fd869f435a1686135f3a8e2554bea6a1b653061f4182af69a8d49286ec5fc001

The jump in cash and cash equivalents to **$459 million in Q1 2024** from **$253 million in Q4 2023** is noted; however, the documents do not provide a specific breakdown of the factors driving this increase. While potential explanations such as operational cash flow improvements, financing activities, or changes in investment activities might have played a role, the exact reasons remain unspecified in the documents.  **[0001326160-24-000108_duk-20240331.htm:9]** **[0001326160-24-000103_er-20240331xearningsreleas.htm:11]** 

Why did cash and cash equivalents jump to 459 in Q1 2024?

The sharp increase in current maturities of long-term debt in Q3 2024 was driven by several factors. Firstly, **scheduled debt maturities** contributed significantly as various unsecured and secured debt instruments, including those for Duke Energy (Parent) maturing in April 2025 and September 2025, came due. Secondly, there was a **reclassification of long-term debt**; for example, instruments like the first mortgage bonds for Duke Energy Florida were reclassified as current maturities based on specific indenture terms that allow bondholders to demand repayment within 12 months. Lastly, the inclusion of a higher amount of **VIE-related debt**—which increased from **$428 million** to **$1,012 million**—also played a key role in this marked rise.  **[0001326160-24-000181_duk-20240930.htm:10]** **[0001326160-24-000179_er-20240930xearningsreleas.htm:15]** **[0001326160-24-000181_duk-20240930.htm:67]** 

What caused the sharp increase in current maturities of long-term debt in Q3 2024?

In Q3 2024, the **increase in Total Assets by $6,673 million** was primarily due to several factors. First, there was a **substantial increase in Net Property, Plant, and Equipment by $6,081 million**, reflecting ongoing investments in grid upgrades and cleaner energy generation assets. Second, the **growth in Nuclear Decommissioning Trust Funds by $1,368 million** was driven by additional contributions and favorable investment performance. Additionally, **current assets experienced changes**—despite a reduction in receivables for variable interest entities, the increase in cash and cash equivalents along with a **$545 million receivable from the sale of Commercial Renewables Disposal Groups** contributed positively. Lastly, **regulatory assets saw a slight increase**, which also helped boost the Total Assets.  **[0001326160-24-000181_duk-20240930.htm:10]** 

What factors contributed to the increase in Total Assets in Q3 2024?

The drastic drop in **assets held for sale** in Q4 2023 was primarily due to the reclassification of the **Commercial Renewables Disposal Groups** as held for sale and discontinued operations. This change led to significant adjustments in the carrying values of these assets, including an impairment of approximately **$278 million** against property, plant, and equipment, resulting in a marked reduction from **$5,990 million** to **$211 million** as of December 31, 2023.  **[0001326160-24-000037_duk-20231231.htm:187]** **[0001326160-24-000108_duk-20240331.htm:30]** 

Why did assets held for sale drop so drastically in Q4 2023?

The documents indicate that while Duke Energy Corporation's **Receivables (net of allowance for doubtful accounts)** increased significantly from **$1,112 million** as of December 31, 2023, to **$2,161 million** as of September 30, 2024  **[0001326160-24-000179_er-20240930xearningsreleas.htm:15]** **[0001326160-24-000181_duk-20240930.htm:10]** , they do not provide specific reasons for this jump. However, potential factors mentioned include **seasonal variations** in energy consumption, **billing delays or timing differences**, **customer base growth**, and broader **economic conditions** such as inflation or changes in payment behavior.  **[0001326160-24-000179_er-20240930xearningsreleas.htm:15]** **[0001326160-24-000181_duk-20240930.htm:10]** 

What factors led to the significant jump in receivables in Q3 2024?

711635ebfd68df5d8dc8418c71bdac5183736b3291573b298c55c3041d8a1403

The documents show that **Regulated Electric Operating Revenues** were **$7,640 million in Q3 2023** and **$6,477 million in Q4 2023**.  **[0001326160-23-000191_duk-20230930.htm:8]** **[0001326160-24-000037_duk-20231231.htm:128]**  However, the available information only details the reasons for the change when comparing **Q4 2023 to Q4 2022**—not the drop from Q3 to Q4 2023. For Q4 2023, the documents state that factors such as **favorable rate case impacts, growth from riders and other retail margin, and lower O&M expenses** (offset by higher interest expenses and increased depreciation) drove the revenue performance relative to Q4 2022.  **[0001326160-24-000031_er-20231231xearningsreleas.htm:18]** **[0001326160-24-000031_er-20231231xearningsreleas.htm:20]** **[0001326160-24-000031_er-20231231xearningsreleas.htm:1]**  Consequently, there is no explanation provided in the documents to account for the quarter‑over‑quarter decrease from Q3 to Q4 2023.

Why did Regulated electric Operating Revenues drop in Q4 2023?

The negative impairment charges in Q4 2023 were driven by significant reversals and adjustments in the Electric Utilities and Infrastructure segment, which recorded a **net credit of $25 million** due to reversals of previously recognized impairments, partially offset by **$14 million in charges** in the Other segment.  **[0001326160-24-000031_er-20231231xearningsreleas.htm:24]** **[0001326160-24-000031_er-20231231xearningsreleas.htm:18]** 

What drove the negative impairment charges in Q4 2023?

The jump in **Income Tax Expense** in **Q4 2023** was driven by several factors, including **changes in regulatory settlements and litigation outcomes**, a significant **unfavorable adjustment related to organizational optimization**, and adjustments in the allocation to **noncontrolling interests**. Specifically, there was a **$7 million** favorable regulatory adjustment in Q4 2023 compared to a **$48 million** unfavorable adjustment in the prior corresponding period, a **$29 million** unfavorable organizational optimization adjustment that was new in Q4 2023, and shifts in the noncontrolling interest portion of income taxes. These factors, combined with overall higher pretax income, contributed to the substantial increase in tax expense.  **[0001326160-24-000031_er-20231231xearningsreleas.htm:11]** 

Why did Income Tax Expense jump in Q4 2023?

The documents provide details on the factors that changed Duke Energy’s net income results in Q4 2023 relative to Q4 2022 rather than directly explaining the decline in net income compared to Q3 2023. Notably, in Q4 2023 the company experienced an increased effective tax rate—from **0.5%** in Q4 2022 to **9.7%**—which likely reduced net income, and while other factors such as improved segment income, lower losses in the “Other” segment, adjustments for discontinued operations, and special items had their own impacts, none of the documents explicitly address what drove the **decline** in net income in Q4 2023 when compared to Q3 2023.  **[0001326160-24-000031_er-20231231xearningsreleas.htm:1]** **[0001326160-24-000031_er-20231231xearningsreleas.htm:8]** **[0001326160-24-000031_er-20231231xearningsreleas.htm:0]** 

What contributed to the decline in Net Income in Q4 2023?

The rise in Q3 2024's interest expense was primarily driven by **higher outstanding debt balances** and **higher interest rates**, which together contributed to an increase of **$30 million** compared to Q3 2023.  **[0001326160-24-000181_duk-20240930.htm:117]** **[0001326160-24-000181_duk-20240930.htm:17]** 

What caused the Interest Expense to rise in Q3 2024?

aad754c66897971fdf69b0ccee4084406f3f44a23870a643a006e30456900ed2

2afddcb8640e11a64e03632d7b08234bc8bc5ad0f956ce323c0e04dabeb8d827

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Number of GWh sales for Duke Energy Carolinas (GWh)

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Duke Energy (DUK)

Financials