DUKE ENERGY CORPORATION· DUKE ENERGY CAROLINAS, LLC· PROGRESS ENERGY INC. · DUKE ENERGY PROGRESS, LLC· DUKE ENERGY FLORIDA, LLC· DUKE ENERGY OHIO, INC. · DUKE ENERGY INDIANA, LLC· PIEDMONT NATURAL GAS COMPANY, INC.
Combined Notes to Consolidated Financial Statements – (Continued) 25.
QUARTERLY FINANCIAL DATA (UNAUDITED) DUKE ENERGY Quarterly EPS amounts may not sum to the full-year total due to changes in the weighted average number of common shares outstanding and rounding.
|(in millions, except per share data)|First Quarter|Second Quarter|Third Quarter|Fourth Quarter|Total|
|2017||||||
|Operating revenues|$5,729|$5,555|$6,482|$5,799|$23,565|
|Operating income|1,437|1,387|1,695|1,262|5,781|
|Income from continuing operations|717|691|957|705|3,070|
|Loss from discontinued operations, net of tax|—|-2|-2|-2|-6|
|Net income|717|689|955|703|3,064|
|Net income attributable to Duke Energy Corporation|716|686|954|703|3,059|
|Earnings per share:||||||
|Income from continuing operations attributable to Duke Energy Corporation common stockholders||||||
|Basic|$1.02|$0.98|$1.36|$1.00|$4.37|
|Diluted|$1.02|$0.98|$1.36|$1.00|$4.37|
|Loss from discontinued operations attributable to Duke Energy Corporation common stockholders||||||
|Basic|$—|$—|$—|$—|$-0.01|
|Diluted|$—|$—|$—|$—|$-0.01|
|Net income attributable to Duke Energy Corporation common stockholders||||||
|Basic|$1.02|$0.98|$1.36|$1.00|$4.36|
|Diluted|$1.02|$0.98|$1.36|$1.00|$4.36|
|2016||||||
|Operating revenues|$5,377|$5,213|$6,576|$5,577|$22,743|
|Operating income|1,240|1,259|1,954|888|5,341|
|Income from continuing operations|577|624|1,001|376|2,578|
|Income (Loss) from discontinued operations, net of tax|122|-112|180|-598|-408|
|Net income (loss)|699|512|1,181|-222|2,170|
|Net income (loss) attributable to Duke Energy Corporation|694|509|1,176|-227|2,152|
|Earnings per share:||||||
|Income from continuing operations attributable to Duke Energy Corporation common stockholders||||||
|Basic|$0.83|$0.90|$1.44|$0.53|$3.71|
|Diluted|$0.83|$0.90|$1.44|$0.53|$3.71|
|Income (Loss) from discontinued operations attributable to Duke Energy Corporation common stockholders||||||
|Basic|$0.18|$-0.16|$0.26|$-0.86|$-0.60|
|Diluted|$0.18|$-0.16|$0.26|$-0.86|$-0.60|
|Net income (loss) attributable to Duke Energy Corporation common stockholders||||||
|Basic|$1.01|$0.74|$1.70|$-0.33|$3.11|
|Diluted|$1.01|$0.74|$1.70|$-0.33|$3.11|

The following table includes unusual or infrequently occurring items in each quarter during the two most recently completed fiscal years.
All amounts discussed below are pretax.
|(in millions)|First Quarter|Second Quarter|Third Quarter|Fourth Quarter|Total|
|2017||||||
|Costs to Achieve Piedmont Merger (see Note 2)|$-16|$-30|$-23|$-34|$-103|
|Regulatory Settlements (see Note 4)|—|—|-135|-23|-158|
|Commercial Renewables Impairments (see Notes 10 and 11)|—|—|-84|-18|-102|
|Impacts of the Tax Act (see Note 22)|—|—|—|102|102|
|Total|$-16|$-30|$-242|$27|$-261|
|2016||||||
|Costs to Achieve Mergers (see Note 2)|$-120|$-111|$-84|$-208|$-523|
|Commercial Renewables Impairment (see Note 12)|—|—|-71|—|-71|
|Loss on Sale of International Disposal Group (see Note 2)|—|—|—|-514|-514|
|Impairment of Assets in Central America (see Note 2)|—|-194|—|—|-194|
|Cost Savings Initiatives (see Note 19)|-20|-24|-19|-29|-92|
|Total|$-140|$-329|$-174|$-751|$-1,394|

DUKE ENERGY CAROLINAS
|(in millions)|First Quarter|Second Quarter|Third Quarter|Fourth Quarter|Total|
|2017||||||
|Operating revenues|$1,716|$1,729|$2,136|$1,721|$7,302|
|Operating income|484|485|777|403|2,149|
|Net income|270|273|466|205|1,214|
|2016||||||
|Operating revenues|$1,740|$1,675|$2,226|$1,681|$7,322|
|Operating income|481|464|815|302|2,062|
|Net income|271|261|494|140|1,166|

The following table includes unusual or infrequently occurring items in each quarter during the two most recently completed fiscal years.
All amounts discussed below are pretax.
|(in millions)|First Quarter|Second Quarter|Third Quarter|Fourth Quarter|Total|
|2017||||||
|Costs to Achieve Piedmont Merger (see Note 2)|$-4|$-6|$-5|$-5|$-20|
|Impacts of the Tax Act (see Note 22)|—|—|—|-15|-15|
|Total|$-4|$-6|$-5|$-20|$-35|
|2016||||||
|Costs to Achieve Mergers|$-11|$-12|$-13|$-68|$-104|
|Cost Savings Initiatives (see Note 19)|-10|-10|-8|-11|-39|
|Total|$-21|$-22|$-21|$-79|$-143|

PART II The following table shows the percent changes in GWh sales and average number of customers for Duke Energy Carolinas.
The below percentages for retail customer classes represent billed sales only.
Total sales includes billed and unbilled retail sales and wholesale sales to incorporated municipalities and to public and private utilities and power marketers.
Amounts are not weather-normalized.
|Increase (Decrease) over prior year|2017|2016|
|Residential sales|-4.8%|0.1%|
|General service sales|-1.8%|0.7%|
|Industrial sales|-0.8%|-0.9%|
|Wholesale power sales|6.3%|9.8%|
|Joint dispatch sales|18.2%|-2.3%|
|Total sales|-1.4%|1.8%|
|Average number of customers|1.5%|1.4%|

Year Ended December 31, 2017, as Compared to 2016 Operating Revenues.
The variance was driven primarily by: ?
a $179 million decrease in retail sales, net of fuel revenues, due to less favorable weather in the current year.
Partially offset by: ?
a $74 million increase in rider revenues and retail pricing primarily related to energy efficiency programs; ?
a $41 million increase in weather-normal sales volumes to retail customers, net of fuel revenues; ?
a $30 million increase in fuel revenues primarily due to changes in generation mix partially offset by lower retail sales; and ?
a $7 million increase in wholesale power revenues, net of sharing and fuel, primarily due to additional volumes for customers served under long-term contracts.
Operating Expenses.
The variance was driven primarily by: ?
a $145 million decrease in operations, maintenance and other expense primarily due to lower expenses at generating plants, lower costs associated with merger commitments related to the Piedmont acquisition in 2016, lower severance expenses, and lower employee benefit costs, partially offset by higher energy efficiency program costs.
Partially offset by: ?
a $25 million increase in fuel expense (including purchased power) primarily due to changes in generation mix, partially offset by lower retail sales; and ?
a $15 million increase in depreciation and amortization expense primarily due to additional plant in service, partially offset by lower amortization of certain regulatory assets.
Other Income and Expenses.
The variance was primarily due to a decrease in recognition of post in-service equity returns for projects that had been completed prior to being reflected in customer rates.
Income Tax Expense.
The variance was primarily due to an increase in pretax income and the impact of the Tax Act, offset by the impact of research credits and the manufacturing deduction.
See the Subsidiary Registrants section above for additional information on the Tax Act and the impact on the effective tax rate.
Matters Impacting Future Results An order from regulatory authorities disallowing recovery of costs related to closure of ash impoundments could have an adverse impact on Duke Energy Carolinas’ financial position, results of operations and cash flows.
See Notes 4 and 9 to the Consolidated Financial Statements, “Regulatory Matters” and “Asset Retirement Obligations,” respectively, for additional information.
On May 18, 2016, the NCDEQ issued proposed risk classifications for all coal ash surface impoundments in North Carolina.
All ash impoundments not previously designated as high priority by the Coal Ash Act were designated as intermediate risk.
Certain impoundments classified as intermediate risk, however, may be reassessed in the future as low risk pursuant to legislation enacted on July 14, 2016.
Duke Energy Carolinas’ estimated AROs related to the closure of North Carolina ash impoundments are based upon the mandated closure method or a probability weighting of potential closure methods for the impoundments that may be reassessed to low risk.
As the final risk ranking classifications in North Carolina are delineated, final closure plans and corrective action measures are developed and approved for each site, the closure work progresses, and the closure method scope and remedial action methods are determined, the complexity of work and the amount of coal combustion material could be different than originally estimated and, therefore, could materially impact Duke Energy Carolinas’ financial position.
See Note 9 to the Consolidated Financial Statements, “Asset Retirement Obligations,” for additional information.
Duke Energy Carolinas is a party to multiple lawsuits and subject to fines and other penalties related to operations at certain North Carolina facilities with ash basins.
The outcome of these lawsuits, fines and penalties could have an adverse impact on Duke Energy Carolinas’ financial position, results of operations and cash flows.
See Note 5 to the Consolidated Financial Statements, “Commitments and Contingencies,” for additional information.
Duke Energy Carolinas filed a general rate case on August 25, 2017, to recover costs of complying with CCR regulations and the Coal Ash Act, as well as costs of capital investments in generation, transmission and distribution systems and any increase in expenditures subsequent to previous rate cases.
Duke Energy Carolinas’ earnings could be adversely impacted if the rate increase is delayed or denied by the NCUC.
Within this Item 7, see the Tax Cuts and Jobs Act above as well as Liquidity and Capital Resources below for risks associated with the Tax Act.
Our non-operating investment activity resulted in net losses of $12.7 million in 2009 and $52.3 million in 2008.
The improvement of nearly $40 million is primarily attributable to a reduction in the other than temporary impairments recognized on our investments in sponsored mutual funds in 2009 versus 2008.
The following table details our related mutual fund investment gains and losses (in millions) during the past two years.
||2008|2009|Change|
|Other than temporary impairments recognized|$-91.3|$-36.1|$55.2|
|Capital gain distributions received|5.6|2.0|-3.6|
|Net gain (loss) realized on fund dispositions|-4.5|7.4|11.9|
|Net loss recognized on fund holdings|$-90.2|$-26.7|$63.5|

Lower income of $16 million from our money market holdings due to the significantly lower interest rate environment offset the improvement experienced with our fund investments.
There is no impairment of any of our mutual fund investments at December 31, 2009.
The 2009 provision for income taxes as a percentage of pretax income is 37.1%, down from 38.4% in 2008 and .9% lower than our present estimate of 38.0% for the 2010 effective tax rate.
Our 2009 provision includes reductions of prior years’ tax provisions and discrete nonrecurring benefits that lowered our 2009 effective tax rate by 1.0%.2008 versus 2007.
Investment advisory revenues decreased 6.3%, or $118 million, to $1.76 billion in 2008 as average assets under our management decreased $16 billion to $358.2 billion.
The average annualized fee rate earned on our assets under management was 49.2 basis points in 2008, down from the 50.2 basis points earned in 2007, as lower equity market valuations resulted in a greater percentage of our assets under management being attributable to lower fee fixed income portfolios.
Continuing stress on the financial markets and resulting lower equity valuations as 2008 progressed resulted in lower average assets under our management, lower investment advisory fees and lower net income as compared to prior periods.
Net revenues decreased 5%, or $112 million, to $2.12 billion.
Operating expenses were $1.27 billion in 2008, up 2.9% or $36 million from 2007.
Net operating income for 2008 decreased $147.9 million, or 14.8%, to $848.5 million.
Higher operating expenses in 2008 and decreased market valuations during the latter half of 2008, which lowered our assets under management and advisory revenues, resulted in our 2008 operating margin declining to 40.1% from 44.7% in 2007.
Non-operating investment losses in 2008 were $52.3 million as compared to investment income of $80.4 million in 2007.
Investment losses in 2008 include non-cash charges of $91.3 million for the other than temporary impairment of certain of the firm’s investments in sponsored mutual funds.
Net income in 2008 fell 27% or nearly $180 million from 2007.
Diluted earnings per share, after the retrospective application of new accounting guidance effective in 2009, decreased to $1.81, down $.59 or 24.6% from $2.40 in 2007.
A non-operating charge to recognize other than temporary impairments of our sponsored mutual fund investments reduced diluted earnings per share by $.21 in 2008.
Investment advisory revenues earned from the T.  Rowe Price mutual funds distributed in the United States decreased 8.5%, or $114.5 million, to $1.24 billion.
Average mutual fund assets were $216.1 billion in 2008, down $16.7 billion from 2007.
Mutual fund assets at December 31, 2008, were $164.4 billion, down $81.6 billion from the end of 2007.
Net inflows to the mutual funds during 2008 were $3.9 billion, including $1.9 billion to the money funds, $1.1 billion to the bond funds, and $.9 billion to the stock funds.
The Value, Equity Index 500, and Emerging Markets stock funds combined to add $4.1 billion, while the Mid-Cap Growth and Equity Income stock funds had net redemptions of $2.2 billion.
Net fund inflows of $6.2 billion originated in our target-date Retirement Funds, which in turn invest in other T.  Rowe Price funds.
Fund net inflow amounts in 2008 are presented net of $1.3 billion that was transferred to target-date trusts from the Retirement Funds during the year.
Decreases in market valuations and income not reinvested lowered our mutual fund assets under management by $85.5 billion during 2008.
Investment advisory revenues earned on the other investment portfolios that we manage decreased $3.6 million to $522.2 million.
Average assets in these portfolios were $142.1 billion during 2008, up slightly from $141.4 billion in 2007.
These minor changes, each less than 1%, are attributable to the timing of declining equity market valuations and cash flows among our separate account and subadvised portfolios.
Net inflows, primarily from institutional investors, were $13.2 billion during 2008, including the $1.3 billion transferred from the Retirement Funds to target-date trusts.
Decreases in market valuations, net of income, lowered our assets under management in these portfolios by $55.3 billion during 2008.

Question: what was the value , in millions of dollars , of net revenues in 2007?

Solution:
def solution():
    # Define variables name and value
    net_revenue_2008 = 2.12 * 1000
    decrease_from_2007 = 112
    
    # Do math calculation to get the answer
    net_revenue_2007 = net_revenue_2008 + decrease_from_2007
    
    return net_revenue_2007

Answer: 2232