Eliminations |  |  | Consolidated |
Unaffiliated revenues | $ | 5,975 |  |  | $ | 366 |  |  | $ | 50 |  |  | $ | 6,391 |  |  | $ | 4 |  |  | $ | — |  |  | $ | 6,395 |
Intersegment revenues | 11 |  |  | — |  |  | — |  |  | 11 |  |  | 21 |  |  | (32 | ) |  | — |
Total revenues | $ | 5,986 |  |  | $ | 366 |  |  | $ | 50 |  |  | $ | 6,402 |  |  | $ | 25 |  |  | $ | (32 | ) |  | $ | 6,395 |
Segment income (loss)(a) | $ | 920 |  |  | $ | 80 |  |  | $ | (17 | ) |  | $ | 983 |  |  | $ | (92 | ) |  | $ | (3 | ) |  | $ | 888 |
Add back noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  | 3 |
Income from discontinued operations, net of tax |  |  |  |  |  |  |  |  |  |  |  |  | 378 |
Net income |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,269 |
(a) Other includes $35 million of after-tax costs to achieve the 2012 Progress Energy merger.
| Nine Months Ended September 30, 2015
|  |  |  |  |  |  | Total |  |  |  |  |  |  |
| Regulated |  |  | International |  |  | Commercial |  |  | Reportable |  |  |  |  |  |  |
(in millions) | Utilities |  |  | Energy |  |  | Portfolio |  |  | Segments |  |  | Other |  |  | Eliminations |  |  | Consolidated |
Unaffiliated revenues | $ | 17,062 |  |  | $ | 841 |  |  | $ | 214 |  |  | $ | 18,117 |  |  | $ | 20 |  |  | $ | — |  |  | $ | 18,137 |
Intersegment revenues | 28 |  |  | — |  |  | — |  |  | 28 |  |  | 58 |  |  | (86 | ) |  | — |
Total revenues | $ | 17,090 |  |  | $ | 841 |  |  | $ | 214 |  |  | $ | 18,145 |  |  | $ | 78 |  |  | $ | (86 | ) |  | $ | 18,137 |
Segment income (loss)(a)(b)(c) | $ | 2,311 |  |  | $ | 157 |  |  | $ | (35 | ) |  | $ | 2,433 |  |  | $ | (119 | ) |  | $ | (4 | ) |  | $ | 2,310 |
Add back noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  | 10 |
Income from discontinued operations, net of tax(d) |  |  |  |  |  |  |  |  |  |  |  |  | 29 |
Net income |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,349 |
(a) | Regulated Utilities includes an after-tax charge of $56 million related to the Edwardsport settlement. Refer to Note 4 for further information.
(b) Other includes $42 million of after-tax costs to achieve the 2012 Progress Energy merger.
(c) | Commercial Portfolio includes state tax expense of $41 million, resulting from changes to state apportionment factors due to the sale of the Disposal Group, that does not qualify for discontinued operations. Refer to Note 2 for further information related to the sale.
(d) | Includes after-tax impact of $53 million for the settlement agreement reached in a lawsuit related to the Disposal Group. Refer to Note 5 for further information related to the lawsuit.
| Nine Months Ended September 30, 2014
|  |  |  |  |  |  | Total |  |  |  |  |  |  |
| Regulated |  |  | International |  |  | Commercial |  |  | Reportable |  |  |  |  |  |  |
(in millions) | Utilities |  |  | Energy |  |  | Portfolio |  |  | Segments |  |  | Other |  |  | Eliminations |  |  | Consolidated |
Unaffiliated revenues | $ | 17,041 |  |  | $ | 1,111 |  |  | $ | 195 |  |  | $ | 18,347 |  |  | $ | 19 |  |  | $ | — |  |  | $ | 18,366 |
Intersegment revenues | 33 |  |  | — |  |  | — |  |  | 33 |  |  | 60 |  |  | (93 | ) |  | — |
Total revenues | $ | 17,074 |  |  | $ | 1,111 |  |  | $ | 195 |  |  | $ | 18,380 |  |  | $ | 79 |  |  | $ | (93 | ) |  | $ | 18,366 |
Segment income (loss)(a)(b) | $ | 2,346 |  |  | $ | 356 |  |  | $ | (70 | ) |  | $ | 2,632 |  |  | $ | (269 | ) |  | $ | (7 | ) |  | $ | 2,356 |
Add back noncontrolling interest |  |  |  |  |  |  |  |  |  |  |  |  | 11 |
Loss from discontinued operations, net of tax |  |  |  |  |  |  |  |  |  |  |  |  | (578 | )
Net income |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,789 |
(a) | Commercial Portfolio includes a pretax impairment charge of $94 million related to OVEC. Refer to Note 13 for further information.
(b) Other includes $107 million of after-tax costs to achieve the 2012 Progress Energy merger. DUKE ENERGY OHIO Duke Energy Ohio had two reportable operating segments, Regulated Utilities and Commercial Portfolio, prior to the sale of the nonregulated Midwest generation business. As a result of the sale discussed in Note 2, Commercial Portfolio no longer qualifies as a Duke Energy Ohio reportable operating segment. Therefore, for periods subsequent to the sale, beginning in the second quarter of 2015, all of the remaining assets and related results of operations previously presented in Commercial Portfolio are presented in Regulated Utilities and Other. Regulated Utilities transmits and distributes electricity in portions of Ohio and Kentucky, and generates and sells electricity in portions of Kentucky. Regulated Utilities also transports and sells natural gas in portions of Ohio and northern Kentucky. It conducts operations primarily through Duke Energy Ohio and its wholly owned subsidiary, Duke Energy Kentucky. Other is primarily comprised of governance costs allocated by its parent, Duke Energy, and revenues and expenses related to Duke Energy Ohio's contractual arrangement to buy power from OVEC's power plants. For additional information on related party transactions refer to Note 9. Duke Energy Ohio had no intersegment revenues for the three and nine months ended September 30, 2015.
| Three Months Ended September 30, 2015
| Regulated |  |  |  |  |  |  |
(in millions) | Utilities |  |  | Other |  |  | Eliminations |  |  | Consolidated |
Total revenues | $ | 456 |  |  | $ | 6 |  |  | $ | — |  |  | $ | 462 |
Segment income (loss) | $ | 46 |  |  | $ | (12 | ) |  | $ | — |  |  | $ | 34 |
Loss from discontinued operations, net of tax |  |  |  |  |  |  | (2 | )
Net income |  |  |  |  |  |  | $ | 32 |
Segment assets | $ | 6,961 |  |  | $ | 126 |  |  | $ | (4 | ) |  | $ | 7,083 |
| Three Months Ended September 30, 2014
|  |  |  |  | Total |  |  |  |  |  |  |
| Regulated |  |  | Commercial |  |  | Reportable |  |  |  |  |  |  |
(in millions) | Utilities |  |  | Portfolio |  |  | Segments |  |  | Other |  |  | Eliminations |  |  | Consolidated |
Unaffiliated revenues | $ | 440 |  |  | $ | 6 |  |  | $ | 446 |  |  | $ | — |  |  | $ | — |  |  | $ | 446 |
Intersegment revenues | 1 |  |  | — |  |  | 1 |  |  | — |  |  | (1 | ) |  | — |
Total revenues | $ | 441 |  |  | $ | 6 |  |  | $ | 447 |  |  | $ | — |  |  | $ | (1 | ) |  | $ | 446 |
Segment income (loss) | $ | 43 |  |  | $ | (13 | ) |  | $ | 30 |  |  | $ | (4 | ) |  | $ | — |  |  | $ | 26 |
Income from discontinued operations, net of tax |  |  |  |  |  |  |  |  |  |  | 413 |
Net income |  |  |  |  |  |  |  |  |  |  | $ | 439 |
| Nine Months Ended September 30, 2015
|  |  |  |  | Total |  |  |  |  |  |  |
| Regulated |  |  | Commercial |  |  | Reportable |  |  |  |  |  |  |
(in millions) | Utilities |  |  | Portfolio |  |  | Segments |  |  | Other |  |  | Eliminations |  |  | Consolidated |
Total revenues | $ | 1,424 |  |  | $ | 14 |  |  | $ | 1,438 |  |  | $ | 15 |  |  | $ | — |  |  | $ | 1,453 |
Segment income (loss) | $ | 135 |  |  | $ | (9 | ) |  | $ | 126 |  |  | $ | (20 | ) |  | $ | — |  |  | $ | 106 |
Income from discontinued operations, net of tax(a) |  |  |  |  |  |  |  |  |  |  | 23 |
Net income |  |  |  |  |  |  |  |  |  |  | $ | 129 |
(a) | Includes an after-tax charge of $53 million for the settlement agreement reached in a lawsuit related to the Disposal Group. Refer to Note 5 for further information.
| Nine Months Ended September 30, 2014
|  |  |  |  | Total |  |  |  |  |  |  |
| Regulated |  |  | Commercial |  |  | Reportable |  |  |  |  |  |  |
(in millions) | Utilities |  |  | Portfolio |  |  | Segments |  |  | Other |  |  | Eliminations |  |  | Consolidated |
Unaffiliated revenues | $ | 1,416 |  |  | $ | 17 |  |  | $ | 1,433 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,433 |
Intersegment revenues | 1 |  |  | — |  |  | 1 |  |  | — |  |  | (1 | ) |  | — |
Total revenues | $ | 1,417 |  |  | $ | 17 |  |  | $ | 1,434 |  |  | $ | — |  |  | $ | (1 | ) |  | $ | 1,433 |
Segment income (loss)(a) | $ | 151 |  |  | $ | (101 | ) |  | $ | 50 |  |  | $ | (11 | ) |  | $ | — |  |  | $ | 39 |
Loss from discontinued operations, net of tax |  |  |  |  |  |  |  |  |  |  | (597 | )
Net loss |  |  |  |  |  |  |  |  |  |  | $ | (558 | )
(a) Commercial Portfolio includes a pretax impairment charge of $94 million related to OVEC. See Note 13 for additional information. DUKE ENERGY CAROLINAS, PROGRESS ENERGY, DUKE ENERGY PROGRESS, DUKE ENERGY FLORIDA AND DUKE ENERGY INDIANA The remaining Subsidiary Registrants each have one reportable operating segment, Regulated Utilities, which generates, transmits, distributes and sells electricity. The remainder of each company’s operations is classified as Other. While not considered a reportable segment for any of these companies, Other consists of certain unallocated corporate costs. The following table summarizes the net loss for Other at each of these registrants.
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
(in millions) | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |
Duke Energy Carolinas | $ | (10 | ) |  | $ | (19 | ) |  | $ | (28 | ) |  | $ | (67 | )
Progress Energy(a) | (3 | ) |  | (48 | ) |  | (87 | ) |  | (145 | )
Duke Energy Progress | (4 | ) |  | (10 | ) |  | (12 | ) |  | (23 | )
Duke Energy Florida | (3 | ) |  | (5 | ) |  | (9 | ) |  | (16 | )
Duke Energy Indiana | (2 | ) |  | (3 | ) |  | (6 | ) |  | (10 | )
(a) | Other for Progress Energy also includes interest expense on corporate debt instruments of $61 million and $180 million for the three and nine months ended September 30, 2015, respectively, and $58 million and $181 million for the three and nine months ended September 30, 2014, respectively.
The assets of Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida and Duke Energy Indiana are substantially all included within the Regulated Utilities segment at September 30, 2015 and 2014.

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