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Duke_Energy_2003_Stat_Supp

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Duke_Energy_2003_Stat_Supp

  1. 1. 2003 Statistical Supplement
  2. 2. CONTENTS 2 CONSOLIDATED DATA 28 FIELD SERVICES 2 Financial Highlights 29 Segment Earnings Before Interest and Taxes 3 Earnings Before Interest and Taxes by 30 Segment Balance Sheets Business Segment 32 Operating Statistics 4 Consolidating Statement of Operations 33 DUKE ENERGY NORTH AMERICA 5 Consolidated Statements of Operations 34 Segment Earnings Before Interest and Taxes 6 Consolidating Balance Sheet 35 Balance Sheet 8 Consolidated Balance Sheets 37 Operating Statistics 10 Consolidated Statement of Cash Flows 11 Capital and Investment Expenditures 38 INTERNATIONAL ENERGY 12 Long-Term Debt 39 Segment Earnings Before Interest and Taxes 15 Preferred and Preference Stock 40 Segment Balance Sheets 16 Capitalization 42 Operating Statistics 17 FRANCHISED ELECTRIC 43 CRESCENT RESOURCES 18 Segment Earnings Before Interest and Taxes 44 Segment Earnings Before Interest and Taxes 19 Segment Balance Sheets 45 Segment Balance Sheets 21 Operating Statistics 47 Operating Statistics 23 NATURAL GAS TRANSMISSION 24 Segment Earnings Before Interest and Taxes 25 Segment Balance Sheets 27 Operating Statistics Contents
  3. 3. Duke Energy Corporation FINANCIAL HIGHLIGHTS Years ended December 31 2003 2002 2001 2000 1999 (In millions, except per share amounts) COMMON STOCK DATA a (Loss) earnings per share (from continuing operations) Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ........... $ (1.13) $ 1.53 $ 2.59 $ 2.43 $ 1.12 Dilutive . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ........... $ (1.13) $ 1.53 $ 2.57 $ 2.42 $ 1.12 (Loss) earnings per share (from discontinued operations) Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ........... $ (0.17) $ (0.31) $ (0.01) $ (0.04) $ 0.01 Dilutive . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ........... $ (0.17) $ (0.31) $ (0.01) $ (0.04) $ 0.01 (Loss) earnings per share (before cumulative effect of change in accounting principle) Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ........... $ (1.30) $ 1.22 $ 2.58 $ 2.39 $ 1.13 Dilutive . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ........... $ (1.30) $ 1.22 $ 2.56 $ 2.38 $ 1.13 (Loss) earnings per share Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ........... $ (1.48) $ 1.22 $ 2.45 $ 2.39 $ 2.04 Dilutive . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ........... $ (1.48) $ 1.22 $ 2.44 $ 2.38 $ 2.03 Shares Outstanding at Year End . . . . . . . . . . . . . . . . . . . . . . . . . . . . 911 895 777 739 733 Weighted Average Shares Outstanding . . . . . . . . . . . . . . . . . . . . . . . . 903 836 767 736 729 Dividends Paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,051 $ 938 $ 871 $ 828 $ 822 Dividends Paid (per share) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.10 $ 1.10 $ 1.10 $ 1.10 $ 1.10 Book Value (per share) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $15.09 $16.70 $16.33 $13.60 $12.23 Historical Reference b Market Price (per share) High . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $21.57 $40.00 $47.74 $44.97 $32.34 Low . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $12.21 $16.42 $32.22 $23.19 $23.53 Close . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $20.45 $19.54 $39.26 $42.63 $25.06 a Amounts prior to 2001 were restated to reflect the two-for-one common stock split effective January 26, 2001. b As of 2001, data reflects the intra-day high and low stock price. 2 Consolidated Data
  4. 4. Duke Energy Corporation EARNINGS BEFORE INTEREST AND TAXES BY BUSINESS SEGMENT Consolidated Eliminations, Earnings (Loss) EBIT Interest Expense, from Continuing Franchised Natural Gas Field Duke Energy International Minority Interest Operations before Electric Transmission Services North America Energy Crescent Expense & Other Income Taxes (In millions) 2003 QUARTERS ENDED March 31 . . . . . . . . . . . . . . $ 454 $ 423 $ 30 $ 23 $ 40 $— $ (383) $ 587 June 30 . . . . . . . . . . . . . . . 316 306 53 211 91 21 (402) 596 (411 ) a Sept 30 . . . . . . . . . . . . . . . 436 280 51 44 40 (458) (18) (3,164 ) b Dec 31 . . . . . . . . . . . . . . . . 197 308 52 35 72 (383) (2,883) $133 c Total . . . . . . . . . . . . . . . . . $1,403 $1,317 $186 $(3,341 ) $210 $(1,626) $(1,718) 2002 QUARTERS ENDED March 31 . . . . . ...... . . . $ 384 $ 266 $ 36 $ 54 $ 49 $ 2 $ (253) $ 538 June 30 . . . . . . ...... . . . 388 313 44 196 61 23 (309) 716 Sept 30 . . . . . . ...... . . . 575 288 21 (107 ) (31) 16 (405) 357 Dec 31 . . . . . . . ...... . . . 248 294 48 26 23 117 (460) 296 Total . . . . . . . . . . . . . . . . . . $1,595 $1,161 $149 $ 169 $102 $158 $(1,427) $ 1,907 2001 QUARTERS ENDED March 31 . . . . . ...... . . . $ 459 $ 175 $122 $ 384 $ 56 $ 3 $ (328) $ 871 June 30 . . . . . . ...... . . . 358 141 84 272 61 31 (280) 667 Sept 30 . . . . . . ...... . . . 607 142 72 654 52 50 (311) 1,266 Dec 31 . . . . . . . ...... . . . 202 149 56 177 67 83 (390) 344 Total . . . . . . . . . . . . . . . . . . $1,626 $ 607 $334 $ 1,487 $236 $167 $(1,309) $ 3,148 a Includes a $254 million goodwill writeoff. b Includes $2,903 million of impairments (related to DENA’s plants and redesignation of power contracts to mark-to-market). c $18 million of Crescent’s segment EBIT was classified in discontinued operations. 3 Consolidated Data
  5. 5. Duke Energy Corporation CONSOLIDATING STATEMENT OF OPERATIONS Natural Year Ended Franchised Gas Field Duke Energy International Eliminations/ December 31, (In millions) Electric Transmission Services North America Energy Crescent Other Adjustments 2003 OPERATING REVENUES Non-regulated electric, natural gas, natural gas liquids, and other . . . . . . . . $ — $ — $8,661 $ 4,156 $597 $284 $1,628 $(1,140 ) $14,186 Regulated electric . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,883 — — 165 — — — (22 ) 5,026 Regulated natural gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 3,197 — — — — — (255 ) 2,942 Total operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,883 3,197 8,661 4,321 597 284 1,628 (1,417 ) 22,154 OPERATING EXPENSES Natural gas and petroleum products purchased . . . . . . . . . . . . . . . . . . . . — 768 7,494 3,023 52 — 1,305 (1,169 ) 11,473 Fuel used in electric generation and purchased power . . . . . . . . . . . . . . . . 1,204 — — 677 206 — — — 2,087 Operation and maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,308 661 591 621 86 219 518 (227 ) 3,777 Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 748 393 299 251 57 7 44 — 1,799 Property and other taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 273 147 44 38 5 6 13 — 526 Impairment and other related charges . . . . . . . . . . . . . . . . . . . . . . . . . . — — — 2,903 — — 53 — 2,956 Impairment of goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — 254 — — — — 254 Total operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,533 1,969 8,428 7,767 406 232 1,933 (1,396 ) 22,872 GAINS ON SALES OF INVESTMENTS IN COMMERCIAL AND MULTI-FAMILY REAL ESTATE . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — — 84 — — 84 GAINS (LOSSES) ON SALES OF OTHER ASSETS, NET . . . . . . . . . . . . . . 6 7 (4 ) (208 ) — — — — (199 ) OPERATING INCOME (LOSS) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,356 1,235 229 (3,654 ) 191 136 (305 ) (21 ) (833 ) OTHER INCOME AND EXPENSES Equity in earnings (losses) of unconsolidated affiliates . . . . . . . . . . . . . . . . — 27 56 20 27 — (7 ) — 123 Gains on sales of equity investments . . . . . . . . . . . . . . . . . . . . . . . . . . . — 90 11 178 — — — — 279 Other income and expenses, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 8 — 8 5 — 40 46 154 Total other income and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 125 67 206 32 — 33 46 556 MINORITY INTEREST EXPENSE (BENEFIT) a . . . . . . . . . . . . . . . . . . . . . — 43 110 (107 ) 13 3 — EARNINGS BEFORE INTEREST AND TAXES (EBIT) . . . . . . . . . . . . . . . . . $1,403 $1,317 $ 186 $(3,341 ) $210 $133 $ (272 ) INTEREST EXPENSE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,380 MINORITY INTEREST EXPENSE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61 LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES . . . . . . (1,718 ) INCOME TAX BENEFIT FROM CONTINUING OPERATIONS . . . . . . . . . . . (709 ) LOSS FROM CONTINUING OPERATIONS . . . . . . . . . . . . . . . . . . . . . . . (1,009 ) DISCONTINUED OPERATIONS Net operating loss, net of tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (23 ) Net loss on dispositions, net of tax . . . . . . . . . . . . . . . . . . . . . . . . . . . (129 ) LOSS FROM DISCONTINUED OPERATIONS . . . . . . . . . . . . . . . . . . . . . . (152 ) LOSS BEFORE CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE . . . . . . . . . . . . . . . . . . . . . . . . (1,161 ) CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE, NET OF TAX AND MINORITY INTEREST . . . . . . . . . . . . . . (162 ) NET LOSS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,323 ) DIVIDENDS AND PREMIUMS ON REDEMPTION OF PREFERRED AND PREFERENCE STOCK . . . . . . . . . . . . . . . . . . . . . . . 15 LOSS AVAILABLE FOR COMMON STOCKHOLDERS . . . . . . . . . . . . . . . . $ (1,338 ) a Includes minority interest expense related to EBIT and excludes minority interest expense related to interest and taxes. 4 Consolidated Data
  6. 6. Duke Energy Corporation CONSOLIDATED STATEMENTS OF OPERATIONS Years ended December 31 2003 2002 2001 (In millions) OPERATING REVENUES Non-regulated electric, natural gas, natural gas liquids, and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $14,186 $ 8,818 $11,936 Regulated electric . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,026 4,880 5,088 Regulated natural gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,942 2,200 922 Total operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,154 15,898 17,946 OPERATING EXPENSES Natural gas and petroleum products purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,473 5,382 6,909 Fuel used in electric generation and purchased power . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,087 2,191 2,022 Operation and maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,777 3,313 3,712 Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,799 1,511 1,258 Property and other taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 526 534 430 Impairment and other related charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,956 364 — Impairment of goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 254 — 36 Total operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,872 13,295 14,367 GAINS ON SALES OF INVESTMENTS IN COMMERCIAL AND MULTI-FAMILY REAL ESTATE . . . . . . . . . . . . . . . . . . . . . . . . 84 106 106 (LOSSES) GAINS ON SALES OF OTHER ASSETS, NET . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (199 ) 32 238 OPERATING (LOSS) INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (833 ) 2,741 3,923 OTHER INCOME AND EXPENSES Equity in earnings of unconsolidated affiliates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123 218 164 Gains on sales of equity investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 279 32 — Other income and expenses, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154 129 147 Total other income and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 556 379 311 INTEREST EXPENSE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,380 1,097 760 MINORITY INTEREST EXPENSE a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61 116 326 (LOSS) EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,718 ) 1,907 3,148 INCOME TAX (BENEFIT) EXPENSE FROM CONTINUING OPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (709 ) 611 1,149 (LOSS) INCOME FROM CONTINUING OPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,009 ) 1,296 1,999 DISCONTINUED OPERATIONS Net operating loss, net of tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (23 ) (262 ) (5 ) Net loss on dispositions, net of tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (129 ) — — LOSS FROM DISCONTINUED OPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (152 ) (262 ) (5 ) (LOSS) INCOME BEFORE CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE . . . . . . . . . . . . . . . . . . . . . . . (1,161 ) 1,034 1,994 CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE, NET OF TAX AND MINORITY INTEREST . . . . . . . . . . . . . (162 ) — (96 ) NET (LOSS) INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,323 ) 1,034 1,898 DIVIDENDS AND PREMIUMS ON REDEMPTION OF PREFERRED AND PREFERENCE STOCK . . . . . . . . . . . . . . . . . . . . . . . 15 13 14 (LOSS) EARNINGS AVAILABLE FOR COMMON STOCKHOLDERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (1,338 ) $ 1,021 $ 1,884 a Minority interest expense includes dividends of $55 million in 2003, $108 million in 2002 and $108 million in 2001 related to trust preferred securities. 5 Consolidated Data
  7. 7. Duke Energy Corporation CONSOLIDATING BALANCE SHEET - ASSETS Natural Franchised Gas Field Duke Energy International Eliminations/ December 31, Electric Transmission Services North America Energy Crescent Other Adjustments 2003 (In millions) CURRENT ASSETS Cash and cash equivalents . . . . . . ... . . . . . . $ 148 $ 113 $ 43 $ 59 $ 67 $ 18 $ 721 $ (9 ) $ 1,160 Receivables, net . . . . . . . . . . . . . ... . . . . . . 2,938 444 858 759 281 171 (1,773 ) (790 ) 2,888 Inventory . . . . . . . . . . . . . . . . . . ... . . . . . . 393 236 45 171 28 — 68 — 941 Assets held for sale . . . . . . . . . . . ... . . . . . . — — — — 409 — 15 — 424 Unrealized gains on mark-to-market and hedging transactions . . . . . . . . . ... ...... 1 2 89 1,378 (2 ) — 98 — 1,566 Other . . . . . . . . . . . . . . . . . . . . ... ...... 14 78 19 305 21 — 91 166 694 Total current assets . . . . . . . . . . . . . . . . . . . . 3,494 873 1,054 2,672 804 189 (780 ) (633 ) 7,673 INVESTMENTS AND OTHER ASSETS Investments in unconsolidated affiliates . . . . . . — 792 194 178 147 15 72 — 1,398 Investments and advances in subsidiaries . . . . . 8,708 3,235 (17 ) (119 ) (258 ) 133 19,083 (30,765 ) — Nuclear decommissioning trust funds . . . . . . . . 925 — — — — — — — 925 Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . — 3,224 493 — 238 7 — — 3,962 Notes receivable . . . . . . . . . . . . . . . . . . . . . . — 28 1 1 128 102 — — 260 Unrealized gains on mark-to-market and hedging transactions . . . . . . . . . . . . . ..... 6 — 29 1,735 — — 196 (109 ) 1,857 Assets held for sale . . . . . . . . . . . . . . . ..... — — — 164 1,216 — 64 — 1,444 Investment in residential, commercial and multi-family real estate . . . . . . . . ..... — — — — — 1,331 — — 1,331 Other . . . . . . . . . . . . . . . . . . . . . . . . ..... 73 3 188 99 261 10 483 — 1,117 Total investments and other assets . . . . . . . . . 9,712 7,282 888 2,058 1,732 1,598 19,898 (30,874 ) 12,294 PROPERTY, PLANT AND EQUIPMENT Cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,326 12,564 6,042 4,771 2,016 — 297 (7 ) 46,009 Less accumulated depreciation and amortization . . . . . . . . . . . . . . . . . . . . 7,676 2,133 1,579 385 264 — 102 — 12,139 Net property, plant and equipment . . . . . . . . . 12,650 10,431 4,463 4,386 1,752 — 195 (7 ) 33,870 REGULATORY ASSETS AND DEFERRED DEBITS Deferred debt expense . . . . . . . . . . . . . . . . . . 207 60 — — — — 8 — 275 Regulatory asset related to income taxes . . . . . 381 771 — — — — — — 1,152 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 672 206 — 5 — — 21 35 939 Total regulatory assets and deferred debits . . . . 1,260 1,037 — 5 — — 29 35 2,366 TOTAL ASSETS . . . . . . . . . . . . . . . . . . . . . . 27,116 19,623 6,405 9,121 4,288 1,787 19,342 (31,479 ) 56,203 Intercompany balances . . . . . . . . . . . . . . . . . (11,028 ) (3,239 ) 12 63 262 (134 ) (16,757 ) 30,821 — REPORTABLE SEGMENT ASSETS . . . . . . . . . . $ 16,088 $16,384 $6,417 $9,184 $4,550 $1,653 $ 2,585 $(658 ) $56,203 6 Consolidated Data
  8. 8. Duke Energy Corporation CONSOLIDATING BALANCE SHEET - LIABILITIES AND STOCKHOLDERS’ EQUITY Natural Franchised Gas Field Duke Energy International Eliminations/ December 31, Electric Transmission Services North America Energy Crescent Other Adjustments 2003 (In millions) CURRENT LIABILITIES Accounts payable . . . . . . . . . . . . . . . . . . . . . $ 294 $ 465 $ 682 $ 621 $ 83 $ 8 $ 343 $ (165 ) $ 2,331 Notes payable and commercial paper . . . . . . . . 78 12 22 35 — — 2 (19 ) 130 Interest accrued . . . . . . . . . . . . . . . . . . . . . . 76 91 59 455 3 1 68 (449 ) 304 Liabilities associated with assets held for sale . . — — — — 651 — — — 651 Current maturities of long-term debt . . . . . . . . 6 389 — 17 95 11 680 2 1,200 Unrealized losses on mark-to-market and hedging transactions . . . . . . . . . . . . . . . . .. 2 19 178 976 2 — 106 — 1,283 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 309 514 152 366 60 109 339 (50 ) 1,799 Total current liabilities . . . . . . . . . . . . . . . . . . 765 1,490 1,093 2,470 894 129 1,538 (681 ) 7,698 LONG-TERM DEBT Long-term debt . . . . . . . . . . . . . . . . . . . . . . 6,947 5,312 2,263 2,868 476 22 2,736 (2 ) 20,622 Inter-company debt . . . . . . . . . . . . . . . . . . . . 10 1,569 — 3,721 — — 2,472 (7,772 ) — Total long-term debt . . . . . . . . . . . . . . . . . . . 6,957 6,881 2,263 6,589 476 22 5,208 (7,774 ) 20,622 DEFERRED CREDITS AND OTHER LIABILITIES Deferred income taxes . . . . . . . . . . ........ 2,032 1,775 814 (575 ) 123 — (49 ) — 4,120 Investment tax credit . . . . . . . . . . . ........ 165 — — — — — — — 165 Unrealized losses on mark-to-market and hedging transactions . . . . . . . ........ 22 — 38 1,502 — — 192 — 1,754 Liabilities associated with assets held for sale . . . . . . . . . . . . . . . ........ — — — — 737 — — — 737 Other . . . . . . . . . . . . . . . . . . . . . ........ 3,427 674 73 96 68 45 908 233 5,524 Total deferred credits and other liabilities . . . . . 5,646 2,449 925 1,023 928 45 1,051 233 12,300 MINORITY INTERESTS . . . . . . . . . . . . . . . . . — 530 952 64 124 30 1 — 1,701 PREFERRED AND PREFERENCE STOCK WITHOUT SINKING FUND REQUIREMENTS . . . . . . . . . . . . . . . — 109 — — — — 134 (109 ) 134 COMMON STOCKHOLDERS' EQUITY . . . . . . . 13,748 8,164 1,172 (1,025 ) 1,866 1,561 11,410 (23,148 ) 13,748 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY . . . . . . . . . . . . . . 27,116 19,623 6,405 9,121 4,288 1,787 19,342 (31,479 ) 56,203 Intercompany balances . . . . . . . . . . . . . . . . . (11,028 ) (3,239 ) 12 63 262 (134 ) (16,757 ) 30,821 — REPORTABLE SEGMENT LIABILITIES AND STOCKHOLDERS' EQUITY . . . . . . . . . . $ 16,088 $16,384 $6,417 $ 9,184 $4,550 $1,653 $ 2,585 $(658 ) $56,203 7 Consolidated Data
  9. 9. Duke Energy Corporation CONSOLIDATED BALANCE SHEETS - ASSETS December 31 2003 2002 2001 2000 1999 (In millions) CURRENT ASSETS Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,160 $ 874 $ 290 $ 622 $ 613 Receivables, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,888 4,861 5,301 8,648 3,248 Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 941 971 863 659 545 Assets held for sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 424 — — — — Unrealized gains on mark-to-market and hedging transactions . . . . . . . . . . . . . . 1,566 2,144 2,326 11,038 1,131 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 694 887 667 1,466 580 Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,673 9,737 9,447 22,433 6,117 INVESTMENTS AND OTHER ASSETS Investments in unconsolidated affiliates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,398 2,015 1,480 1,387 1,299 Nuclear decommissioning trust funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 925 708 716 717 703 Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,962 3,747 1,730 1,566 844 Notes receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 260 589 576 462 154 Unrealized gains on mark-to-market and hedging transactions . . . . . . . . . . . . . . 1,857 2,480 3,117 4,218 690 Assets held for sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,444 — — — — Investments in residential, commercial and multi-family real estate, net . . . . . . . . 1,331 1,440 1,253 1,150 782 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,117 1,645 1,612 1,447 1,020 Total investments and other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,294 12,624 10,484 10,947 5,492 PROPERTY, PLANT AND EQUIPMENT Cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,009 47,368 38,345 33,501 29,689 Less accumulated depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . 12,139 11,266 9,936 9,075 8,443 Net property, plant and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,870 36,102 28,409 24,426 21,246 REGULATORY ASSETS AND DEFERRED DEBITS Deferred debt expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275 263 203 208 223 Regulatory asset related to income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,152 936 510 506 500 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 939 460 571 756 810 Total regulatory assets and deferred debits . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,366 1,659 1,284 1,470 1,533 TOTAL ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $56,203 $60,122 $49,624 $59,276 $34,388 8 Consolidated Data
  10. 10. Duke Energy Corporation CONSOLIDATED BALANCE SHEETS - LIABILITIES AND STOCKHOLDERS’ EQUITY December 31 2003 2002 2001 2000 1999 (In millions) CURRENT LIABILITIES Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,331 $ 3,637 $ 4,231 $ 7,733 $ 2,312 Notes payable and commercial paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130 915 1,603 1,826 267 Taxes accrued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 156 443 261 685 Interest accrued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 304 310 239 208 139 Liabilities associated with assets held for sale . . . . . . . . . . . . . . . . . . . . . . . 651 — — — — Current maturities of long-term debt and preferred stock . . . . . . . . . . . . . . . . 1,200 1,331 274 470 515 Unrealized losses on mark-to-market and hedging transactions . . . . . . . . . . . 1,283 1,918 1,519 11,070 1,241 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,799 1,770 2,146 1,769 717 Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,698 10,037 10,455 23,337 5,876 LONG-TERM DEBT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,622 20,221 12,321 10,717 8,683 DEFERRED CREDITS AND OTHER LIABILITIES Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,120 4,834 4,307 3,851 3,402 Investment tax credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165 176 189 211 225 Unrealized losses on mark-to-market and hedging transactions . . . . . . . . . . . 1,754 1,548 2,212 3,581 438 Liabilities associated with assets held for sale . . . . . . . . . . . . . . . . . . . . . . . 737 — — — — Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,524 4,893 3,564 3,435 3,882 Total deferred credits and other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . 12,300 11,451 10,272 11,078 7,947 GUARANTEED PREFERRED BENEFICIAL INTERESTS IN SUBORDINATED NOTES OF DUKE ENERGY CORPORATION OR SUBSIDIARIES . . . . . . . . . . — 1,408 1,407 1,406 1,404 MINORITY INTERESTS IN FINANCING SUBSIDIARY . . . . . . . . . . . . . . . . . — — 1,025 1,025 — MINORITY INTERESTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,701 1,904 1,221 1,410 1,200 PREFERRED AND PREFERENCE STOCK Preferred and preference stock with sinking fund requirements . . . . . . . . . . . . — 23 25 38 71 Preferred and preference stock without sinking fund requirements . . . . . . . . . 134 134 209 209 209 Total preferred and preference stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134 157 234 247 280 COMMON STOCKHOLDERS' EQUITY Common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,519 9,236 6,217 4,797 4,603 Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,060 6,417 6,292 5,379 4,397 Accumulated other comprehensive income (loss) . . . . . . . . . . . . . . . . . . . . . 169 (709 ) 180 (120 ) (2 ) Total common stockholders' equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,748 14,944 12,689 10,056 8,998 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY . . . . . . . . . . . . . . . . . . $56,203 $60,122 $49,624 $59,276 $34,388 9 Consolidated Data
  11. 11. Duke Energy Corporation CONSOLIDATED STATEMENT OF CASH FLOWS Years ended December 31 2003 2002 2001 (In millions) OPERATING ACTIVITIES Net (loss) income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............................................. $(1,323 ) $ 1,034 $ 1,898 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization (including amortization of nuclear fuel) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,987 1,692 1,450 Cumulative effect of change in accounting principle . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 162 — 96 Gains on sales of investments in commercial and multi-family real estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (103 ) (106 ) (106 ) Gain on sales of equity investments and other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (86 ) (81 ) (238 ) Impairment charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,495 545 36 Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (534 ) 495 129 Purchased capacity levelization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 194 175 156 Contribution to company-sponsored pension plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (181 ) — — (Increase) decrease in Net realized and unrealized mark-to-market and hedging transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (15 ) 596 91 Receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,126 12 3,166 Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (30 ) 134 (192 ) Other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (77 ) (335 ) 694 Increase (decrease) in Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,030 ) 798 (3,545 ) Taxes accrued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (168 ) (332 ) 183 Other current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79 (194 ) 325 Capital expenditures for residential real estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (196 ) (179 ) (230 ) Cost of residential real estate sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167 117 90 Other, assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (29 ) 200 (11 ) Other, liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (19 ) (372 ) (243 ) NET CASH PROVIDED BY OPERATING ACTIVITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,419 4,199 3,749 INVESTING ACTIVITIES Capital expenditures, net of refund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... ...................... . . . . . . . . . . . . . . . . . . . . . (2,275 ) (4,745 ) (5,700 ) Investment expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... ...................... . . . . . . . . . . . . . . . . . . . . . (290 ) (641 ) (1,093 ) Acquisition of Westcoast Energy Inc., net of cash acquired . . . . . . . . . . . . . . ... ...................... . . . . . . . . . . . . . . . . . . . . . — (1,707 ) — Proceeds from sales of commercial and multi-family real estate . . . . . . . . . . . ... ...................... . . . . . . . . . . . . . . . . . . . . . 314 169 378 Net proceeds from the sales of equity investment and other assets, and sales of and collections on notes receivable . . . . . . . . . . . . . . . . . . . . . 1,966 516 943 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... ...................... . . . . . . . . . . . . . . . . . . . . . (136 ) (53 ) 37 NET CASH USED IN INVESTING ACTIVITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (421 ) (6,461 ) (5,435 ) FINANCING ACTIVITIES Proceeds from the Issuance of long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............................................ 3,009 5,114 2,673 Issuance of common stock and common stock related to employee benefit plans ............................................ 277 1,323 1,432 Payments for the redemption of Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,849 ) (1,837 ) (1,298 ) Preferred and preference stock and preferred member interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (38 ) (88 ) (33 ) Guaranteed preferred beneficial interests in subordinated notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (250 ) — — Notes payable and commercial paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,702 ) (1,067 ) (246 ) Distributions to minority interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,508 ) (2,260 ) (3,063 ) Contributions from minority interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,432 2,535 2,733 Dividends paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,051 ) (938 ) (871 ) Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 64 27 NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,657 ) 2,846 1,354 CHANGES IN CASH AND CASH EQUIVALENTS ASSOCIATED WITH ASSETS HELD FOR SALE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (55 ) — — CHANGE IN CASH AND CASH EQUIVALENTS Net increase (decrease) in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 286 584 (332 ) Cash and cash equivalents at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 874 290 622 CASH AND CASH EQUIVALENTS AT END OF PERIOD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,160 $ 874 $ 290 10 Consolidated Data
  12. 12. Duke Energy Corporation CAPITAL AND INVESTMENT EXPENDITURES Years ended December 31 2003 2002 2001 2000 1999 (In millions) Franchised Electric . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,030 $1,269 $1,115 $ 661 $759 Natural Gas Transmission a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 766 2,878 748 973 261 Field Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 211 309 587 376 1,630 Duke Energy North America . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 277 2,013 3,213 1,735 1,028 International Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71 412 442 980 1,779 Crescent b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290 275 452 550 368 Other c . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116 193 483 359 111 Cash acquired in acquisitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (77) (17) (100) (49) TOTAL CAPITAL AND INVESTMENT EXPENDITURES . . . . . . . . . . . . . . . $2,761 $7,272 $7,023 $5,534 $5,887 a Amounts include the acquisition of Westcoast Energy Inc. (Westcoast) in 2002. b Amounts include capital expenditures for residential real estate included in operating cash flows of $196 million in 2003, $179 million in 2002, $230 million in 2001, $113 million in 2000, and $91 million in 1999. c Amounts include deferral in the consolidation of 50% of the profit earned by Duke/Fluor Daniel for the construction of Duke Energy North America’s merchant generation plants, which is associated with Duke Energy’s ownership. 11 Consolidated Data
  13. 13. Duke Energy Corporation LONG-TERM DEBT AS OF 12/31/2003 Redemption Date of Next Next Price at Redemption Redemption 2009 and (In millions) Year Due 12/31/03 (%) Price Change Price (%) 2004 2005 2006 2007 2008 Beyond Total DUKE ENERGY CORPORATION UNCONSOLIDATED First and Refunding Mortgage Bonds: 3.75% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2008 $— $— $ — $— $ 500 $ — $ 500 4.50% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2010 — — — — — 200 200 5.30% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2015 — — — — — 500 500 a 8.95% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2027 — — — — — 15 15 Subtotal, First and Refunding Mortgage Bonds . . . . . . . . . . . . . . . . — — — — 500 715 1,215 Pollution Control Bonds: Series 1999 (Floating Rate) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2012 100.000 — — — — — 20 20 Series 1990 (Floating Rate) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2014 100.000 — — — — — 40 40 Series 1993 (Floating Rate) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2017 100.000 — — — — — 77 77 Series 1999 (Floating Rate) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2017 100.000 — — — — — 35 35 Subtotal, Pollution Control Bonds . . . . . . . . . . . . . . . . . . . . . . . . . — — — — — 172 172 Notes: Floating Rate Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2005 — 500 — — — — 500 4.611% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2007 — — — 110 — — 110 4.20% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2008 — — — — 300 — 300 5.375% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2009 — — — — — 200 200 7.375% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2010 — — — — — 300 300 5.625% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2012 — — — — — 400 400 6.25% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2012 — — — — — 750 750 a 6.90% - 9.210% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2011-2016 5 5 5 5 5 24 49 6.60% Retail Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2022 4/1/2006 100.000 — — — — — 250 250 1.75% Convertible Senior Notes . . . . . . . . . . . . . . . . . . . . . . . . . . 2023 — — — — — 770 770 6.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2028 — — — — — 300 300 6.45% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2032 — — — — — 350 350 6.60% Retail Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2038 3/11/2004 100.000 — — — — — 200 200 Subtotal, Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 505 5 115 305 3,544 4,479 Accounts Receivable Securitization . . . . . . . . . . . . . . . . . . . . . . . . . 2005 — 300 — — — — 300 6.75% Preferred Stock Series X, Maturing Serially . . . . . . . . . . . . . . . 2004-2015 2 2 2 2 2 15 25 7.20% Trust Preferred Securities Series A . . . . . . . . . . . . . . . . . . . . . 2037 100.000 — — — — — 360 360 7.20% Trust Preferred Securities Series B . . . . . . . . . . . . . . . . . . . . . 2039 6/30/2004 100.000 — — — — — 258 258 Other Duke Energy Corporation Unconsolidated Debt . . . . . . . . . . . . . Various 1 2 2 2 2 20 29 Commercial Paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — — 150 150 Fair Value Hedge Carrying Value Adjustment . . . . . . . . . . . . . . . . . . . — — 6 — — 39 45 Unamortized Debt Discount/Premium . . . . . . . . . . . . . . . . . . . . . . . . — (19 ) (9 ) (6 ) (3 ) (18 ) (55 ) Subtotal, Duke Energy Corporation Unconsolidated . . . . . . . . . . . . . 8 790 6 113 806 5,255 6,978 DUKE CAPITAL LLC UNCONSOLIDATED Notes: a Floating Rate Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2004 100.000 100 — — — — — 100 7.25% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2004 500 — — — — — 500 6.25% Note A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2005 — 250 — — — — 250 4.32% (Component of Equity Units) . . . . . . . . . . . . . . . . . . . . . . . 2006 — — 750 — — — 750 5.87% (Component of Equity Units) . . . . . . . . . . . . . . . . . . . . . . . 2006 — — 875 — — — 875 7.50% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2009 — — — — — 500 500 6.25% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2013 — — — — — 500 500 6.75% Note B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2018 — — — — — 150 150 8.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2019 — — — — — 500 500 6.75% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2032 — — — — — 250 250 Subtotal, Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 600 250 1,625 — — 1,900 4,375 8.375% Trust Preferred Securities Series C . . . . . . . . . . . . . . . . . . . . 2029 8/31/2004 100.000 — — — — — 258 258 Duke/Fluor Daniel Loan (Floating Rate) . . . . . . . . . . . . . . . . . . . . . . 78 — — — — — 78 Fair Value Hedge Carrying Value Adjustment . . . . . . . . . . . . . . . . . . . — — — — — 35 35 Subtotal, Duke Capital LLC Unconsolidated . . . . . . . . . . . . . . . . . . . . 678 250 1,625 — — 2,193 4,746 a Private Placement 12 Consolidated Data

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