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Actionable news in DUK: DUKE ENERGY CORPORATION,

Duke Energy: 2015 Segment Income For Interim Periods

The following excerpt is from the company's SEC filing.

Table of Contents

DUKE ENERGY CORPORATION (Unaudited)

Recasted Segment Income for Interim Periods

Non-GAAP Disclosures (Unaudited)

Adjusted to Reported Earnings Reconciliations

Non-GAAP Financial Measures

(in millions)

GAAP Reported Segment Income

Adjustment

Recasted GAAP Reported Segment Income

Adjusted Segment Income

Recasted Adjusted Segment Income

Three Months Ended March 31, 2015

Regulated Utilities

International Energy

Commercial Portfolio

Three Months Ended June 30, 2015

Six Months Ended June 30, 2015

Three Months Ended September 30, 2015

Nine Months Ended September 30, 2015

Three Months Ended December 31, 2015

During the first quarter of 2016, the Duke Energy Corporation (Duke Energy) chief operating decision maker began to evaluate interim period segment performance based on financial information that includes the impact of income tax levelization within segment income. This represents a change from the previous measure, where the interim period impacts of income tax levelization were included within Other, and therefore excluded from segment income. The adjustment recasts Duke Energy's historical segment measure to reflect the segment measure change. Income tax levelization is recorded within Income tax expense on the Condensed Consolidated Statements of Operations.

ADJUSTED TO REPORTED EARNINGS RECONCILIATION

Three Months Ended March 31, 2015

(Dollars in millions, except per-share amounts)

Special Items

Adjusted Earnings

Costs to Achieve, Progress Merger

Midwest Generation Operations

Discontinued Operations

Total Adjustments

SEGMENT INCOME

Total Reportable Segment Income

Intercompany Eliminations

Total Reportable Segment Income and Other Net Expense

Net Income (Loss) Attributable to Duke Energy Corporation

EPS ATTRIBUTABLE TO DUKE ENERGY CORPORATION, BASIC

EPS ATTRIBUTABLE TO DUKE ENERGY CORPORATION, DILUTED

- Net of $8 million tax benefit. Recorded within Operating Expenses on the Condensed Consolidated Statements of Operations.

- Operating results of the nonregulated Midwest generation business that had been classified from discontinued operations after adjustment for special items and economic hedges (net of $53 million tax benefit).

- Recorded in Income (Loss) From Discontinued Operations, net of tax on the Condensed Consolidated Statements of Operations.

- Reverses the impact on eliminations of classifying the nonregulated Midwest generation business as discontinued operations.

Weighted Average Shares (reported and adjusted) - in millions

Basic 708

Diluted 708

- Recorded in Income (Loss) From Discontinued Operations, net of tax on the Condensed Consolidated Statements of Operations, and includes the impact of a litigation reserve related to the nonregulated Midwest generation business.

- Reverses the impact on eliminations of classifying the nonregulated Midwest generation business as discontinued operations.

State tax expense resulting from the completion of the sale of the nonregulated Midwest generation business.

Basic 692

Diluted 692

- Net of $16 million tax benefit. Recorded within Operating Expenses on the Condensed Consolidated Statements of Operations.

- State tax expense resulting from the completion of the sale of the nonregulated Midwest generation business.

Basic 700

Diluted 700

Edwardsport Settlement

Ash Basin Settlement

Economic Hedges (Mark-to-Market) *

- Net of $9 million tax benefit. Recorded within Operating Expenses on the Condensed Consolidated Statements of Operations.

- Net of $34 million tax benefit. $85 million recorded within Impairment charges and $5 million recorded within Other income and expenses, net on the Duke Energy Indiana Condensed Consolidated Statements of Operations.

- Net of $3 million tax benefit. Recorded within Operation, maintenance and other on the Condensed Consolidated Statements of Operations. Includes $1 million and $6 million at Duke Energy Carolinas and Duke Energy Progress, respectively.

- Recorded within Operating Revenues on the Condensed Consolidated Statements of Operations.

- Recorded in (Loss) Income From Discontinued Operations, net of tax on the Condensed Consolidated Statements of Operations.

Basic 688

Diluted 688

* Mark-to-market adjustments reflect the impact of derivative contracts, which are used in Duke Energy’s hedging of a portion of the economic value of its generation assets in the Commercial Portfolio segment and also relate to existing derivative positions that may have...


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