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Form 8-K Duke Energy CORP For: Aug 04

August 4, 2022 6:03 AM EDT

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 4, 2022
Commission file numberRegistrant, State of Incorporation or Organization,
Address of Principal Executive Offices and Telephone Number
IRS Employer Identification Number
duk-20220804_g1.jpg
1-32853
DUKE ENERGY CORPORATION
20-2777218
(a Delaware corporation)
526 South Church Street
Charlotte, North Carolina 28202-1803
704-382-3853

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
RegistrantTitle of each classTrading Symbol(s)Name of each exchange on which registered
Duke EnergyCommon Stock, $0.001 par valueDUKNew York Stock Exchange LLC
Duke Energy5.625% Junior Subordinated DebenturesDUKBNew York Stock Exchange LLC
due September 15, 2078
Duke EnergyDepositary SharesDUK PR ANew York Stock Exchange LLC
each representing a 1/1,000th interest in a share of 5.75% Series A Cumulative Redeemable Perpetual Preferred Stock, par value $0.001 per share
Duke Energy3.10% Senior Notes due 2028DUK 28ANew York Stock Exchange LLC
Duke Energy3.85% Senior Notes due 2034DUK34New York Stock Exchange LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o



Item 2.02  Results of Operations and Financial Conditions.

    On August 4, 2022, Duke Energy Corporation (the "Corporation") will issue and post a news release to its website (duke-energy.com/investors) announcing its financial results for the second quarter ended June 30, 2022. A copy of this news release is attached hereto as Exhibit 99.1. The information in Exhibit 99.1 is being furnished pursuant to this Item 2.02. In accordance with General Instruction B.2 of Form 8-K, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.


Item 9.01  Financial Statements and Exhibits.

(d) Exhibits


    104 Cover Page Interactive Data File (embedded within the Inline XBRL document).






SIGNATURE

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

DUKE ENERGY CORPORATION
/s/ CYNTHIA S. LEE
Cynthia S. Lee
Vice President, Chief Accounting Officer and Controller
Dated:August 4, 2022





News Release
          dukeenergylogo4ca54a.jpg
    
Media Contact: Jennifer Garber
24-Hour: 800.559.3853

Analyst Contact: Jack Sullivan
Office: 980.373.3564

August 4, 2022

Duke Energy reports second-quarter 2022 financial results
Second-quarter 2022 reported and adjusted EPS of $1.14, driven by continued strength in Electric Utilities and Infrastructure
Reaffirmed 2022 adjusted EPS guidance range of $5.30 to $5.60 and adjusted EPS growth rate of 5% to 7% through 2026 off 2021 original midpoint of $5.15
Announced a strategic review of the Commercial Renewables business
CHARLOTTE, N.C. – Duke Energy (NYSE: DUK) today announced second-quarter 2022 reported EPS of $1.14, prepared in accordance with Generally Accepted Accounting Principles (GAAP), and adjusted EPS of $1.14. This is compared to reported EPS of $0.96 and adjusted EPS of $1.15 for the second quarter of 2021.
Adjusted EPS excludes the impact of certain items that are included in reported EPS. Reported EPS is equal to adjusted EPS for second quarter 2022 due to offsetting special items. Reported EPS includes the net impact of offsetting special items related to the 2022 Indiana Supreme Court ruling on coal ash and derivative instruments that do not qualify for hedge accounting or regulatory treatment.
Lower second-quarter 2022 adjusted results were led by higher O&M expense due to plant outage timing in the Electric Utilities and Infrastructure segment along with higher interest expense and the impact of GIC minority interest. These items were partially offset by favorable weather, higher volumes and positive rate case contributions.
“We’ve had an excellent first half of the year, delivering strong results driven by continued growth in our regulated operations as we execute the industry's largest clean energy transition,” said Lynn Good, Duke Energy chair, president and chief executive officer. “We’re making great progress across our jurisdictions - enhancing reliability and resiliency through grid modernization, transitioning our fleet to cleaner energy technologies, and advancing regulatory and legislative priorities. We are reaffirming our full year earnings guidance range of $5.30 to $5.60 and long-term adjusted EPS growth rate of 5% to 7% through 2026 off the 2021 original midpoint of $5.15.”
"Commercial renewables has played an important role in our business strategy for over 15 years, establishing a core competency in renewable energy development and operations that will continue to serve us well as we advance our strategy. But as we look forward to the remainder of this decade and beyond, we see significant investment opportunities in our regulated operations and believe now is the time to review the strategic fit of our commercial portfolio.”



Duke Energy News Release    2

Business segment results
In addition to the following summary of second-quarter 2022 business segment performance, comprehensive tables with detailed EPS drivers for the second quarter compared to prior year are provided at the end of this news release.
The discussion below of second-quarter results includes both GAAP segment income and adjusted segment income, which is a non-GAAP financial measure. The tables at the end of this news release present a full reconciliation of GAAP reported results to adjusted results.
Electric Utilities and Infrastructure
On a reported basis, Electric Utilities and Infrastructure recognized second-quarter 2022 segment income of $974 million, compared to segment income of $935 million in the second quarter of 2021. In addition to the drivers outlined below, second-quarter 2022 results include impacts related to the 2022 Indiana Supreme Court ruling on coal ash, which was treated as a special item and excluded from adjusted earnings.
On an adjusted basis, Electric Utilities and Infrastructure recognized second-quarter 2022 segment income of $958 million, compared to segment income of $935 million in the second quarter of 2021, an increase of $0.03 per share. Higher quarterly results were primarily due to favorable weather (+$0.09 per share) and rate case contributions (+$0.04 per share), partially offset by higher O&M expenses (-$0.07 per share) and GIC minority interest impact (-$0.03 per share).
Gas Utilities and Infrastructure
On a reported and adjusted basis, Gas Utilities and Infrastructure recognized second-quarter 2022 segment income of $19 million, compared to reported and adjusted income of $17 million and $29 million, respectively, in the second quarter of 2021. On an adjusted basis, this represents a decrease of $0.02 per share. Lower quarterly results were primarily driven by higher O&M expenses (-$0.01 per share), higher interest expense (-$0.01 per share) and lower AFUDC Equity (-$0.01 per share), partially offset by riders and other retail margin (+$0.01 per share). Second-quarter 2021 results included costs related to the cancellation of the ACP investment. These charges were treated as special items and excluded from adjusted earnings.
Commercial Renewables
On a reported basis, Commercial Renewables recognized second-quarter 2022 segment income of $30 million, compared to segment income of $47 million in the second quarter of 2021. Second-quarter 2022 results include the net impact of derivative instruments that do not qualify for hedge accounting or regulatory treatment. These charges were treated as special items and excluded from adjusted earnings.
On an adjusted basis, Commercial Renewables recognized second-quarter 2022 segment income of $46 million, compared to segment income of $47 million in the second quarter of 2021. Quarterly results were flat to prior year.



Duke Energy News Release    3

Other
Other primarily includes interest expense on holding company debt, other unallocated corporate costs and results from Duke Energy’s captive insurance company.
On a reported and adjusted basis, Other recognized a second-quarter 2022 net loss of $130 million, compared to reported and adjusted net losses of $248 million and $113 million, respectively, in the second quarter of 2021. On an adjusted basis, this represents a decrease of $0.02 per share. Lower quarterly results were primarily due to lower returns on investments (-$0.05 per share) and higher interest expense (-$0.01 per share), partially offset by higher results at National Methanol Corporation (NMC) (+$0.03 per share). Second-quarter 2021 results included workplace and workforce realignment costs. These amounts were treated as special items and excluded from earnings.
Effective tax rate
Duke Energy's consolidated reported effective tax rate for the second quarter of 2022 was 8.0% compared to 4.9% in the second quarter of 2021. The increase in the effective tax rate was primarily due to a decrease in the amortization of excess deferred taxes in relation to higher pretax income.
The effective tax rate including noncontrolling interests and preferred dividends and excluding special items for the second quarter of 2022 was 9.8% compared to 8.2% in the second quarter of 2021. The increase was primarily due to a decrease in the amortization of excess deferred taxes.
The tables at the end of this news release present a reconciliation of the reported effective tax rate to the effective tax rate including noncontrolling interests and preferred dividends and excluding special items.
Earnings conference call for analysts
An earnings conference call for analysts is scheduled at 10 a.m. ET today to discuss second-quarter 2022 financial results and other business and financial updates. The conference call will be hosted by Lynn Good, chair, president and chief executive officer, and Steve Young, executive vice president and chief financial officer.
The call can be accessed via the investors section (duke-energy.com/investors) of Duke Energy’s website or by dialing 888.510.2359 in the U.S. or 646.960.0215 outside the U.S. The confirmation code is 2999899. Please call in 10 to 15 minutes prior to the scheduled start time.

A recording of the webcast with transcript will be available on the investors' section of the company’s website by August 5.



Duke Energy News Release    4

Special Items and Non-GAAP Reconciliation
The following tables present a reconciliation of GAAP reported earnings per share to adjusted earnings per share for second-quarter 2022 and 2021 financial results:
(In millions, except per share amounts)After-Tax Amount2Q 2022 EPS2Q 2021 EPS
EPS, as reported$1.14 $0.96 
Adjustments to reported EPS:
Second Quarter 2022
Regulatory Matters$(16)(0.02)
Mark-to-Market16 0.02 
Second Quarter 2021
Gas pipeline investments$12 0.01 
Workplace and Workforce Realignment135 0.18 
Total adjustments$ $0.19 
EPS, adjusted$1.14 $1.15 
Non-GAAP financial measures
Management evaluates financial performance in part based on non-GAAP financial measures, including adjusted earnings, adjusted EPS and effective tax rate including noncontrolling interests and preferred dividends and excluding special items. Adjusted earnings and adjusted EPS represent income (loss) from continuing operations available to Duke Energy Corporation common stockholders in dollar and per share amounts, adjusted for the dollar and per share impact of special items. The effective tax rate including noncontrolling interests and preferred dividends and excluding special items is calculated using pretax earnings and income tax expense, both as adjusted for the impact of noncontrolling interests, preferred dividends and special items. As discussed below, special items include certain charges and credits, which management believes are not indicative of Duke Energy's ongoing performance.
Management uses these non-GAAP financial measures for planning and forecasting, and for reporting financial results to the Board of Directors, employees, stockholders, analysts and investors. The most directly comparable GAAP measures for adjusted earnings, adjusted EPS and effective tax rate including noncontrolling interests and preferred dividends and excluding special items are Net Income (Loss) Available to Duke Energy Corporation common stockholders (GAAP reported earnings (loss)), Basic earnings (loss) per share Available to Duke Energy Corporation common stockholders (GAAP reported earnings (loss) per share), and the reported effective tax rate, respectively.
Special items included in the periods presented include the following items, which management believes do not reflect ongoing costs:
Regulatory Matters represents the net impact of charges related to the 2022 Indiana Supreme Court ruling on coal ash.
Mark-to-Market represents the income statement impact of derivative instruments that do not qualify for hedge accounting or regulatory accounting.



Duke Energy News Release    5

Gas pipeline investments represents additional exit obligations related to ACP.
Workplace and Workforce Realignment represents costs attributable to business transformation, including long-term real estate strategy changes and workforce realignment.
Due to the forward-looking nature of any forecasted adjusted earnings guidance, information to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure is not available at this time, as management is unable to project all special items for future periods (such as legal settlements, the impact of regulatory orders or asset impairments).
Management evaluates segment performance based on segment income (loss) and other net loss. Segment income (loss) is defined as income (loss) from continuing operations net of income attributable to noncontrolling interests and preferred stock dividends. Segment income (loss) includes intercompany revenues and expenses that are eliminated in the Condensed Consolidated Financial Statements. Management also uses adjusted segment income as a measure of historical and anticipated future segment performance. Adjusted segment income is a non-GAAP financial measure, as it is based upon segment income (loss) adjusted for special items, which are discussed above. Management believes the presentation of adjusted segment income provides useful information to investors, as it provides them with an additional relevant comparison of a segment’s performance across periods. The most directly comparable GAAP measure for adjusted segment income or adjusted other net loss is segment income (loss) and other net loss.
Due to the forward-looking nature of any forecasted adjusted segment income or adjusted other net loss and any related growth rates for future periods, information to reconcile these non-GAAP financial measures to the most directly comparable GAAP financial measures is not available at this time, as the company is unable to forecast all special items, as discussed above.
Duke Energy’s adjusted earnings, adjusted EPS and adjusted segment income may not be comparable to similarly titled measures of another company because other companies may not calculate the measures in the same manner.
Duke Energy
Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America’s largest energy holding companies. Its electric utilities serve 8.2 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 50,000 megawatts of energy capacity. Its natural gas unit serves 1.6 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The company employs 28,000 people.

Duke Energy is executing an aggressive clean energy transition to achieve its goals of net-zero methane emissions from its natural gas business and at least a 50% carbon reduction from electric generation by 2030 and net-zero carbon emissions by 2050. The 2050 net-zero goals also include Scope 2 and certain Scope 3 emissions. In addition, the company is investing in



Duke Energy News Release    6

major electric grid enhancements and energy storage, and exploring zero-emission power generation technologies such as hydrogen and advanced nuclear.

Duke Energy was named to Fortune’s 2022 “World’s Most Admired Companies” list and Forbes’ “America’s Best Employers” list. More information is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos and videos. Duke Energy’s illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.
Forward-Looking Information
This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on management’s beliefs and assumptions and can often be identified by terms and phrases that include “anticipate,” “believe,” “intend,” “estimate,” “expect,” “continue,” “should,” “could,” “may,” “plan,” “project,” “predict,” “will,” “potential,” “forecast,” “target,” “guidance,” “outlook” or other similar terminology. Various factors may cause actual results to be materially different than the suggested outcomes within forward-looking statements; accordingly, there is no assurance that such results will be realized. These factors include, but are not limited to:
The impact of the COVID-19 pandemic;
State, federal and foreign legislative and regulatory initiatives, including costs of compliance with existing and future environmental requirements, including those related to climate change, as well as rulings that affect cost and investment recovery or have an impact on rate structures or market prices;
The extent and timing of costs and liabilities to comply with federal and state laws, regulations and legal requirements related to coal ash remediation, including amounts for required closure of certain ash impoundments, are uncertain and difficult to estimate;
The ability to recover eligible costs, including amounts associated with coal ash impoundment retirement obligations, asset retirement and construction costs related to carbon emissions reductions, and costs related to significant weather events, and to earn an adequate return on investment through rate case proceedings and the regulatory process;
The costs of decommissioning nuclear facilities could prove to be more extensive than amounts estimated and all costs may not be fully recoverable through the regulatory process;
Costs and effects of legal and administrative proceedings, settlements, investigations and claims;
Industrial, commercial and residential growth or decline in service territories or customer bases resulting from sustained downturns of the economy, reduced customer usage due to cost pressures from inflation or fuel costs, and the economic health of our service territories or variations in customer usage patterns, including energy efficiency efforts, natural gas building and appliance electrification, and use of alternative energy sources, such as self-generation and distributed generation technologies;
Federal and state regulations, laws and other efforts designed to promote and expand the use of energy efficiency measures, natural gas electrification, and distributed generation technologies, such as private solar and battery storage, in Duke Energy service territories could result in a reduced number of customers, excess generation resources as well as stranded costs;
Advancements in technology;
Additional competition in electric and natural gas markets and continued industry consolidation;
The influence of weather and other natural phenomena on operations, including the economic, operational and other effects of severe storms, hurricanes, droughts, earthquakes and tornadoes, including extreme weather associated with climate change;
Changing investor, customer and other stakeholder expectations and demands including heightened emphasis on environmental, social and governance concerns;
The ability to successfully operate electric generating facilities and deliver electricity to customers including direct or indirect effects to the company resulting from an incident that affects the U.S. electric grid or generating resources;
Operational interruptions to our natural gas distribution and transmission activities;



Duke Energy News Release    7

The availability of adequate interstate pipeline transportation capacity and natural gas supply;
The impact on facilities and business from a terrorist attack, cybersecurity threats, data security breaches, operational accidents, information technology failures or other catastrophic events, such as fires, explosions, pandemic health events or other similar occurrences;
The inherent risks associated with the operation of nuclear facilities, including environmental, health, safety, regulatory and financial risks, including the financial stability of third-party service providers;
The timing and extent of changes in commodity prices and interest rates and the ability to recover such costs through the regulatory process, where appropriate, and their impact on liquidity positions and the value of underlying assets;
The results of financing efforts, including the ability to obtain financing on favorable terms, which can be affected by various factors, including credit ratings, interest rate fluctuations, compliance with debt covenants and conditions, an individual utility's generation mix, and general market and economic conditions;
Credit ratings of the Duke Energy Registrants may be different from what is expected;
Declines in the market prices of equity and fixed-income securities and resultant cash funding requirements for defined benefit pension plans, other post-retirement benefit plans and nuclear decommissioning trust funds;
Construction and development risks associated with the completion of the Duke Energy Registrants’ capital investment projects, including risks related to financing, obtaining and complying with terms of permits, meeting construction budgets and schedules and satisfying operating and environmental performance standards, as well as the ability to recover costs from customers in a timely manner, or at all;
Changes in rules for regional transmission organizations, including changes in rate designs and new and evolving capacity markets, and risks related to obligations created by the default of other participants;
The ability to control operation and maintenance costs;
The level of creditworthiness of counterparties to transactions;
The ability to obtain adequate insurance at acceptable costs;
Employee workforce factors, including the potential inability to attract and retain key personnel;
The ability of subsidiaries to pay dividends or distributions to Duke Energy Corporation holding company (the Parent);
The performance of projects undertaken by our nonregulated businesses and the success of efforts to invest in and develop new opportunities;
The effect of accounting pronouncements issued periodically by accounting standard-setting bodies;
The impact of U.S. tax legislation to our financial condition, results of operations or cash flows and our credit ratings;
The impacts from potential impairments of goodwill or equity method investment carrying values;
Asset or business acquisitions and dispositions, including our ability to successfully consummate the second closing of the minority investment in Duke Energy Indiana, may not yield the anticipated benefits;
The actions of activist shareholders could disrupt our operations, impact our ability to execute on our business strategy, or cause fluctuations in the trading price of our common stock; and
The ability to implement our business strategy, including its carbon emission reduction goals.
Additional risks and uncertainties are identified and discussed in the Duke Energy Registrants' reports filed with the SEC and available at the SEC's website at sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than described. Forward-looking statements speak only as of the date they are made and the Duke Energy Registrants expressly disclaim an obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.



DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Three Months Ended June 30, 2022
(Dollars in millions, except per share amounts)
Special Items
Reported EarningsRegulatory MattersMark-to-MarketTotal AdjustmentsAdjusted Earnings
SEGMENT INCOME
Electric Utilities and Infrastructure$974 $(16)A$— $(16)$958 
Gas Utilities and Infrastructure19 — — — 19 
Commercial Renewables30 — 16 B16 46 
Total Reportable Segment Income1,023 (16)16  1,023 
Other(130)— — — (130)
Net Income Available to Duke Energy Corporation Common Stockholders$893 $(16)$16 $ $893 
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS$1.14 $(0.02)$0.02 $ $1.14 
Note: Earnings Per Share amounts are adjusted for accumulated dividends for Series B Preferred Stock of $(0.02).
A Net of $2 million recorded within Noncontrolling Interests. $18 million tax benefit related to the Duke Energy Indiana Supreme Court ruling on the Condensed Consolidated Statements of Operations.
B Net of $5 million tax benefit. $21 million recorded within Nonregulated electric and other (Operating revenues) related to derivative contracts that do not qualify for hedge accounting or regulatory treatment on the Condensed Consolidated Statements of Operations.
Weighted Average Shares (reported and adjusted) – 770 million
8


DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Six Months Ended June 30, 2022
(Dollars in millions, except per share amounts)
Special Items
Reported EarningsRegulatory MattersMark-to-MarketTotal AdjustmentsAdjusted Earnings
SEGMENT INCOME
Electric Utilities and Infrastructure$1,697 $157 A$— $157 $1,854 
Gas Utilities and Infrastructure273 — — — 273 
Commercial Renewables41 — 16 B16 57 
Total Reportable Segment Income2,011 157 16 173 2,184 
Other(300)— — (300)
Net Income Available to Duke Energy Corporation Common Stockholders$1,711 $157 $16 $173 $1,884 
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS$2.22 $0.21 $0.02 $0.23 $2.45 
A – Net of $80 million tax benefit. $211 million recorded within Impairment of assets and other charges, $46 million within Regulated electric (Operating revenues) and $20 million within Noncontrolling Interests related to the Duke Energy Indiana Supreme Court ruling on the Condensed Consolidated Statements of Operations.
B – Net of $5 million tax benefit. $21 million recorded within Nonregulated electric and other (Operating revenues) related to derivative contracts that do not qualify for hedge accounting or regulatory treatment on the Condensed Consolidated Statements of Operations.
Weighted Average Shares (reported and adjusted) – 770 million
9


DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Three Months Ended June 30, 2021
(Dollars in millions, except per share amounts)
Special Items
Reported EarningsGas Pipeline InvestmentsWorkplace and Workforce RealignmentTotal AdjustmentsAdjusted Earnings
SEGMENT INCOME
Electric Utilities and Infrastructure$935 $— $— $— $935 
Gas Utilities and Infrastructure17 12 A— 12 29 
Commercial Renewables47 — — — 47 
Total Reportable Segment Income999 12  12 1,011 
Other(248)— 135 B135 (113)
Net Income Available to Duke Energy Corporation Common Stockholders$751 $12 $135 $147 $898 
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS$0.96 $0.01 $0.18 $0.19 $1.15 
Note: Earnings Per Share amounts are adjusted for accumulated dividends for Series B Preferred Stock of $(0.02).
A – Net of $4 million tax benefit. $16 million recorded within Equity in earnings (losses) of unconsolidated affiliates related to exit obligations for ACP on the Condensed Consolidated Statements of Operations.
B – Net of $40 million tax benefit. $131 million recorded within Impairment of assets and other charges, $27 million within Operations, maintenance and other, and $17 million within Depreciation and amortization related to costs attributable to business transformation, including long-term real estate strategy changes and workforce realignment on the Condensed Consolidated Statements of Operations.

Weighted Average Shares (reported and adjusted) – 769 million

10


DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Six Months Ended June 30, 2021
(Dollars in millions, except per share amounts)

Special Items
Reported EarningsGas Pipeline InvestmentsWorkplace and Workforce RealignmentTotal AdjustmentsAdjusted Earnings
SEGMENT INCOME
Electric Utilities and Infrastructure$1,755 $— $— $— $1,755 
Gas Utilities and Infrastructure262 17 A— 17 279 
Commercial Renewables74 — — — 74 
Total Reportable Segment Income2,091 17  17 2,108 
Other(387)— 135 B135 (252)
Net Income Available to Duke Energy Corporation Common Stockholders$1,704 $17 $135 $152 $1,856 
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS$2.21 $0.02 $0.18 $0.20 $2.41 

A – Net of $5 million tax benefit. $22 million recorded within Equity in earnings (losses) of unconsolidated affiliates related to exit obligations for ACP on the Condensed Consolidated Statements of Operations.
B – Net of $40 million tax benefit. $131 million recorded within Impairment of assets and other charges, $27 million within Operations, maintenance and other, and $17 million within Depreciation and amortization related to costs attributable to business transformation, including long-term real estate strategy changes and workforce realignment on the Condensed Consolidated Statements of Operations.

Weighted Average Shares (reported and adjusted) – 769 million


11


DUKE ENERGY CORPORATION
EFFECTIVE TAX RECONCILIATION
June 2022
(Dollars in millions)
Three Months Ended 
 
June 30, 2022
Six Months Ended 
 
June 30, 2022
BalanceEffective Tax RateBalanceEffective Tax Rate
Reported Income Before Income Taxes$957 $1,763 
Regulatory Matters— 257 
Mark-to-Market21 21 
Noncontrolling Interests26 39 
Preferred Dividends(14)(53)
Pretax Income Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items$990 $2,027 
Reported Income Tax Expense$77 8.0 %$63 3.6 %
Regulatory Matters18 80 
Mark-to-Market
Noncontrolling Interest Portion of Income Taxes(a)
(3)(5)
Tax Expense Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items$97 9.8 %$143 7.1 %
(a)    Income tax related to non-pass through entities for tax purposes.
 Three Months Ended 
 
June 30, 2021
Six Months Ended 
 
June 30, 2021
BalanceEffective Tax RateBalanceEffective Tax Rate
Reported Income Before Income Taxes734 $1,759 
Gas Pipeline Investments16 22 
Workplace and Workforce Realignment175 175 
Noncontrolling Interests67 118 
Preferred Dividends(14)(53)
Pretax Income Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items$978 $2,021 
Reported Income Tax Expense36 4.9 %120 6.8 %
Gas Pipeline Investments
Workplace and Workforce Realignment40 40 
Tax Expense Including Noncontrolling Interests and Preferred Dividends and Excluding Special Items$80 8.2 %$165 8.2 %
12


DUKE ENERGY CORPORATION
EARNINGS VARIANCES
June 2022 QTD vs. Prior Year
(Dollars per share)Electric Utilities and InfrastructureGas
Utilities and Infrastructure
Commercial RenewablesOtherConsolidated
2021 QTD Reported Earnings Per Share$1.22 $0.03 $0.06 $(0.35)$0.96 
Gas Pipeline Investments— 0.01 — — 0.01 
Workplace and Workforce Realignment— — — 0.18 0.18 
2021 QTD Adjusted Earnings Per Share$1.22 $0.04 $0.06 $(0.17)$1.15 
Weather0.09 — — — 0.09 
Volume0.03 — — — 0.03 
Riders and Other Retail Margin— 0.01 — — 0.01 
Rate case impacts, net(a)
0.04 — — — 0.04 
Wholesale(0.03)— — — (0.03)
Operations and maintenance, net of recoverables(b)
(0.07)(0.01)— — (0.08)
Duke Energy Renewables— — — — — 
Interest Expense(0.01)(0.01)— (0.01)(0.03)
AFUDC Equity0.02 (0.01)— — 0.01 
Depreciation and amortization(c)
(0.02)— — — (0.02)
Other(d)
(0.02)— — (0.01)(0.03)
Total variance$0.03 $(0.02)$ $(0.02)$(0.01)
2022 QTD Adjusted Earnings Per Share$1.25 $0.02 $0.06 $(0.19)$1.14 
Mark-to-Market— — (0.02)— (0.02)
Regulatory Matters0.02 —   0.02 
2022 QTD Reported Earnings Per Share$1.27 $0.02 $0.04 $(0.19)$1.14 
Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers except Commercial Renewables, which uses an effective rate. Weighted average shares outstanding increased from 769 million shares to 770 million.
(a)    Electric Utilities and Infrastructure includes DEC and DEP North Carolina final rates, which became effective June 2021 (+$0.02) and the DEF SBRA and multiyear rate plan (+$0.02).
(b)    Primarily due to timing of plant outage and maintenance work in the current year and a prior year favorable allowance for doubtful accounts adjustment at Electric Utilities and Infrastructure.
(c)    Excludes rate case impacts.
(d)    Electric Utilities and Infrastructure includes impact of GIC minority interest sale. Other includes lower returns on investments, partially offset by higher earnings at NMC.
13


DUKE ENERGY CORPORATION
EARNINGS VARIANCES
June 2022 YTD vs. Prior Year
(Dollars per share)Electric Utilities and InfrastructureGas
Utilities and Infrastructure
Commercial RenewablesOtherConsolidated
2021 YTD Reported Earnings Per Share$2.28 $0.34 $0.10 $(0.51)$2.21 
Gas Pipeline Investments— 0.02 — — 0.02 
Workplace and Workforce Realignment— — — 0.18 0.18 
2021 YTD Adjusted Earnings Per Share$2.28 $0.36 $0.10 $(0.33)$2.41 
Weather0.08 — — — 0.08 
Volume(a)
0.27 — — — 0.27 
Riders and Other Retail Margin(b)
(0.04)0.03 — — (0.01)
Rate case impacts, net(c)
0.04 0.04 — — 0.08 
Wholesale(0.01)— — — (0.01)
Operations and maintenance, net of recoverables(d)
(0.18)(0.03)— — (0.21)
Duke Energy Renewables(e)
— — (0.02)— (0.02)
Interest Expense(0.02)(0.01)— (0.02)(0.05)
AFUDC Equity0.03 (0.01)— — 0.02 
Depreciation and amortization— (0.01)— — (0.01)
Other(f)
(0.04)(0.02)— (0.04)(0.10)
Total variance$0.13 $(0.01)$(0.02)$(0.06)$0.04 
2022 YTD Adjusted Earnings Per Share$2.41 $0.35 $0.08 $(0.39)$2.45 
Regulatory Matters(0.21)— — — (0.21)
Mark-to-Market — (0.02) (0.02)
2022 YTD Reported Earnings Per Share$2.20 $0.35 $0.06 $(0.39)$2.22 
Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers except for Commercial Renewables, which uses an effective rate. Weighted average shares outstanding increased from 769 million shares to 770 million.
(a)    Includes block and seasonal pricing (+$0.04).
(b)    Electric Utilities and Infrastructure includes higher reliability and capacity purchases and lower late payment revenues.
(c)    Electric Utilities and Infrastructure includes DEC and DEP North Carolina final rates which became effective June 2021 (+$0.02) and DEF SBRA and multiyear rate plan (+$0.02). Gas Utilities and Infrastructure includes the net impact of the PNG NC rate case, effective November 2021.
(d)    Electric Utilities and Infrastructure includes higher storm costs (-$0.06), timing of plant outage and maintenance work and a prior year favorable allowance for doubtful accounts adjustment.    
(e)    Primarily due to fewer renewable projects placed in service in the current year (-$0.07), partially offset by Texas Storm Uri impacts in the prior year (+$0.04).
(f)    Electric Utilities and Infrastructure includes impact of GIC minority interest sale. Other includes lower returns on investments, partially offset by higher earnings at NMC.
14


DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In millions, except per share amounts)
Three Months EndedSix Months Ended
June 30,June 30,
2022202120222021
Operating Revenues
Regulated electric$6,074 $5,258 $12,007 $10,477 
Regulated natural gas425 302 1,427 1,051 
Nonregulated electric and other186 198 383 380 
Total operating revenues6,685 5,758 13,817 11,908 
Operating Expenses
Fuel used in electric generation and purchased power1,972 1,415 3,789 2,858 
Cost of natural gas189 79 670 355 
Operation, maintenance and other1,447 1,410 3,077 2,812 
Depreciation and amortization1,302 1,207 2,622 2,433 
Property and other taxes379 349 771 702 
Impairment of assets and other charges(9)131 206 131 
Total operating expenses5,280 4,591 11,135 9,291 
Gains on Sales of Other Assets and Other, net8 10 
Operating Income1,413 1,169 2,692 2,619 
Other Income and Expenses
Equity in earnings (losses) of unconsolidated affiliates36 61 (8)
Other income and expenses, net115 128 204 255 
Total other income and expenses151 137 265 247 
Interest Expense607 572 1,194 1,107 
Income Before Income Taxes957 734 1,763 1,759 
Income Tax Expense77 36 63 120 
Net Income880 698 1,700 1,639 
Add: Net Loss Attributable to Noncontrolling Interests27 67 64 118 
Net Income Attributable to Duke Energy Corporation907 765 1,764 1,757 
Less: Preferred Dividends14 14 53 53 
Net Income Available to Duke Energy Corporation Common Stockholders$893 $751 $1,711 $1,704 
Earnings Per Share – Basic and Diluted
Net income available to Duke Energy Corporation common stockholders
Basic and Diluted$1.14 $0.96 $2.22 $2.21 
Weighted average shares outstanding
Basic and Diluted770 769 770 769 


15


DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In millions)June 30, 2022December 31, 2021
ASSETS
Current Assets
Cash and cash equivalents$428 $343 
Receivables (net of allowance for doubtful accounts of $44 at 2022 and $46 at 2021)907 1,173 
Receivables of VIEs (net of allowance for doubtful accounts of $92 at 2022 and $76 at 2021)3,021 2,437 
Inventory3,208 3,199 
Regulatory assets (includes $105 at 2022 and 2021 related to VIEs)2,834 2,150 
Other (includes $284 at 2022 and $256 at 2021 related to VIEs)1,163 638 
Total current assets11,561 9,940 
Property, Plant and Equipment
Cost166,004 161,819 
Accumulated depreciation and amortization(52,252)(50,555)
Facilities to be retired, net99 144 
Net property, plant and equipment113,851 111,408 
Other Noncurrent Assets
Goodwill19,303 19,303 
Regulatory assets (includes $1,774 at 2022 and $1,823 at 2021 related to VIEs)12,863 12,487 
Nuclear decommissioning trust funds8,574 10,401 
Operating lease right-of-use assets, net1,222 1,266 
Investments in equity method unconsolidated affiliates983 970 
Other (includes $120 at 2022 and $92 at 2021 related to VIEs)4,026 3,812 
Total other noncurrent assets46,971 48,239 
Total Assets$172,383 $169,587 
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable$3,971 $3,629 
Notes payable and commercial paper3,875 3,304 
Taxes accrued682 749 
Interest accrued554 533 
Current maturities of long-term debt (includes $633 at 2022 and $243 at 2021 related to VIEs)3,171 3,387 
Asset retirement obligations649 647 
Regulatory liabilities1,383 1,211 
Other 2,259 2,471 
Total current liabilities16,544 15,931 
Long-Term Debt (includes $4,435 at 2022 and $4,854 at 2021 related to VIEs)63,147 60,448 
Other Noncurrent Liabilities
Deferred income taxes9,948 9,379 
Asset retirement obligations12,080 12,129 
Regulatory liabilities14,519 16,152 
Operating lease liabilities1,039 1,074 
Accrued pension and other post-retirement benefit costs799 855 
Investment tax credits855 833 
Other (includes $213 at 2022 and $319 at 2021 related to VIEs)1,868 1,650 
Total other noncurrent liabilities41,108 42,072 
Commitments and Contingencies
Equity
Preferred stock, Series A, $0.001 par value, 40 million depositary shares authorized and outstanding at 2022 and 2021
973 973 
Preferred stock, Series B, $0.001 par value, 1 million shares authorized and outstanding at 2022 and 2021
989 989 
Common Stock, $0.001 par value, 2 billion shares authorized; 770 million shares outstanding at 2022 and 769 million shares outstanding at 20211 
Additional paid-in capital44,373 44,371 
Retained earnings3,457 3,265 
Accumulated other comprehensive loss(73)(303)
Total Duke Energy Corporation stockholders' equity49,720 49,296 
Noncontrolling interests1,864 1,840 
Total equity51,584 51,136 
Total Liabilities and Equity$172,383 $169,587 
16


DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
Six Months Ended June 30,
20222021
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income$1,700 $1,639 
Adjustments to reconcile net income to net cash provided by operating activities
2,335 2,234 
Net cash provided by operating activities4,035 3,873 
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash used in investing activities(5,492)(5,614)
CASH FLOWS FROM FINANCING ACTIVITIES
Net cash provided by financing activities1,576 1,750 
Net increase in cash, cash equivalents and restricted cash119 
Cash, cash equivalents and restricted cash at beginning of period520 556 
Cash, cash equivalents and restricted cash at end of period$639 $565 

17


DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended June 30, 2022
(In millions)Electric
Utilities and Infrastructure
Gas
Utilities and Infrastructure
Commercial RenewablesOtherEliminations/AdjustmentsDuke Energy
Operating Revenues
Regulated electric$6,082 $— $— $— $(8)$6,074 
Regulated natural gas— 448 — — (23)425 
Nonregulated electric and other53 121 30 (23)186 
Total operating revenues6,135 453 121 30 (54)6,685 
Operating Expenses
Fuel used in electric generation and purchased power1,991 — — — (19)1,972 
Cost of natural gas— 189 — — — 189 
Operation, maintenance and other1,328 113 82 (46)(30)1,447 
Depreciation and amortization1,110 82 60 58 (8)1,302 
Property and other taxes331 33 10 379 
Impairment of assets and other charges(8)— — — (1)(9)
Total operating expenses4,752 417 152 16 (57)5,280 
Gains on Sales of Other Assets and Other, net— — 8 
Operating Income (Loss)1,386 40 (31)14 1,413 
Other Income and Expenses
Equity in earnings (losses) of unconsolidated affiliates(2)32 — 36 
Other income and expenses, net151 15 (39)(14)115 
Total Other Income and Expenses153 19 — (7)(14)151 
Interest Expense391 42 19 165 (10)607 
Income (Loss) Before Income Taxes1,148 17 (50)(158)— 957 
Income Tax Expense (Benefit)158 (2)(36)(43)— 77 
Net Income (Loss)990 19 (14)(115)— 880 
Add: Net (Income) Loss Attributable to Noncontrolling Interest(16)— 44 (1)— 27 
Net Income (Loss) Attributable to Duke Energy Corporation974 19 30 (116)— 907 
Less: Preferred Dividends— — — 14 — 14 
Segment Income / Other Net Loss / Net Income Available to Duke Energy Corporation Common Stockholders$974 $19 $30 $(130)$— $893 
Special Items(16)— 16 — —  
Adjusted Earnings(a)
$958 $19 $46 $(130)$— $893 

(a)    See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income / Other Net Loss to Adjusted Earnings.

18


DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)
Six Months Ended June 30, 2022
(In millions)Electric
Utilities and Infrastructure
Gas
Utilities and Infrastructure
Commercial RenewablesOtherEliminations/AdjustmentsDuke Energy
Operating Revenues
Regulated electric$12,022 $— $— $— $(15)$12,007 
Regulated natural gas— 1,473 — — (46)1,427 
Nonregulated electric and other115 12 242 60 (46)383 
Total operating revenues12,137 1,485 242 60 (107)13,817 
Operating Expenses
Fuel used in electric generation and purchased power3,828 — — — (39)3,789 
Cost of natural gas— 670 — — — 670 
Operation, maintenance and other2,754 295 164 (74)(62)3,077 
Depreciation and amortization2,241 161 120 115 (15)2,622 
Property and other taxes668 74 20 771 
Impairment of assets and other charges206 — — — — 206 
Total operating expenses9,697 1,200 304 49 (115)11,135 
Gains (Losses) on Sales of Other Assets and Other, net(1)10 
Operating Income (Loss)2,445 289 (63)12 2,692 
Other Income and Expenses
Equity in earnings (losses) of unconsolidated affiliates(3)52 — 61 
Other income and expenses, net263 28 (65)(25)204 
Total Other Income and Expenses267 36 — (13)(25)265 
Interest Expense767 82 37 324 (16)1,194 
Income (Loss) Before Income Taxes1,945 243 (100)(325)— 1,763 
Income Tax Expense (Benefit) 241 (30)(69)(79)— 63 
Net Income (Loss)1,704 273 (31)(246)— 1,700 
Add: Net (Income) Loss Attributable to Noncontrolling Interest(7)— 72 (1)— 64 
Net Income (Loss) Attributable to Duke Energy Corporation1,697 273 41 (247) 1,764 
Less: Preferred Dividends— — — 53  53 
Segment Income / Other Net Loss / Net Income Available to Duke Energy Corporation Common Stockholders$1,697 $273 $41 $(300)$— $1,711 
Special Items157 — 16 — — 173 
Adjusted Earnings(a)
$1,854 $273 $57 $(300)$— $1,884 
(a)    See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income / Other Net Loss to Adjusted Earnings.
19


DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended June 30, 2021
(In millions)Electric
Utilities and Infrastructure
Gas
Utilities and Infrastructure
Commercial RenewablesOtherEliminations/AdjustmentsDuke Energy
Operating Revenues
Regulated electric$5,335 $— $— $— $(77)$5,258 
Regulated natural gas— 324 — — (22)302 
Nonregulated electric and other— 119 27 49 198 
Total operating revenues5,335 327 119 27 (50)5,758 
Operating Expenses
Fuel used in electric generation and purchased power1,434 — — — (19)1,415 
Cost of natural gas— 79 — — — 79 
Operation, maintenance and other1,262 98 78 (29)1,410 
Depreciation and amortization1,013 74 56 71 (7)1,207 
Property and other taxes308 27 — 349 
Impairment of assets and other charges— — 131 (1)131 
Total operating expenses4,018 278 143 208 (56)4,591 
Gains on Sales of Other Assets and Other, net— — — — 2 
Operating Income (Loss)1,319 49 (24)(181)1,169 
Other Income and Expenses
Equity in earnings (losses) of unconsolidated affiliates(8)(1)16 — 9 
Other income and expenses, net95 18 16 (5)128 
Total Other Income and Expenses97 10 32 (5)137 
Interest Expense361 35 20 156 — 572 
Income (Loss) Before Income Taxes1,055 24 (41)(305)734 
Income Tax Expense (Benefit)120 (21)(71)36 
Net Income (Loss) 935 17 (20)(234)— 698 
Add: Net Loss Attributable to Noncontrolling Interest— — 67 — — 67 
Net Income (Loss) Attributable to Duke Energy Corporation935 17 47 (234)— 765 
Less: Preferred Dividends— — — 14 — 14 
Segment Income / Other Net Loss / Net Income Available to Duke Energy Corporation Common Stockholders$935 $17 $47 $(248)$— $751 
Special Items— 12 — 135 — 147 
Adjusted Earnings(a)
$935 $29 $47 $(113)$— $898 
(a)    See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income / Other Net Loss to Adjusted Earnings.

20


DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)
Six Months Ended June 30, 2021
(In millions)Electric
Utilities and Infrastructure
Gas
Utilities and Infrastructure
Commercial RenewablesOtherEliminations/AdjustmentsDuke Energy
Operating Revenues
Regulated electric$10,616 $— $— $— $(139)$10,477 
Regulated natural gas— 1,096 — — (45)1,051 
Nonregulated electric and other— 238 53 83 380 
Total operating revenues10,616 1,102 238 53 (101)11,908 
Operating Expenses
Fuel used in electric generation and purchased power2,896 — — — (38)2,858 
Cost of natural gas— 355 — — — 355 
Operation, maintenance and other2,544 200 150 (23)(59)2,812 
Depreciation and amortization2,070 142 109 126 (14)2,433 
Property and other taxes619 62 18 702 
Impairment of assets and other charges— — 131 (1)131 
Total operating expenses8,130 759 277 236 (111)9,291 
Gains on Sales of Other Assets and Other, net— — — — 2 
Operating Income (Loss)2,488 343 (39)(183)10 2,619 
Other Income and Expenses
Equity in earnings (losses) of unconsolidated affiliates(8)(28)23 — (8)
Other income and expenses, net196 35 30 (12)255 
Total Other Income and Expenses201 27 (22)53 (12)247 
Interest Expense701 68 33 307 (2)1,107 
Income (Loss) Before Income Taxes1,988 302 (94)(437)— 1,759 
Income Tax Expense (Benefit)233 40 (50)(103)— 120 
Net Income (Loss)1,755 262 (44)(334)— 1,639 
Add: Net Loss Attributable to Noncontrolling Interest— — 118 — — 118 
Net Income (Loss) Attributable to Duke Energy Corporation1,755 262 74 (334)— 1,757 
Less: Preferred Dividends— — — 53 — 53 
Segment Income / Other Net Loss / Net Income Available to Duke Energy Corporation Common Stockholders$1,755 $262 $74 $(387)$— $1,704 
Special Items— 17 — 135 — 152 
Adjusted Earnings(a)
$1,755 $279 $74 $(252)$— $1,856 
(a)    See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income / Other Net Loss to Adjusted Earnings.

21


DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS
(Unaudited)

June 30, 2022
(In millions)Electric Utilities and InfrastructureGas
Utilities and Infrastructure
Commercial
Renewables
OtherEliminations/
Adjustments
Duke Energy
Current Assets
Cash and cash equivalents$194 $16 $10 $208 $— $428 
Receivables, net620 158 117 12 — 907 
Receivables of variable interest entities, net3,021 — — — — 3,021 
Receivables from affiliated companies44 386 619 989 (2,038) 
Notes receivable from affiliated companies62 — — 1,065 (1,127) 
Inventory3,003 78 85 42 — 3,208 
Regulatory assets2,563 173 — 98 — 2,834 
Other546 105 189 367 (44)1,163 
Total current assets10,053 916 1,020 2,781 (3,209)11,561 
Property, Plant and Equipment
Cost141,553 14,494 7,523 2,527 (93)166,004 
Accumulated depreciation and amortization(46,284)(2,973)