Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 31, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 1-32853 | ||
Entity Registrant Name | DUKE ENERGY CORPORATION | ||
Entity Tax Identification Number | 20-2777218 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Address, Address Line One | 526 South Church Street | ||
Entity Address, City or Town | Charlotte | ||
Entity Address, State or Province | NC | ||
Entity Address, Postal Zip Code | 28202-1803 | ||
City Area Code | 704 | ||
Local Phone Number | 382-3853 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 82,471,565 | ||
Entity Common Stock, Shares Outstanding | 770,080,285 | ||
Documents Incorporated by Reference | Portions of the Duke Energy definitive proxy statement for the 2023 Annual Meeting of the Shareholders or an amendment to this Annual Report are incorporated by reference into PART III, Items 10, 11 and 13 hereof. This combined Form 10-K is filed separately by eight registrants: Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont (collectively the Duke Energy Registrants). Information contained herein relating to any individual registrant is filed by such registrant solely on its own behalf. Each registrant makes no representation as to information relating exclusively to the other registrants. | ||
Entity Central Index Key | 0001326160 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common Stock, $0.001 par value | ||
Trading Symbol | DUK | ||
Security Exchange Name | NYSE | ||
Junior Subordinated Debentures 5.625% Coupon Due September 2078 | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 5.625% Junior Subordinated Debentures | ||
Trading Symbol | DUKB | ||
Security Exchange Name | NYSE | ||
Depositary Share | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Depositary Shares | ||
Trading Symbol | DUK PR A | ||
Security Exchange Name | NYSE | ||
3.10% Senior Notes due 2028 | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 3.10% Senior Notes due 2028 | ||
Trading Symbol | DUK 28A | ||
Security Exchange Name | NYSE | ||
3.85% Senior Notes due 2034 | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 3.85% Senior Notes due 2034 | ||
Trading Symbol | DUK 34 | ||
Security Exchange Name | NYSE | ||
Duke Energy Carolinas | |||
Document Information [Line Items] | |||
Entity File Number | 1-4928 | ||
Entity Registrant Name | DUKE ENERGY CAROLINAS, LLC | ||
Entity Tax Identification Number | 56-0205520 | ||
Entity Incorporation, State or Country Code | NC | ||
Entity Address, Address Line One | 526 South Church Street | ||
Entity Address, City or Town | Charlotte | ||
Entity Address, State or Province | NC | ||
Entity Address, Postal Zip Code | 28202-1803 | ||
City Area Code | 704 | ||
Local Phone Number | 382-3853 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Central Index Key | 0000030371 | ||
Progress Energy | |||
Document Information [Line Items] | |||
Entity File Number | 1-15929 | ||
Entity Registrant Name | PROGRESS ENERGY, INC. | ||
Entity Tax Identification Number | 56-2155481 | ||
Entity Incorporation, State or Country Code | NC | ||
Entity Address, Address Line One | 410 South Wilmington Street | ||
Entity Address, City or Town | Raleigh | ||
Entity Address, State or Province | NC | ||
Entity Address, Postal Zip Code | 27601-1748 | ||
City Area Code | 704 | ||
Local Phone Number | 382-3853 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Central Index Key | 0001094093 | ||
Duke Energy Progress | |||
Document Information [Line Items] | |||
Entity File Number | 1-3382 | ||
Entity Registrant Name | DUKE ENERGY PROGRESS, LLC | ||
Entity Tax Identification Number | 56-0165465 | ||
Entity Incorporation, State or Country Code | NC | ||
Entity Address, Address Line One | 410 South Wilmington Street | ||
Entity Address, City or Town | Raleigh | ||
Entity Address, State or Province | NC | ||
Entity Address, Postal Zip Code | 27601-1748 | ||
City Area Code | 704 | ||
Local Phone Number | 382-3853 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Central Index Key | 0000017797 | ||
Duke Energy Florida | |||
Document Information [Line Items] | |||
Entity File Number | 1-3274 | ||
Entity Registrant Name | DUKE ENERGY FLORIDA, LLC | ||
Entity Tax Identification Number | 59-0247770 | ||
Entity Incorporation, State or Country Code | FL | ||
Entity Address, Address Line One | 299 First Avenue North | ||
Entity Address, City or Town | St. Petersburg | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 33701 | ||
City Area Code | 704 | ||
Local Phone Number | 382-3853 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Central Index Key | 0000037637 | ||
Duke Energy Ohio | |||
Document Information [Line Items] | |||
Entity File Number | 1-1232 | ||
Entity Registrant Name | DUKE ENERGY OHIO, INC. | ||
Entity Tax Identification Number | 31-0240030 | ||
Entity Incorporation, State or Country Code | OH | ||
Entity Address, Address Line One | 139 East Fourth Street | ||
Entity Address, City or Town | Cincinnati | ||
Entity Address, State or Province | OH | ||
Entity Address, Postal Zip Code | 45202 | ||
City Area Code | 704 | ||
Local Phone Number | 382-3853 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Central Index Key | 0000020290 | ||
Duke Energy Indiana | |||
Document Information [Line Items] | |||
Entity File Number | 1-3543 | ||
Entity Registrant Name | DUKE ENERGY INDIANA, LLC | ||
Entity Tax Identification Number | 35-0594457 | ||
Entity Incorporation, State or Country Code | IN | ||
Entity Address, Address Line One | 1000 East Main Street | ||
Entity Address, City or Town | Plainfield | ||
Entity Address, State or Province | IN | ||
Entity Address, Postal Zip Code | 46168 | ||
City Area Code | 704 | ||
Local Phone Number | 382-3853 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Central Index Key | 0000081020 | ||
Piedmont | |||
Document Information [Line Items] | |||
Entity File Number | 1-6196 | ||
Entity Registrant Name | PIEDMONT NATURAL GAS COMPANY, INC. | ||
Entity Tax Identification Number | 56-0556998 | ||
Entity Incorporation, State or Country Code | NC | ||
Entity Address, Address Line One | 4720 Piedmont Row Drive | ||
Entity Address, City or Town | Charlotte | ||
Entity Address, State or Province | NC | ||
Entity Address, Postal Zip Code | 28210 | ||
City Area Code | 704 | ||
Local Phone Number | 364-3120 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Central Index Key | 0000078460 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Auditor [Line Items] | |
Auditor Firm ID | 34 |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | Charlotte, NC |
Duke Energy Carolinas | |
Auditor [Line Items] | |
Auditor Firm ID | 34 |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | Charlotte, NC |
Progress Energy | |
Auditor [Line Items] | |
Auditor Firm ID | 34 |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | Charlotte, NC |
Duke Energy Progress | |
Auditor [Line Items] | |
Auditor Firm ID | 34 |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | Charlotte, NC |
Duke Energy Florida | |
Auditor [Line Items] | |
Auditor Firm ID | 34 |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | Charlotte, NC |
Duke Energy Ohio | |
Auditor [Line Items] | |
Auditor Firm ID | 34 |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | Charlotte, NC |
Duke Energy Indiana | |
Auditor [Line Items] | |
Auditor Firm ID | 34 |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | Charlotte, NC |
Piedmont | |
Auditor [Line Items] | |
Auditor Firm ID | 34 |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | Charlotte, NC |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Operating Revenues | ||||
Regulated electric | $ 25,759 | $ 22,319 | $ 21,461 | |
Regulated natural gas | 2,724 | 2,008 | 1,642 | |
Nonregulated electric and other | 285 | 294 | 263 | |
Total operating revenues | 28,768 | 24,621 | 23,366 | |
Operating Expenses | ||||
Operation, maintenance and other | 5,734 | 5,703 | 5,502 | |
Depreciation and amortization | 5,086 | 4,762 | 4,504 | |
Property and other taxes | 1,466 | 1,355 | 1,311 | |
Impairment of assets and other charges | 434 | 353 | 978 | |
Total operating expenses | 22,778 | 19,133 | 18,806 | |
Gains on Sales of Other Assets and Other, net | 22 | 12 | 11 | |
Operating Income | 6,012 | 5,500 | 4,571 | |
Other Income and Expenses | ||||
Equity in earnings (losses) of unconsolidated affiliates | 113 | 62 | (2,005) | |
Other income and expenses, net | 392 | 636 | 451 | |
Total other income and expenses | 505 | 698 | (1,554) | |
Interest Expense | 2,439 | 2,207 | 2,097 | |
Income From Continuing Operations Before Income Taxes | 4,078 | 3,991 | 920 | |
Income Tax Expense (Benefit) From Continuing Operations | 300 | 268 | (169) | |
Income From Continuing Operations | 3,778 | 3,723 | 1,089 | |
Loss From Discontinued Operations, net of tax | (1,323) | (144) | (7) | |
Net Income | 2,455 | 3,579 | 1,082 | |
Add: Net Loss Attributable to Noncontrolling Interests | 95 | 329 | 295 | |
Net Income Attributable to Parent | 2,550 | 3,908 | 1,377 | |
Less: Preferred Dividends | 106 | 106 | 107 | |
Net Income Available to Common Stockholders | 2,444 | 3,802 | 1,270 | |
Other Comprehensive Income, net of tax | ||||
Pension and OPEB adjustments | [1] | (19) | 7 | 6 |
Net unrealized gain on cash flow hedges | [1] | 285 | (68) | (138) |
Unrealized (losses) gains on available-for-sale securities | [1] | (21) | (8) | 3 |
Other Comprehensive Income (Loss), net of tax | [1] | 174 | (56) | (118) |
Comprehensive Income | 2,629 | 3,523 | 964 | |
Add: Comprehensive Loss Attributable to Noncontrolling Interests | (84) | (319) | (306) | |
Comprehensive Income Attributable to Duke Energy Corporation | $ 2,713 | $ 3,842 | $ 1,270 | |
Income from continuing operations available to Duke Energy Corporation common stockholders | ||||
Basic (usd per share) | $ 4.74 | $ 4.68 | $ 1.33 | |
Diluted (usd per share) | 4.74 | 4.68 | 1.33 | |
(Loss) Income from discontinued operations attributable to Duke Energy Corporation common stockholders | ||||
Basic (usd per share) | (1.57) | 0.26 | 0.39 | |
Diluted (usd per share) | (1.57) | 0.26 | 0.39 | |
Net income available to Duke Energy Corporation common stockholders | ||||
Basic (usd per share) | 3.17 | 4.94 | 1.72 | |
Diluted (usd per share) | $ 3.17 | $ 4.94 | $ 1.72 | |
Weighted average shares outstanding | ||||
Basic (in shares) | 770 | 769 | 737 | |
Diluted (in shares) | 770 | 769 | 738 | |
Fuel used in electric generation and purchased power | ||||
Operating Expenses | ||||
Fuel used in electric generation and purchased power/Cost of natural gas | $ 8,782 | $ 6,255 | $ 6,051 | |
Cost of natural gas | ||||
Operating Expenses | ||||
Fuel used in electric generation and purchased power/Cost of natural gas | 1,276 | 705 | 460 | |
Duke Energy Carolinas | ||||
Operating Revenues | ||||
Total operating revenues | 7,857 | 7,102 | 7,015 | |
Operating Expenses | ||||
Fuel used in electric generation and purchased power/Cost of natural gas | 2,015 | 1,601 | 1,682 | |
Operation, maintenance and other | 1,892 | 1,833 | 1,743 | |
Depreciation and amortization | 1,526 | 1,468 | 1,462 | |
Property and other taxes | 340 | 320 | 299 | |
Impairment of assets and other charges | 26 | 227 | 476 | |
Total operating expenses | 5,799 | 5,449 | 5,662 | |
Gains on Sales of Other Assets and Other, net | 4 | 2 | 1 | |
Operating Income | 2,062 | 1,655 | 1,354 | |
Other Income and Expenses | ||||
Other income and expenses, net | 221 | 270 | 177 | |
Total other income and expenses | 221 | 270 | 177 | |
Interest Expense | 557 | 538 | 487 | |
Income From Continuing Operations Before Income Taxes | 1,726 | 1,387 | 1,044 | |
Income Tax Expense (Benefit) From Continuing Operations | 126 | 51 | 88 | |
Net Income Attributable to Parent | 1,600 | 1,336 | 956 | |
Other Comprehensive Income, net of tax | ||||
Net unrealized gain on cash flow hedges | 1 | |||
Other Comprehensive Income (Loss), net of tax | 1 | |||
Comprehensive Income Attributable to Duke Energy Corporation | 1,600 | 1,337 | 956 | |
Progress Energy | ||||
Operating Revenues | ||||
Total operating revenues | 13,125 | 11,057 | 10,627 | |
Operating Expenses | ||||
Fuel used in electric generation and purchased power/Cost of natural gas | 5,078 | 3,584 | 3,479 | |
Operation, maintenance and other | 2,458 | 2,529 | 2,479 | |
Depreciation and amortization | 2,142 | 1,929 | 1,818 | |
Property and other taxes | 607 | 542 | 545 | |
Impairment of assets and other charges | 12 | 82 | 495 | |
Total operating expenses | 10,297 | 8,666 | 8,816 | |
Gains on Sales of Other Assets and Other, net | 11 | 14 | 9 | |
Operating Income | 2,839 | 2,405 | 1,820 | |
Other Income and Expenses | ||||
Other income and expenses, net | 181 | 215 | 129 | |
Total other income and expenses | 181 | 215 | 129 | |
Interest Expense | 844 | 794 | 790 | |
Income Before Income Taxes | 2,176 | 1,826 | 1,159 | |
Income Tax Expense (Benefit) From Continuing Operations | 348 | 227 | 113 | |
Net Income | 1,828 | 1,599 | 1,046 | |
Add: Net Loss Attributable to Noncontrolling Interests | (1) | (1) | ||
Net Income Attributable to Parent | 1,828 | 1,598 | 1,045 | |
Other Comprehensive Income, net of tax | ||||
Pension and OPEB adjustments | 5 | 1 | (1) | |
Net unrealized gain on cash flow hedges | 1 | 3 | 5 | |
Unrealized (losses) gains on available-for-sale securities | (6) | (1) | ||
Other Comprehensive Income (Loss), net of tax | 0 | 4 | 3 | |
Comprehensive Income | 1,828 | 1,603 | 1,049 | |
Add: Comprehensive Loss Attributable to Noncontrolling Interests | 1 | 1 | ||
Comprehensive Income Attributable to Duke Energy Corporation | 1,828 | 1,602 | 1,048 | |
Duke Energy Progress | ||||
Operating Revenues | ||||
Total operating revenues | 6,753 | 5,780 | 5,422 | |
Operating Expenses | ||||
Fuel used in electric generation and purchased power/Cost of natural gas | 2,492 | 1,778 | 1,743 | |
Operation, maintenance and other | 1,475 | 1,467 | 1,332 | |
Depreciation and amortization | 1,187 | 1,097 | 1,116 | |
Property and other taxes | 190 | 159 | 167 | |
Impairment of assets and other charges | 7 | 63 | 499 | |
Total operating expenses | 5,351 | 4,564 | 4,857 | |
Gains on Sales of Other Assets and Other, net | 4 | 13 | 8 | |
Operating Income | 1,406 | 1,229 | 573 | |
Other Income and Expenses | ||||
Other income and expenses, net | 114 | 143 | 75 | |
Total other income and expenses | 114 | 143 | 75 | |
Interest Expense | 354 | 306 | 269 | |
Income From Continuing Operations Before Income Taxes | 1,166 | 1,066 | 379 | |
Income Tax Expense (Benefit) From Continuing Operations | 158 | 75 | (36) | |
Net Income Attributable to Parent | 1,008 | 991 | 415 | |
Other Comprehensive Income, net of tax | ||||
Comprehensive Income Attributable to Duke Energy Corporation | 1,008 | 991 | 415 | |
Duke Energy Florida | ||||
Operating Revenues | ||||
Total operating revenues | 6,353 | 5,259 | 5,188 | |
Operating Expenses | ||||
Fuel used in electric generation and purchased power/Cost of natural gas | 2,586 | 1,806 | 1,737 | |
Operation, maintenance and other | 967 | 1,048 | 1,131 | |
Depreciation and amortization | 955 | 831 | 702 | |
Property and other taxes | 421 | 383 | 381 | |
Impairment of assets and other charges | 4 | 19 | (4) | |
Total operating expenses | 4,933 | 4,087 | 3,947 | |
Gains on Sales of Other Assets and Other, net | 2 | 1 | 1 | |
Operating Income | 1,422 | 1,173 | 1,242 | |
Other Income and Expenses | ||||
Other income and expenses, net | 74 | 71 | 53 | |
Total other income and expenses | 74 | 71 | 53 | |
Interest Expense | 362 | 319 | 326 | |
Income From Continuing Operations Before Income Taxes | 1,134 | 925 | 969 | |
Income Tax Expense (Benefit) From Continuing Operations | 225 | 187 | 198 | |
Net Income Attributable to Parent | 909 | 738 | 771 | |
Other Comprehensive Income, net of tax | ||||
Unrealized (losses) gains on available-for-sale securities | (5) | (1) | (1) | |
Other Comprehensive Income (Loss), net of tax | (5) | (1) | (1) | |
Comprehensive Income Attributable to Duke Energy Corporation | 904 | 737 | 770 | |
Duke Energy Ohio | ||||
Operating Revenues | ||||
Regulated electric | 1,798 | 1,493 | 1,405 | |
Regulated natural gas | 716 | 544 | 453 | |
Total operating revenues | 2,514 | 2,037 | 1,858 | |
Operating Expenses | ||||
Operation, maintenance and other | 523 | 479 | 463 | |
Depreciation and amortization | 324 | 307 | 278 | |
Property and other taxes | 369 | 355 | 324 | |
Impairment of assets and other charges | (10) | 25 | ||
Total operating expenses | 2,124 | 1,711 | 1,477 | |
Gains on Sales of Other Assets and Other, net | 1 | 1 | ||
Operating Income | 391 | 327 | 381 | |
Other Income and Expenses | ||||
Other income and expenses, net | 19 | 18 | 16 | |
Total other income and expenses | 19 | 18 | 16 | |
Interest Expense | 129 | 111 | 102 | |
Income From Continuing Operations Before Income Taxes | 281 | 234 | 295 | |
Income Tax Expense (Benefit) From Continuing Operations | (21) | 30 | 43 | |
Net Income Attributable to Parent | 302 | 204 | 252 | |
Other Comprehensive Income, net of tax | ||||
Comprehensive Income Attributable to Duke Energy Corporation | 302 | 204 | 252 | |
Duke Energy Ohio | Fuel used in electric generation and purchased power | ||||
Operating Expenses | ||||
Fuel used in electric generation and purchased power/Cost of natural gas | 657 | 409 | 339 | |
Duke Energy Ohio | Cost of natural gas | ||||
Operating Expenses | ||||
Fuel used in electric generation and purchased power/Cost of natural gas | 261 | 136 | 73 | |
Duke Energy Indiana | ||||
Operating Revenues | ||||
Total operating revenues | 3,922 | 3,174 | 2,795 | |
Operating Expenses | ||||
Fuel used in electric generation and purchased power/Cost of natural gas | 1,819 | 985 | 767 | |
Operation, maintenance and other | 729 | 750 | 762 | |
Depreciation and amortization | 645 | 615 | 569 | |
Property and other taxes | 75 | 73 | 81 | |
Impairment of assets and other charges | 388 | 9 | ||
Total operating expenses | 3,656 | 2,432 | 2,179 | |
Operating Income | 266 | 742 | 616 | |
Other Income and Expenses | ||||
Other income and expenses, net | 36 | 42 | 37 | |
Total other income and expenses | 36 | 42 | 37 | |
Interest Expense | 189 | 196 | 161 | |
Income From Continuing Operations Before Income Taxes | 113 | 588 | 492 | |
Income Tax Expense (Benefit) From Continuing Operations | (24) | 107 | 84 | |
Net Income Attributable to Parent | 137 | 481 | 408 | |
Other Comprehensive Income, net of tax | ||||
Comprehensive Income Attributable to Duke Energy Corporation | 137 | 481 | 408 | |
Piedmont | ||||
Operating Revenues | ||||
Regulated natural gas | 2,100 | 1,555 | 1,286 | |
Nonregulated electric and other | 24 | 14 | 11 | |
Total operating revenues | 2,124 | 1,569 | 1,297 | |
Operating Expenses | ||||
Fuel used in electric generation and purchased power/Cost of natural gas | 1,015 | 569 | 386 | |
Operation, maintenance and other | 368 | 327 | 322 | |
Depreciation and amortization | 222 | 213 | 180 | |
Property and other taxes | 57 | 55 | 53 | |
Impairment of assets and other charges | 18 | 10 | 7 | |
Total operating expenses | 1,680 | 1,174 | 948 | |
Gains on Sales of Other Assets and Other, net | 4 | 0 | 0 | |
Operating Income | 448 | 395 | 349 | |
Other Income and Expenses | ||||
Equity in earnings (losses) of unconsolidated affiliates | 8 | 9 | 9 | |
Other income and expenses, net | 46 | 55 | 51 | |
Total other income and expenses | 54 | 64 | 60 | |
Interest Expense | 140 | 119 | 118 | |
Income From Continuing Operations Before Income Taxes | 362 | 340 | 291 | |
Income Tax Expense (Benefit) From Continuing Operations | 39 | 30 | 18 | |
Net Income | 323 | 310 | 273 | |
Net Income Attributable to Parent | 323 | 310 | 273 | |
Other Comprehensive Income, net of tax | ||||
Comprehensive Income Attributable to Duke Energy Corporation | $ 323 | $ 310 | $ 273 | |
[1]Net of income tax expense of approximately $52 million for the year ended December 31, 2022, and income tax benefit of approximately $17 million and $35 million for the years ended December 31, 2021, and 2020, respectively. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 2,455 | $ 3,579 | $ 1,082 | |
Other Comprehensive Income, net of tax | ||||
Pension and OPEB adjustments | [1] | (19) | 7 | 6 |
Net unrealized gains (losses) on cash flow hedges | [1] | 285 | (68) | (138) |
Reclassification into earnings from cash flow hedges | [1] | (38) | 13 | 11 |
Net unrealized losses on fair value hedges | [1] | (33) | ||
Unrealized (losses) gains on available-for-sale securities | [1] | (21) | (8) | 3 |
Other Comprehensive Income (Loss), net of tax | [1] | 174 | (56) | (118) |
Comprehensive Income | 2,629 | 3,523 | 964 | |
Add: Comprehensive Loss Attributable to Noncontrolling Interests | 84 | 319 | 306 | |
Comprehensive Income Attributable to Duke Energy Corporation | 2,713 | 3,842 | 1,270 | |
Less: Preferred Dividends | 106 | 106 | 107 | |
Comprehensive Income Available to Duke Energy Corporation Common Stockholders | $ 2,607 | $ 3,736 | $ 1,163 | |
[1]Net of income tax expense of approximately $52 million for the year ended December 31, 2022, and income tax benefit of approximately $17 million and $35 million for the years ended December 31, 2021, and 2020, respectively. |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Other comprehensive income (loss), tax expense (benefit) | $ 52 | $ (17) | $ (35) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Current Assets | ||
Cash and cash equivalents | $ 409 | $ 341 |
Receivables (net of allowance for doubtful accounts) | 1,309 | 1,085 |
Receivables of VIEs (net of allowance for doubtful accounts) | 3,106 | 2,437 |
Inventory | 3,584 | 3,111 |
Current assets held for sale | 262 | 232 |
Regulatory assets (includes amounts related to VIEs) | 3,485 | 2,150 |
Other (including amounts related to VIEs) | 1,067 | 584 |
Total current assets | 13,222 | 9,940 |
Property, Plant and Equipment | ||
Cost | 163,839 | 154,496 |
Accumulated depreciation and amortization | (52,100) | (49,104) |
Facilities to be retired, net | 9 | 144 |
Net property, plant and equipment | 111,748 | 105,536 |
Other Noncurrent Assets | ||
Goodwill | 19,303 | 19,303 |
Regulatory assets (includes amounts related to VIEs) | 14,645 | 12,487 |
Nuclear decommissioning trust funds | 8,637 | 10,401 |
Operating lease right-of-use assets, net | 1,042 | 1,136 |
Investments in equity method unconsolidated affiliates | 455 | 457 |
Noncurrent assets held for sale | 5,634 | 6,695 |
Other (including amounts related to VIEs) | 3,400 | 3,632 |
Total other noncurrent assets | 53,116 | 54,111 |
Total Assets | 178,086 | 169,587 |
Current Liabilities | ||
Accounts payable | 4,754 | 3,531 |
Notes payable and commercial paper | 3,952 | 3,304 |
Taxes accrued | 722 | 731 |
Interest accrued | 626 | 530 |
Current maturities of long-term debt (includes amounts related to VIEs) | 4,154 | 3,387 |
Asset retirement obligations | 773 | 647 |
Regulatory liabilities | 1,466 | 1,211 |
Liabilities associated with assets held for sale | 259 | 167 |
Other | 2,167 | 2,423 |
Total current liabilities | 18,873 | 15,931 |
Long-Term Debt (includes amounts related to VIEs) | 67,061 | 60,448 |
Other Noncurrent Liabilities | ||
Deferred income taxes | 9,964 | 9,379 |
Asset retirement obligations | 11,955 | 11,953 |
Regulatory liabilities | 13,582 | 16,152 |
Operating lease liabilities | 876 | 940 |
Accrued pension and other post-retirement benefit costs | 832 | 855 |
Investment tax credits | 849 | 833 |
Noncurrent liabilities associated with assets held for sale | 739 | 612 |
Other (includes amounts related to VIEs) | 1,502 | 1,348 |
Total other noncurrent liabilities | 40,299 | 42,072 |
Commitments and Contingencies | ||
Equity | ||
Common stock | 1 | 1 |
Additional paid-in capital | 44,862 | 44,371 |
Retained earnings | 2,637 | 3,265 |
Accumulated other comprehensive (loss) income | (140) | (303) |
Total Parent stockholders' equity | 49,322 | 49,296 |
Noncontrolling interests | 2,531 | 1,840 |
Total equity | 51,853 | 51,136 |
Total Liabilities and Equity | $ 178,086 | $ 169,587 |
Common stock, shares authorized (in shares) | 2,000,000,000 | 2,000,000,000 |
VIEs | ||
Current Assets | ||
Regulatory assets (includes amounts related to VIEs) | $ 106 | $ 105 |
Other (including amounts related to VIEs) | 116 | 41 |
Other Noncurrent Assets | ||
Regulatory assets (includes amounts related to VIEs) | 1,715 | 1,824 |
Other (including amounts related to VIEs) | 52 | 30 |
Current Liabilities | ||
Current maturities of long-term debt (includes amounts related to VIEs) | 350 | 76 |
Long-Term Debt (includes amounts related to VIEs) | 3,108 | 3,379 |
Series A Preferred Stock | ||
Equity | ||
Preferred stock | 973 | 973 |
Series B Preferred Stock | ||
Equity | ||
Preferred stock | 989 | 989 |
Duke Energy Carolinas | ||
Current Assets | ||
Cash and cash equivalents | 44 | 7 |
Receivables (net of allowance for doubtful accounts) | 338 | 300 |
Receivables of VIEs (net of allowance for doubtful accounts) | 928 | 844 |
Receivables from affiliated companies | 390 | 190 |
Inventory | 1,164 | 1,026 |
Regulatory assets (includes amounts related to VIEs) | 1,095 | 544 |
Other (including amounts related to VIEs) | 216 | 95 |
Total current assets | 4,175 | 3,006 |
Property, Plant and Equipment | ||
Cost | 54,650 | 51,874 |
Accumulated depreciation and amortization | (18,669) | (17,854) |
Facilities to be retired, net | 0 | 102 |
Net property, plant and equipment | 35,981 | 34,122 |
Other Noncurrent Assets | ||
Regulatory assets (includes amounts related to VIEs) | 4,293 | 2,935 |
Nuclear decommissioning trust funds | 4,783 | 5,759 |
Operating lease right-of-use assets, net | 78 | 92 |
Other (including amounts related to VIEs) | 1,036 | 1,248 |
Total other noncurrent assets | 10,190 | 10,034 |
Total Assets | 50,346 | 47,162 |
Current Liabilities | ||
Accounts payable | 1,472 | 988 |
Accounts payable to affiliated companies | 209 | 266 |
Notes payable to affiliated companies | 1,233 | 226 |
Taxes accrued | 228 | 274 |
Interest accrued | 120 | 125 |
Current maturities of long-term debt (includes amounts related to VIEs) | 1,018 | 362 |
Asset retirement obligations | 261 | 249 |
Regulatory liabilities | 530 | 487 |
Other | 580 | 546 |
Total current liabilities | 5,651 | 3,523 |
Long-Term Debt (includes amounts related to VIEs) | 12,948 | 12,595 |
Long-Term Debt Payable to Affiliated Companies | 300 | 318 |
Other Noncurrent Liabilities | ||
Deferred income taxes | 4,153 | 3,634 |
Asset retirement obligations | 5,121 | 5,052 |
Regulatory liabilities | 5,783 | 7,198 |
Operating lease liabilities | 83 | 78 |
Accrued pension and other post-retirement benefit costs | 38 | 50 |
Investment tax credits | 300 | 287 |
Other (includes amounts related to VIEs) | 527 | 536 |
Total other noncurrent liabilities | 16,005 | 16,835 |
Commitments and Contingencies | ||
Equity | ||
Member's equity | 15,448 | 13,897 |
Accumulated other comprehensive (loss) income | (6) | (6) |
Total member's equity | 15,442 | 13,891 |
Total Liabilities and Equity | 50,346 | 47,162 |
Duke Energy Carolinas | VIEs | ||
Current Assets | ||
Regulatory assets (includes amounts related to VIEs) | 12 | 12 |
Other (including amounts related to VIEs) | 8 | |
Other Noncurrent Assets | ||
Regulatory assets (includes amounts related to VIEs) | 208 | 220 |
Current Liabilities | ||
Current maturities of long-term debt (includes amounts related to VIEs) | 10 | 5 |
Long-Term Debt (includes amounts related to VIEs) | 689 | 703 |
Progress Energy | ||
Current Assets | ||
Cash and cash equivalents | 108 | 70 |
Receivables (net of allowance for doubtful accounts) | 318 | 247 |
Receivables of VIEs (net of allowance for doubtful accounts) | 1,289 | 1,006 |
Receivables from affiliated companies | 22 | 121 |
Inventory | 1,579 | 1,398 |
Regulatory assets (includes amounts related to VIEs) | 1,833 | 1,030 |
Other (including amounts related to VIEs) | 342 | 125 |
Total current assets | 5,491 | 3,997 |
Property, Plant and Equipment | ||
Cost | 64,822 | 60,894 |
Accumulated depreciation and amortization | (20,584) | (19,214) |
Facilities to be retired, net | 26 | |
Net property, plant and equipment | 44,238 | 41,706 |
Other Noncurrent Assets | ||
Goodwill | 3,655 | 3,655 |
Regulatory assets (includes amounts related to VIEs) | 7,146 | 5,909 |
Nuclear decommissioning trust funds | 3,855 | 4,642 |
Operating lease right-of-use assets, net | 628 | 691 |
Other (including amounts related to VIEs) | 1,066 | 1,242 |
Total other noncurrent assets | 16,350 | 16,139 |
Total Assets | 66,079 | 61,842 |
Current Liabilities | ||
Accounts payable | 1,481 | 1,099 |
Accounts payable to affiliated companies | 712 | 506 |
Notes payable to affiliated companies | 843 | 2,809 |
Taxes accrued | 135 | 128 |
Interest accrued | 206 | 192 |
Current maturities of long-term debt (includes amounts related to VIEs) | 697 | 1,082 |
Asset retirement obligations | 289 | 275 |
Regulatory liabilities | 576 | 478 |
Other | 782 | 868 |
Total current liabilities | 5,721 | 7,437 |
Long-Term Debt (includes amounts related to VIEs) | 21,592 | 19,591 |
Long-Term Debt Payable to Affiliated Companies | 150 | 150 |
Other Noncurrent Liabilities | ||
Deferred income taxes | 5,147 | 4,564 |
Asset retirement obligations | 5,892 | 5,837 |
Regulatory liabilities | 4,753 | 5,566 |
Operating lease liabilities | 546 | 606 |
Accrued pension and other post-retirement benefit costs | 292 | 417 |
Investment tax credits | 358 | 364 |
Other (includes amounts related to VIEs) | 222 | 162 |
Total other noncurrent liabilities | 17,210 | 17,516 |
Commitments and Contingencies | ||
Equity | ||
Additional paid-in capital | 11,832 | 9,149 |
Retained earnings | 9,585 | 8,007 |
Accumulated other comprehensive (loss) income | (11) | (11) |
Total Parent stockholders' equity | 21,406 | 17,145 |
Noncontrolling interests | 3 | |
Total equity | 21,406 | 17,148 |
Total Liabilities and Equity | $ 66,079 | $ 61,842 |
Common stock, shares authorized (in shares) | 100 | 100 |
Progress Energy | VIEs | ||
Current Assets | ||
Regulatory assets (includes amounts related to VIEs) | $ 94 | $ 93 |
Other (including amounts related to VIEs) | 88 | 39 |
Other Noncurrent Assets | ||
Regulatory assets (includes amounts related to VIEs) | 1,507 | 1,603 |
Current Liabilities | ||
Current maturities of long-term debt (includes amounts related to VIEs) | 340 | 71 |
Long-Term Debt (includes amounts related to VIEs) | 2,003 | 2,293 |
Duke Energy Progress | ||
Current Assets | ||
Cash and cash equivalents | 49 | 35 |
Receivables (net of allowance for doubtful accounts) | 167 | 127 |
Receivables of VIEs (net of allowance for doubtful accounts) | 793 | 574 |
Receivables from affiliated companies | 25 | 65 |
Inventory | 1,006 | 921 |
Regulatory assets (includes amounts related to VIEs) | 690 | 533 |
Other (including amounts related to VIEs) | 174 | 83 |
Total current assets | 2,904 | 2,338 |
Property, Plant and Equipment | ||
Cost | 38,875 | 37,018 |
Accumulated depreciation and amortization | (14,201) | (13,387) |
Facilities to be retired, net | 26 | |
Net property, plant and equipment | 24,674 | 23,657 |
Other Noncurrent Assets | ||
Regulatory assets (includes amounts related to VIEs) | 4,724 | 4,118 |
Nuclear decommissioning trust funds | 3,430 | 4,089 |
Operating lease right-of-use assets, net | 370 | 389 |
Other (including amounts related to VIEs) | 650 | 792 |
Total other noncurrent assets | 9,174 | 9,388 |
Total Assets | 36,752 | 35,383 |
Current Liabilities | ||
Accounts payable | 601 | 476 |
Accounts payable to affiliated companies | 508 | 310 |
Notes payable to affiliated companies | 238 | 172 |
Taxes accrued | 77 | 163 |
Interest accrued | 101 | 96 |
Current maturities of long-term debt (includes amounts related to VIEs) | 369 | 556 |
Asset retirement obligations | 288 | 274 |
Regulatory liabilities | 332 | 381 |
Other | 384 | 448 |
Total current liabilities | 2,898 | 2,876 |
Long-Term Debt (includes amounts related to VIEs) | 10,568 | 9,543 |
Long-Term Debt Payable to Affiliated Companies | 150 | 150 |
Other Noncurrent Liabilities | ||
Deferred income taxes | 2,477 | 2,208 |
Asset retirement obligations | 5,535 | 5,401 |
Regulatory liabilities | 4,120 | 4,868 |
Operating lease liabilities | 335 | 350 |
Accrued pension and other post-retirement benefit costs | 160 | 221 |
Investment tax credits | 124 | 128 |
Other (includes amounts related to VIEs) | 76 | 87 |
Total other noncurrent liabilities | 12,827 | 13,263 |
Commitments and Contingencies | ||
Equity | ||
Total member's equity | 10,309 | 9,551 |
Total Liabilities and Equity | 36,752 | 35,383 |
Duke Energy Progress | VIEs | ||
Current Assets | ||
Regulatory assets (includes amounts related to VIEs) | 39 | 39 |
Other (including amounts related to VIEs) | 42 | |
Other Noncurrent Assets | ||
Regulatory assets (includes amounts related to VIEs) | 681 | 720 |
Current Liabilities | ||
Current maturities of long-term debt (includes amounts related to VIEs) | 34 | 15 |
Long-Term Debt (includes amounts related to VIEs) | 1,114 | 1,097 |
Duke Energy Florida | ||
Current Assets | ||
Cash and cash equivalents | 45 | 23 |
Receivables (net of allowance for doubtful accounts) | 148 | 117 |
Receivables of VIEs (net of allowance for doubtful accounts) | 496 | 432 |
Receivables from affiliated companies | 2 | 16 |
Inventory | 573 | 477 |
Regulatory assets (includes amounts related to VIEs) | 1,143 | 497 |
Other (including amounts related to VIEs) | 108 | 80 |
Total current assets | 2,515 | 1,642 |
Property, Plant and Equipment | ||
Cost | 25,940 | 23,865 |
Accumulated depreciation and amortization | (6,377) | (5,819) |
Net property, plant and equipment | 19,563 | 18,046 |
Other Noncurrent Assets | ||
Regulatory assets (includes amounts related to VIEs) | 2,422 | 1,791 |
Nuclear decommissioning trust funds | 424 | 553 |
Operating lease right-of-use assets, net | 258 | 302 |
Other (including amounts related to VIEs) | 372 | 399 |
Total other noncurrent assets | 3,476 | 3,045 |
Total Assets | 25,554 | 22,733 |
Current Liabilities | ||
Accounts payable | 880 | 623 |
Accounts payable to affiliated companies | 177 | 209 |
Notes payable to affiliated companies | 605 | 199 |
Taxes accrued | 53 | 51 |
Interest accrued | 80 | 68 |
Current maturities of long-term debt (includes amounts related to VIEs) | 328 | 76 |
Asset retirement obligations | 1 | 1 |
Regulatory liabilities | 244 | 98 |
Other | 363 | 408 |
Total current liabilities | 2,731 | 1,733 |
Long-Term Debt (includes amounts related to VIEs) | 9,381 | 8,406 |
Other Noncurrent Liabilities | ||
Deferred income taxes | 2,789 | 2,434 |
Asset retirement obligations | 357 | 436 |
Regulatory liabilities | 633 | 698 |
Operating lease liabilities | 211 | 256 |
Accrued pension and other post-retirement benefit costs | 111 | 166 |
Investment tax credits | 234 | 236 |
Other (includes amounts related to VIEs) | 84 | 73 |
Total other noncurrent liabilities | 4,419 | 4,299 |
Commitments and Contingencies | ||
Equity | ||
Member's equity | 9,031 | 8,298 |
Accumulated other comprehensive (loss) income | (8) | (3) |
Total member's equity | 9,023 | 8,295 |
Total Liabilities and Equity | 25,554 | 22,733 |
Duke Energy Florida | VIEs | ||
Current Assets | ||
Regulatory assets (includes amounts related to VIEs) | 55 | 54 |
Other (including amounts related to VIEs) | 46 | 39 |
Other Noncurrent Assets | ||
Regulatory assets (includes amounts related to VIEs) | 826 | 883 |
Current Liabilities | ||
Current maturities of long-term debt (includes amounts related to VIEs) | 306 | 56 |
Long-Term Debt (includes amounts related to VIEs) | 890 | 1,196 |
Duke Energy Ohio | ||
Current Assets | ||
Cash and cash equivalents | 16 | 13 |
Receivables (net of allowance for doubtful accounts) | 73 | 96 |
Receivables from affiliated companies | 247 | 122 |
Notes receivable from affiliated companies | 15 | |
Inventory | 144 | 116 |
Regulatory assets (includes amounts related to VIEs) | 103 | 72 |
Other (including amounts related to VIEs) | 86 | 57 |
Total current assets | 669 | 491 |
Property, Plant and Equipment | ||
Cost | 12,497 | 11,725 |
Accumulated depreciation and amortization | (3,250) | (3,106) |
Facilities to be retired, net | 6 | |
Net property, plant and equipment | 9,247 | 8,625 |
Other Noncurrent Assets | ||
Goodwill | 920 | 920 |
Regulatory assets (includes amounts related to VIEs) | 581 | 635 |
Operating lease right-of-use assets, net | 18 | 19 |
Other (including amounts related to VIEs) | 71 | 84 |
Total other noncurrent assets | 1,590 | 1,658 |
Total Assets | 11,506 | 10,774 |
Current Liabilities | ||
Accounts payable | 380 | 348 |
Accounts payable to affiliated companies | 72 | 64 |
Notes payable to affiliated companies | 497 | 103 |
Taxes accrued | 317 | 275 |
Interest accrued | 29 | 30 |
Current maturities of long-term debt (includes amounts related to VIEs) | 475 | |
Asset retirement obligations | 17 | 13 |
Regulatory liabilities | 99 | 62 |
Other | 74 | 82 |
Total current liabilities | 1,960 | 977 |
Long-Term Debt (includes amounts related to VIEs) | 2,745 | 3,168 |
Long-Term Debt Payable to Affiliated Companies | 25 | 25 |
Other Noncurrent Liabilities | ||
Deferred income taxes | 1,136 | 1,050 |
Asset retirement obligations | 137 | 123 |
Regulatory liabilities | 534 | 739 |
Operating lease liabilities | 17 | 18 |
Accrued pension and other post-retirement benefit costs | 90 | 109 |
Other (includes amounts related to VIEs) | 96 | 101 |
Total other noncurrent liabilities | 2,010 | 2,140 |
Commitments and Contingencies | ||
Equity | ||
Common stock | 762 | 762 |
Additional paid-in capital | 3,100 | 3,100 |
Retained earnings | 904 | 602 |
Total Parent stockholders' equity | 4,766 | 4,464 |
Total Liabilities and Equity | $ 11,506 | $ 10,774 |
Common stock, shares authorized (in shares) | 120,000,000 | 120,000,000 |
Duke Energy Indiana | ||
Current Assets | ||
Cash and cash equivalents | $ 31 | $ 6 |
Receivables (net of allowance for doubtful accounts) | 112 | 100 |
Receivables from affiliated companies | 298 | 98 |
Notes receivable from affiliated companies | 134 | |
Inventory | 489 | 418 |
Regulatory assets (includes amounts related to VIEs) | 249 | 277 |
Other (including amounts related to VIEs) | 197 | 68 |
Total current assets | 1,376 | 1,101 |
Property, Plant and Equipment | ||
Cost | 18,121 | 17,343 |
Accumulated depreciation and amortization | (6,021) | (5,583) |
Net property, plant and equipment | 12,100 | 11,760 |
Other Noncurrent Assets | ||
Regulatory assets (includes amounts related to VIEs) | 875 | 1,278 |
Operating lease right-of-use assets, net | 49 | 53 |
Other (including amounts related to VIEs) | 254 | 296 |
Total other noncurrent assets | 1,178 | 1,627 |
Total Assets | 14,654 | 14,488 |
Current Liabilities | ||
Accounts payable | 391 | 282 |
Accounts payable to affiliated companies | 206 | 221 |
Notes payable to affiliated companies | 435 | |
Taxes accrued | 92 | 73 |
Interest accrued | 48 | 49 |
Current maturities of long-term debt (includes amounts related to VIEs) | 303 | 84 |
Asset retirement obligations | 207 | 110 |
Regulatory liabilities | 187 | 127 |
Other | 161 | 105 |
Total current liabilities | 2,030 | 1,051 |
Long-Term Debt (includes amounts related to VIEs) | 3,854 | 4,089 |
Long-Term Debt Payable to Affiliated Companies | 150 | 150 |
Other Noncurrent Liabilities | ||
Deferred income taxes | 1,299 | 1,303 |
Asset retirement obligations | 744 | 877 |
Regulatory liabilities | 1,454 | 1,565 |
Operating lease liabilities | 47 | 50 |
Accrued pension and other post-retirement benefit costs | 122 | 167 |
Investment tax credits | 186 | 177 |
Other (includes amounts related to VIEs) | 65 | 44 |
Total other noncurrent liabilities | 3,917 | 4,183 |
Commitments and Contingencies | ||
Equity | ||
Member's equity | 4,702 | 5,015 |
Accumulated other comprehensive (loss) income | 1 | |
Total member's equity | 4,703 | 5,015 |
Total Liabilities and Equity | 14,654 | 14,488 |
Piedmont | ||
Current Assets | ||
Receivables (net of allowance for doubtful accounts) | 436 | 318 |
Receivables from affiliated companies | 11 | 11 |
Inventory | 172 | 109 |
Regulatory assets (includes amounts related to VIEs) | 119 | 141 |
Other (including amounts related to VIEs) | 4 | 9 |
Total current assets | 742 | 588 |
Property, Plant and Equipment | ||
Cost | 10,869 | 9,918 |
Accumulated depreciation and amortization | (2,081) | (1,899) |
Facilities to be retired, net | 9 | 11 |
Net property, plant and equipment | 8,797 | 8,030 |
Other Noncurrent Assets | ||
Goodwill | 49 | 49 |
Regulatory assets (includes amounts related to VIEs) | 392 | 316 |
Operating lease right-of-use assets, net | 4 | 16 |
Investments in equity method unconsolidated affiliates | 79 | 95 |
Other (including amounts related to VIEs) | 272 | 288 |
Total other noncurrent assets | 796 | 764 |
Total Assets | 10,335 | 9,382 |
Current Liabilities | ||
Accounts payable | 345 | 196 |
Accounts payable to affiliated companies | 51 | 40 |
Notes payable to affiliated companies | 514 | 518 |
Taxes accrued | 74 | 63 |
Interest accrued | 40 | 37 |
Current maturities of long-term debt (includes amounts related to VIEs) | 45 | 0 |
Regulatory liabilities | 74 | 56 |
Other | 81 | 81 |
Total current liabilities | 1,224 | 991 |
Long-Term Debt (includes amounts related to VIEs) | 3,318 | 2,968 |
Other Noncurrent Liabilities | ||
Deferred income taxes | 870 | 815 |
Asset retirement obligations | 26 | 22 |
Regulatory liabilities | 1,024 | 1,058 |
Operating lease liabilities | 13 | 14 |
Accrued pension and other post-retirement benefit costs | 7 | 7 |
Other (includes amounts related to VIEs) | 180 | 158 |
Total other noncurrent liabilities | 2,120 | 2,074 |
Commitments and Contingencies | ||
Equity | ||
Common stock | 1,635 | 1,635 |
Retained earnings | 2,037 | 1,714 |
Total Parent stockholders' equity | 3,672 | 3,349 |
Noncontrolling interests | 1 | |
Total equity | 3,673 | 3,349 |
Total Liabilities and Equity | $ 10,335 | $ 9,382 |
Common stock, shares authorized (in shares) | 100 | 100 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Allowance for doubtful accounts - receivables | $ 40 | $ 45 |
Regulatory Assets: Current | 3,485 | 2,150 |
Current Assets: Other | 1,067 | 584 |
Other Noncurrent Assets: Regulatory assets | 14,645 | 12,487 |
Other (including amounts related to VIEs) | 3,400 | 3,632 |
Current maturities of long-term debt | 4,154 | 3,387 |
Long-term debt | 67,061 | 60,448 |
Other (includes amounts related to VIEs) | $ 1,502 | $ 1,348 |
Common stock, par value (usd per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 2,000,000,000 | 2,000,000,000 |
Common stock, shares outstanding (in shares) | 770,000,000 | 769,000,000 |
Membership interests | $ 2,531 | $ 1,840 |
Total pretax impact to Retained Earnings | 51,853 | 51,136 |
Stockholders' Equity Attributable to Parent | 49,322 | 49,296 |
VIEs | ||
Allowance for doubtful accounts - receivables of VIEs | 176 | 76 |
Regulatory Assets: Current | 106 | 105 |
Current Assets: Other | 116 | 41 |
Other Noncurrent Assets: Regulatory assets | 1,715 | 1,824 |
Other (including amounts related to VIEs) | 52 | 30 |
Current maturities of long-term debt | 350 | 76 |
Long-term debt | $ 3,108 | $ 3,379 |
Series A Preferred Stock | ||
Preferred stock, par value (in usd per share) | $ 0.001 | $ 0.001 |
Preferred stock, depositary shares authorized (in shares) | 40,000,000 | 40,000,000 |
Preferred stock, depositary shares outstanding (in shares) | 40,000,000 | 40,000,000 |
Series B Preferred Stock | ||
Preferred stock, par value (in usd per share) | $ 0.001 | $ 0.001 |
Preferred stock, depositary shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, depositary shares outstanding (in shares) | 1,000,000 | 1,000,000 |
Duke Energy Carolinas | ||
Allowance for doubtful accounts - receivables | $ 3 | $ 1 |
Regulatory Assets: Current | 1,095 | 544 |
Current Assets: Other | 216 | 95 |
Other Noncurrent Assets: Regulatory assets | 4,293 | 2,935 |
Other (including amounts related to VIEs) | 1,036 | 1,248 |
Current maturities of long-term debt | 1,018 | 362 |
Long-term debt | 12,948 | 12,595 |
Other (includes amounts related to VIEs) | 527 | 536 |
Duke Energy Carolinas | VIEs | ||
Allowance for doubtful accounts - receivables of VIEs | 65 | 41 |
Regulatory Assets: Current | 12 | 12 |
Current Assets: Other | 8 | |
Other Noncurrent Assets: Regulatory assets | 208 | 220 |
Current maturities of long-term debt | 10 | 5 |
Long-term debt | 689 | 703 |
Progress Energy | ||
Allowance for doubtful accounts - receivables | 13 | 11 |
Regulatory Assets: Current | 1,833 | 1,030 |
Current Assets: Other | 342 | 125 |
Other Noncurrent Assets: Regulatory assets | 7,146 | 5,909 |
Other (including amounts related to VIEs) | 1,066 | 1,242 |
Current maturities of long-term debt | 697 | 1,082 |
Long-term debt | 21,592 | 19,591 |
Other (includes amounts related to VIEs) | $ 222 | $ 162 |
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100 | 100 |
Common stock, shares outstanding (in shares) | 100 | 100 |
Membership interests | $ 3 | |
Total pretax impact to Retained Earnings | $ 21,406 | 17,148 |
Stockholders' Equity Attributable to Parent | 21,406 | 17,145 |
Progress Energy | VIEs | ||
Allowance for doubtful accounts - receivables of VIEs | 68 | 25 |
Regulatory Assets: Current | 94 | 93 |
Current Assets: Other | 88 | 39 |
Other Noncurrent Assets: Regulatory assets | 1,507 | 1,603 |
Current maturities of long-term debt | 340 | 71 |
Long-term debt | 2,003 | 2,293 |
Duke Energy Progress | ||
Allowance for doubtful accounts - receivables | 4 | 4 |
Regulatory Assets: Current | 690 | 533 |
Current Assets: Other | 174 | 83 |
Other Noncurrent Assets: Regulatory assets | 4,724 | 4,118 |
Other (including amounts related to VIEs) | 650 | 792 |
Current maturities of long-term debt | 369 | 556 |
Long-term debt | 10,568 | 9,543 |
Other (includes amounts related to VIEs) | 76 | 87 |
Duke Energy Progress | VIEs | ||
Allowance for doubtful accounts - receivables of VIEs | 40 | 17 |
Regulatory Assets: Current | 39 | 39 |
Current Assets: Other | 42 | |
Other Noncurrent Assets: Regulatory assets | 681 | 720 |
Current maturities of long-term debt | 34 | 15 |
Long-term debt | 1,114 | 1,097 |
Duke Energy Florida | ||
Allowance for doubtful accounts - receivables | 8 | 8 |
Regulatory Assets: Current | 1,143 | 497 |
Current Assets: Other | 108 | 80 |
Other Noncurrent Assets: Regulatory assets | 2,422 | 1,791 |
Other (including amounts related to VIEs) | 372 | 399 |
Current maturities of long-term debt | 328 | 76 |
Long-term debt | 9,381 | 8,406 |
Other (includes amounts related to VIEs) | 84 | 73 |
Duke Energy Florida | VIEs | ||
Allowance for doubtful accounts - receivables of VIEs | 28 | 8 |
Regulatory Assets: Current | 55 | 54 |
Current Assets: Other | 46 | 39 |
Other Noncurrent Assets: Regulatory assets | 826 | 883 |
Current maturities of long-term debt | 306 | 56 |
Long-term debt | 890 | 1,196 |
Duke Energy Ohio | ||
Allowance for doubtful accounts - receivables | 6 | 4 |
Regulatory Assets: Current | 103 | 72 |
Current Assets: Other | 86 | 57 |
Other Noncurrent Assets: Regulatory assets | 581 | 635 |
Other (including amounts related to VIEs) | 71 | 84 |
Current maturities of long-term debt | 475 | |
Long-term debt | 2,745 | 3,168 |
Other (includes amounts related to VIEs) | $ 96 | $ 101 |
Common stock, par value (usd per share) | $ 8.50 | $ 8.50 |
Common stock, shares authorized (in shares) | 120,000,000 | 120,000,000 |
Common stock, shares outstanding (in shares) | 90,000,000 | 90,000,000 |
Stockholders' Equity Attributable to Parent | $ 4,766 | $ 4,464 |
Duke Energy Indiana | ||
Allowance for doubtful accounts - receivables | 4 | 3 |
Regulatory Assets: Current | 249 | 277 |
Current Assets: Other | 197 | 68 |
Other Noncurrent Assets: Regulatory assets | 875 | 1,278 |
Other (including amounts related to VIEs) | 254 | 296 |
Current maturities of long-term debt | 303 | 84 |
Long-term debt | 3,854 | 4,089 |
Other (includes amounts related to VIEs) | 65 | 44 |
Piedmont | ||
Allowance for doubtful accounts - receivables | 14 | 15 |
Regulatory Assets: Current | 119 | 141 |
Current Assets: Other | 4 | 9 |
Other Noncurrent Assets: Regulatory assets | 392 | 316 |
Other (including amounts related to VIEs) | 272 | 288 |
Current maturities of long-term debt | 45 | 0 |
Long-term debt | 3,318 | 2,968 |
Other (includes amounts related to VIEs) | $ 180 | $ 158 |
Preferred stock, par value (in usd per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 100 | 100 |
Common stock, shares outstanding (in shares) | 100 | 100 |
Membership interests | $ 1 | |
Total pretax impact to Retained Earnings | 3,673 | $ 3,349 |
Stockholders' Equity Attributable to Parent | $ 3,672 | $ 3,349 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net income | $ 2,455 | $ 3,579 | $ 1,082 | |
Net loss attributable to Duke Energy | 2,550 | 3,908 | 1,377 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation, amortization and accretion (including amortization of nuclear fuel) | 5,843 | 5,663 | 5,486 | |
Equity in (earnings) losses of unconsolidated affiliates | (114) | (28) | 2,005 | |
Equity component of AFUDC | (197) | (171) | (154) | |
Impairment of assets and other charges | 2,183 | 356 | 984 | |
Deferred income taxes | (200) | 191 | 54 | |
Contributions to qualified pension plans | (58) | |||
Payments for asset retirement obligations | (584) | (540) | (610) | |
Provision for rate refunds | (130) | (70) | (22) | |
Refund of AMT credit carryforwards | 572 | |||
(Increase) decrease in | ||||
Net realized and unrealized mark-to-market and hedging transactions | 19 | 50 | 63 | |
Receivables | (788) | (297) | (56) | |
Inventory | (476) | (34) | 66 | |
Other current assets | [1] | (1,498) | (1,136) | 205 |
Increase (decrease) in | ||||
Accounts payable | 805 | 249 | (21) | |
Taxes accrued | 10 | 284 | 117 | |
Other current liabilities | (153) | (13) | (65) | |
Other assets | [1] | (1,600) | 112 | (408) |
Other liabilities | 410 | 95 | (442) | |
Net cash provided by (used in) operating activities | 5,927 | 8,290 | 8,856 | |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Capital expenditures | (11,367) | (9,715) | (9,907) | |
Contributions to equity method investments | (58) | (81) | (370) | |
Return of investment capital | 6 | 44 | 133 | |
Purchases of debt and equity securities | (4,243) | (6,098) | (8,011) | |
Proceeds from sales and maturities of debt and equity securities | 4,333 | 6,103 | 7,949 | |
Disbursements to canceled equity method investments | (855) | |||
Other | (644) | (333) | (398) | |
Net cash used in investing activities | (11,973) | (10,935) | (10,604) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from the issuance of long-term debt | 11,874 | 9,052 | 6,330 | |
Proceeds from the issuance of common stock | 9 | 5 | 2,745 | |
Payments for the redemption of long-term debt | (4,396) | (5,294) | (4,506) | |
Proceeds from the issuance of short-term debt with original maturities greater than 90 days | 80 | 332 | 3,009 | |
Payments for the redemption of short-term debt with original maturities greater than 90 days | (287) | (997) | (2,147) | |
Notes payable and commercial paper | 781 | 1,144 | (1,181) | |
Contributions from noncontrolling interests | 1,377 | 1,575 | 426 | |
Dividends paid | (3,179) | (3,114) | (2,812) | |
Other | (130) | (94) | (133) | |
Net cash provided by financing activities | 6,129 | 2,609 | 1,731 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 83 | (36) | (17) | |
Cash, cash equivalents and restricted cash at beginning of period | 520 | 556 | 573 | |
Cash, cash equivalents and restricted cash at end of period | 603 | 520 | 556 | |
Cash, cash equivalents and restricted cash at beginning of period | 341 | |||
Cash, cash equivalents and restricted cash at end of period | 409 | 341 | ||
Supplemental Disclosures: | ||||
Cash paid for interest, net of amount capitalized | 2,361 | 2,248 | 2,186 | |
Cash received from income taxes | (6) | (3) | (585) | |
Significant non-cash transactions: | ||||
Accrued capital expenditures | 1,766 | 1,325 | 1,116 | |
Non-cash dividends | 110 | |||
Duke Energy Carolinas | ||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net loss attributable to Duke Energy | 1,600 | 1,336 | 956 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation, amortization and accretion (including amortization of nuclear fuel) | 1,787 | 1,743 | 1,731 | |
Equity component of AFUDC | (98) | (65) | (62) | |
Impairment of assets and other charges | 26 | 227 | 476 | |
Deferred income taxes | 210 | (213) | (260) | |
Contributions to qualified pension plans | (15) | |||
Payments for asset retirement obligations | (200) | (182) | (162) | |
Provision for rate refunds | (74) | (46) | (5) | |
(Increase) decrease in | ||||
Net realized and unrealized mark-to-market and hedging transactions | (4) | |||
Receivables | (102) | (99) | 52 | |
Receivables from affiliated companies | (200) | (66) | (10) | |
Inventory | (138) | (16) | (14) | |
Other current assets | [2] | (592) | (309) | 209 |
Increase (decrease) in | ||||
Accounts payable | 377 | 5 | 55 | |
Accounts payable to affiliated companies | (75) | 85 | (11) | |
Taxes accrued | (46) | 206 | 30 | |
Other current liabilities | (91) | (39) | (56) | |
Other assets | [2] | (764) | 21 | (102) |
Other liabilities | (36) | 116 | (47) | |
Net cash provided by (used in) operating activities | 1,569 | 2,704 | 2,776 | |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Capital expenditures | (3,304) | (2,693) | (2,669) | |
Purchases of debt and equity securities | (2,633) | (3,425) | (1,602) | |
Proceeds from sales and maturities of debt and equity securities | 2,633 | 3,425 | 1,602 | |
Other | (181) | (177) | (164) | |
Net cash used in investing activities | (3,485) | (2,870) | (2,833) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from the issuance of long-term debt | 1,441 | 1,651 | 998 | |
Payments for the redemption of long-term debt | (436) | (617) | (813) | |
Notes payable to affiliated companies | 1,007 | (280) | 477 | |
Distributions to parent | (50) | (600) | (600) | |
Other | (1) | (1) | (2) | |
Net cash provided by financing activities | 1,961 | 153 | 60 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 45 | (13) | 3 | |
Cash, cash equivalents and restricted cash at beginning of period | 8 | 21 | 18 | |
Cash, cash equivalents and restricted cash at end of period | 53 | 8 | 21 | |
Cash, cash equivalents and restricted cash at beginning of period | 7 | |||
Cash, cash equivalents and restricted cash at end of period | 44 | 7 | ||
Supplemental Disclosures: | ||||
Cash paid for interest, net of amount capitalized | 546 | 508 | 481 | |
Cash received from income taxes | (60) | 233 | 321 | |
Significant non-cash transactions: | ||||
Accrued capital expenditures | 475 | 359 | 365 | |
Progress Energy | ||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net income | 1,828 | 1,599 | 1,046 | |
Net loss attributable to Duke Energy | 1,828 | 1,598 | 1,045 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation, amortization and accretion (including amortization of nuclear fuel) | 2,405 | 2,302 | 2,327 | |
Equity component of AFUDC | (68) | (51) | (42) | |
Impairment of assets and other charges | 12 | 82 | 495 | |
Deferred income taxes | 364 | 247 | (197) | |
Contributions to qualified pension plans | (13) | |||
Payments for asset retirement obligations | (291) | (288) | (384) | |
Provision for rate refunds | (58) | (36) | 2 | |
(Increase) decrease in | ||||
Net realized and unrealized mark-to-market and hedging transactions | 51 | (9) | ||
Receivables | (322) | (97) | (69) | |
Receivables from affiliated companies | 117 | 18 | (81) | |
Inventory | (183) | (26) | 49 | |
Other current assets | [3] | (937) | (551) | 223 |
Increase (decrease) in | ||||
Accounts payable | 222 | 59 | (62) | |
Accounts payable to affiliated companies | 206 | 217 | (21) | |
Taxes accrued | 8 | 13 | 75 | |
Other current liabilities | 96 | (32) | 139 | |
Other assets | [3] | (1,116) | (110) | (137) |
Other liabilities | 573 | (99) | (177) | |
Net cash provided by (used in) operating activities | 2,843 | 3,298 | 3,177 | |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Capital expenditures | (4,317) | (3,668) | (3,488) | |
Purchases of debt and equity securities | (1,341) | (2,233) | (5,998) | |
Proceeds from sales and maturities of debt and equity securities | 1,417 | 2,322 | 6,010 | |
Notes receivable from affiliated companies | 0 | 164 | ||
Other | (137) | (156) | (160) | |
Net cash used in investing activities | (4,378) | (3,735) | (3,472) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from the issuance of long-term debt | 2,775 | 3,095 | 1,791 | |
Payments for the redemption of long-term debt | (1,173) | (1,883) | (2,157) | |
Notes payable to affiliated companies | 465 | (160) | 1,148 | |
Dividends to parent | (425) | (700) | (400) | |
Other | (36) | (2) | (13) | |
Net cash provided by financing activities | 1,606 | 350 | 369 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 71 | (87) | 74 | |
Cash, cash equivalents and restricted cash at beginning of period | 113 | 200 | 126 | |
Cash, cash equivalents and restricted cash at end of period | 184 | 113 | 200 | |
Cash, cash equivalents and restricted cash at beginning of period | 70 | |||
Cash, cash equivalents and restricted cash at end of period | 108 | 70 | ||
Supplemental Disclosures: | ||||
Cash paid for interest, net of amount capitalized | 854 | 813 | 819 | |
Cash received from income taxes | 79 | 14 | 149 | |
Significant non-cash transactions: | ||||
Accrued capital expenditures | 663 | 501 | 363 | |
Duke Energy Progress | ||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net loss attributable to Duke Energy | 1,008 | 991 | 415 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation, amortization and accretion (including amortization of nuclear fuel) | 1,371 | 1,286 | 1,299 | |
Equity component of AFUDC | (52) | (34) | (29) | |
Impairment of assets and other charges | 7 | 63 | 499 | |
Deferred income taxes | 121 | (46) | (234) | |
Contributions to qualified pension plans | (8) | |||
Payments for asset retirement obligations | (193) | (187) | (304) | |
Provision for rate refunds | (58) | (36) | 2 | |
(Increase) decrease in | ||||
Net realized and unrealized mark-to-market and hedging transactions | 48 | 1 | ||
Receivables | (228) | (52) | (4) | |
Receivables from affiliated companies | 58 | (33) | 2 | |
Inventory | (85) | (11) | 23 | |
Other current assets | [4] | (207) | (147) | 98 |
Increase (decrease) in | ||||
Accounts payable | 20 | 12 | (127) | |
Accounts payable to affiliated companies | 198 | 95 | 12 | |
Taxes accrued | (86) | 83 | 68 | |
Other current liabilities | 13 | (23) | 157 | |
Other assets | [4] | (416) | (37) | (215) |
Other liabilities | 38 | (16) | 3 | |
Net cash provided by (used in) operating activities | 1,501 | 1,956 | 1,666 | |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Capital expenditures | (2,070) | (1,746) | (1,581) | |
Purchases of debt and equity securities | (1,148) | (1,931) | (1,555) | |
Proceeds from sales and maturities of debt and equity securities | 1,138 | 1,914 | 1,516 | |
Other | (29) | (20) | (57) | |
Net cash used in investing activities | (2,109) | (1,783) | (1,677) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from the issuance of long-term debt | 1,477 | 1,959 | 1,296 | |
Payments for the redemption of long-term debt | (645) | (1,308) | (1,085) | |
Notes payable to affiliated companies | 67 | (123) | 229 | |
Distributions to parent | (250) | (700) | (400) | |
Other | (1) | (1) | (12) | |
Net cash provided by financing activities | 648 | (173) | 28 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 40 | 0 | 17 | |
Cash, cash equivalents and restricted cash at beginning of period | 39 | 39 | 22 | |
Cash, cash equivalents and restricted cash at end of period | 79 | 39 | 39 | |
Cash, cash equivalents and restricted cash at beginning of period | 35 | |||
Cash, cash equivalents and restricted cash at end of period | 49 | 35 | ||
Supplemental Disclosures: | ||||
Cash paid for interest, net of amount capitalized | 386 | 335 | 301 | |
Cash received from income taxes | 157 | 83 | 123 | |
Significant non-cash transactions: | ||||
Accrued capital expenditures | 269 | 163 | 149 | |
Duke Energy Florida | ||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net loss attributable to Duke Energy | 909 | 738 | 771 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation, amortization and accretion (including amortization of nuclear fuel) | 1,032 | 1,011 | 1,019 | |
Equity component of AFUDC | (16) | (16) | (12) | |
Impairment of assets and other charges | 4 | 19 | (4) | |
Deferred income taxes | 285 | 279 | 27 | |
Contributions to qualified pension plans | (5) | |||
Payments for asset retirement obligations | (98) | (101) | (80) | |
(Increase) decrease in | ||||
Net realized and unrealized mark-to-market and hedging transactions | 0 | (14) | ||
Receivables | (93) | (45) | (64) | |
Receivables from affiliated companies | 14 | (13) | (3) | |
Inventory | (98) | (15) | 26 | |
Other current assets | [5] | (640) | (451) | 40 |
Increase (decrease) in | ||||
Accounts payable | 202 | 47 | 66 | |
Accounts payable to affiliated companies | (32) | 124 | (46) | |
Taxes accrued | 2 | (30) | 39 | |
Other current liabilities | 62 | (7) | (7) | |
Other assets | [5] | (704) | (69) | 84 |
Other liabilities | 18 | (69) | (181) | |
Net cash provided by (used in) operating activities | 842 | 1,402 | 1,661 | |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Capital expenditures | (2,247) | (1,923) | (1,907) | |
Purchases of debt and equity securities | (193) | (302) | (4,443) | |
Proceeds from sales and maturities of debt and equity securities | 279 | 408 | 4,495 | |
Notes receivable from affiliated companies | 173 | |||
Other | (108) | (136) | (103) | |
Net cash used in investing activities | (2,269) | (1,953) | (1,785) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from the issuance of long-term debt | 1,298 | 1,135 | 495 | |
Payments for the redemption of long-term debt | (77) | (575) | (572) | |
Notes payable to affiliated companies | 406 | 3 | 196 | |
Distributions to parent | (175) | |||
Other | (1) | (1) | ||
Net cash provided by financing activities | 1,451 | 563 | 118 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 24 | 12 | (6) | |
Cash, cash equivalents and restricted cash at beginning of period | 62 | 50 | 56 | |
Cash, cash equivalents and restricted cash at end of period | 86 | 62 | 50 | |
Cash, cash equivalents and restricted cash at beginning of period | 23 | |||
Cash, cash equivalents and restricted cash at end of period | 45 | 23 | ||
Supplemental Disclosures: | ||||
Cash paid for interest, net of amount capitalized | 339 | 308 | 321 | |
Cash received from income taxes | (83) | (15) | 138 | |
Significant non-cash transactions: | ||||
Accrued capital expenditures | 394 | 337 | 214 | |
Duke Energy Ohio | ||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net loss attributable to Duke Energy | 302 | 204 | 252 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation, amortization and accretion (including amortization of nuclear fuel) | 328 | 311 | 283 | |
Equity component of AFUDC | (7) | (7) | (7) | |
Impairment of assets and other charges | (10) | 25 | ||
Deferred income taxes | (22) | 42 | 31 | |
Contributions to qualified pension plans | (3) | |||
Payments for asset retirement obligations | (12) | (2) | (2) | |
Provision for rate refunds | 5 | 16 | 14 | |
(Increase) decrease in | ||||
Receivables | 23 | 6 | (13) | |
Receivables from affiliated companies | (5) | (25) | 9 | |
Inventory | (28) | (6) | 25 | |
Other current assets | (55) | (60) | (18) | |
Increase (decrease) in | ||||
Accounts payable | 44 | 38 | 2 | |
Accounts payable to affiliated companies | 8 | (4) | ||
Taxes accrued | 42 | 26 | 30 | |
Other current liabilities | (63) | 11 | 3 | |
Other assets | (29) | (43) | (32) | |
Other liabilities | 64 | 27 | (2) | |
Net cash provided by (used in) operating activities | 582 | 559 | 575 | |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Capital expenditures | (850) | (848) | (834) | |
Notes receivable from affiliated companies | (105) | (10) | (19) | |
Other | (67) | (60) | (48) | |
Net cash used in investing activities | (1,022) | (918) | (901) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from the issuance of long-term debt | 50 | 150 | 467 | |
Payments for the redemption of long-term debt | (50) | |||
Notes payable to affiliated companies | 395 | (67) | (144) | |
Contribution from parent | 325 | |||
Other | (2) | |||
Net cash provided by financing activities | 443 | 358 | 323 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 3 | (1) | (3) | |
Cash, cash equivalents and restricted cash at beginning of period | 13 | 14 | 17 | |
Cash, cash equivalents and restricted cash at end of period | 16 | 13 | 14 | |
Supplemental Disclosures: | ||||
Cash paid for interest, net of amount capitalized | 126 | 107 | 97 | |
Cash received from income taxes | (35) | 9 | ||
Significant non-cash transactions: | ||||
Accrued capital expenditures | 123 | 135 | 104 | |
Duke Energy Indiana | ||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net loss attributable to Duke Energy | 137 | 481 | 408 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation, amortization and accretion (including amortization of nuclear fuel) | 648 | 619 | 572 | |
Equity component of AFUDC | (13) | (27) | (23) | |
Impairment of assets and other charges | 388 | 9 | ||
Deferred income taxes | (64) | 34 | 29 | |
Contributions to qualified pension plans | (5) | |||
Payments for asset retirement obligations | (82) | (67) | (63) | |
(Increase) decrease in | ||||
Receivables | (3) | (33) | 8 | |
Receivables from affiliated companies | 20 | |||
Inventory | (70) | 55 | 44 | |
Other current assets | (3) | (181) | (3) | |
Increase (decrease) in | ||||
Accounts payable | 105 | 76 | (12) | |
Accounts payable to affiliated companies | (3) | 8 | 1 | |
Taxes accrued | 34 | 12 | 13 | |
Other current liabilities | 9 | 13 | 6 | |
Other assets | (10) | 20 | (68) | |
Other liabilities | 13 | (15) | 26 | |
Net cash provided by (used in) operating activities | 1,101 | 1,004 | 938 | |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Capital expenditures | (877) | (818) | (888) | |
Purchases of debt and equity securities | (61) | (142) | (37) | |
Proceeds from sales and maturities of debt and equity securities | 48 | 65 | 22 | |
Notes receivable from affiliated companies | (86) | (120) | (33) | |
Other | (55) | 36 | 48 | |
Net cash used in investing activities | (1,031) | (979) | (888) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from the issuance of long-term debt | 67 | 300 | 544 | |
Payments for the redemption of long-term debt | (84) | (70) | (513) | |
Notes payable to affiliated companies | 435 | (131) | 101 | |
Distributions to parent | (462) | (125) | (200) | |
Other | (1) | |||
Net cash provided by financing activities | (45) | (26) | (68) | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 25 | (1) | (18) | |
Cash, cash equivalents and restricted cash at beginning of period | 6 | 7 | 25 | |
Cash, cash equivalents and restricted cash at end of period | 31 | 6 | 7 | |
Supplemental Disclosures: | ||||
Cash paid for interest, net of amount capitalized | 186 | 194 | 164 | |
Cash received from income taxes | 35 | 56 | 36 | |
Significant non-cash transactions: | ||||
Accrued capital expenditures | 122 | 118 | 101 | |
Piedmont | ||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net income | 323 | 310 | 273 | |
Net loss attributable to Duke Energy | 323 | 310 | 273 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation, amortization and accretion (including amortization of nuclear fuel) | 225 | 216 | 182 | |
Equity in (earnings) losses of unconsolidated affiliates | (8) | (9) | (9) | |
Equity component of AFUDC | (11) | (20) | (19) | |
(Gains) Losses on sales of other assets | (4) | 0 | 0 | |
Impairment of assets and other charges | 18 | 10 | 7 | |
Deferred income taxes | 5 | 4 | 53 | |
Contributions to qualified pension plans | (2) | |||
Provision for rate refunds | (3) | (4) | (33) | |
(Increase) decrease in | ||||
Receivables | (111) | (77) | 10 | |
Receivables from affiliated companies | (1) | |||
Inventory | (63) | (40) | 3 | |
Other current assets | 32 | 33 | (66) | |
Increase (decrease) in | ||||
Accounts payable | 40 | (25) | 16 | |
Accounts payable to affiliated companies | 11 | (39) | 76 | |
Taxes accrued | 11 | 37 | 3 | |
Other current liabilities | 36 | (26) | (11) | |
Other assets | 9 | 26 | (11) | |
Other liabilities | (1) | (4) | 7 | |
Net cash provided by (used in) operating activities | 507 | 391 | 481 | |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Capital expenditures | (862) | (850) | (901) | |
Contributions to equity method investments | (8) | (9) | ||
Other | (26) | (31) | (28) | |
Net cash used in investing activities | (896) | (890) | (929) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from the issuance of long-term debt | 394 | 347 | 394 | |
Payments for the redemption of long-term debt | (160) | |||
Notes payable to affiliated companies | (4) | (13) | 54 | |
Contribution from parent | 325 | |||
Other | (1) | |||
Net cash provided by financing activities | 389 | 499 | 448 | |
Supplemental Disclosures: | ||||
Cash paid for interest, net of amount capitalized | 135 | 114 | 115 | |
Cash received from income taxes | 23 | (13) | (36) | |
Significant non-cash transactions: | ||||
Accrued capital expenditures | $ 207 | $ 97 | $ 106 | |
[1]Includes approximately $2.6 billion for impacts of under-collected deferred fuel regulatory assets for the year ended December 31, 2022.[2]Includes approximately $1.3 billion for impacts of under-collected deferred fuel regulatory assets for the year ended December 31, 2022.[3]Includes approximately $1.3 billion for impacts of under-collected deferred fuel regulatory assets for the year ended December 31, 2022.[4]Includes approximately $402 million for impacts of under-collected deferred fuel regulatory assets for the year ended December 31, 2022.[5]Includes approximately $942 million for impacts of under-collected deferred fuel regulatory assets for the year ended December 31, 2022. |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Under-collected deferred fuel regulatory assets | $ 2,600 |
Duke Energy Carolinas | |
Under-collected deferred fuel regulatory assets | 1,300 |
Progress Energy | |
Under-collected deferred fuel regulatory assets | 1,300 |
Duke Energy Progress | |
Under-collected deferred fuel regulatory assets | 402 |
Duke Energy Florida | |
Under-collected deferred fuel regulatory assets | $ 942 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Millions | Total | Common Stockholders' Equity | Preferred Stock | Common Stock | Additional Paid In Capital | Retained Earnings | Net Gains (Losses) on Cash Flow Hedges | [1] | Net Unrealized Gains (Losses) on Available-for-Sale Securities | Pension and OPEB Adjustments | Noncontrolling Interests | Duke Energy Carolinas | Duke Energy Carolinas Members Equity | Duke Energy Carolinas Net Gains (Losses) on Cash Flow Hedges | Progress Energy | Progress Energy Common Stockholders' Equity | Progress Energy Additional Paid In Capital | Progress Energy Retained Earnings | Progress Energy Net Gains (Losses) on Cash Flow Hedges | Progress Energy Net Unrealized Gains (Losses) on Available-for-Sale Securities | Progress Energy Pension and OPEB Adjustments | Progress Energy Noncontrolling Interests | Duke Energy Progress | Duke Energy Progress Members Equity | Duke Energy Florida | Duke Energy Florida Members Equity | Duke Energy Florida Net Unrealized Gains (Losses) on Available-for-Sale Securities | Duke Energy Ohio | Duke Energy Ohio Common Stock | Duke Energy Ohio Additional Paid In Capital | Duke Energy Ohio Retained Earnings | Duke Energy Indiana | Duke Energy Indiana Members Equity | Duke Energy Indiana Pension and OPEB Adjustments | Piedmont | Piedmont Common Stockholders' Equity | Piedmont Common Stock | Piedmont Retained Earnings | Piedmont Noncontrolling Interests | Common Stock | Common Stock Common Stockholders' Equity | Common Stock Common Stock | Common Stock Additional Paid In Capital | ||||||||
Beginning Balance (parent) at Dec. 31, 2019 | $ 47,951 | $ 15,593 | $ 2,443 | ||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Members' Equity at Dec. 31, 2019 | $ 12,811 | $ 12,818 | $ (7) | $ 9,246 | $ 6,788 | $ 6,789 | $ (1) | $ 4,575 | $ 4,575 | ||||||||||||||||||||||||||||||||||||||||||
Ending Balance (Attributable to Parent) at Dec. 31, 2020 | $ 47,964 | $ 1,962 | $ 1 | $ 43,767 | $ 2,471 | $ (167) | $ 6 | $ (76) | $ 16,237 | $ 9,143 | $ 7,109 | $ (5) | $ (2) | $ (8) | $ 3,935 | $ 762 | $ 2,776 | $ 397 | $ 2,715 | $ 1,310 | $ 1,405 | ||||||||||||||||||||||||||||||
Beginning Balance (Attributable to Noncontrolling Interest) at Dec. 31, 2019 | $ 1,129 | $ 3 | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance (Attributable to Parent) at Dec. 31, 2019 | 46,822 | 1,962 | 1 | 40,881 | 4,108 | (51) | 3 | (82) | 15,590 | 9,143 | 6,465 | (10) | (1) | (7) | 3,683 | 762 | 2,776 | 145 | 2,443 | 1,310 | 1,133 | ||||||||||||||||||||||||||||||
Balance (in shares) at Dec. 31, 2019 | 733,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 975 | (295) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 1,082 | 1,046 | 1,045 | 1,045 | 1 | 273 | 273 | 273 | |||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 1,377 | 1,270 | 1,270 | 956 | 956 | 1,045 | $ 415 | 415 | 771 | 771 | 252 | 252 | 408 | 408 | 273 | ||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income | (118) | [2] | (107) | (116) | 3 | 6 | (11) | 3 | 3 | 5 | (1) | (1) | (1) | (1) | |||||||||||||||||||||||||||||||||||||
Common stock issuances, including dividend reinvestment and employee benefits | $ 2,902 | $ 2,902 | $ 2,902 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issuances, including dividend reinvestment and employee benefits (in shares) | 36,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends | (2,815) | (2,815) | (2,815) | (600) | (600) | (400) | (400) | (400) | (400) | (200) | (200) | ||||||||||||||||||||||||||||||||||||||||
Contribution from noncontrolling interest, net of transaction costs(a) | 409 | [3] | (17) | [3] | (17) | [3] | 426 | [3] | (1) | ||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest in subsidiaries | (30) | (30) | |||||||||||||||||||||||||||||||||||||||||||||||||
Other | (90) | [4] | (91) | [4] | 1 | [4] | (92) | [4] | 1 | [4] | (13) | [5] | (13) | [5] | (1) | (1) | (1) | (1) | (1) | (1) | |||||||||||||||||||||||||||||||
Ending Balance (parent) at Dec. 31, 2020 | 49,184 | 16,241 | 2,715 | ||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance (Attributable to Noncontrolling Interest) at Dec. 31, 2020 | 1,220 | 4 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Ending Member's Equity at Dec. 31, 2020 | 13,154 | 13,161 | (7) | 9,260 | 7,558 | 7,560 | (2) | 4,783 | 4,783 | ||||||||||||||||||||||||||||||||||||||||||
Balance (in shares) at Dec. 31, 2020 | 769,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance (Attributable to Parent) at Dec. 31, 2021 | 49,296 | 49,296 | 1,962 | 1 | 44,371 | 3,265 | (232) | (2) | (69) | 17,145 | 17,145 | 9,149 | 8,007 | (2) | (2) | (7) | 4,464 | 762 | 3,100 | 602 | 3,349 | 3,349 | 1,635 | 1,714 | |||||||||||||||||||||||||||
Beginning Balance (Attributable to Parent) at Dec. 31, 2020 | 47,964 | 1,962 | 1 | 43,767 | 2,471 | (167) | 6 | (76) | 16,237 | 9,143 | 7,109 | (5) | (2) | (8) | 3,935 | 762 | 2,776 | 397 | 2,715 | 1,310 | 1,405 | ||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 3,473 | (329) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 3,579 | 1,599 | 1,598 | 1,598 | 1 | 310 | 310 | 310 | |||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 3,908 | 3,802 | 3,802 | 1,336 | 1,336 | 1,598 | 991 | 991 | 738 | 738 | 204 | 204 | 481 | 481 | 310 | ||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income | (56) | [2] | (66) | (65) | (8) | 7 | 10 | 1 | 1 | 4 | 4 | 3 | 1 | (1) | (1) | ||||||||||||||||||||||||||||||||||||
Common stock issuances, including dividend reinvestment and employee benefits | 68 | 68 | 68 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends | (3,008) | (3,008) | (3,008) | (600) | (600) | (700) | (700) | (700) | (700) | (250) | (250) | ||||||||||||||||||||||||||||||||||||||||
Sale of noncontrolling interest | [6] | 999 | 545 | 545 | 454 | ||||||||||||||||||||||||||||||||||||||||||||||
Contribution from noncontrolling interest, net of transaction costs(a) | [3] | 550 | 550 | ||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest in subsidiaries | (66) | (66) | (1) | (1) | |||||||||||||||||||||||||||||||||||||||||||||||
Contribution from parent | $ 325 | 325 | 325 | 325 | 325 | ||||||||||||||||||||||||||||||||||||||||||||||
Other | (8) | (9) | (9) | 1 | 5 | 6 | 6 | (1) | (1) | 1 | 1 | 1 | (1) | (1) | (1) | ||||||||||||||||||||||||||||||||||||
Ending Balance (parent) at Dec. 31, 2021 | 51,136 | 17,148 | $ 3,349 | ||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance (Attributable to Noncontrolling Interest) at Dec. 31, 2021 | $ 1,840 | 1,840 | $ 3 | 3 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||
Ending Member's Equity at Dec. 31, 2021 | 13,891 | 13,897 | (6) | 9,551 | 9,551 | 8,295 | 8,298 | (3) | 5,015 | 5,015 | |||||||||||||||||||||||||||||||||||||||||
Balance (in shares) at Dec. 31, 2021 | 769,000,000 | 100 | 90,000,000 | 100 | 769,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance (Attributable to Parent) at Dec. 31, 2022 | $ 49,322 | 49,322 | 1,962 | 1 | 44,862 | 2,637 | (29) | (23) | (88) | $ 21,406 | 21,406 | 11,832 | 9,585 | (1) | (8) | (2) | $ 4,766 | 762 | 3,100 | 904 | $ 3,672 | 3,672 | 1,635 | 2,037 | |||||||||||||||||||||||||||
Beginning Balance (Attributable to Parent) at Dec. 31, 2021 | 49,296 | 49,296 | $ 1,962 | $ 1 | 44,371 | 3,265 | (232) | (2) | (69) | 17,145 | 17,145 | 9,149 | 8,007 | (2) | (2) | (7) | 4,464 | $ 762 | $ 3,100 | 602 | 3,349 | 3,349 | $ 1,635 | 1,714 | |||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 2,349 | (95) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 2,455 | 1,828 | 1,828 | 1,828 | 323 | $ 323 | $ 323 | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 2,550 | 2,444 | 2,444 | 1,600 | 1,600 | 1,828 | 1,008 | 1,008 | 909 | 909 | $ 302 | $ 302 | 137 | 137 | 323 | ||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income | 174 | [2] | 163 | $ 203 | $ (21) | $ (19) | 11 | 0 | $ 1 | $ (6) | $ 5 | (5) | (5) | ||||||||||||||||||||||||||||||||||||||
Common stock issuances, including dividend reinvestment and employee benefits | $ 76 | $ 76 | $ 76 | ||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issuances, including dividend reinvestment and employee benefits (in shares) | 1,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends | (3,073) | (3,073) | (3,073) | (50) | (50) | (425) | (425) | (175) | $ (250) | (250) | (175) | (175) | (450) | (450) | |||||||||||||||||||||||||||||||||||||
Sale of noncontrolling interest | [6] | 1,034 | 465 | 465 | 569 | ||||||||||||||||||||||||||||||||||||||||||||||
Contribution from noncontrolling interest, net of transaction costs(a) | [3] | 314 | 314 | ||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest in subsidiaries | (140) | (140) | (34) | (34) | |||||||||||||||||||||||||||||||||||||||||||||||
Equitization of certain notes payable to affiliates | 2,907 | 2,907 | 2,907 | ||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of a noncontrolling interest | (20) | (51) | (51) | 31 | (20) | (51) | (51) | 31 | |||||||||||||||||||||||||||||||||||||||||||
Other | 3 | $ 2 | $ 1 | $ 1 | 1 | 1 | 1 | 2 | $ 2 | $ 2 | (1) | (1) | 1 | $ 1 | 1 | 1 | |||||||||||||||||||||||||||||||||||
Ending Balance (parent) at Dec. 31, 2022 | 51,853 | $ 21,406 | 3,673 | ||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance (Attributable to Noncontrolling Interest) at Dec. 31, 2022 | $ 2,531 | $ 2,531 | $ 0 | $ 1 | $ 1 | ||||||||||||||||||||||||||||||||||||||||||||||
Ending Member's Equity at Dec. 31, 2022 | $ 15,442 | $ 15,448 | $ (6) | $ 10,309 | $ 10,309 | $ 9,023 | $ 9,031 | $ (8) | $ 4,703 | $ 4,702 | $ 1 | ||||||||||||||||||||||||||||||||||||||||
Balance (in shares) at Dec. 31, 2022 | 770,000,000 | 100 | 90,000,000 | 100 | 770,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||
[1]See Duke Energy Consolidated Statements of Comprehensive Income for detailed activity related to Cash Flow and Fair Value Hedges.[2]Net of income tax expense of approximately $52 million for the year ended December 31, 2022, and income tax benefit of approximately $17 million and $35 million for the years ended December 31, 2021, and 2020, respectively.[3]Relates to tax equity financing activity in the Commercial Renewables Disposal Groups.[4]Amounts in Retained earnings primarily represent impacts due to implementation of a new accounting standard related to Current Estimated Credit Losses. See Note 1 for additional discussion.[5]Amounts primarily represent impacts due to implementation of a new accounting standard related to Credit Losses. See Note 1 for additional discussion.[6]Relates primarily to the sale of a noncontrolling interest in Duke Energy Indiana. See Note 2 for additional discussion. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations and Basis of Consolidation Duke Energy is an energy company headquartered in Charlotte, North Carolina, subject to regulation by the FERC and other regulatory agencies listed below. Duke Energy operates in the U.S. primarily through its direct and indirect subsidiaries. Certain Duke Energy subsidiaries are also subsidiary registrants, including Duke Energy Carolinas; Progress Energy; Duke Energy Progress; Duke Energy Florida; Duke Energy Ohio; Duke Energy Indiana and Piedmont. When discussing Duke Energy’s consolidated financial information, it necessarily includes the results of its separate Subsidiary Registrants, which along with Duke Energy, are collectively referred to as the Duke Energy Registrants. The information in these combined notes relates to each of the Duke Energy Registrants as noted in the Index to Combined Notes to Consolidated Financial Statements. However, none of the Subsidiary Registrants make any representation as to information related solely to Duke Energy or the Subsidiary Registrants of Duke Energy other than itself. These Consolidated Financial Statements include, after eliminating intercompany transactions and balances, the accounts of the Duke Energy Registrants and subsidiaries or VIEs where the respective Duke Energy Registrants have control. See Note 18 for additional information on VIEs. These Consolidated Financial Statements also reflect the Duke Energy Registrants’ proportionate share of certain jointly owned generation and transmission facilities. See Note 9 for additional information on joint ownership. Substantially all of the Subsidiary Registrants' operations qualify for regulatory accounting. Duke Energy Carolinas is a regulated public utility primarily engaged in the generation, transmission, distribution and sale of electricity in portions of North Carolina and South Carolina. Duke Energy Carolinas is subject to the regulatory provisions of the NCUC, PSCSC, NRC and FERC. Progress Energy is a public utility holding company, which conducts operations through its wholly owned subsidiaries, Duke Energy Progress and Duke Energy Florida. Progress Energy is subject to regulation by FERC and other regulatory agencies listed below. Duke Energy Progress is a regulated public utility primarily engaged in the generation, transmission, distribution and sale of electricity in portions of North Carolina and South Carolina. Duke Energy Progress is subject to the regulatory provisions of the NCUC, PSCSC, NRC and FERC. Duke Energy Florida is a regulated public utility primarily engaged in the generation, transmission, distribution and sale of electricity in portions of Florida. Duke Energy Florida is subject to the regulatory provisions of the FPSC, NRC and FERC. Duke Energy Ohio is a regulated public utility primarily engaged in the transmission and distribution of electricity in portions of Ohio and Kentucky, the generation and sale of electricity in portions of Kentucky and the transportation and sale of natural gas in portions of Ohio and Kentucky. Duke Energy Ohio conducts competitive auctions for retail electricity supply in Ohio whereby the energy price is recovered from retail customers and recorded in Operating Revenues on the Consolidated Statements of Operations and Comprehensive Income. Operations in Kentucky are conducted through its wholly owned subsidiary, Duke Energy Kentucky. References herein to Duke Energy Ohio collectively include Duke Energy Ohio and its subsidiaries, unless otherwise noted. Duke Energy Ohio is subject to the regulatory provisions of the PUCO, KPSC and FERC. Duke Energy Indiana is a regulated public utility primarily engaged in the generation, transmission, distribution and sale of electricity in portions of Indiana. Duke Energy Indiana is subject to the regulatory provisions of the IURC and FERC. Piedmont is a regulated public utility primarily engaged in the distribution of natural gas in portions of North Carolina, South Carolina and Tennessee. Piedmont is subject to the regulatory provisions of the NCUC, PSCSC, TPUC and FERC. Certain prior year amounts have been reclassified to conform to the current year presentation. Other Current Assets and Liabilities The following table provides a description of amounts included in Other within Current Assets or Current Liabilities that exceed 5% of total Current Assets or Current Liabilities on the Duke Energy Registrants' Consolidated Balance Sheets at either December 31, 2022, or 2021. December 31, (in millions) Location 2022 2021 Duke Energy Accrued compensation Current Liabilities $ 778 $ 915 Duke Energy Carolinas Accrued compensation Current Liabilities $ 247 $ 277 Duke Energy Progress Customer deposits Current Liabilities $ 106 $ 144 Other accrued liabilities Current Liabilities 124 163 Duke Energy Florida Customer deposits Current Liabilities $ 200 $ 200 Other accrued liabilities Current Liabilities 61 89 Duke Energy Ohio Gas Storage Current Assets $ 57 $ 25 Collateral liabilities Current Liabilities 53 57 Duke Energy Indiana Mark-to-market transactions Current Assets $ 110 $ 23 Discontinued Operations Duke Energy has elected to present cash flows of discontinued operations combined with cash flows of continuing operations. Unless otherwise noted, the notes to these consolidated financial statements exclude amounts related to discontinued operations for all periods presented. For the years ended December 31, 2022, 2021 and 2020, the Loss From Discontinued Operations, net of tax on Duke Energy's Consolidated Statements of Operations includes amounts related to noncontrolling interests. A portion of Noncontrolling interests on Duke Energy's Consolidated Balance Sheets relates to discontinued operations for the periods presented. See Note 2 for discussion of discontinued operations related to the Commercial Renewables Disposal Groups. Noncontrolling Interest Duke Energy maintains a controlling financial interest in certain less than wholly owned regulated and nonregulated subsidiaries. As a result, Duke Energy consolidates these subsidiaries and presents the third-party investors' portion of Duke Energy's net income (loss), net assets and comprehensive income (loss) as noncontrolling interest. Noncontrolling interest is included as a component of equity on the Consolidated Balance Sheet. Operating agreements of Duke Energy's subsidiaries with noncontrolling interest allocate profit and loss based on their pro rata shares of the ownership interest in the respective subsidiary. Therefore, Duke Energy allocates net income or loss and other comprehensive income or loss of these subsidiaries to the owners based on their pro rata shares. Significant Accounting Policies Use of Estimates In preparing financial statements that conform to GAAP, the Duke Energy Registrants must make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. Regulatory Accounting The majority of the Duke Energy Registrants’ operations are subject to price regulation for the sale of electricity and natural gas by state utility commissions or FERC. When prices are set on the basis of specific costs of the regulated operations and an effective franchise is in place such that sufficient natural gas or electric services can be sold to recover those costs, the Duke Energy Registrants apply regulatory accounting. Regulatory accounting changes the timing of the recognition of costs or revenues relative to a company that does not apply regulatory accounting. As a result, regulatory assets and regulatory liabilities are recognized on the Consolidated Balance Sheets. Regulatory assets and liabilities are amortized consistent with the treatment of the related cost in the ratemaking process. Regulatory assets are reviewed for recoverability each reporting period. If a regulatory asset is no longer deemed probable of recovery, the deferred cost is charged to earnings. See Note 4 for further information. Regulatory accounting rules also require recognition of a disallowance (also called "impairment") loss if it becomes probable that part of the cost of a plant under construction (or a recently completed plant or an abandoned plant) will be disallowed for ratemaking purposes and a reasonable estimate of the amount of the disallowance can be made. For example, if a cost cap is set for a plant still under construction, the amount of the disallowance is a result of a judgment as to the ultimate cost of the plant. These disallowances can require judgments on allowed future rate recovery. When it becomes probable that regulated generation, transmission or distribution assets will be abandoned, the cost of the asset is removed from plant in service. The value that may be retained as a regulatory asset on the balance sheet for the abandoned property is dependent upon amounts that may be recovered through regulated rates, including any return. As such, an impairment charge could be partially or fully offset by the establishment of a regulatory asset if rate recovery is probable. The impairment charge for a disallowance of costs for regulated plants under construction, recently completed or abandoned is based on discounted cash flows. The Duke Energy Registrants utilize cost-tracking mechanisms, commonly referred to as fuel adjustment clauses or PGA clauses. These clauses allow for the recovery of fuel and fuel-related costs, portions of purchased power, natural gas costs and hedging costs through surcharges on customer rates. The difference between the costs incurred and the surcharge revenues is recorded either as an adjustment to Operating Revenues, Operating Expenses – Fuel used in electric generation or Operating Expenses – Cost of natural gas on the Consolidated Statements of Operations, with an off-setting impact on regulatory assets or liabilities. Cash, Cash Equivalents and Restricted Cash All highly liquid investments with maturities of three months or less at the date of acquisition are considered cash equivalents. Duke Energy, Progress Energy and Duke Energy Florida have restricted cash balances related primarily to collateral assets, escrow deposits and VIEs. Duke Energy Carolinas and Duke Energy Progress have restricted cash balances related to VIEs from storm recovery bonds issued. See Note 18 for additional information. Restricted cash amounts are included in Other within Current Assets and Other Noncurrent Assets on the Consolidated Balance Sheets. The following table presents the components of cash, cash equivalents and restricted cash included in the Consolidated Balance Sheets. December 31, 2022 Duke Duke Duke Duke Energy Progress Energy Energy Energy Carolinas Energy Progress Florida Current Assets Cash and cash equivalents $ 409 $ 44 $ 108 $ 49 $ 45 Other 173 8 74 28 41 Other Noncurrent Assets Other 11 1 2 2 — Total cash, cash equivalents and restricted cash $ 593 $ 53 $ 184 $ 79 $ 86 December 31, 2021 Duke Duke Duke Duke Energy Progress Energy Energy Energy Carolinas Energy Progress Florida Current Assets Cash and cash equivalents $ 341 $ 7 $ 70 $ 35 $ 23 Other 170 — 39 — 39 Other Noncurrent Assets Other 6 1 4 4 — Total cash, cash equivalents and restricted cash $ 517 $ 8 $ 113 $ 39 $ 62 Inventory Inventory related to regulated operations is valued at historical cost. Inventory related to nonregulated operations is valued at the lower of cost or market. Inventory is charged to expense or capitalized to property, plant and equipment when issued, primarily using the average cost method. Excess or obsolete inventory is written down to the lower of cost or net realizable value. Once inventory has been written down, it creates a new cost basis for the inventory that is not subsequently written up. Provisions for inventory write-offs were not material at December 31, 2022, and 2021, respectively. The components of inventory are presented in the tables below. December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Materials and supplies $ 2,604 $ 876 $ 1,232 $ 819 $ 413 $ 105 $ 342 $ 12 Coal 620 253 190 99 91 34 144 — Natural gas, oil and other 360 35 157 88 69 5 3 160 Total inventory $ 3,584 $ 1,164 $ 1,579 $ 1,006 $ 573 $ 144 $ 489 $ 172 December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Materials and supplies $ 2,309 $ 793 $ 1,067 $ 729 $ 338 $ 80 $ 311 $ 14 Coal 486 195 167 94 73 19 105 — Natural gas, oil and other 316 38 164 98 66 17 2 95 Total inventory $ 3,111 $ 1,026 $ 1,398 $ 921 $ 477 $ 116 $ 418 $ 109 Investments in Debt and Equity Securities The Duke Energy Registrants classify investments in equity securities as FV-NI and investments in debt securities as AFS. Both categories are recorded at fair value on the Consolidated Balance Sheets. Realized and unrealized gains and losses on securities classified as FV-NI are reported through net income. Unrealized gains and losses for debt securities classified as AFS are included in AOCI until realized, unless it is determined the carrying value of an investment has a credit loss. For certain investments of regulated operations, such as substantially all of the NDTF, realized and unrealized gains and losses (including any credit losses) on debt securities are recorded as a regulatory asset or liability. The credit loss portion of debt securities of nonregulated operations are included in earnings. Investments in debt and equity securities are classified as either current or noncurrent based on management’s intent and ability to sell these securities, taking into consideration current market liquidity. See Note 16 for further information. Goodwill Duke Energy, Progress Energy, Duke Energy Ohio and Piedmont perform annual goodwill impairment tests as of August 31 each year at the reporting unit level, which is determined to be a business segment or one level below. Duke Energy, Progress Energy, Duke Energy Ohio and Piedmont update these tests between annual tests if events or circumstances occur that would more likely than not reduce the fair value of a reporting unit below its carrying value. See Note 12 for further information. Intangible Assets Intangible assets are included in Other in Other Noncurrent Assets on the Consolidated Balance Sheets. Generally, intangible assets are amortized using an amortization method that reflects the pattern in which the economic benefits of the intangible asset are consumed or on a straight-line basis if that pattern is not readily determinable. Amortization of intangibles is reflected in Depreciation and amortization on the Consolidated Statements of Operations. Intangible assets are subject to impairment testing and if impaired, the carrying value is accordingly reduced. RECs are used to measure compliance with renewable energy standards and are held primarily for consumption. See Note 12 for further information. Long-Lived Asset Impairments The Duke Energy Registrants evaluate long-lived assets that are held and used, excluding goodwill, for impairment when circumstances indicate the carrying value of those assets may not be recoverable. An impairment exists when a long-lived asset’s carrying value exceeds the estimated undiscounted cash flows expected to result from the use and eventual disposition of the asset. The estimated cash flows may be based on alternative expected outcomes that are probability weighted. If the carrying value of the long-lived asset is not recoverable based on these estimated future undiscounted cash flows, the carrying value of the asset is written down to its then current estimated fair value and an impairment charge is recognized. The Duke Energy Registrants assess fair value of long-lived assets that are held and used using various methods, including recent comparable third-party sales, internally developed discounted cash flow analysis and analysis from outside advisors. Triggering events to reassess cash flows may include, but are not limited to, significant changes in commodity prices, the condition of an asset or management’s interest in selling the asset. Property, Plant and Equipment Property, plant and equipment are stated at the lower of depreciated historical cost net of any disallowances or fair value, if impaired. The Duke Energy Registrants capitalize all construction-related direct labor and material costs, as well as indirect construction costs such as general engineering, taxes and financing costs. See “Allowance for Funds Used During Construction and Interest Capitalized” section below for information on capitalized financing costs. Costs of renewals and betterments that extend the useful life of property, plant and equipment are also capitalized. The cost of repairs, replacements and major maintenance projects, which do not extend the useful life or increase the expected output of the asset, are expensed as incurred. Depreciation is generally computed over the estimated useful life of the asset using the composite straight-line method. Depreciation studies are conducted periodically to update composite rates and are approved by state utility commissions and/or the FERC when required. The composite weighted average depreciation rates, excluding nuclear fuel, are included in the table that follows. Years Ended December 31, 2022 2021 2020 Duke Energy 3.0 % 2.9 % 3.0 % Duke Energy Carolinas 2.7 % 2.7 % 2.8 % Progress Energy 3.2 % 3.1 % 3.2 % Duke Energy Progress 3.0 % 3.0 % 3.1 % Duke Energy Florida 3.5 % 3.3 % 3.3 % Duke Energy Ohio 2.9 % 2.9 % 2.9 % Duke Energy Indiana 3.6 % 3.6 % 3.5 % Piedmont 2.1 % 2.1 % 2.3 % In general, when the Duke Energy Registrants retire regulated property, plant and equipment, the original cost plus the cost of retirement, less salvage value and any depreciation already recognized, is charged to accumulated depreciation. However, when it becomes probable the asset will be retired substantially in advance of its original expected useful life or is abandoned, the cost of the asset and the corresponding accumulated depreciation is recognized as a separate asset. If the asset is still in operation, the net amount is classified as Facilities to be retired, net on the Consolidated Balance Sheets. If the asset is no longer operating, the net amount is classified in Regulatory assets on the Consolidated Balance Sheets if deemed recoverable (see discussion of long-lived asset impairments above). The carrying value of the asset is based on historical cost if the Duke Energy Registrants are allowed to recover the remaining net book value and a return equal to at least the incremental borrowing rate. If not, an impairment is recognized to the extent the net book value of the asset exceeds the present value of future revenues discounted at the incremental borrowing rate. When the Duke Energy Registrants sell entire regulated operating units, or retire or sell nonregulated properties, the original cost and accumulated depreciation and amortization balances are removed from Property, Plant and Equipment on the Consolidated Balance Sheets. Any gain or loss is recorded in earnings, unless otherwise required by the applicable regulatory body. See Note 11 for additional information. Other Noncurrent Assets Duke Energy, through a nonregulated subsidiary, was the winner of the Carolina Long Bay offshore wind auction in May 2022 and recorded an asset of $150 million related to the contract in Other within Other noncurrent assets. In November 2022, Duke Energy committed to a plan to sell the Commercial Renewables business segment, excluding the offshore wind contract for Carolina Long Bay, which was moved to the Electric Utilities and Infrastructure (EU&I) segment. See Notes 2 and 3 for further information. Leases Duke Energy determines if an arrangement is a lease at contract inception based on whether the arrangement involves the use of a physically distinct identified asset and whether Duke Energy has the right to obtain substantially all of the economic benefits from the use of the asset throughout the period as well as the right to direct the use of the asset. As a policy election, Duke Energy does not evaluate arrangements with initial contract terms of less than one year as leases. Operating leases are included in Operating lease ROU assets, net, Other current liabilities and Operating lease liabilities on the Consolidated Balance Sheets. Finance leases are included in Property, plant and equipment, Current maturities of long-term debt and Long-Term Debt on the Consolidated Balance Sheets. For lessee and lessor arrangements, Duke Energy has elected a policy to not separate lease and non-lease components for all asset classes. For lessor arrangements, lease and non-lease components are only combined under one arrangement and accounted for under the lease accounting framework if the non-lease components are not the predominant component of the arrangement and the lease component would be classified as an operating lease. Nuclear Fuel Nuclear fuel is classified as Property, Plant and Equipment on the Consolidated Balance Sheets. Nuclear fuel in the front-end fuel processing phase is considered work in progress and not amortized until placed in service. Amortization of nuclear fuel is included within Fuel used in electric generation and purchased power on the Consolidated Statements of Operations. Amortization is recorded using the units-of-production method. Allowance for Funds Used During Construction and Interest Capitalized For regulated operations, the debt and equity costs of financing the construction of property, plant and equipment are reflected as AFUDC and capitalized as a component of the cost of property, plant and equipment. AFUDC equity is reported on the Consolidated Statements of Operations as non-cash income in Other income and expenses, net. AFUDC debt is reported as a non-cash offset to Interest Expense. After construction is completed, the Duke Energy Registrants are permitted to recover these costs through their inclusion in rate base and the corresponding subsequent depreciation or amortization of those regulated assets. AFUDC equity, a permanent difference for income taxes, reduces the ETR when capitalized and increases the ETR when depreciated or amortized. See Note 24 for additional information. Asset Retirement Obligations AROs are recognized for legal obligations associated with the retirement of property, plant and equipment. Substantially all AROs are related to regulated operations. When recording an ARO, the present value of the projected liability is recognized in the period in which it is incurred, if a reasonable estimate of fair value can be made. The liability is accreted over time. For operating plants, the present value of the liability is added to the cost of the associated asset and depreciated over the remaining life of the asset. For retired plants, the present value of the liability is recorded as a regulatory asset unless determined not to be probable of recovery. The present value of the initial obligation and subsequent updates are based on discounted cash flows, which include estimates regarding timing of future cash flows, selection of discount rates and cost escalation rates, among other factors. These estimates are subject to change. Depreciation expense is adjusted prospectively for any changes to the carrying amount of the associated asset. The Duke Energy Registrants receive amounts to fund the cost of the ARO for regulated operations through a combination of regulated revenues and earnings on the NDTF. As a result, amounts recovered in regulated revenues, earnings on the NDTF, accretion expense and depreciation of the associated asset are netted and deferred as a regulatory asset or liability. Accounts Payable During 2020, Duke Energy established a supply chain finance program (the “program”) with a global financial institution. The program is voluntary and allows Duke Energy suppliers, at their sole discretion, to sell their receivables from Duke Energy to the financial institution at a rate that leverages Duke Energy’s credit rating and, which may result in favorable terms compared to the rate available to the supplier on their own credit rating. Suppliers participating in the program, determine at their sole discretion which invoices they will sell to the financial institution. Suppliers’ decisions on which invoices are sold do not impact Duke Energy’s payment terms, which are based on commercial terms negotiated between Duke Energy and the supplier regardless of program participation. The commercial terms negotiated between Duke Energy and its suppliers are consistent regardless of whether the supplier elects to participate in the program. Duke Energy does not issue any guarantees with respect to the program and does not participate in negotiations between suppliers and the financial institution. Duke Energy does not have an economic interest in the supplier’s decision to participate in the program and receives no interest, fees or other benefit from the financial institution based on supplier participation in the program. The following table presents the outstanding accounts payable balance sold to the financial institution by our suppliers and the supplier invoices sold to the financial institution under the program included within Net cash provided by operating activities on the Consolidated Statements of Cash Flows as of December 31, 2022, and December 31, 2021. December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Outstanding Accounts Payable Balance Sold $ 87 $ 6 $ 19 $ 8 $ 11 $ 5 $ — $ 57 Suppliers Invoices Settled Through The Program 301 29 85 26 59 38 2 147 December 30, 2021 Duke Duke Duke Progress Energy Energy (in millions) Energy Energy Florida Ohio Piedmont Outstanding Accounts Payable Balance Sold $ 19 $ 9 $ 9 $ 6 $ 4 Suppliers Invoices Settled Through The Program 122 10 10 12 100 Revenue Recognition Duke Energy recognizes revenue as customers obtain control of promised goods and services in an amount that reflects consideration expected in exchange for those goods or services. Generally, the delivery of electricity and natural gas results in the transfer of control to customers at the time the commodity is delivered and the amount of revenue recognized is equal to the amount billed to each customer, including estimated volumes delivered when billings have not yet occurred. See Note 19 for further information. Derivatives and Hedging Derivative and non-derivative instruments may be used in connection with commodity price and interest rate activities, including swaps, futures, forwards and options. All derivative instruments, except those that qualify for the NPNS exception, are recorded on the Consolidated Balance Sheets at fair value. Qualifying derivative instruments may be designated as either cash flow hedges or fair value hedges. Other derivative instruments (undesignated contracts) either have not been designated or do not qualify as hedges. The effective portion of the change in the fair value of cash flow hedges is recorded in AOCI. The effective portion of the change in the fair value of a fair value hedge is offset in net income by changes in the hedged item. For activity subject to regulatory accounting, gains and losses on derivative contracts are reflected as regulatory assets or liabilities and not as other comprehensive income or current period income. As a result, changes in fair value of these derivatives have no immediate earnings impact. Formal documentation, including transaction type and risk management strategy, is maintained for all contracts accounted for as a hedge. At inception and at least every three months thereafter, the hedge contract is assessed to see if it is highly effective in offsetting changes in cash flows or fair values of hedged items. See Note 15 for further information. Captive Insurance Reserves Duke Energy has captive insurance subsidiaries that provide coverage, on an indemnity basis, to the Subsidiary Registrants as well as certain third parties, on a limited basis, for financial losses, primarily related to property, workers’ compensation and general liability. Liabilities include provisions for estimated losses incurred but not reported (IBNR), as well as estimated provisions for known claims. IBNR reserve estimates are primarily based upon historical loss experience, industry data and other actuarial assumptions. Reserve estimates are adjusted in future periods as actual losses differ from experience. Duke Energy, through its captive insurance entities, also has reinsurance coverage with third parties for certain losses above a per occurrence and/or aggregate retention. Receivables for reinsurance coverage are recognized when realization is deemed probable. Preferred Stock Preferred stock is reviewed to determine the appropriate balance sheet classification and embedded features, such as call options, are evaluated to determine if they should be bifurcated and accounted for separately. Costs directly related to the issuance of preferred stock are recorded as a reduction of the proceeds received. The liability for the dividend is recognized when declared. The accumulated dividends on the cumulative preferred stock is recognized to net income available to Duke Energy Corporation in the EPS calculation. See Note 20 for further information. Loss Contingencies and Environmental Liabilities Contingent losses are recorded when it is probable a loss has occurred and the loss can be reasonably estimated. When a range of the probable loss exists and no amount within the range is a better estimate than any other amount, the minimum amount in the range is recorded. Unless otherwise required by GAAP, legal fees are expensed as incurred. Environmental liabilities are recorded on an undiscounted basis when environmental remediation or other liabilities become probable and can be reasonably estimated. Environmental expenditures related to past operations that do not generate current or future revenues are expensed. Environmental expenditures related to operations that generate current or future revenues are expensed or capitalized, as appropriate. Certain environmental expenditures receive regulatory accounting treatment and are recorded as regulatory assets. See Notes 4 and 5 for further information. Severance and Special Termination Benefits Duke Energy maintains severance plans for the general employee population under which, in general, the longer a terminated employee worked prior to termination the greater the amount of severance benefits provided. A liability for involuntary severance is recorded once an involuntary severance plan is committed to by management if involuntary severances are probable and can be reasonably estimated. For involuntary severance benefits incremental to its ongoing severance plan benefits, the fair value of the obligation is expensed at the communication date if there are no future service requirements or over the required future service period. Duke Energy also offers special termination benefits under voluntary severance programs. Special termination benefits are recorded immediately upon employee acceptance absent a significant retention period. Otherwise, the cost is recorded over the remaining service period. Employee acceptance of voluntary severance benefits is determined by management based on the facts and circumstances of the benefits being offered. See Note 21 for further information. Guarantees If necessary, liabilities are recognized at the time of issuance or material modification of a guarantee for the estimated fair value of the obligation it assumes. Fair value is estimated using a probability weighted approach. The obligation is reduced over the term of the guarantee or related contract in a systematic and rational method as risk is reduced. Duke Energy recognizes a liability for the best estimate of its loss due to the nonperformance of the guaranteed party. This liability is recognized at the inception of a guarantee and is updated periodically. See Note 8 for further information. Income Taxes Duke Energy and its subsidiaries file a consolidated federal income tax return and other state and foreign jurisdictional returns. The Subsidiary |
Dispositions
Dispositions | 12 Months Ended |
Dec. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions | DISPOSITIONS The following table summarizes the Loss from Discontinued Operations, net of tax recorded on Duke Energy's Consolidated Statements of Operations: Years Ended December 31, (in millions) 2022 2021 2020 Commercial Renewables Disposal Groups $ (1,349) $ (151) $ (14) Other (a) 26 7 7 Loss from Discontinued Operations, net of tax $ (1,323) $ (144) $ (7) (a) Amount represents an income tax benefit resulting from tax adjustments for previously sold businesses not related to the Commercial Renewables Disposal Groups. Sale of Commercial Renewables Segment In August 2022, Duke Energy announced a strategic review of its commercial renewables business. Since 2007, Duke Energy has built a portfolio of commercial wind, solar and battery projects across the U.S., and established a development pipeline. Duke Energy has developed a strategy to focus on renewables, grid and other investment opportunities within its regulated operations. In November 2022, Duke Energy committed to a plan to sell the Commercial Renewables business segment, excluding the offshore wind contract for Carolina Long Bay, which was moved to the Electric Utilities and Infrastructure (EU&I) segment. Duke Energy is actively marketing the business as two separate disposal groups, the utility-scale solar and wind group and the distributed generation group (collectively, Commercial Renewables Disposal Groups). The sales processes for both Disposal Groups are ongoing and Duke Energy expects to dispose of these groups in the second half of 2023. Assets Held For Sale and Discontinued Operations The Commercial Renewables Disposal Groups were classified as held for sale and as discontinued operations in the fourth quarter of 2022. No adjustments were made to the historical activity within the Consolidated Statements of Comprehensive Income, Consolidated Statements of Cash Flows or the Consolidated Statements of Changes in Equity. Unless otherwise noted, the notes to these consolidated financial statements exclude amounts related to discontinued operations for all periods presented. The following table presents the carrying values of the major classes of Assets held for sale and Liabilities associated with assets held for sale included in Duke Energy's Consolidated Balance Sheets. December 31, (in millions) 2022 2021 Current Assets Held for Sale Cash and cash equivalents $ 10 $ 3 Receivables, net 107 87 Inventory 88 86 Other 57 56 Total current assets held for sale 262 232 Noncurrent Assets Held for Sale Property, Plant and Equipment Cost 6,444 7,323 Accumulated depreciation and amortization (1,651) (1,452) Net property, plant and equipment 4,793 5,871 Operating lease right-of-use assets, net 140 130 Investments in equity method unconsolidated affiliates 522 513 Other 179 181 Total other noncurrent assets held for sale 841 824 Total Assets Held for Sale $ 5,896 $ 6,927 Current Liabilities Associated with Assets Held for Sale Accounts payable $ 122 $ 98 Taxes accrued 17 18 Other 120 51 Total current liabilities associated with assets held for sale 259 167 Noncurrent Liabilities Associated with Assets Held for Sale Operating lease liabilities 150 134 Asset retirement obligations 190 175 Other 399 303 Total other noncurrent liabilities associated with assets held for sale 739 612 Total Liabilities Associated with Assets Held for Sale $ 998 $ 779 As of December 31, 2022, the noncontrolling interest balance is $1.6 billion. The following table presents the results of the Commercial Renewables Disposal Groups, which are included in Loss from Discontinued Operations, net of tax in Duke Energy's Consolidated Statements of Operations. Years Ended December 31, (in millions) 2022 2021 2020 Operating revenues $ 465 $ 476 $ 502 Operation, maintenance and other 337 343 292 Depreciation and amortization (a) 201 227 200 Property and other taxes 36 34 26 Other income and expenses, net 2 (27) 1 Interest expense 10 72 66 Loss on disposal 1,748 — — Loss before income taxes (1,865) (227) (81) Income tax benefit (516) (76) (67) Loss from discontinued operations $ (1,349) $ (151) $ (14) Add: Net loss attributable to noncontrolling interest included in discontinued operations 108 344 296 Net income from discontinued operations attributable to Duke Energy Corporation $ (1,241) $ 193 $ 282 (a) Upon meeting the criteria for assets held for sale, beginning in November 2022 depreciation and amortization expense were ceased. The Commercial Renewables Disposal Groups' held for sale assets included pretax impairments of approximately $1.7 billion for the year ended December 31, 2022. The impairment was recorded to write-down the carrying amount of the property, plant and equipment assets to the estimated fair value of the business, based on the expected selling price less estimated cost to sell. These losses were included in Loss from Discontinued Operations, net of tax in Duke Energy's Consolidated Statements of Operations and Comprehensive Income. The fair value was primarily determined from the income approach using discounted cash flows but also considered market information obtained through the bidding process. The discounted cash flow model utilized Level 2 and Level 3 inputs. The fair value hierarchy levels are further discussed in Note 17. The impairment will be updated, if necessary, based on the final sales price, after any adjustments at closing for working capital and capital expenditures. Duke Energy has elected not to separately disclose discontinued operations on Duke Energy's Consolidated Statements of Cash Flows. The following table summarizes Duke Energy's cash flows from discontinued operations related to the Commercial Renewables Disposal Groups. Years Ended December 31, (in millions) 2022 2021 2020 Cash flows provided by (used in): Operating activities $ 213 $ 62 $ 466 Investing activities (802) (542) (1,102) Other Sale Related Matters Several Duke Energy renewables project companies, located in the Electric Reliability Council of Texas (ERCOT) market, were named in several lawsuits arising out of Texas Storm Uri, which occurred in February 2021. The legal actions related to these lawsuits will remain with Duke Energy and any future activity related to the matters will be presented in discontinued operations. See Note 5 for more information. The Commercial Renewables Disposal Groups' debt and related interest rate swaps have not been classified as held for sale as they are not currently expected transfer to the buyer, but would be required to be extinguished as a result of the disposition. As of December 31, 2022, the balance of long-term debt including current maturities is $1.5 billion. If the debt and related interest rate swaps do not transfer to the buyer and are terminated early, the expected total loss on extinguishment is approximately $100 million, of which approximately $55 million is expected to be attributable to Duke Energy. The loss would be recorded in discontinued operations when the debt and swaps are terminated. Hedge accounting was discontinued on the related interest rate swaps when the Commercial Renewables Disposal Groups were classified as held for sale as the forecasted transactions being hedged are no longer probable. As a result, a gain of $72 million was recorded in Loss from Discontinued Operations, net of tax in Duke Energy's Consolidated Statements of Operations as of December 31, 2022, of which $54 million is attributable to Duke Energy. Interest expense and debt issuance costs directly associated with the Commercial Renewables Disposal Groups was allocated to discontinued operations. No interest from corporate level debt was allocated to discontinued operations. The Commercial Renewables Disposal Groups have entered into negotiations to modify or terminate certain PPAs under which the Commercial Renewables Disposal Groups sell power and RECs from renewable projects to offtakers. Duke Energy expects to pay offtakers approximately $95 million to modify the agreements. Charges related to the modifications will be reflected within Loss From Discontinued Operations in Duke Energy's Consolidated Statements of Operations. Sale of Minority Interest in Duke Energy Indiana Holdco, LLC |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Business Segments | BUSINESS SEGMENTS Reportable segments are determined based on information used by the chief operating decision-maker in deciding how to allocate resources and evaluate the performance of the business. Duke Energy evaluates segment performance based on segment income. Segment income is defined as income from continuing operations net of income attributable to noncontrolling interests and preferred stock dividends. Segment income, as discussed below, includes intercompany revenues and expenses that are eliminated on the Consolidated Financial Statements. Certain governance costs are allocated to each segment. In addition, direct interest expense and income taxes are included in segment income. Products and services are sold between affiliate companies and reportable segments of Duke Energy at cost. Segment assets as presented in the tables that follow exclude all intercompany assets. Duke Energy Due to Duke Energy's commitment in the fourth quarter of 2022 to sell the Commercial Renewables business segment, Duke Energy's segment structure now includes the following two segments: EU&I and GU&I. Prior period information has been recast to conform to the current segment structure. See Note 2 for further information on the Commercial Renewables Disposal Groups. The EU&I segment includes Duke Energy's regulated electric utilities in the Carolinas, Florida and the Midwest. The regulated electric utilities conduct operations through the Subsidiary Registrants that are substantially all regulated and, accordingly, qualify for regulatory accounting treatment. EU&I also includes Duke Energy's electric transmission infrastructure investments and the offshore wind contract for Carolina Long Bay. Refer to Note 2 for further information. The GU&I segment includes Piedmont, Duke Energy's natural gas local distribution companies in Ohio and Kentucky, and Duke Energy's natural gas storage, midstream pipeline, and renewable natural gas investments. GU&I's operations are substantially all regulated and, accordingly, qualify for regulatory accounting treatment. The remainder of Duke Energy’s operations is presented as Other, which is primarily comprised of interest expense on holding company debt, unallocated corporate costs and Duke Energy’s wholly owned captive insurance company, Bison. Other also includes Duke Energy's interest in NMC. See Note 13 for additional information on the investment in NMC. Business segment information is presented in the following tables. Segment assets presented exclude intercompany assets. Year Ended December 31, 2022 Electric Gas Total Utilities and Utilities and Reportable (in millions) Infrastructure Infrastructure Segments Other Eliminations Total Unaffiliated Revenues $ 25,990 $ 2,748 $ 28,738 $ 30 $ — $ 28,768 Intersegment Revenues 34 92 126 92 (218) — Total Revenues $ 26,024 $ 2,840 $ 28,864 $ 122 $ (218) $ 28,768 Interest Expense $ 1,565 $ 182 $ 1,747 $ 778 $ (86) $ 2,439 Depreciation and amortization 4,550 327 4,877 236 (27) 5,086 Equity in earnings of unconsolidated affiliates 7 20 27 86 — 113 Income tax expense (benefit) 536 8 544 (244) — 300 Segment income (loss) (a)(b) 3,929 468 4,397 (737) (1) 3,659 Less noncontrolling interest 95 Add back preferred stock dividend 106 Discontinued operations (1,215) Net income $ 2,455 Capital investments expenditures and acquisitions (c) $ 8,985 $ 1,295 $ 10,280 $ 1,139 $ — $ 11,419 Segment assets (d) 152,104 16,411 168,515 9,571 — 178,086 (a) EU&I includes $386 million recorded within Impairment of assets and other charges, $46 million within Regulated electric revenues and $34 million within Noncontrolling Interests related to the Duke Energy Indiana court rulings on coal ash on the Consolidated Statements of Operations. See Note 4 for additional information. (b) Other includes $72 million recorded within Impairment of assets and other charges, $71 million within Operations, maintenance and other and a $7 million gain within Gains on sales of other assets related to costs attributable to business transformation, including long-term real estate strategy changes and workforce realignment on the Consolidated Statements of Operations; it also includes $25 million recorded within Operations, maintenance and other related to litigation on the Consolidated Statements of Operations. (c) Other includes capital investments expenditures and acquisitions related to the Commercial Renewables Disposal Groups. (d) Other includes Assets Held for Sale balances related to the Commercial Renewables Disposal Groups. Refer to Note 2 for further information. Year Ended December 31, 2021 Electric Gas Total Utilities and Utilities and Reportable (in millions) Infrastructure Infrastructure Segments Other Eliminations Total Unaffiliated Revenues $ 22,570 $ 2,022 $ 24,592 $ 29 $ — $ 24,621 Intersegment Revenues 33 90 123 84 (207) — Total Revenues $ 22,603 $ 2,112 $ 24,715 $ 113 $ (207) $ 24,621 Interest Expense $ 1,432 $ 142 $ 1,574 $ 643 $ (10) $ 2,207 Depreciation and amortization 4,251 303 4,554 236 (28) 4,762 Equity in earnings of unconsolidated affiliates 7 8 15 47 — 62 Income tax expense (benefit) 494 55 549 (281) — 268 Segment income (loss) (a)(b)(c) 3,850 396 4,246 (641) (3) 3,602 Less noncontrolling interest 329 Add back preferred stock dividend 106 Discontinued operations 200 Net income $ 3,579 Capital investments expenditures and acquisitions (d) $ 7,653 $ 1,271 $ 8,924 $ 828 $ — $ 9,752 Segment assets (e) 143,841 15,179 159,020 10,567 — 169,587 (a) EU&I includes $160 million of expense recorded within Impairment of assets and other charges, $77 million of income within Other Income and expenses, $5 million of expense within Operations, maintenance and other, $13 million of income within regulated operating revenues, $3 million of expense within interest expense and $6 million of expense within Depreciation and amortization on the Duke Energy Carolinas' Consolidated Statement of Operations related to the South Carolina Supreme Court decision on coal ash and insurance proceeds; it also includes $42 million of expense recorded within Impairment of assets and other charges, $34 million of income within Other Income and expenses, $7 million of expense within Operations, maintenance, and other, $15 million of income within Regulated electric operating revenues, $5 million of expense wit hin interest expense and $1 million of expense within Depreciation and amortization on the Duke Energy Progress' Consolidated Statement of Operations. See Notes 4 and 5 for more information. (b) GU&I includes $20 million, recorded within Equity in earnings (losses) of unconsolidated affiliates on the Consolidated Statements of Operations, related to natural gas pipeline investments. See Note 4 for additional information. (c) Other includes $133 million recorded within Impairment of assets and other charges, $42 million within Operations, maintenance and other, and $17 million within Depreciation and amortization on the Consolidated Statements of Operations, related to the workplace and workforce realignment. See Note 11 for additional information. (d) Other includes capital investments expenditures and acquisitions related to the Commercial Renewables Disposal Groups. (e) Other includes Assets Held for Sale balances related to the Commercial Renewables Disposal Groups. Refer to Note 2 for further information. Year Ended December 31, 2020 Electric Gas Total Utilities and Utilities and Reportable (in millions) Infrastructure Infrastructure Segments Other Eliminations Total Unaffiliated Revenues $ 21,687 $ 1,653 $ 23,340 $ 26 $ — $ 23,366 Intersegment Revenues 33 95 128 73 (201) — Total Revenues $ 21,720 $ 1,748 $ 23,468 $ 99 $ (201) $ 23,366 Interest Expense $ 1,320 $ 135 $ 1,455 $ 657 $ (15) $ 2,097 Depreciation and amortization 4,068 258 4,326 207 (29) 4,504 Equity in (losses) earnings of unconsolidated affiliates (1) (2,017) (2,018) 13 — (2,005) Income tax expense (benefit) 340 (349) (9) (160) — (169) Segment income (loss) (a)(b)(c) 2,669 (1,266) 1,403 (418) (4) 981 Less noncontrolling interest 295 Add back preferred stock dividend 107 Discontinued operations 289 Net income $ 1,082 Capital investments expenditures and acquisitions (d) $ 7,629 $ 1,309 $ 8,938 $ 1,483 $ — $ 10,421 Segment assets (e) 138,225 13,849 152,074 10,314 — 162,388 (a) EU&I includes $948 million of Impairment of assets and other charges and a reversal of $152 million included in Regulated electric operating revenue related to the CCR Settlement Agreement filed with the NCUC. Additionally, EU&I includes $19 million of Impairment of assets and other charges related to the Clemson University Combined Heat and Power Plant, $5 million of Impairment charges related to the natural gas pipeline assets and $16 million of shareholder contributions within Operations, maintenance and other related to Duke Energy Carolinas' and Duke Energy Progress' 2019 North Carolina rate cases. See Note 4 for additional information. (b) GU&I includes $2.1 billion recorded within Equity in (losses) earnings of unconsolidated affiliates and $7 million of Impairment of assets and other charges related to natural gas pipeline investments. See Notes 4 and 13 for additional information. (c) Other includes a $98 million reversal of 2018 severance costs due to a partial settlement in the Duke Energy Carolinas' 2019 North Carolina rate case. See Note 21 for additional information. (d) Other includes capital investments expenditures and acquisitions related to the Commercial Renewables Disposal Groups. (e) Other includes Assets Held for Sale balances related to the Commercial Renewables Disposal Groups. Refer to Note 2 for further information. Geographical Information Substantially all assets and revenues from continuing operations are within the U.S. Major Customers For the year ended December 31, 2022, revenues from one customer of Duke Energy Progress are $684 million. Duke Energy Progress has one reportable segment, Electric Utilities and Infrastructure. No other Subsidiary Registrant has an individual customer representing more than 10% of its revenues for the year ended December 31, 2022. Products and Services The following table summarizes revenues of the reportable segments by type. Retail Wholesale Retail Total (in millions) Electric Electric Natural Gas Other Revenues 2022 Electric Utilities and Infrastructure $ 22,036 $ 2,882 $ — $ 1,106 $ 26,024 Gas Utilities and Infrastructure — — 2,535 305 2,840 Total Reportable Segments $ 22,036 $ 2,882 $ 2,535 $ 1,411 $ 28,864 2021 Electric Utilities and Infrastructure $ 19,410 $ 2,216 $ — $ 977 $ 22,603 Gas Utilities and Infrastructure — — 2,025 87 2,112 Total Reportable Segments $ 19,410 $ 2,216 $ 2,025 $ 1,064 $ 24,715 2020 Electric Utilities and Infrastructure $ 18,898 $ 1,878 $ — $ 944 $ 21,720 Gas Utilities and Infrastructure — — 1,691 57 1,748 Total Reportable Segments $ 18,898 $ 1,878 $ 1,691 $ 1,001 $ 23,468 Duke Energy Ohio Duke Energy Ohio has two reportable segments, EU&I and GU&I. EU&I transmits and distributes electricity in portions of Ohio and generates, distributes and sells electricity in portions of Northern Kentucky. GU&I transports and sells natural gas in portions of Ohio and Northern Kentucky. Both reportable segments conduct operations primarily through Duke Energy Ohio and its wholly owned subsidiary, Duke Energy Kentucky. The remainder of Duke Energy Ohio's operations is presented as Other. All Duke Energy Ohio assets and revenues from continuing operations are within the U.S. Year Ended December 31, 2022 Electric Gas Total Utilities and Utilities and Reportable (in millions) Infrastructure Infrastructure Segments Other Eliminations Total Total revenues $ 1,798 $ 716 $ 2,514 $ — $ — $ 2,514 Interest expense $ 86 $ 43 $ 129 $ — $ — $ 129 Depreciation and amortization 221 103 324 — — 324 Income tax expense (benefit) 24 (43) (19) (2) — (21) Segment income (loss)/Net income 189 121 310 (8) — 302 Capital expenditures $ 488 $ 362 $ 850 $ — $ — $ 850 Segment assets 7,504 4,164 11,668 14 (176) 11,506 Year Ended December 31, 2021 Electric Gas Total Utilities and Utilities and Reportable (in millions) Infrastructure Infrastructure Segments Other Eliminations Total Total revenues $ 1,493 $ 544 $ 2,037 $ — $ — $ 2,037 Interest expense $ 87 $ 24 $ 111 $ — $ — $ 111 Depreciation and amortization 217 90 307 — — 307 Income tax expense (benefit) 15 19 34 (4) — 30 Segment income (loss)/Net Income 141 78 219 (15) — 204 Capital expenditures $ 486 $ 362 $ 848 $ — $ — $ 848 Segment assets 6,882 3,892 10,774 29 (29) 10,774 Year Ended December 31, 2020 Electric Gas Total Utilities and Utilities and Reportable (in millions) Infrastructure Infrastructure Segments Other Eliminations Total Total revenues $ 1,405 $ 453 $ 1,858 $ — $ — $ 1,858 Interest expense $ 85 $ 17 $ 102 $ — $ — $ 102 Depreciation and amortization 200 78 278 — — 278 Income tax expense (benefit) 19 26 45 (2) — 43 Segment income (loss) 162 96 258 (6) — 252 Capital expenditures $ 548 $ 286 $ 834 $ — $ — $ 834 Segment assets 6,615 3,380 9,995 32 (2) 10,025 |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2022 | |
Regulated Operations [Abstract] | |
Regulatory Matters | REGULATORY MATTERS REGULATORY ASSETS AND LIABILITIES The Duke Energy Registrants record regulatory assets and liabilities that result from the ratemaking process. See Note 1 for further information. The following tables present the regulatory assets and liabilities recorded on the Consolidated Balance Sheets of Duke Energy and Progress Energy. See separate tables below for balances by individual registrant. Duke Energy Progress Energy December 31, December 31, (in millions) 2022 2021 2022 2021 Regulatory Assets AROs – coal ash $ 3,205 $ 3,408 $ 1,429 $ 1,399 AROs – nuclear and other 945 684 884 620 Deferred fuel and purchased power 3,866 1,253 2,060 718 Accrued pension and OPEB 2,336 2,017 759 725 Storm cost securitized balance, net 940 991 720 759 Nuclear asset securitized balance, net 881 937 881 937 Debt fair value adjustment 829 884 — — Storm cost deferrals 666 213 559 189 Hedge costs deferrals 378 348 128 137 Post-in-service carrying costs (PISCC) and deferred operating expenses 342 356 42 47 Retired generation facilities 316 357 243 265 Deferred asset – Lee and Harris COLA 288 317 21 21 Advanced metering infrastructure (AMI) 283 311 111 130 Customer connect project 271 242 136 124 Costs of removal regulatory asset 221 107 221 107 Vacation accrual 222 221 43 42 Incremental COVID-19 expenses 210 87 78 28 CEP deferral 190 161 — — Demand side management (DSM)/Energy efficiency (EE) 189 235 188 230 Derivatives – natural gas supply contracts 168 139 — — NCEMPA deferrals 157 165 157 165 Nuclear deferral 154 120 64 42 Deferred pipeline integrity costs 121 108 — — COR settlement 120 123 32 32 Deferred coal ash handling system costs 92 90 25 23 Qualifying facility contract buyouts 81 94 81 94 Amounts due from customers 57 85 — — Propane caverns 26 — — — Deferred severance charges 21 54 7 18 Manufactured gas plant (MGP) — 104 — — Other 555 426 110 87 Total regulatory assets 18,130 14,637 8,979 6,939 Less: current portion 3,485 2,150 1,833 1,030 Total noncurrent regulatory assets $ 14,645 $ 12,487 $ 7,146 $ 5,909 Regulatory Liabilities Net regulatory liability related to income taxes $ 6,462 $ 7,199 $ 2,192 $ 2,394 Costs of removal 5,151 6,150 2,269 2,955 AROs – nuclear and other 1,038 2,053 — — Hedge cost deferrals 683 364 252 155 Accrued pension and OPEB 211 213 — — DOE Settlement 154 — 154 — Provision for rate refunds 78 274 28 87 Amounts to be refunded to customers 45 — — — Other 1,226 1,110 434 453 Total regulatory liabilities 15,048 17,363 5,329 6,044 Less: current portion 1,466 1,211 576 478 Total noncurrent regulatory liabilities $ 13,582 $ 16,152 $ 4,753 $ 5,566 Descriptions of regulatory assets and liabilities summarized in the tables above and below follow. See tables below for recovery and amortization periods at the separate registrants. AROs – coal ash. Represents deferred depreciation and accretion related to the legal obligation to close ash basins. The costs are deferred until recovery treatment has been determined. See Notes 1 and 10 for additional information. AROs – nuclear and other. Represents regulatory assets or liabilities, including deferred depreciation and accretion, related to legal obligations associated with the future retirement of property, plant and equipment, excluding amounts related to coal ash. The AROs relate primarily to decommissioning nuclear power facilities. The amounts also include certain deferred gains and losses on NDTF investments. See Notes 1 and 10 for additional information. Deferred fuel and purchased power. Represents certain energy-related costs that are recoverable or refundable as approved by the applicable regulatory body. Accrued pension and OPEB. Accrued pension and OPEB represent regulatory assets and liabilities related to each of the Duke Energy Registrants’ respective shares of unrecognized actuarial gains and losses and unrecognized prior service cost and credit attributable to Duke Energy’s pension plans and OPEB plans. The regulatory asset or liability is amortized with the recognition of actuarial gains and losses and prior service cost and credit to net periodic benefit costs for pension and OPEB plans. The accrued pension and OPEB regulatory assets are expected to be recovered primarily over the average remaining service periods or life expectancies of employees covered by the benefit plans. See Note 23 for additional detail. Storm cost securitized balance, net. Represents the North Carolina portion of storm restoration expenditures related to Hurricane Florence, Hurricane Michael, Hurricane Dorian and Winter Storm Diego (2018 and 2019 events). Nuclear asset securitized balance, net. Represents the balance associated with Crystal River Unit 3 retirement approved for recovery by the FPSC on September 15, 2015, and the upfront financing costs securitized in 2016 with issuance of the associated bonds. The regulatory asset balance is net of the AFUDC equity portion. Debt fair value adjustment. Purchase accounting adjustments recorded to state the carrying value of Progress Energy and Piedmont at fair value in connection with the 2012 and 2016 mergers, respectively. Amount is amortized over the life of the related debt. Storm cost deferrals. Represents deferred incremental costs incurred related to major weather-related events. Hedge costs deferrals. Amounts relate to unrealized gains and losses on derivatives recorded as a regulatory asset or liability, respectively, until the contracts are settled. Post-in-service carrying costs (PISCC) and deferred operating expenses. Represents deferred depreciation and operating expenses as well as carrying costs on the portion of capital expenditures placed in service but not yet reflected in retail rates as plant in service. Retired generation facilities. Represents amounts to be recovered for facilities that have been retired and are probable of recovery. Deferred asset – Lee and Harris COLA. Represents deferred costs incurred for the canceled Lee and Harris nuclear projects. AMI. Represents deferred costs related to the installation of AMI meters and remaining net book value of non-AMI meters to be replaced at Duke Energy Carolinas, net book value of existing meters at Duke Energy Florida , Duke Energy Progress and Duke Energy Ohio and future recovery of net book value of electromechanical meters that have been replaced with AMI meters at Duke Energy Indiana. Customer connect project. Represents incremental operating expenses and carrying costs on deferred amounts related to the deployment of the new customer information system. Vacation accrual. Represents vacation entitlement, which is generally recovered in the following year. Incremental COVID-19 expenses. Represents incremental costs related to ensuring continuity and quality of service in a safe manner during the COVID-19 pandemic. CEP deferral . Represents deferred depreciation, PISCC and deferred property tax for Duke Energy Ohio Gas capital assets for the Capital Expenditure Program (CEP). DSM/EE. Deferred costs related to various DSM and EE programs recoverable through various mechanisms. Derivatives – natural gas supply contracts . Represents costs for certain long-dated, fixed quantity forward natural gas supply contracts, which are recoverable through PGA clauses. NCEMPA deferrals. Represents retail allocated cost deferrals and returns associated with the additional ownership interest in assets acquired from NCEMPA in 2015. Nuclear deferral. Includes amounts related to levelizing nuclear plant outage costs, which allows for the recognition of nuclear outage expenses over the refueling cycle rather than when the outage occurs, resulting in the deferral of operations and maintenance costs associated with refueling. Deferred pipeline integrity costs. Represents pipeline integrity management costs in compliance with federal regulations. COR settlement. Represents approved COR settlements that are being amortized over the average remaining lives, at the time of approval, of the associated assets. Deferred coal ash handling system costs . Represents deferred depreciation and returns associated with capital assets related to converting the ash handling system from wet to dry. Qualifying facility contract buyouts. Represents termination payments for regulatory recovery through the capacity clause. Amounts due from customers. Relates primarily to margin decoupling and IMR recovery mechanisms. Costs of removal regulatory asset. Represents the excess of spend over funds received from customers to cover the future removal of property, plant and equipment from retired or abandoned sites as property is retired, net of certain deferred gains on NDTF investments. Propane Caverns. Represents amounts for costs related to propane inventory, the net book value of remaining assets and decommissioning costs at Duke Energy Ohio. MGP. Represents remediation costs incurred at former MGP sites and the deferral of costs to be incurred at Duke Energy Ohio's East End and West End sites. Net regulatory liability related to income taxes. Amounts for all registrants include regulatory liabilities related primarily to impacts from the Tax Act. See Note 24 for additional information. Amounts have no immediate impact on rate base as regulatory assets are offset by deferred tax liabilities. Costs of removal. Represents funds received from customers to cover the future removal of property, plant and equipment from retired or abandoned sites as property is retired. Also includes certain deferred gains on NDTF investments. DOE Settlement. Represents litigation settlement funds received resulting from the DOE’s failure to accept spent nuclear fuel and other radioactive waste from the Crystal River Unit 3 during 2014-2018 as required under the Nuclear Waste Policy Act. Provision for rate refunds. Represents estimated amounts due to customers based on recording interim rates subject to refund. RESTRICTIONS ON THE ABILITY OF CERTAIN SUBSIDIARIES TO MAKE DIVIDENDS, ADVANCES AND LOANS TO DUKE ENERGY As a condition to the approval of merger transactions, the NCUC, PSCSC, PUCO, KPSC and IURC imposed conditions on the ability of Duke Energy Carolinas, Duke Energy Progress, Duke Energy Ohio, Duke Energy Kentucky, Duke Energy Indiana and Piedmont to transfer funds to Duke Energy through loans or advances, as well as restricted amounts available to pay dividends to Duke Energy. Certain subsidiaries may transfer funds to the Parent by obtaining approval of the respective state regulatory commissions. These conditions imposed restrictions on the ability of the public utility subsidiaries to pay cash dividends as discussed below. Duke Energy Progress and Duke Energy Florida also have restrictions imposed by their first mortgage bond indentures, which in certain circumstances, limit their ability to make cash dividends or distributions on common stock. Amounts restricted as a result of these provisions were not material at December 31, 2022. Additionally, certain other subsidiaries of Duke Energy have restrictions on their ability to dividend, loan or advance funds to Duke Energy due to specific legal or regulatory restrictions, including, but not limited to, minimum working capital and tangible net worth requirements. The restrictions discussed below were not a material amount of Duke Energy's and Progress Energy's net assets at December 31, 2022. Duke Energy Carolinas Duke Energy Carolinas must limit cumulative distributions subsequent to mergers to (i) the amount of retained earnings on the day prior to the closing of the mergers, plus (ii) any future earnings recorded. Duke Energy Progress Duke Energy Progress must limit cumulative distributions subsequent to the mergers between Duke Energy and Progress Energy and Duke Energy and Piedmont to (i) the amount of retained earnings on the day prior to the closing of the respective mergers, plus (ii) any future earnings recorded. Duke Energy Ohio Duke Energy Ohio will not declare and pay dividends out of capital or unearned surplus without the prior authorization of the PUCO. Duke Energy Ohio received FERC and PUCO approval to pay dividends from its equity accounts that are reflective of the amount that it would have in its retained earnings account had push-down accounting for the Cinergy merger not been applied to Duke Energy Ohio’s balance sheet. The conditions include a commitment from Duke Energy Ohio that equity, adjusted to remove the impacts of push-down accounting, will not fall below 30% of total capital. Duke Energy Kentucky is required to pay dividends solely out of retained earnings and to maintain a minimum of 35% equity in its capital structure. Duke Energy Indiana Duke Energy Indiana must limit cumulative distributions subsequent to the merger between Duke Energy and Cinergy to (i) the amount of retained earnings on the day prior to the closing of the merger, plus (ii) any future earnings recorded. In addition, Duke Energy Indiana will not declare and pay dividends out of capital or unearned surplus without prior authorization of the IURC. Piedmont Piedmont must limit cumulative distributions subsequent to the acquisition of Piedmont by Duke Energy to (i) the amount of retained earnings on the day prior to the closing of the merger, plus (ii) any future earnings recorded. RATE-RELATED INFORMATION The NCUC, PSCSC, FPSC, IURC, PUCO, TPUC and KPSC approve rates for retail electric and natural gas services within their states. The FERC approves rates for electric sales to wholesale customers served under cost-based rates (excluding Ohio and Indiana), as well as sales of transmission service. The FERC also regulates certification and siting of new interstate natural gas pipeline projects. Duke Energy Carolinas and Duke Energy Progress Hurricane Ian In late September and early October 2022, Hurricane Ian inflicted severe damage to the Duke Energy Carolinas and Duke Energy Progress territories in North Carolina and South Carolina. Approximately 950,000 customers were impacted. Total estimated operation and maintenance expenses incurred for restoration efforts for the year ended December 31, 2022, were approximately $100 million, with an additional $9 million in capital investments. Approximately $83 million of the operation and maintenance expenses are deferred in Regulatory assets within Other Noncurrent Assets on the Consolidated Balance Sheets as of December 31, 2022 ($40 million and $43 million for Duke Energy Carolinas and Duke Energy Progress, respectively). Duke Energy Carolinas and Duke Energy Progress have regulatory tools to recover storm costs including deferral and securitization. These estimates could change as Duke Energy Carolinas and Duke Energy Progress receive additional information on actual costs. Car bon Plan Proceeding On October 13, 2021, North Carolina enacted legislation (Energy Solutions for North Carolina or HB 951) that established a framework overseen by the NCUC to advance North Carolina CO 2 emission reductions from electric generating facilities in the state through the use of least cost planning while providing for continued reliability and affordable rates for customers. Among other things, HB 951 directed that the NCUC approve an initial carbon plan (Carbon Plan) by December 31, 2022, taking all reasonable steps to achieve a 70% reduction in CO 2 emissions from public utilities’ electric generating facilities in the state by 2030 (from 2005 levels) and achieve carbon neutrality from electric generating facilities by 2050 while maintaining affordability and reliability for customers. On May 16, 2022, Duke Energy Carolinas and Duke Energy Progress filed their proposed Carolinas Carbon Plan (Proposed Plan) with the NCUC. The NCUC issued an order on December 30, 2022, adopting the first Carbon Plan. The order recognizes the value of an “all-of-the-above” approach to achieving CO 2 emission reductions and established a set of near-term procurement and development activities needed to continue progress towards the targeted CO 2 reductions, along with the schedule for the future biennial updates to the Carbon Plan. The approved near-term action plan includes procurement and development of solar, storage and hydrogen-capable natural gas generation at levels consistent with the Proposed Plan, along with upgrading key transmission facilities to strengthen the grid, improve resilience for customers and interconnect new solar generation and stakeholder engagement activities for onshore wind generation (in all cases, subject to any further applicable regulatory processes). The order also approved early development activities for long lead-time resources, including new nuclear, pumped-hydro storage and offshore wind transmission development. The NCUC affirmed the utility ownership structure required in HB 951; all new generation facilities or other resources selected by the NCUC to achieve the CO 2 emission reductions shall be owned and recovered on a cost-of-service basis by the utilities, with a carveout for 45% of solar and solar plus storage generation to be procured through long-term purchase power agreements with third parties. The order approves continued utilization of the remaining coal-fired generation assets, ensuring that appropriate replacement generating units and associated transmission infrastructure are in service before existing generating units are retired and providing an orderly transition out of coal generation by 2035. Storm Cost Securitization Legislation On June 15, 2022, the South Carolina General Assembly unanimously adopted S. 1077 (Act 227) in both the House and Senate and the bill was signed into law on June 17, 2022. The legislation enables the PSCSC to permit the issuance of bonds for the payment of storm costs and the creation of a storm charge for repayment. On August 5, 2022, Duke Energy Progress filed a petition with the PSCSC for review and approval of deferred storm costs to be securitized of approximately $223 million. The evidentiary hearing is scheduled to begin on or after March 1, 2023. On February 7, 2023, a stipulation was reached with all parties in the proceeding regarding certain items identified through the Office of Regulatory Staff (ORS) audit of storm costs. The final amount for securitization will depend on the outcome of the hearing. Duke Energy Progress cannot predict the outcome of this matter. Duke Energy Carolinas Regulatory Assets and Liabilities The following tables present the regulatory assets and liabilities recorded on Duke Energy Carolinas' Consolidated Balance Sheets. December 31, Earns/Pays Recovery/Refund (in millions) 2022 2021 a Return Period Ends Regulatory Assets (a) AROs – coal ash $ 1,391 $ 1,227 (g) (b) Deferred fuel and purchased power (i) 1,614 339 (e) 2024 Accrued pension and OPEB (c) 614 365 Yes (h) Storm cost securitized balance, net 220 232 2041 Storm cost deferrals 93 22 Yes (b) Hedge costs deferrals (c) 228 171 Yes (b) PISCC and deferred operating expenses (c) 30 31 Yes (b) Retired generation facilities (c) 39 54 Yes (b) Deferred asset – Lee COLA 267 296 (b) AMI 139 140 Yes (b) Customer connect project 62 66 Yes (b) Vacation accrual 84 83 2023 Incremental COVID-19 expenses 127 51 Yes (b) Nuclear deferral 90 78 2024 COR settlement 88 91 Yes (b) Deferred coal ash handling system costs 67 67 Yes (b) Other 235 166 (b) Total regulatory assets 5,388 3,479 Less: current portion 1,095 544 Total noncurrent regulatory assets $ 4,293 $ 2,935 Regulatory Liabilities (a) Net regulatory liability related to income taxes (d) $ 2,475 $ 2,785 (b) Costs of removal (c) 1,769 2,009 Yes (f) AROs – nuclear and other 1,038 2,053 (b) Hedge cost deferrals 350 209 (b) Accrued pension and OPEB (c) 44 44 Yes (h) Provision for rate refunds 50 124 Yes (b) Other 587 461 (b) Total regulatory liabilities 6,313 7,685 Less: current portion 530 487 Total noncurrent regulatory liabilities $ 5,783 $ 7,198 (a) Regulatory assets and liabilities are excluded from rate base unless otherwise noted. (b) The expected recovery or refund period varies or has not been determined. (c) Included in rate base. (d) Includes regulatory liabilities related to the change in the federal tax rate as a result of the Tax Act and the change in the North Carolina tax rate, both discussed in Note 24. Portions are included in rate base. (e) Pays interest on over-recovered costs in North Carolina. Includes certain purchased power costs in North Carolina and South Carolina and costs of distributed energy in South Carolina. (f) Recovered over the life of the associated assets. (g) Earns a debt and equity return on coal ash expenditures for North Carolina and South Carolina retail customers as permitted by various regulatory orders. (h) Recovered primarily over the average remaining service periods or life expectancies of employees covered by the benefit plans. See Note 23 for additional detail. (i) Duke Energy Carolinas submitted a fuel filing to the NCUC in May 2022 for recovery of $327 million, which included deferrals through January 2022. This amount is expected to be recovered through August 2023. The next filing will be made in the first quarter of 2023. Duke Energy Carolinas submitted a fuel filing to the PSCSC in July 2022 for recovery of $79 million, which included deferrals through May 2022. The amount is expected to be recovered through September 2023. The next filing will be made in the third quarter of 2023. 2023 North Carolina Rate Case On January 19, 2023, Duke Energy Carolinas filed a PBR application with the NCUC to request an increase in base rate retail revenues. The PBR Application includes an MYRP to recover projected capital investments during the three year MYRP period. In addition to the MYRP, the PBR Application includes an Earnings Sharing Mechanism, Residential Decoupling Mechanism and Performance Incentive Mechanisms as required by HB 951. If approved, the overall retail revenue increase would be $501 million in Year 1, $172 million in Year 2 and $150 million in Year 3, for a combined total of $823 million or 15.7% by early 2026. The rate increase is driven primarily by major transmission and distribution investments since the last rate case and projected in the MYRP, as well as investments in energy storage and solar assets included in the MYRP consistent with the Carbon Plan. Duke Energy Carolinas plans to implement temporary rates, subject to refund, on September 1, 2023, and has requested permanent rates be effective by January 1, 2024. Duke Energy Carolinas cannot predict the outcome of this matter. Oconee Nuclear Station Subsequent License Renewal On June 7, 2021, Duke Energy Carolinas filed a subsequent license renewal (SLR) application for the Oconee Nuclear Station (ONS) with the U.S. Nuclear Regulatory Commission (NRC) to renew ONS’s operating license for an additional 20 years. The SLR would extend operations of the facility from 60 to 80 years. The current licenses for units 1 and 2 expire in 2033 and the license for unit 3 expires in 2034. By a Federal Register Notice dated July 28, 2021, the NRC provided a 60-day comment period for persons whose interest may be affected by the issuance of a subsequent renewed license for ONS to file a request for a hearing and a petition for leave to intervene. On September 27, 2021, Beyond Nuclear and Sierra Club (Petitioners) filed a Hearing Request and Petition to Intervene (Hearing Request) and a Petition for Waiver. The Hearing Request proposed three contentions and claimed that Duke Energy Carolinas did not satisfy the National Environmental Policy Act (NEPA) of 1969, as amended, or the NRC’s NEPA-implementing regulations. Following Duke Energy Carolinas' answer and the Petitioners' reply, on February 11, 2022, the Atomic Safety and Licensing Board (ASLB) issued its decision on the Hearing Request and found that the Petitioners failed to establish that the proposed contentions are litigable. The ASLB also denied the Petitioners' Petition for Waiver and terminated the proceeding. On February 24, 2022, the NRC issued a decision in the SLR appeal related to Florida Power and Light's Turkey Point nuclear generating station in Florida. The NRC ruled that the NRC’s license renewal Generic Environmental Impact Statement (GEIS) does not apply to SLR because the GEIS does not address SLR. The decision overturned a 2020 NRC decision that found the GEIS applies to SLR. Although Turkey Point is not owned or operated by a Duke Energy Registrant, the NRC’s order applies to all SLR applicants, including ONS. The NRC order also indicated no subsequent renewed licenses will be issued until the NRC staff has completed an adequate NEPA review for each application. On April 5, 2022, the NRC approved a 24-month rulemaking plan that will enable the NRC staff to complete an adequate NEPA review. Although an SLR applicant may wait until the rulemaking is completed, the NRC also noted that an applicant may submit a supplement to its environmental report providing information on environmental impacts during the SLR period prior to the rulemaking being completed. On November 7, 2022, Duke Energy Carolinas submitted a supplement to its environmental report addressing environmental impacts during the SLR period. On December 19, 2022, the NRC published a notice in the Federal Register that the NRC will conduct a limited scoping process to gather additional information necessary to prepare an environmental impact statement (EIS) to evaluate the environmental impacts at ONS during the SLR period. The NRC received comments from the EPA and the Petitioners and these comments identify eighteen potential impacts that should be considered by the NRC in the EIS, which include, but are not limited to, climate change and flooding, environmental justice, severe accidents, and external events. Currently, the NRC expects to publish a draft EIS in October 2023. On December 19, 2022, the NRC issued the Safety Evaluation Report (SER) for the safety portion of the SLR application. The NRC determined Duke Energy Carolinas met the requirements of the applicable regulations and identified actions that have been taken or will be taken to manage the effects of aging and address time-limited analyses. Duke Energy Carolinas and the NRC met with the Advisory Committee on Reactor Safeguards (ACR S) on February 2, 2023, to discuss issues regarding the SER and SLR application, after which the ACRS will issue a report discussing the result of its review. Although the NRC’s GEIS applicability decision will delay completion of the SLR proceeding, Duke Energy Carolinas does not believe it changes the probability that the ONS subsequent renewed licenses will ultimately be issued, although Duke Energy Carolinas cannot guarantee the outcome of the license application process. Duke Energy Carolinas and Duke Energy Progress intend to seek renewal of operating licenses and 20-year license extensions for all of their nuclear stations. New depreciation rates were implemented for all of the nuclear facilities during the second quarter of 2021. Duke Energy Carolinas and Duke Energy Progress cannot predict the outcome of these additional relicensing proceedings. Duke Energy Progress Regulatory Assets and Liabilities The following tables present the regulatory assets and liabilities recorded on Duke Energy Progress' Consolidated Balance Sheets. December 31, Earns/Pays Recovery/Refund (in millions) 2022 2021 a Return Period Ends Regulatory Assets (a) AROs – coal ash $ 1,418 $ 1,389 (g) (b) AROs – nuclear and other 869 613 (c) Deferred fuel and purchased power (l) 705 303 (e) 2024 Accrued pension and OPEB (d) 417 351 Yes (j) Storm cost securitized balance, net 720 759 2041 Storm cost deferrals 234 170 Yes (b) Hedge costs deferrals 55 60 (b) PISCC and deferred operating expenses 42 47 Yes 2054 Retired generation facilities 149 171 Yes (b) Deferred asset - Harris COLA 21 21 (b) AMI 81 92 Yes (b) Customer connect project 54 57 Yes (b) Vacation accrual 43 42 2023 Incremental COVID-19 expenses 78 28 Yes (b) DSM/EE (d) 180 218 (h) (h) NCEMPA deferrals 157 165 (f) 2042 Nuclear deferral 64 42 2024 COR settlement 32 32 Yes (b) Deferred coal ash handling system costs 25 23 Yes (b) Other 70 68 (b) Total regulatory assets 5,414 4,651 Less: current portion 690 533 Total noncurrent regulatory assets $ 4,724 $ 4,118 Regulatory Liabilities (a) Net regulatory liability related to income taxes (k) $ 1,559 $ 1,695 (b) Costs of removal (d) 2,269 2,955 Yes (i) Hedge cost deferrals 252 155 (b) Provision for rate refunds 28 87 Yes (b) Other 344 357 (b) Total regulatory liabilities 4,452 5,249 Less: current portion 332 381 Total noncurrent regulatory liabilities $ 4,120 $ 4,868 (a) Regulatory assets and liabilities are excluded from rate base unless otherwise noted. (b) The expected recovery or refund period varies or has not been determined. (c) Recovery period for costs related to nuclear facilities runs through the decommissioning period of each unit. (d) Included in rate base. (e) Pays interest on over-recovered costs in North Carolina. Includes certain purchased power costs in North Carolina and South Carolina and costs of distributed energy in South Carolina. (f) South Carolina retail allocated costs are earning a return. (g) Earns a debt and equity return on coal ash expenditures for North Carolina and South Carolina retail customers as permitted by various regulatory orders. (h) Includes incentives on DSM/EE investments and is recovered through an annual rider mechanism. (i) Recovered over the life of the associated assets. (j) Recovered primarily over the average remaining service periods or life expectancies of employees covered by the benefit plans. See Note 23 for additional detail. (k) Includes regulatory liabilities related to the change in the federal tax rate as a result of the Tax Act and the change in the North Carolina tax rate, both discussed in Note 24. Portions are included in rate base. (l) Duke Energy Progress submitted a fuel filing to the NCUC in August 2022 for recovery of $251 million, which included deferrals through June 2022. This amount is expected to be recovered through November 2023. The next filing will be made in the second quarter of 2023. Duke Energy Progress submitted a fuel filing to the PSCSC in April 2022 for recovery of $44 million, which included deferrals through February 2022. This amount is expected to be recovered through June 2023. The next filing will be made in the second quarter of 2023. 2022 North Carolina Rate Case On October 6, 2022, Duke Energy Progress filed a PBR application with the NCUC to request an increase in base rate retail revenues. The rate request before the NCUC includes an MYRP to recover projected capital investments during the three Duke Energy Progress plans to implement temporary rates, subject to refund, on June 1, 2023, and has requested permanent rates be effective by October 1, 2023. The evidentiary hearing has been scheduled to begin on May 1, 2023. Duke Energy Progress cannot predict the outcome of this matter. 2022 South Carolina Rate Case On September 1, 2022, Duke Energy Progress filed an application with the PSCSC to request an increase in base rate retail revenues. On J anuary 12, 2023, Duke Energy Progress and the ORS, as well as other consumer, environmental, and industrial intervening parties, filed a comprehensive Agreement and Stipulation of Settlement resolving all issues in the base rate proceeding. The major components of the stipulation include: • A $52 million annual customer rate increase prior to the reduction from the accelerated return to customers of federal unprotected Property, Plant and Equipment related EDIT. After extending the remaining EDIT giveback to customers to 33 months, the net annual retail rate increase is approximately $36 million. • ROE of 9.6% based upon a capital structure of 52.43% equity and 47.57% debt. • Continuation of deferral treatment of coal ash basin closure costs. Supports an amortization period for remaining coal ash closure costs in this rate case of seven years. Duke Energy Progress agreed not to seek recovery of approximately $50 million of deferred coal ash expenditures related to retired sites in this rate case (South Carolina retail allocation). • Accepts the 2021 Depreciation Study as proposed in this case, as adjusted for certain recommendations from ORS and includes accelerated retirement dates for certain coal units as originally proposed. • Establishment of a storm reserve to help offset the costs of major storms. The PSCSC held a hearing on January 17, 2023, to consider evidence supporting the stipulation and unanimously voted to approve the comprehensive agreement on February 9, 2023. The PSCSC voted to |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES INSURANCE General Insurance The Duke Energy Registrants have insurance and reinsurance coverage either directly or through indemnification from Duke Energy’s captive insurance company, Bison, and its affiliates, consistent with companies engaged in similar commercial operations with similar type properties. The Duke Energy Registrants’ coverage includes (i) commercial general liability coverage for liabilities arising to third parties for bodily injury and property damage; (ii) workers’ compensation; (iii) automobile liability coverage; and (iv) property coverage for all real and personal property damage. Real and personal property damage coverage excludes electric transmission and distribution lines, but includes damages arising from boiler and machinery breakdowns, earthquakes, flood damage and extra expense, but not outage or replacement power coverage. All coverage is subject to certain deductibles or retentions, sublimits, exclusions, terms and conditions common for companies with similar types of operations. The Duke Energy Registrants self-insure their electric transmission and distribution lines against loss due to storm damage and other natural disasters. As discussed further in Note 4, Duke Energy Florida maintains a storm damage reserve and has a regulatory mechanism to recover the cost of named storms on an expedited basis. The cost of the Duke Energy Registrants’ coverage can fluctuate from year to year reflecting claims history and conditions of the insurance and reinsurance markets. In the event of a loss, terms and amounts of insurance and reinsurance available might not be adequate to cover claims and other expenses incurred. Uninsured losses and other expenses, to the extent not recovered by other sources, could have a material effect on the Duke Energy Registrants’ results of operations, cash flows or financial position. Each company is responsible to the extent losses may be excluded or exceed limits of the coverage available. Nuclear Insurance Duke Energy Carolinas owns and operates McGuire and Oconee and operates and has a partial ownership interest in Catawba. McGuire and Catawba each have two reactors. Oconee has three reactors. The other joint owners of Catawba reimburse Duke Energy Carolinas for certain expenses associated with nuclear insurance per the Catawba joint owner agreements. Duke Energy Progress owns and operates Robinson, Brunswick and Harris. Robinson and Harris each have one reactor. Brunswick has two reactors. Duke Energy Florida owns Crystal River Unit 3, which permanently ceased operation in 2013 and achieved a SAFSTOR condition in July 2019. On October 1, 2020, Crystal River Unit 3 changed decommissioning strategies from SAFSTOR to DECON. In the event of a loss, terms and amounts of insurance available might not be adequate to cover property damage and other expenses incurred. Uninsured losses and other expenses, to the extent not recovered by other sources, could have a material effect on Duke Energy Carolinas’, Duke Energy Progress’ and Duke Energy Florida’s results of operations, cash flows or financial position. Each company is responsible to the extent losses may be excluded or exceed limits of the coverage available. Nuclear Liability Coverage The Price-Anderson Act requires owners of nuclear reactors to provide for public nuclear liability protection per nuclear incident up to a maximum total financial protection liability. The maximum total financial protection liability, which is approximately $13.7 billion, is subject to change every five years for inflation and for the number of licensed reactors. Total nuclear liability coverage consists of a combination of private primary nuclear liability insurance coverage and a mandatory industry risk-sharing program to provide for excess nuclear liability coverage above the maximum reasonably available private primary coverage. The U.S. Congress could impose revenue-raising measures on the nuclear industry to pay claims. Primary Liability Insurance Duke Energy Carolinas and Duke Energy Progress have purchased the maximum reasonably available private primary nuclear liability insurance as required by law, which is $450 million per station. Duke Energy Florida has purchased $100 million primary nuclear liability insurance for Crystal River in compliance with the law. Excess Liability Program This program provides $13.2 billion of coverage per incident through the Price-Anderson Act’s mandatory industrywide excess secondary financial protection program of risk pooling. This amount is the product of potential cumulative retrospective premium assessments of $138 million times the current 96 licensed commercial nuclear reactors in the U.S. Under this program, operating unit licensees could be assessed retrospective premiums to compensate for public nuclear liability damages in the event of a nuclear incident at any licensed facility in the U.S. Retrospective premiums may be assessed at a rate not to exceed $20.5 million per year per licensed reactor for each incident. The assessment may be subject to state premium taxes. Nuclear Property and Accidental Outage Coverage Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida are members of Nuclear Electric Insurance Limited (NEIL), an industry mutual insurance company, which provides property damage, nuclear accident decontamination and premature decommissioning insurance for each station for losses resulting from damage to its nuclear plants, either due to accidents or acts of terrorism. Additionally, NEIL provides accidental outage coverage for losses in the event of a major accidental outage at an insured nuclear station. Pursuant to regulations of the NRC, each company’s property damage insurance policies provide that all proceeds from such insurance be applied, first, to place the plant in a safe and stable condition after a qualifying accident and second, to decontaminate the plant before any proceeds can be used for decommissioning, plant repair or restoration. Losses resulting from acts of terrorism are covered as common occurrences, such that if terrorist acts occur against one or more commercial nuclear power plants insured by NEIL within a 12-month period, they would be treated as one event and the owners of the plants where the act occurred would share one full limit of liability. The full limit of liability is currently $3.2 billion. NEIL sublimits the total aggregate for all of their policies for non-nuclear terrorist events to approximately $1.8 billion. Each nuclear facility has accident property damage, nuclear accident decontamination and premature decommissioning liability insurance from NEIL with limits of $1.5 billion, except for Crystal River Unit 3. Crystal River Unit 3’s limit is $50 million and is on an actual cash value basis. All nuclear facilities except for Catawba and Crystal River Unit 3 also share an additional $1.25 billion nuclear accident insurance limit above their dedicated underlying limit. This shared additional excess limit is not subject to reinstatement in the event of a loss. Catawba has a dedicated $1.25 billion of additional nuclear accident insurance limit above its dedicated underlying limit. Catawba and Oconee also have an additional $750 million of non-nuclear accident property damage limit. All coverages are subject to sublimits and significant deductibles. NEIL’s Accidental Outage policy provides some coverage, similar to business interruption, for losses in the event of a major accident property damage outage of a nuclear unit. Coverage is provided on a weekly limit basis after a significant waiting period deductible and at 100% of the applicable weekly limits for 52 weeks and 80% of the applicable weekly limits for up to the next 110 weeks. Coverage is provided until these applicable weekly periods are met, where the accidental outage policy limit will not exceed $490 million for Catawba, McGuire, Harris, Brunswick, Oconee and Robinson. NEIL sublimits the accidental outage recovery up to the first 104 weeks of coverage not to exceed $328 million from non-nuclear accidental property damage. Coverage amounts decrease in the event more than one unit at a station is out of service due to a common accident. All coverages are subject to sublimits and significant deductibles. Potential Retroactive Premium Assessments In the event of NEIL losses, NEIL’s board of directors may assess member companies' retroactive premiums of amounts up to 10 times their annual premiums for up to six years after a loss. NEIL has never exercised this assessment. The maximum aggregate annual retrospective premium obligations for Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida are $151 million, $93 million and $1 million, respectively. Duke Energy Carolinas' maximum assessment amount includes 100% of potential obligations to NEIL for jointly owned reactors. Duke Energy Carolinas would seek reimbursement from the joint owners for their portion of these assessment amounts. ENVIRONMENTAL The Duke Energy Registrants are subject to federal, state and local regulations regarding air and water quality, hazardous and solid waste disposal, coal ash and other environmental matters. These regulations can be changed from time to time, imposing new obligations on the Duke Energy Registrants. The following environmental matters impact all of the Duke Energy Registrants. Remediation Activities In addition to AROs recorded as a result of various environmental regulations, discussed in Note 10, the Duke Energy Registrants are responsible for environmental remediation at various sites. These include certain properties that are part of ongoing operations and sites formerly owned or used by Duke Energy entities. These sites are in various stages of investigation, remediation and monitoring. Managed in conjunction with relevant federal, state and local agencies, remediation activities vary based upon site conditions and location, remediation requirements, complexity and sharing of responsibility. If remediation activities involve joint and several liability provisions, strict liability, or cost recovery or contribution actions, the Duke Energy Registrants could potentially be held responsible for environmental impacts caused by other potentially responsible parties and may also benefit from insurance policies or contractual indemnities that cover some or all cleanup costs. Liabilities are recorded when losses become probable and are reasonably estimable. The total costs that may be incurred cannot be estimated because the extent of environmental impact, allocation among potentially responsible parties, remediation alternatives and/or regulatory decisions have not yet been determined at all sites. Additional costs associated with remediation activities are likely to be incurred in the future and could be significant. Costs are typically expensed as Operation, maintenance and other in the Consolidated Statements of Operations unless regulatory recovery of the costs is deemed probable. The following table contains information regarding reserves for probable and estimable costs related to the various environmental sites. These reserves are recorded in Other within Other Noncurrent Liabilities (in millions) December 31, 2022 December 31, 2021 Reserves for Environmental Remediation Duke Energy $ 84 $ 88 Duke Energy Carolinas 22 19 Progress Energy 19 23 Duke Energy Progress 8 11 Duke Energy Florida 11 11 Duke Energy Ohio 33 34 Duke Energy Indiana 3 4 Piedmont 7 9 Additional losses in excess of recorded reserves that could be incurred for the stages of investigation, remediation and monitoring for environmental sites that have been evaluated at this time are not material. LITIGATION Duke Energy Michael Johnson et al. v. Duke Energy Corporation et al. On September 23, 2020, plaintiff Michael Johnson, a former Duke Energy employee and participant in the Duke Energy Retirement Savings Plan (Plan) brought suit on his own behalf and on behalf of other participants and beneficiaries similarly situated against Duke Energy Corporation, the Duke Energy Benefits Committee, and other unnamed individual defendants. The complaint, which was subsequently amended to add a current participant as a plaintiff on November 23, 2020, alleges that the defendants breached their fiduciary duties with respect to certain fees associated with the Plan in violation of the Employee Retirement Income Security Act of 1974 and seeks certification of a class of all individuals who were participants or beneficiaries of the Plan at any time on or after September 23, 2014. The defendants filed a motion to dismiss the plaintiffs’ amended complaint on December 18, 2020. On January 31, 2022, the court denied the defendants' motion to dismiss. On February 28, 2022, Duke Energy responded to the amended complaint. Discovery commenced and the parties exchanged preliminary disclosures. After review of these disclosures, the plaintiffs agreed to voluntarily dismiss the suit and the parties subsequently filed a joint stipulation of voluntary dismissal with prejudice on April 29, 2022, ending this litigation. Texas Storm Uri Tort Litigation Duke Energy Corporation 2 for more information related to the sale of the Commercial Renewables Disposal Groups. Duke Energy Carolinas Ruben Villano, et al. v. Duke Energy Carolinas, LLC On June 16, 2021, a group of nine individuals went over a low head dam adjacent to the Dan River Steam Station in Eden, North Carolina, while water tubing. Emergency personnel rescued four people and five others were confirmed deceased. On August 11, 2021, Duke Energy Carolinas was served with the complaint filed in Durham County Superior Court on behalf of four survivors, which was later amended to include all the decedents along with the survivors. The lawsuit alleges that Duke Energy Carolinas knew that the river was used for recreational purposes and that Duke Energy d id not adequately warn about the dam and that Duke Energy Carolinas created a dangerous and hidden hazard on the Dan River in building and maintaining the low head dam. Discovery has commenced and is scheduled to be completed on or before August 23, 2023. The parties are preparing for mediation, which is scheduled for March 22, 2023. Disposi tive motions are due to be filed by September 6, 2023, and the case is scheduled to be trial-ready by October 2, 2023. Duke Energy Carolinas cannot predict the outcome of this matter. NTE Carolinas II, LLC Litigation In November 2017, Duke Energy Carolinas entered into a standard FERC large generator interconnection agreement (LGIA) with NTE Carolinas II, LLC (NTE), a company that proposed to build a combined-cycle natural gas plant in Rockingham County, North Carolina. On September 6, 2019, Duke Energy Carolinas filed a lawsuit in Mecklenburg County Superior Court against NTE for breach of contract, alleging that NTE's failure to pay benchmark payments for Duke Energy Carolinas' transmission system upgrades required under the interconnection agreement constituted a termination of the interconnection agreement. Duke Energy Carolinas sought a monetary judgment against NTE because NTE failed to make multiple milestone payments. The lawsuit was moved to federal court in North Carolina. NTE filed a motion to dismiss Duke Energy Carolinas’ complaint and brought counterclaims alleging anti-competitive conduct and violations of state and federal statutes. Duke Energy Carolinas filed a motion to dismiss NTE's counterclaims. Both NTE's and Duke Energy Carolinas' motions to dismiss were subsequently denied by the court. On May 21, 2020, in response to an NTE petition challenging Duke Energy Carolinas' termination of the LGIA, FERC issued a ruling that 1) it has exclusive jurisdiction to determine whether a transmission provider may terminate a LGIA; 2) FERC approval is required to terminate a conforming LGIA if objected to by the interconnection customer; and 3) Duke Energy may not announce the termination of a conforming LGIA unless FERC has approved the termination. FERC's Office of Enforcement also initiated an investigation of Duke Energy Carolinas into matters pertaining to the LGIA. Duke Energy Carolinas is cooperating with the Office of Enforcement but cannot predict the outcome of this investigation. Following completion of discovery, Duke Energy Carolinas filed a motion for summary judgment seeking a ruling in its favor as to some of its affirmative claims against NTE and to all of NTE’s counterclaims. On June 24, 2022, the court issued an order partially granting Duke Energy Carolinas' motion by dismissing NTE's counterclaims that Duke Energy Carolinas engaged in anti-competitive behavior in violation of state and federal statutes. On October 12, 2022, the parties executed a settlement agreement with respect to the remaining breach of contract claims in the litigation and a Stipulation of Dismissal was filed with the court on October 13, 2022. On November 11, 2022, NTE filed its Notice of Appeal to the U.S. Court of Appeals for the Fourth Circuit as to the District Court's summary judgment ruling in Duke Energy Carolinas' favor on NTE's antitrust and unfair competition claims. Briefing on NTE's appeal will be completed on May 3, 2023. Duke Energy Carolinas cannot predict the outcome of this matter. Asbestos-related Injuries and Damages Claims Duke Energy Carolinas has experienced numerous claims for indemnification and medical cost reimbursement related to asbestos exposure. These claims relate to damages for bodily injuries alleged to have arisen from exposure to or use of asbestos in connection with construction and maintenance activities conducted on its electric generation plants prior to 1985. Duke Energy Carolinas has recognized asbestos-related reserves of $457 million and $501 million at December 31, 2022, and 2021, respectively. These reserves are classified in Other within Other Noncurrent Liabilities and Other within Current Liabilities on the Consolidated Balance Sheets. The change in the reserves is a result of a third-party study completed in 2021 as well as settlements made throughout the year. These reserves are based upon Duke Energy Carolinas' best estimate for current and future asbestos claims through 2042 and are recorded on an undiscounted basis. In light of the uncertainties inherent in a longer-term forecast, management does not believe they can reasonably estimate the indemnity and medical costs that might be incurred after 2042 related to such potential claims. It is possible Duke Energy Carolinas may incur asbestos liabilities in excess of the recorded reserves. Duke Energy Carolinas has third-party insurance to cover certain losses related to asbestos-related injuries and damages above an aggregate self-insured retention. Receivables for insurance recoveries were $595 million and $644 million at December 31, 2022, and 2021, respectively. These amounts are classified in Other within Other Noncurrent Assets and Receivables within Current Assets on the Consolidated Balance Sheets. Any future payments up to the policy limit will be reimbursed by the third-party insurance carrier. Duke Energy Carolinas is not aware of any uncertainties regarding the legal sufficiency of insurance claims. Duke Energy Carolinas believes the insurance recovery asset is probable of recovery as the insurance carrier continues to have a strong financial strength rating. The reserve for credit losses for insurance receivables for the asbestos-related injuries and damages is $12 million for Duke Energy and Duke Energy Carolinas as of December 31, 2022, and December 31, 2021. The insurance receivable is evaluated based on the risk of default and the historical losses, current conditions and expected conditions around collectability. Management evaluates the risk of default annually based on payment history, credit rating and changes in the risk of default from credit agencies. Duke Energy Progress and Duke Energy Florida Spent Nuclear Fuel Matters On June 18, 2018, Duke Energy Progress and Duke Energy Florida sued the U.S. in the U.S. Court of Federal Claims for damages incurred for the period 2014 through 2018. The lawsuit claimed the DOE breached a contract in failing to accept spent nuclear fuel under the Nuclear Waste Policy Act of 1982 and asserted damages for the cost of on-site storage in the amount of $100 million and $200 million for Duke Energy Progress and Duke Energy Florida, respectively. On March 30, 2022, the DOE and Duke Energy Progress executed a settlement agreement, pursuant to which Duke Energy Progress would receive damages for costs incurred between 2014 and 2018 and would be able to submit future costs on a defined schedule. In April 2022, Duke Energy Progress received $87 million in proceeds that related to damages incurred in 2014 through 2018. On May 2, 2022, the DOE and Duke Energy Florida executed a settlement agreement, pursuant to which Duke Energy Florida would receive damages for costs incurred between 2014 and 2018 and would be able to submit costs incurred in 2019 and 2020 pursuant to an audit process. In June 2022, Duke Energy Florida received $180 million in proceeds that related to damages incurred in 2014 through 2018. Duke Energy Indiana Coal Ash Basin Closure Plan Appeal On January 27, 2020, Hoosier Environmental Council (HEC) filed a Petition for Administrative Review with the Indiana Office of Environmental Adjudication challenging the Indiana Department of Environmental Management’s (IDEM's) December 10, 2019 partial approval of Duke Energy Indiana’s ash pond closure plan at Duke Energy's Gallagher power station. After hearing oral arguments in early April 2021 on Duke Energy Indiana's and HEC's competing Motions for Summary Judgment, on May 4, 2021, the administrative court rejected all of HEC’s claims and issued a ruling in favor of Duke Energy Indiana. On June 3, 2021, HEC filed an appeal in Superior Court to seek judicial review of the order . Briefing on the appeal was completed on December 13, 2021. On January 11, 2022, Duke Energy Indiana received a compliance obligation letter from the EPA notifying the company that the two basins at issue in the litigation are subject to requirements of the CCR Rule. The letter does not provide a deadline for compliance. Duke Energy Indiana is proceeding with surface impoundment closure at its Indiana sites consistent with EPA’s guidance, the federal CCR rule, and Indiana law, as applicable. On April 21, 2022, HEC filed a motion requesting that the court hold a hearing within 45 days and also take judicial notice of the EPA's January 11, 2022 letter. On April 22, 2022, Duke Energy Indiana sent IDEM a letter withdrawing the closure plans for the Gallagher North Ash Pond and Primary Pond Ash Fill. After acknowledgment by IDEM of withdrawal of these closure plans, Duke Energy Indiana filed a Motion to Dismiss the litigation as moot on April 28, 2022, which IDEM supported, and the court granted the Motion to Dismiss on July 8, 2022. Coal Ash Insurance Coverage Litigation In June 2022, Duke Energy Indiana filed a civil action in Indiana Superior Court against various insurance companies seeking declaratory relief with respect to insurance coverage for coal combustion residuals-related expenses and liabilities covered by third-party liability insurance policies. The insurance policies cover the 1969-1972 and 1984-1985 periods and provide third-party liability insurance for claims and suits alleging property damage, bodily injury and personal injury (or a combination thereof). A trial date has not yet been set. Duke Energy Indiana cannot predict the outcome of this matter. Other Litigation and Legal Proceedings The Duke Energy Registrants are involved in other legal, tax and regulatory proceedings arising in the ordinary course of business, some of which involve significant amounts. The Duke Energy Registrants believe the final disposition of these proceedings will not have a material effect on their results of operations, cash flows or financial position for the years presented. Reserves are classified on the Consolidated Balance Sheets in Other within Other Noncurrent Liabilities and Other within Current Liabilities. OTHER COMMITMENTS AND CONTINGENCIES General As part of their normal business, the Duke Energy Registrants are party to various financial guarantees, performance guarantees and other contractual commitments to extend guarantees of credit and other assistance to various subsidiaries, investees and other third parties. These guarantees involve elements of performance and credit risk, which are not fully recognized on the Consolidated Balance Sheets and have uncapped maximum potential payments. However, the Duke Energy Registrants do not believe these guarantees will have a material effect on their results of operations, cash flows or financial position. See Note 8 for more information. Purchase Obligations Purchased Power Duke Energy Progress, Duke Energy Florida and Duke Energy Ohio have ongoing purchased power contracts, including renewable energy contracts, with other utilities, wholesale marketers, co-generators and qualified facilities. These purchased power contracts generally provide for capacity and energy payments. In addition, Duke Energy Progress and Duke Energy Florida have various contracts to secure transmission rights. The following table presents executory purchased power contracts with terms exceeding one year, excluding contracts classified as leases. Minimum Purchase Amount at December 31, 2022 Contract (in millions) Expiration 2023 2024 2025 2026 2027 Thereafter Total Duke Energy Progress (a) 2028-2032 $ 22 $ 21 $ 22 $ 18 $ 19 $ 27 $ 129 Duke Energy Florida (b) 2024-2025 300 267 91 — — — 658 Duke Energy Ohio (c) 2024 55 36 — — — — 91 (a) Contracts represent between 18% and 100% of net plant output. (b) Contracts represent 100% of net plant output. (c) Share of net plant output varies. Excludes PPA with OVEC. Gas Supply and Capacity Contracts Duke Energy Ohio and Piedmont routinely enter into long-term natural gas supply commodity and capacity commitments and other agreements that commit future cash flows to acquire services needed in their businesses. These commitments include pipeline and storage capacity contracts and natural gas supply contracts to provide service to customers. Costs arising from the natural gas supply commodity and capacity commitments, while significant, are pass-through costs to customers and are generally fully recoverable through the fuel adjustment or PGA pro cedures and prudence reviews in North Carolina and South Carolina and under the Tennessee Incentive Plan in Tennessee. In the Midwest, these costs are recovered via the Gas Cost Recovery Rate in Ohio or the Gas Cost Adjustment Clause in Kentucky. The time periods for fixed payments under pipeline and storage capacity contracts are up to 20 years. The time periods for fixed payments under natural gas supply contracts are up to four years. The time period for the natural gas supply purchase commitments is up to nine years. Certai n storage and pipeline capacity contracts require the payment of demand charges that are based on rates approved by the FERC in order to maintain rights to access the natural gas storage or pipeline capacity on a firm basis during the contract term. The demand charges that are incurred in each period are recognized in the Consolidated Statements of Operations and Comprehensive Income as part of natural gas purchases and are included in Cost of natural gas. The following table presents future unconditional purchase obligations under natural gas supply and capacity contracts as of December 31, 2022. (in millions) 2023 2024 2025 2026 2027 Thereafter Total Duke Energy Ohio $ 85 $ 101 $ 85 $ 56 $ 52 $ 616 $ 995 Piedmont 319 313 267 213 203 587 1,902 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | LEASES As part of its operations, Duke Energy leases certain aircraft, space on communication towers, industrial equipment, fleet vehicles, fuel transportation (barges and railcars), land and office space under various terms and expiration dates. Additionally, Duke Energy Carolinas, Duke Energy Progress and Duke Energy Indiana have finance leases related to firm natural gas pipeline transportation capacity. Duke Energy Progress and Duke Energy Florida have entered into certain PPAs, which are classified as finance and operating leases. Duke Energy has certain lease agreements, which include variable lease payments that are based on the usage of an asset. These variable lease payments are not included in the measurement of the ROU assets or operating lease liabilities on the Consolidated Financial Statements. Certain Duke Energy lease agreements include options for renewal and early termination. The intent to renew a lease varies depending on the lease type and asset. Renewal options that are reasonably certain to be exercised are included in the lease measurements. The decision to terminate a lease early is dependent on various economic factors. No termination options have been included in any of the lease measurements. Duke Energy Carolinas entered into a sale-leaseback arrangement in December 2019, to construct and occupy an office tower. The lease agreement was evaluated as a sale-leaseback of real estate and it was determined that the transaction did not qualify for sale-leaseback accounting. As a result, the transaction is being accounted for as a financing. For this transaction, Duke Energy Carolinas will continue to record the real estate on the Consolidated Balance Sheets within Property, Plant and Equipment as if it were the legal owner and will continue to recognize depreciation expense over the estimated useful life. In addition, the failed sale-leaseback obligation is reported within Long-Term Debt on the Consolidated Balance Sheets, with the monthly lease payments commencing after the construction phase being split between interest expense and principal pay down of the debt. Piedmont has certain agreements with Duke Energy Carolinas for the construction and transportation of natural gas pipelines to supply its natural gas plant needs. Piedmont accounts for these pipeline lateral contracts as sales-type leases since the present value of the sum of the lease payments equals the fair value of the assets. These pipeline lateral assets owned by Piedmont had a current net investment basis of $2 million as of December 31, 2022, and 2021, and a long-term net investment basis of $201 million and $203 million as of December 31, 2022, and 2021, respectively. These assets are classified in Other, within Current Assets and Other Noncurrent Assets, respectively, on Piedmont's Consolidated Balance Sheets. Duke Energy Carolinas accounts for the contracts as finance leases. The activity for these contracts is eliminated in consolidation at Duke Energy. The following tables present the components of lease expense. Year Ended December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Operating lease expense (a) $ 229 $ 39 $ 153 $ 83 $ 70 $ 10 $ 19 $ 6 Short-term lease expense (a) 4 — 1 — 1 — 2 — Variable lease expense (a) 61 (1) 60 37 23 — — 1 Finance lease expense Amortization of leased assets (b) 151 6 61 41 20 — — — Interest on lease liabilities (c) 50 32 49 45 4 — 1 — Total finance lease expense 201 38 110 86 24 — 1 — Total lease expense $ 495 $ 76 $ 324 $ 206 $ 118 $ 10 $ 22 $ 7 Year Ended December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Operating lease expense (a) $ 245 $ 43 $ 155 $ 83 $ 72 $ 11 $ 18 $ 7 Short-term lease expense (a) 5 — 2 1 1 — 2 — Variable lease expense (a) 41 17 22 10 12 — — 1 Finance lease expense Amortization of leased assets (b) 219 5 37 18 19 — 1 — Interest on lease liabilities (c) 55 33 48 42 6 — — — Total finance lease expense 274 38 85 60 25 — 1 — Total lease expense $ 565 $ 98 $ 264 $ 154 $ 110 $ 11 $ 21 $ 8 (a) Included in Operations, maintenance and other or, for barges and railcars, Fuel used in electric generation and purchased power on the Consolidated Statements of Operations. (b) Included in Depreciation and amortization on the Consolidated Statements of Operations. (c) Included in Interest Expense on the Consolidated Statements of Operations. The following table presents operating lease maturities and a reconciliation of the undiscounted cash flows to operating lease liabilities. December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont 2023 $ 225 $ 23 $ 118 $ 64 $ 54 $ 2 $ 6 $ 4 2024 207 21 110 56 54 2 5 4 2025 175 14 96 42 54 2 5 4 2026 161 13 99 45 54 2 4 — 2027 134 9 73 46 27 2 4 — Thereafter 322 37 253 209 44 15 45 1 Total operating lease payments 1,224 117 749 462 287 25 69 13 Less: present value discount (169) (20) (107) (76) (31) (7) (18) — Total operating lease liabilities (a) $ 1,055 $ 97 $ 642 $ 386 $ 256 $ 18 $ 51 $ 13 (a) Certain operating lease payments include renewal options that are reasonably certain to be exercised. The following table presents finance lease maturities and a reconciliation of the undiscounted cash flows to finance lease liabilities. December 31, 2022 Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Indiana 2023 $ 198 $ 38 $ 103 $ 78 $ 25 $ 1 2024 143 38 88 79 9 1 2025 76 38 85 80 5 1 2026 77 38 86 81 5 1 2027 74 38 82 81 1 1 Thereafter 584 427 555 555 — 23 Total finance lease payments 1,152 617 999 954 45 28 Less: amounts representing interest (388) (333) (371) (367) (4) (19) Total finance lease liabilities $ 764 $ 284 $ 628 $ 587 $ 41 $ 9 The following tables contain additional information related to leases. December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Classification Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Assets Operating Operating lease ROU assets, net $ 1,042 $ 78 $ 628 $ 370 $ 258 $ 18 $ 49 $ 4 Finance Net property, plant and equipment 810 284 674 590 84 — 6 — Total lease assets $ 1,852 $ 362 $ 1,302 $ 960 $ 342 $ 18 $ 55 $ 4 Liabilities Current Operating Other current liabilities $ 179 $ 14 $ 96 $ 51 $ 45 $ 1 $ 4 $ — Finance Current maturities of long-term debt 153 7 57 35 22 — — — Noncurrent Operating Operating lease liabilities 876 83 546 335 211 17 47 13 Finance Long-Term Debt 611 277 571 552 19 — 9 — Total lease liabilities $ 1,819 $ 381 $ 1,270 $ 973 $ 297 $ 18 $ 60 $ 13 December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Classification Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Assets Operating Operating lease ROU assets, net $ 1,136 $ 92 $ 691 $ 389 $ 302 $ 19 $ 53 $ 16 Finance Net property, plant and equipment 950 302 729 627 102 — 7 — Total lease assets $ 2,086 $ 394 $ 1,420 $ 1,016 $ 404 $ 19 $ 60 $ 16 Liabilities Current Operating Other current liabilities $ 184 $ 22 $ 94 $ 50 $ 44 $ 1 $ 4 $ 5 Finance Current maturities of long-term debt 151 6 61 41 20 — — — Noncurrent Operating Operating lease liabilities 940 78 606 350 256 18 50 14 Finance Long-Term Debt 764 283 629 588 41 — 10 — Total lease liabilities $ 2,039 $ 389 $ 1,390 $ 1,029 $ 361 $ 19 $ 64 $ 19 Year Ended December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Cash paid for amounts included in the measurement of lease liabilities (a) Operating cash flows from operating leases $ 230 $ 24 $ 118 $ 63 $ 55 $ 2 $ 6 $ 4 Operating cash flows from finance leases 50 32 49 45 4 — 1 — Financing cash flows from finance leases 151 6 61 41 20 — — — Lease assets obtained in exchange for new lease liabilities (non-cash) Operating (b) $ 111 $ 10 $ — $ — $ — $ — $ — $ — Year Ended December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Cash paid for amounts included in the measurement of lease liabilities (a) Operating cash flows from operating leases $ 245 $ 25 $ 117 $ 62 $ 55 $ 2 $ 6 $ 5 Operating cash flows from finance leases 55 33 48 42 6 — — — Financing cash flows from finance leases 219 5 37 18 19 — 1 — Lease assets obtained in exchange for new lease liabilities (non-cash) Operating (b) $ 182 $ 4 $ 99 $ 99 $ — $ — $ — $ — Finance 322 — 322 322 — — — — (a) No amounts were classified as investing cash flows from operating leases. (b) Does not include ROU assets recorded as a result of the adoption of the new lease standard. December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Weighted average remaining lease term (years) Operating leases 8 10 8 9 6 15 15 1 Finance leases 10 17 12 12 12 — 23 — Weighted average discount rate (a) Operating leases 3.4 % 3.8 % 3.6 % 3.5 % 3.8 % 4.2 % 4.0 % 3.3 % Finance leases 7.7 % 11.5 % 9.1 % 9.1 % 8.0 % — % 11.9 % — % December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Weighted average remaining lease term (years) Operating leases 8 9 8 10 7 16 16 4 Finance leases 10 18 13 13 11 — 24 — Weighted average discount rate (a) Operating leases 3.5 % 3.5 % 3.6 % 3.4 % 3.8 % 4.2 % 4.1 % 3.6 % Finance leases 7.3 % 11.6 % 9.0 % 9.0 % 8.2 % — % 11.9 % — % (a) The discount rate is calculated using the rate implicit in a lease if it is readily determinable. Generally, the rate used by the lessor is not provided to Duke Energy and in these cases the incremental borrowing rate is used. Duke Energy will typically use its fully collateralized incremental borrowing rate as of the commencement date to calculate and record the lease. The incremental borrowing rate is influenced by the lessee’s credit rating and lease term and as such may differ for individual leases, embedded leases or portfolios of leased assets. |
Leases | LEASES As part of its operations, Duke Energy leases certain aircraft, space on communication towers, industrial equipment, fleet vehicles, fuel transportation (barges and railcars), land and office space under various terms and expiration dates. Additionally, Duke Energy Carolinas, Duke Energy Progress and Duke Energy Indiana have finance leases related to firm natural gas pipeline transportation capacity. Duke Energy Progress and Duke Energy Florida have entered into certain PPAs, which are classified as finance and operating leases. Duke Energy has certain lease agreements, which include variable lease payments that are based on the usage of an asset. These variable lease payments are not included in the measurement of the ROU assets or operating lease liabilities on the Consolidated Financial Statements. Certain Duke Energy lease agreements include options for renewal and early termination. The intent to renew a lease varies depending on the lease type and asset. Renewal options that are reasonably certain to be exercised are included in the lease measurements. The decision to terminate a lease early is dependent on various economic factors. No termination options have been included in any of the lease measurements. Duke Energy Carolinas entered into a sale-leaseback arrangement in December 2019, to construct and occupy an office tower. The lease agreement was evaluated as a sale-leaseback of real estate and it was determined that the transaction did not qualify for sale-leaseback accounting. As a result, the transaction is being accounted for as a financing. For this transaction, Duke Energy Carolinas will continue to record the real estate on the Consolidated Balance Sheets within Property, Plant and Equipment as if it were the legal owner and will continue to recognize depreciation expense over the estimated useful life. In addition, the failed sale-leaseback obligation is reported within Long-Term Debt on the Consolidated Balance Sheets, with the monthly lease payments commencing after the construction phase being split between interest expense and principal pay down of the debt. Piedmont has certain agreements with Duke Energy Carolinas for the construction and transportation of natural gas pipelines to supply its natural gas plant needs. Piedmont accounts for these pipeline lateral contracts as sales-type leases since the present value of the sum of the lease payments equals the fair value of the assets. These pipeline lateral assets owned by Piedmont had a current net investment basis of $2 million as of December 31, 2022, and 2021, and a long-term net investment basis of $201 million and $203 million as of December 31, 2022, and 2021, respectively. These assets are classified in Other, within Current Assets and Other Noncurrent Assets, respectively, on Piedmont's Consolidated Balance Sheets. Duke Energy Carolinas accounts for the contracts as finance leases. The activity for these contracts is eliminated in consolidation at Duke Energy. The following tables present the components of lease expense. Year Ended December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Operating lease expense (a) $ 229 $ 39 $ 153 $ 83 $ 70 $ 10 $ 19 $ 6 Short-term lease expense (a) 4 — 1 — 1 — 2 — Variable lease expense (a) 61 (1) 60 37 23 — — 1 Finance lease expense Amortization of leased assets (b) 151 6 61 41 20 — — — Interest on lease liabilities (c) 50 32 49 45 4 — 1 — Total finance lease expense 201 38 110 86 24 — 1 — Total lease expense $ 495 $ 76 $ 324 $ 206 $ 118 $ 10 $ 22 $ 7 Year Ended December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Operating lease expense (a) $ 245 $ 43 $ 155 $ 83 $ 72 $ 11 $ 18 $ 7 Short-term lease expense (a) 5 — 2 1 1 — 2 — Variable lease expense (a) 41 17 22 10 12 — — 1 Finance lease expense Amortization of leased assets (b) 219 5 37 18 19 — 1 — Interest on lease liabilities (c) 55 33 48 42 6 — — — Total finance lease expense 274 38 85 60 25 — 1 — Total lease expense $ 565 $ 98 $ 264 $ 154 $ 110 $ 11 $ 21 $ 8 (a) Included in Operations, maintenance and other or, for barges and railcars, Fuel used in electric generation and purchased power on the Consolidated Statements of Operations. (b) Included in Depreciation and amortization on the Consolidated Statements of Operations. (c) Included in Interest Expense on the Consolidated Statements of Operations. The following table presents operating lease maturities and a reconciliation of the undiscounted cash flows to operating lease liabilities. December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont 2023 $ 225 $ 23 $ 118 $ 64 $ 54 $ 2 $ 6 $ 4 2024 207 21 110 56 54 2 5 4 2025 175 14 96 42 54 2 5 4 2026 161 13 99 45 54 2 4 — 2027 134 9 73 46 27 2 4 — Thereafter 322 37 253 209 44 15 45 1 Total operating lease payments 1,224 117 749 462 287 25 69 13 Less: present value discount (169) (20) (107) (76) (31) (7) (18) — Total operating lease liabilities (a) $ 1,055 $ 97 $ 642 $ 386 $ 256 $ 18 $ 51 $ 13 (a) Certain operating lease payments include renewal options that are reasonably certain to be exercised. The following table presents finance lease maturities and a reconciliation of the undiscounted cash flows to finance lease liabilities. December 31, 2022 Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Indiana 2023 $ 198 $ 38 $ 103 $ 78 $ 25 $ 1 2024 143 38 88 79 9 1 2025 76 38 85 80 5 1 2026 77 38 86 81 5 1 2027 74 38 82 81 1 1 Thereafter 584 427 555 555 — 23 Total finance lease payments 1,152 617 999 954 45 28 Less: amounts representing interest (388) (333) (371) (367) (4) (19) Total finance lease liabilities $ 764 $ 284 $ 628 $ 587 $ 41 $ 9 The following tables contain additional information related to leases. December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Classification Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Assets Operating Operating lease ROU assets, net $ 1,042 $ 78 $ 628 $ 370 $ 258 $ 18 $ 49 $ 4 Finance Net property, plant and equipment 810 284 674 590 84 — 6 — Total lease assets $ 1,852 $ 362 $ 1,302 $ 960 $ 342 $ 18 $ 55 $ 4 Liabilities Current Operating Other current liabilities $ 179 $ 14 $ 96 $ 51 $ 45 $ 1 $ 4 $ — Finance Current maturities of long-term debt 153 7 57 35 22 — — — Noncurrent Operating Operating lease liabilities 876 83 546 335 211 17 47 13 Finance Long-Term Debt 611 277 571 552 19 — 9 — Total lease liabilities $ 1,819 $ 381 $ 1,270 $ 973 $ 297 $ 18 $ 60 $ 13 December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Classification Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Assets Operating Operating lease ROU assets, net $ 1,136 $ 92 $ 691 $ 389 $ 302 $ 19 $ 53 $ 16 Finance Net property, plant and equipment 950 302 729 627 102 — 7 — Total lease assets $ 2,086 $ 394 $ 1,420 $ 1,016 $ 404 $ 19 $ 60 $ 16 Liabilities Current Operating Other current liabilities $ 184 $ 22 $ 94 $ 50 $ 44 $ 1 $ 4 $ 5 Finance Current maturities of long-term debt 151 6 61 41 20 — — — Noncurrent Operating Operating lease liabilities 940 78 606 350 256 18 50 14 Finance Long-Term Debt 764 283 629 588 41 — 10 — Total lease liabilities $ 2,039 $ 389 $ 1,390 $ 1,029 $ 361 $ 19 $ 64 $ 19 Year Ended December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Cash paid for amounts included in the measurement of lease liabilities (a) Operating cash flows from operating leases $ 230 $ 24 $ 118 $ 63 $ 55 $ 2 $ 6 $ 4 Operating cash flows from finance leases 50 32 49 45 4 — 1 — Financing cash flows from finance leases 151 6 61 41 20 — — — Lease assets obtained in exchange for new lease liabilities (non-cash) Operating (b) $ 111 $ 10 $ — $ — $ — $ — $ — $ — Year Ended December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Cash paid for amounts included in the measurement of lease liabilities (a) Operating cash flows from operating leases $ 245 $ 25 $ 117 $ 62 $ 55 $ 2 $ 6 $ 5 Operating cash flows from finance leases 55 33 48 42 6 — — — Financing cash flows from finance leases 219 5 37 18 19 — 1 — Lease assets obtained in exchange for new lease liabilities (non-cash) Operating (b) $ 182 $ 4 $ 99 $ 99 $ — $ — $ — $ — Finance 322 — 322 322 — — — — (a) No amounts were classified as investing cash flows from operating leases. (b) Does not include ROU assets recorded as a result of the adoption of the new lease standard. December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Weighted average remaining lease term (years) Operating leases 8 10 8 9 6 15 15 1 Finance leases 10 17 12 12 12 — 23 — Weighted average discount rate (a) Operating leases 3.4 % 3.8 % 3.6 % 3.5 % 3.8 % 4.2 % 4.0 % 3.3 % Finance leases 7.7 % 11.5 % 9.1 % 9.1 % 8.0 % — % 11.9 % — % December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Weighted average remaining lease term (years) Operating leases 8 9 8 10 7 16 16 4 Finance leases 10 18 13 13 11 — 24 — Weighted average discount rate (a) Operating leases 3.5 % 3.5 % 3.6 % 3.4 % 3.8 % 4.2 % 4.1 % 3.6 % Finance leases 7.3 % 11.6 % 9.0 % 9.0 % 8.2 % — % 11.9 % — % (a) The discount rate is calculated using the rate implicit in a lease if it is readily determinable. Generally, the rate used by the lessor is not provided to Duke Energy and in these cases the incremental borrowing rate is used. Duke Energy will typically use its fully collateralized incremental borrowing rate as of the commencement date to calculate and record the lease. The incremental borrowing rate is influenced by the lessee’s credit rating and lease term and as such may differ for individual leases, embedded leases or portfolios of leased assets. |
Debt and Credit Facilities
Debt and Credit Facilities | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt and Credit Facilities | DEBT AND CREDIT FACILITIES Summary of Debt and Related Terms The following tables summarize outstanding debt and includes debt attributable to the Commercial Renewables Disposal Groups. See Note 2 for further details. December 31, 2022 Weighted Average Duke Duke Duke Duke Duke Interest Duke Energy Progress Energy Energy Energy Energy (in millions) Rate Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Unsecured debt, maturing 2023-2082 4.20 % $ 29,585 $ 1,150 $ 2,600 $ — $ 950 $ 1,330 $ 697 $ 3,390 Secured debt, maturing 2023-2052 4.11 % 5,632 1,317 2,383 1,155 1,228 — — — First mortgage bonds, maturing 2023-2052 (a) 3.89 % 32,645 11,306 16,350 8,776 7,576 1,850 3,138 — Finance leases, maturing 2023-2051 (b) 7.90 % 764 284 628 587 41 — 9 — Tax-exempt bonds, maturing 2027-2046 (c) 3.84 % 1,331 — 500 500 — 77 352 — Notes payable and commercial paper (d) 4.50 % 4,582 — — — — — — — Money pool/intercompany borrowings — 1,533 993 389 605 522 585 514 Fair value hedge carrying value adjustment (5) — — — — — — — Unamortized debt discount and premium, net (e) 1,016 (21) (40) (23) (16) (25) (17) (9) Unamortized debt issuance costs (f) (383) (70) (132) (59) (70) (12) (22) (18) Total debt 4.09 % $ 75,167 $ 15,499 $ 23,282 $ 11,325 $ 10,314 $ 3,742 $ 4,742 $ 3,877 Short-term notes payable and commercial paper (3,952) — — — — — — — Short-term money pool/intercompany borrowings — (1,233) (843) (238) (605) (497) (435) (514) Current maturities of long-term debt (g) (4,154) (1,018) (697) (369) (328) (475) (303) (45) Total long-term debt (g) $ 67,061 $ 13,248 $ 21,742 $ 10,718 $ 9,381 $ 2,770 $ 4,004 $ 3,318 (a) Substantially all electric utility property is mortgaged under mortgage bond indentures. (b) Duke Energy includes $164 million of finance lease purchase accounting adjustments related to Duke Energy Florida related to PPAs that are not accounted for as finance leases in their respective financial statements because of grandfathering provisions in GAAP. (c) Substantially all tax-exempt bonds are secured by first mortgage bonds, letters of credit or the Master Credit Facility. (d) Includes $625 million classified as Long-Term Debt on the Consolidated Balance Sheets due to the existence of long-term credit facilities that backstop these commercial paper balances, along with Duke Energy’s ability and intent to refinance these balances on a long-term basis. The weighted average days to maturity for Duke Energy's commercial paper program was 15 days. (e) Duke Energy includes $1,057 million and $85 million in purchase accounting adjustments related to Progress Energy and Piedmont, respectively. (f) Duke Energy includes $27 million in purchase accounting adjustments primarily related to the merger with Progress Energy. (g) Refer to Note 18 for additional information on amounts from consolidated VIEs. December 31, 2021 Weighted Average Duke Duke Duke Duke Duke Interest Duke Energy Progress Energy Energy Energy Energy (in millions) Rate Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Unsecured debt, maturing 2022-2082 3.71 % $ 24,564 $ 1,150 $ 2,250 $ — $ 150 $ 1,330 $ 700 $ 2,990 Secured debt, maturing 2022-2052 2.50 % 5,584 1,094 2,397 1,120 1,278 — — — First mortgage bonds, maturing 2022-2051 (a) 3.87 % 31,026 10,507 15,450 8,375 7,075 1,850 3,219 — Finance leases, maturing 2022-2051 (b) 5.81 % 915 289 690 629 61 — 10 — Tax-exempt bonds, maturing 2027-2041 (c) 0.65 % 360 — 48 48 — 27 285 — Notes payable and commercial paper (d) 0.35 % 3,929 — — — — — — — Money pool/intercompany borrowings — 526 2,959 322 199 128 150 518 Fair value hedge carrying value adjustment 4 4 — — — — — — Unamortized debt discount and premium, net (e) 1,119 (21) (34) (19) (14) (27) (18) (6) Unamortized debt issuance costs (f) (362) (67) (128) (54) (68) (13) (23) (16) Total debt 3.50 % $ 67,139 $ 13,482 $ 23,632 $ 10,421 $ 8,681 $ 3,295 $ 4,323 $ 3,486 Short-term notes payable and commercial paper (3,304) — — — — — — — Short-term money pool/intercompany borrowings — (226) (2,809) (172) (199) (103) — (518) Current maturities of long-term debt (g) (3,387) (362) (1,082) (556) (76) — (84) — Total long-term debt (g) $ 60,448 $ 12,894 $ 19,741 $ 9,693 $ 8,406 $ 3,192 $ 4,239 $ 2,968 (a) Substantially all electric utility property is mortgaged under mortgage bond indentures. (b) Duke Energy includes $256 million of finance lease purchase accounting adjustments related to Duke Energy Florida related to PPAs that are not accounted for as finance leases in their respective financial statements because of grandfathering provisions in GAAP. (c) Substantially all tax-exempt bonds are secured by first mortgage bonds, letters of credit or the Master Credit Facility. (d) Includes $625 million that was classified as Long-Term Debt on the Consolidated Balance Sheets due to the existence of long-term credit facilities that backstop these commercial paper balances, along with Duke Energy’s ability and intent to refinance these balances on a long-term basis. The weighted average days to maturity for Duke Energy's commercial paper programs was 15 days. (e) Duke Energy includes $1,121 million and $100 million in purchase accounting adjustments related to Progress Energy and Piedmont, respectively. (f) Duke Energy includes $29 million in purchase accounting adjustments primarily related to the merger with Progress Energy. (g) Refer to Note 18 for additional information on amounts from consolidated VIEs. Current Maturities of Long-Term Debt The following table shows the significant components of Current maturities of Long-Term Debt on the Consolidated Balance Sheets. The Duke Energy Registrants currently anticipate satisfying these obligations with cash on hand and proceeds from additional borrowings. (in millions) Maturity Date Interest Rate December 31, 2022 Unsecured Debt Duke Energy (Parent) April 2023 2.875 % $ 350 Duke Energy (Parent) (a) June 2023 3.469 % 500 Duke Energy (Parent) October 2023 3.950 % 400 Duke Energy Ohio (a) October 2023 4.272 % 150 Duke Energy Indiana (a) October 2023 4.118 % 300 First Mortgage Bonds Duke Energy Carolinas March 2023 2.500 % 500 Duke Energy Carolinas March 2023 3.050 % 500 Duke Energy Progress September 2023 3.375 % 300 Duke Energy Ohio September 2023 3.800 % 300 Other (b) 854 Current maturities of long-term debt $ 4,154 (a) Debt has a floating interest rate. (b) Includes finance lease obligations, amortizing debt, tax-exempt bonds with mandatory put options and small bullet maturities. Maturities and Call Options The following table shows the annual maturities of long-term debt for the next five years and thereafter. Amounts presented exclude short-term notes payable, commercial paper and money pool borrowings and debt issuance costs for the Subsidiary Registrants. December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy (a) Carolinas Energy Progress Florida Ohio Indiana Piedmont 2023 $ 4,154 $ 1,018 $ 697 $ 369 $ 328 $ 475 $ 303 $ 45 2024 3,216 19 939 72 867 — 4 40 2025 4,322 491 1,040 975 65 245 4 205 2026 2,682 621 345 279 66 45 4 40 2027 3,203 323 947 233 714 102 177 300 Thereafter 52,999 11,884 18,642 9,238 7,753 2,415 3,853 2,760 Total long-term debt, including current maturities $ 70,576 $ 14,356 $ 22,610 $ 11,166 $ 9,793 $ 3,282 $ 4,345 $ 3,390 (a) Excludes $1,169 million in purchase accounting adjustments related to the Progress Energy merger and the Piedmont acquisition. The Duke Energy Registrants have the ability under certain debt facilities to call and repay the obligation prior to its scheduled maturity. Therefore, the actual timing of future cash repayments could be materially different than as presented above. Short-Term Obligations Classified as Long-Term Debt Tax-exempt bonds that may be put to the Duke Energy Registrants at the option of the holder and certain commercial paper issuances and money pool borrowings are classified as Long-Term Debt on the Consolidated Balance Sheets. These tax-exempt bonds, commercial paper issuances and money pool borrowings, which are short-term obligations by nature, are classified as long-term due to Duke Energy’s intent and ability to utilize such borrowings as long-term financing. As Duke Energy’s Master Credit Facility and other bilateral letter of credit agreements have non-cancelable terms in excess of one year as of the balance sheet date, Duke Energy has the ability to refinance these short-term obligations on a long-term basis. The following tables show short-term obligations classified as long-term debt. December 31, 2022 and 2021 Duke Duke Duke Duke Duke Energy Energy Energy Energy (in millions) Energy Carolinas Progress Ohio Indiana Tax-exempt bonds $ 312 $ — $ — $ 27 $ 285 Commercial paper (a) 625 300 150 25 150 Total $ 937 $ 300 $ 150 $ 52 $ 435 (a) Progress Energy amounts are equal to Duke Energy Progress amounts. Summary of Significant Debt Issuances In January 2023, Duke Energy Carolinas issued $1.8 billion of first mortgage bonds. The issuance was split between a $900 million,10-year tranche at 4.95% and a $900 million, 30-year tranche at 5.35%. The net proceeds will be used to refinance $1 billion of Duke Energy Carolinas bonds maturing in March 2023, to pay down short-term debt and for general company purposes. The following tables summarize significant debt issuances (in millions). Year Ended December 31, 2022 Duke Duke Duke Duke Maturity Interest Duke Energy Energy Energy Energy Issuance Date Date Rate Energy (Parent) Carolinas Progress Florida Piedmont Unsecured Debt May 2022 (a) May 2052 5.050 % $ 400 $ — $ — $ — $ — $ 400 June 2022 (b) June 2028 4.750 % 645 645 — — — — June 2022 (b) June 2034 5.306 % 537 537 — — — — August 2022 (c) March 2028 4.300 % 900 900 — — — — August 2022 (c) August 2032 4.500 % 1,150 1,150 — — — — August 2022 (c) August 2052 5.000 % 1,150 1,150 — — — December 2022 (d) December 2025 5.000 % 500 500 — — — — December 2022 (d) December 2027 5.000 % 500 500 — — — — First Mortgage Bonds March 2022 (e) March 2032 2.850 % 500 — 500 — — — March 2022 (e) March 2052 3.550 % 650 — 650 — — — March 2022 (e) April 2032 3.400 % 500 — — 500 — — March 2022 (e) April 2052 4.000 % 400 — — 400 — — November 2022 (f) November 2052 5.950 % 500 — — — 500 — Tax-exempt Bonds June 2022 (g) September 2030 4.000 % 168 168 — — — — June 2022 (g) November 2039 4.250 % 234 234 — — — — September 2022 (h) October 2046 3.300 % 200 — — 200 — September 2022 (i) October 2046 3.700 % 210 — — 210 — September 2022 (i) October 2046 4.000 % 42 — — 42 — Total issuances $ 9,186 $ 5,784 $ 1,150 $ 1,352 $ 500 $ 400 (a) Debt issued to repay a portion of outstanding intercompany short-term debt and for general corporate purposes. (b) Duke Energy (Parent) issued 600 million euros aggregate principal amount of 3.10% senior notes due June 2028 and 500 million euros aggregate principal amount of 3.85% senior notes due June 2034. Debt issued to repay a $500 million debt maturity, pay down short-term debt and for general corporate purposes. Duke Energy's obligations under its euro-denominated fixed-rate notes were effectively converted to fixed-rate U.S. dollars at issuance through cross-currency swaps, mitigating foreign currency exchange risk associated with the interest and principal payments. See Note 15 for additional information. (c) Debt issued to repay a portion of short-term debt and for general corporate purposes. (d) Proceeds will be used to repay a portion of commercial paper and for general corporate purposes. (e) Debt issued to finance or refinance, in whole or in part, existing or new eligible projects under the sustainable financing framework. (f) Debt issued to repay a portion of outstanding intercompany short-term debt and for general company purposes. (g) Debt issued to refund the Ohio Air Quality Development Revenue Refunding bonds, previously held in treasury, which were used to finance or refinance portions of certain solid waste disposal facilities. The mandatory purchase date of these bonds is June 1, 2027. (h) Debt issued to provide funds to refund the prior bonds, which were used to finance or refinance portions of certain air and water pollution control equipment and solid waste disposal equipment. The mandatory purchase date of these bonds is October 1, 2026. (i) Debt issued to provide funds to refund the prior bonds, which were used to finance or refinance portions of certain air and water pollution control equipment and solid waste disposal equipment. The mandatory purchase date of these bonds is October 1, 2030. Year Ended December 31, 2021 Duke Duke Duke Duke Maturity Interest Duke Energy Energy Energy Energy Issuance Date Date Rate Energy (Parent) Carolinas Progress Florida Piedmont Unsecured Debt March 2021 a) March 2031 2.500 % $ 350 $ — $ — $ — $ — $ 350 June 2021 (b)(c) June 2023 0.299 % 500 500 — — — — June 2021 (c) June 2031 2.550 % 1,000 1,000 — — — — June 2021 (c) June 2041 3.300 % 750 750 — — — — June 2021 (c) June 2051 3.500 % 750 750 — — — — September 2021 (d) January 2082 3.250 % 500 500 — — — — Secured Debt November 2021 (e) July 2031 1.679 % 100 — 100 — — — November 2021 (e) July 2041 2.617 % 137 — 137 — — — November 2021 (e) July 2028 1.295 % 221 — — 221 — — November 2021 (e) July 2037 2.387 % 352 — — 352 — — November 2021 (e) July 2041 2.799 % 197 — — 197 — — First Mortgage Bonds April 2021 (f) April 2031 2.550 % 550 — 550 — — — April 2021 (f) April 2051 3.450 % 450 — 450 — — — August 2021 (g) August 2031 2.000 % 650 — — 650 — — August 2021 (g) August 2051 2.900 % 450 — — 450 — — December 2021 (h) December 2031 2.400 % 650 — — — 650 — December 2021 (h) December 2051 3.000 % 500 — — — 500 — Total issuances $ 8,107 $ 3,500 $ 1,237 $ 1,870 $ 1,150 $ 350 (a) Debt issued to repay at maturity $160 million senior unsecured notes due June 2021, pay down short-term debt and for general corporate purposes. (b) Debt has a floating interest rate. (c) Debt issued to repay $1.75 billion of Duke Energy (Parent) debt maturities, to repay a portion of short-term debt and for general corporate purposes. (d) Debt issued to repay in October 2021 $500 million of Duke Energy (Parent) unsecured notes. The interest rate resets every five years. (e) Debt issued to finance the North Carolina portion of storm restoration expenditures related to Hurricane Florence, Hurricane Michael, Hurricane Dorian and Winter Storm Diego. (f) Debt issued to repay at maturity $500 million first mortgage bonds due June 2021, pay down short-term debt and for general company purposes. (g) Debt issued to repay at maturity a total of $600 million first mortgage bonds due September 2021, pay down short-term debt and for general company purposes. (h) Proceeds were used to finance or refinance, in whole or in part, existing or new eligible projects under the sustainable financing framework. AVAILABLE CREDIT FACILITIES Master Credit Facility In March 2022, Duke Energy amended its existing Master Credit Facility to increase the amount of the facility from $8 billion to $9 billion and to extend the termination date to March 2027. The Duke Energy Registrants, excluding Progress Energy, have borrowing capacity under the Master Credit Facility up to a specified sublimit for each borrower. Duke Energy has the unilateral ability at any time to increase or decrease the borrowing sublimits of each borrower, subject to a maximum sublimit for each borrower. The amount available under the Master Credit Facility has been reduced to backstop issuances of commercial paper, certain letters of credit and variable-rate demand tax-exempt bonds that may be put to the Duke Energy Registrants at the option of the holder. The table below includes the current borrowing sublimits and available capacity under these credit facilities. December 31, 2022 Duke Duke Duke Duke Duke Duke Duke Energy Energy Energy Energy Energy Energy (in millions) Energy (Parent) Carolinas Progress Florida Ohio Indiana Piedmont Facility size (a) $ 9,000 $ 2,375 $ 1,925 $ 800 $ 1,150 $ 900 $ 1,050 $ 800 Reduction to backstop issuances Commercial paper (b) (3,685) 463 (1,533) (389) (605) (522) (585) (514) Outstanding letters of credit (40) (27) (4) (2) (7) — — — Tax-exempt bonds (81) — — — — — (81) — Available capacity $ 5,194 $ 2,811 $ 388 $ 409 $ 538 $ 378 $ 384 $ 286 (a) Represents the sublimit of each borrower. (b) Duke Energy issued $625 million of commercial paper and loaned the proceeds through the money pool to Duke Energy Carolinas, Duke Energy Progress, Duke Energy Ohio and Duke Energy Indiana. The balances are classified as Long-Term Debt Payable to Affiliated Companies in the Consolidated Balance Sheets. Duke Energy (Parent) Term Loan Facility On March 9, 2022, Duke Energy (Parent) entered into a Term Loan Credit Agreement (Credit Agreement) with commitments totaling $1.4 billion maturing on March 9, 2024. The maturity date of the Credit Agreement may be extended for up to two years by request of Duke Energy (Parent), upon satisfaction of certain conditions contained in the Credit Agreement. Borrowings under the facility were used to repay amounts drawn under the Three-Year Revolving Credit Facility and for general corporate purposes, including repayment of a portion of Duke Energy's outstanding commercial paper. In December 2022, Duke Energy (Parent) repaid $400 million of the term loan. The balance is classified as Long-Term Debt on Duke Energy's Consolidated Balance Sheets. The Three-Year Revolving Credit Facility was terminated in March 2022. Duke Energy Florida Term Loan Facility In October 2022, Duke Energy Florida entered into a term loan facility with commitments totaling $800 million expiring in April 2024. The term loan was fully drawn at the time of closing In October and borrowings were used for storm costs, under-collected fuel and general company purposes. The balance is classified as Long-Term Debt on Duke Energy Florida's Consolidated Balance Sheet. Other Debt Matters In September 2022, Duke Energy filed a Form S-3 with the SEC. Under this Form S-3, which is uncapped, the Duke Energy Registrants, excluding Progress Energy, may issue debt and other securities, including preferred stock, in the future at amounts, prices and with terms to be determined at the time of future offerings. The registration statement was filed to replace a similar prior filing upon expiration of its three-year term and also allows for the issuance of common and preferred stock by Duke Energy. Also in September 2022, to replace another similar prior filing, Duke Energy filed an effective Form S-3 with the SEC to sell up to $4 billion of variable denomination floating-rate demand notes, called PremierNotes. The Form S-3 states that no more than $2 billion of the notes will be outstanding at any particular time. The notes are offered on a continuous basis and bear interest at a floating rate per annum determined by the Duke Energy PremierNotes Committee, or its designee, on a weekly basis. The interest rate payable on notes held by an investor may vary based on the principal amount of the investment. The notes have no stated maturity date, are non-transferable and may be redeemed in whole or in part by Duke Energy or at the investor’s option at any time. The balance as of December 31, 2022, and 2021, was $897 million and $1,066 million, respectively. The notes are short-term debt obligations of Duke Energy and are reflected as Notes payable and commercial paper on Duke Energy’s Consolidated Balance Sheets. Money Pool and Intercompany Credit Agreements The Subsidiary Registrants, excluding Progress Energy, are eligible to receive support for their short-term borrowing needs through participation with Duke Energy and certain of its subsidiaries in a money pool arrangement. Under this arrangement, those companies with short-term funds may provide short-term loans to affiliates participating in this arrangement. The money pool is structured such that the Subsidiary Registrants, excluding Progress Energy, separately manage their cash needs and working capital requirements. Accordingly, there is no net settlement of receivables and payables between money pool participants. Duke Energy (Parent), may loan funds to its participating subsidiaries, but may not borrow funds through the money pool. Accordingly, as the money pool activity is between Duke Energy and its subsidiaries, all money pool balances are eliminated within Duke Energy’s Consolidated Balance Sheets. Money pool receivable balances are reflected within Notes receivable from affiliated companies on the Subsidiary Registrants’ Consolidated Balance Sheets. Money pool payable balances are reflected within either Notes payable to affiliated companies or Long-Term Debt Payable to Affiliated Companies on the Subsidiary Registrants’ Consolidated Balance Sheets. In March 2022, Progress Energy closed a revolving credit agreement with Duke Energy (Parent), which allowed up to $2.5 billion in intercompany borrowings. Restrictive Debt Covenants The Duke Energy Registrants’ debt and credit agreements contain various financial and other covenants. Duke Energy's Master Credit Facility contains a covenant requiring the debt-to-total capitalization ratio not to exceed 65% for each borrower, excluding Piedmont, and 70% for Piedmont. Failure to meet those covenants beyond applicable grace periods could result in accelerated due dates and/or termination of the agreements. As of December 31, 2022, Duke Energy presented approximately $131 million of long-term debt as current on the Consolidated Balance Sheet as a result of a technical default due to the bankruptcy filing of a Duke Energy customer. The Duke Energy Registrants were in compliance with all other covenants related to their debt agreements as of December 31, 2022. In addition, some credit agreements may allow for acceleration of payments or termination of the agreements due to nonpayment, or acceleration of other significant indebtedness of the borrower or some of its subsidiaries. None of the debt or credit agreements contain material adverse change clauses. Other Loans As of December 31, 2022, and 2021, Duke Energy had loans outstanding of $852 million, including $33 million at Duke Energy Progress and $819 million, including $34 million at Duke Energy Progress, respectively, against the cash surrender value of life insurance policies it owns on the lives of its executives. The amounts outstanding were carried as a reduction of the related cash surrender value that is included in Other within Other Noncurrent Assets on the Consolidated Balance Sheets. |
Guarantees and Indemnifications
Guarantees and Indemnifications | 12 Months Ended |
Dec. 31, 2022 | |
Guarantees [Abstract] | |
Guarantees and Indemnifications | GUARANTEES AND INDEMNIFICATIONS Duke Energy has various financial and performance guarantees and indemnifications with non-consolidated entities, which are issued in the normal course of business. As discussed below, these contracts include performance guarantees, standby letters of credit, debt guarantees and indemnifications and include guarantees and indemnifications related to Commercial Renewables Disposal Groups. Duke Energy enters into these arrangements to facilitate commercial transactions with third parties by enhancing the value of the transaction to the third party. At December 31, 2022, Duke Energy does not believe conditions are likely for significant performance under these guarantees. To the extent liabilities are incurred as a result of the activities covered by the guarantees, such liabilities are included on the accompanying Consolidated Balance Sheets. On January 2, 2007, Duke Energy completed the spin-off of its previously wholly owned natural gas businesses to shareholders. Guarantees issued by Duke Energy or its affiliates, or assigned to Duke Energy prior to the spin-off, remained with Duke Energy subsequent to the spin-off. Guarantees issued by Spectra Energy Capital, LLC (Spectra Capital) or its affiliates prior to the spin-off remained with Spectra Capital subsequent to the spin-off, except for guarantees that were later assigned to Duke Energy. Duke Energy has indemnified Spectra Capital against any losses incurred under certain of the guarantee obligations that remain with Spectra Capital. At December 31, 2022, the maximum potential amount of future payments associated with these guarantees were $40 million, the majority of which expire by 2028. In October 2017, ACP executed a $3.4 billion revolving credit facility with a stated maturity date of October 2021. Duke Energy entered into a guarantee agreement to support its share of the ACP revolving credit facility. In July 2020, ACP reduced the size of the credit facility to $1.9 billion. Duke Energy's maximum exposure to loss under the terms of the guarantee was $860 million as of December 31, 2020. This amount represented 47% of the outstanding borrowings under the credit facility and was recognized within Other Current Liabilities on the Consolidated Balance Sheets at December 31, 2020, of which $95 million was previously recognized due the adoption of new guidance for credit losses effective January 1, 2020. In February 2021, Duke Energy paid approximately $855 million to fund ACP's outstanding debt, relieving Duke Energy of its guarantee. See Notes 4 and 13 for more information. In addition to the Spectra Capital and ACP revolving credit facility guarantees above, Duke Energy has issued performance guarantees to customers and other third parties that guarantee the payment and performance of other parties, including certain non-wholly owned entities, as well as guarantees of debt of certain non-consolidated entities. If such entities were to default on payments or performance, Duke Energy would be required under the guarantees to make payments on the obligations of these entities. The maximum potential amount of future payments required under these guarantees as of December 31, 2022, was $33 million of which all expire between 2024 and 2030, with the remaining performance guarantees having no contractual expiration. Additionally, certain guarantees have uncapped maximum potential payments; however, Duke Energy does not believe these guarantees will have a material effect on its results of operations, cash flows or financial position. Duke Energy uses bank-issued standby letters of credit to secure the performance of wholly owned and non-wholly owned entities to a third party or customer. Under these arrangements, Duke Energy has payment obligations to the issuing bank that are triggered by a draw by the third party or customer due to the failure of the wholly owned or non-wholly owned entity to perform according to the terms of its underlying contract. At December 31, 2022, Duke Energy had issued a total of $667 million in letters of credit, which expire between 2023 and 2028. The unused amount under these letters of credit was $35 million. |
Joint Ownership of Generating a
Joint Ownership of Generating and Transmission Facilities | 12 Months Ended |
Dec. 31, 2022 | |
Joint Ownership Of Generating And Transmission Facilities [Abstract] | |
Joint Ownership of Generating and Transmission Facilities | JOINT OWNERSHIP OF GENERATING AND TRANSMISSION FACILITIESThe Duke Energy Registrants maintain ownership interests in certain jointly owned generating and transmission facilities. The Duke Energy Registrants are entitled to a share of the generating capacity and output of each unit equal to their respective ownership interests. The Duke Energy Registrants pay their ownership share of additional construction costs, fuel inventory purchases and operating expenses. The Duke Energy Registrants share of revenues and operating costs of the jointly owned facilities is included within the corresponding line in the Consolidated Statements of Operations. Each participant in the jointly owned facilities must provide its own financing. The following table presents the Duke Energy Registrants' interest of jointly owned plant or facilities and amounts included on the Consolidated Balance Sheets. All facilities are operated by the Duke Energy Registrants and are included in the Electric Utilities and Infrastructure segment. December 31, 2022 Construction Ownership Property, Plant Accumulated Work in (in millions except for ownership interest) Interest and Equipment Depreciation Progress Duke Energy Carolinas Catawba (units 1 and 2) (a) 19.25 % $ 1,047 $ 546 $ 32 W.S. Lee CC (b) 87.27 % 613 86 48 Duke Energy Indiana Gibson (unit 5) (c) 50.05 % 450 241 2 Vermillion (d) 62.50 % 182 113 1 Transmission and local facilities (c) Various 6,718 1,510 157 (a) Jointly owned with North Carolina Municipal Power Agency Number 1, NCEMC and PMPA. (b) Jointly owned with NCEMC. (c) Jointly owned with WVPA and IMPA. (d) Jointly owned with WVPA. |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2022 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | ASSET RETIREMENT OBLIGATIONS Duke Energy records an ARO when it has a legal obligation to incur retirement costs associated with the retirement of a long-lived asset and the obligation can be reasonably estimated. Certain assets of the Duke Energy Registrants have an indeterminate life, such as transmission and distribution facilities, and thus the fair value of the retirement obligation is not reasonably estimable. A liability for these AROs will be recorded when a fair value is determinable. The Duke Energy Registrants’ regulated operations accrue costs of removal for property that does not have an associated legal retirement obligation based on regulatory orders from state commissions. These costs of removal are recorded as a regulatory liability in accordance with regulatory accounting treatment. The Duke Energy Registrants do not accrue the estimated cost of removal for any nonregulated assets. See Note 4 for the estimated cost of removal for assets without an associated legal retirement obligation, which are included in Regulatory liabilities on the Consolidated Balance Sheets. The following table presents the AROs recorded on the Consolidated Balance Sheets. December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Decommissioning of nuclear power facilities (a) $ 7,261 $ 3,009 $ 4,217 $ 3,948 $ 270 $ — $ — $ — Closure of ash impoundments 5,176 2,309 1,862 1,833 29 95 911 — Other 291 64 102 42 59 59 40 26 Total asset retirement obligation $ 12,728 $ 5,382 $ 6,181 $ 5,823 $ 358 $ 154 $ 951 $ 26 Less: Current portion 773 261 289 288 1 17 207 — Total noncurrent asset retirement obligation $ 11,955 $ 5,121 $ 5,892 $ 5,535 $ 357 $ 137 $ 744 $ 26 (a) Duke Energy amount includes purchase accounting adjustments related to the merger with Progress Energy. Nuclear Decommissioning Liability AROs related to nuclear decommissioning are based on site-specific cost studies. The NCUC, PSCSC and FPSC require updated cost estimates for decommissioning nuclear plants every five years. The following table summarizes information about the most recent site-specific nuclear decommissioning cost studies. Decommissioning costs are stated in 2018 or 2019 dollars, depending on the year of the cost study, and include costs to decommission plant components not subject to radioactive contamination. Annual Funding Decommissioning (in millions) Requirement (a) Costs (a) Year of Cost Study Duke Energy $ 10 $ 9,105 2018 or 2019 Duke Energy Carolinas (b)(c) — 4,365 2018 Duke Energy Progress (d) 10 4,181 2019 Duke Energy Florida (e) — 559 N/A (a) Amount represents annual funding requirement for the current fiscal year. Amounts for Progress Energy equal the sum of Duke Energy Progress and Duke Energy Florida. (b) Decommissioning costs for Duke Energy Carolinas reflects its ownership interest in jointly owned reactors. Other joint owners are responsible for decommissioning costs related to their interest in the reactors. (c) Duke Energy Carolinas' site-specific nuclear decommissioning cost study completed in 2018 was filed with the NCUC and PSCSC in 2019. A new funding study was also completed and filed with the NCUC and PSCSC in 2019. (d) Duke Energy Progress' site-specific nuclear decommissioning cost study completed in 2019 was filed with the NCUC and PSCSC in March 2020. Duke Energy Progress also completed a funding study, which was filed with the NCUC and PSCSC in July 2020. In October 2021, Duke Energy Progress filed the 2019 nuclear decommissioning cost study with the FERC, as well as a revised rate schedule for decommissioning expense to be collected from wholesale customers. The FERC accepted the filing, as filed on December 9, 2021. (e) During 2019, Duke Energy Florida reached an agreement to transfer decommissioning work for Crystal River Unit 3 to a third party and decommissioning costs are based on the agreement with this third party rather than a cost study. Regulatory approval was received from the NRC and the FPSC in April 2020 and August 2020, respectively. Nuclear Decommissioning Trust Funds Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida each maintain NDTFs that are intended to pay for the decommissioning costs of their respective nuclear power plants. The NDTF investments are managed and invested in accordance with applicable requirements of various regulatory bodies including the NRC, FERC, NCUC, PSCSC, FPSC and the IRS. Use of the NDTF investments is restricted to nuclear decommissioning activities including license termination, spent fuel and site restoration. The license termination and spent fuel obligations relate to contaminated decommissioning and are recorded as AROs. The site restoration obligation relates to non-contaminated decommissioning and is recorded to cost of removal within Regulatory liabilities on the Consolidated Balance Sheets. The following table presents the fair value of NDTF assets legally restricted for purposes of settling AROs associated with nuclear decommissioning. Duke Energy Florida entered into an agreement with a third party to decommission Crystal River Unit 3 and was granted an exemption from the NRC, which allows for use of the NDTF for all aspects of nuclear decommissioning. The entire balance of Duke Energy Florida's NDTF may be applied toward license termination, spent fuel and site restoration costs incurred to decommission Crystal River Unit 3 and is excluded from the table below. See Note 17 for additional information related to the fair value of the Duke Energy Registrants' NDTFs. December 31, (in millions) 2022 2021 Duke Energy $ 7,466 $ 8,933 Duke Energy Carolinas 4,208 5,068 Duke Energy Progress 3,258 3,865 Nuclear Operating Licenses As described in Note 4, Duke Energy Carolinas and Duke Energy Progress intend to seek renewal of operating licenses and 20-year license extensions for all of their nuclear stations. The following table includes the current expiration of nuclear operating licenses. Unit Year of Expiration Duke Energy Carolinas Catawba Units 1 and 2 2043 McGuire Unit 1 2041 McGuire Unit 2 2043 Oconee Units 1 and 2 2033 Oconee Unit 3 2034 Duke Energy Progress Brunswick Unit 1 2036 Brunswick Unit 2 2034 Harris 2046 Robinson 2030 The NRC has acknowledged permanent cessation of operation and permanent removal of fuel from the reactor vessel at Crystal River Unit 3. Therefore, the license no longer authorizes operation of the reactor. During 2019, Duke Energy Florida entered into an agreement for the accelerated decommissioning of Crystal River Unit 3. Regulatory approval was received from the NRC and the FPSC in April 2020 and August 2020, respectively. See Note 4 for more information. Closure of Ash Impoundments The Duke Energy Registrants are subject to state and federal regulations covering the closure of coal ash impoundments, including the EPA CCR rule and the Coal Ash Act, and other agreements. AROs recorded on the Duke Energy Registrants' Consolidated Balance Sheets include the legal obligation for closure of coal ash basins and the disposal of related ash as a result of these regulations and agreements. The ARO amount recorded on the Consolidated Balance Sheets is based upon estimated closure costs for impacted ash impoundments. The amount recorded represents the discounted cash flows for estimated closure costs based upon specific closure plans. Actual costs to be incurred will be dependent upon factors that vary from site to site. The most significant factors are the method and time frame of closure at the individual sites. Closure methods considered include removing the water from ash basins, consolidating material as necessary and capping the ash with a synthetic barrier, excavating and relocating the ash to a lined structural fill or lined landfill or recycling the ash for concrete or some other beneficial use. The ultimate method and timetable for closure will be in compliance with standards set by federal and state regulations and other agreements. The ARO amount will be adjusted as additional information is gained through the closure and post-closure process, including acceptance and approval of compliance approaches, which may change management assumptions, and may result in a material change to the balance. See ARO Liability Rollforward section below for information on revisions made to the coal ash liability during 2022 and 2021. Asset retirement costs associated with the AROs for operating plants and retired plants are included in Net property, plant and equipment and Regulatory assets, respectively, on the Consolidated Balance Sheets. See Note 4 for additional information on Regulatory assets related to AROs and Note 5 for additional information on commitments and contingencies. Cost recovery for future expenditures will be pursued through the normal ratemaking process with federal and state utility commissions, which permit recovery of necessary and prudently incurred costs associated with Duke Energy’s regulated operations. See Note 4 for additional information on recovery of coal ash costs. ARO Liability Rollforward The following tables present changes in the liability associated with AROs. Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Balance at December 31, 2020 $ 12,854 $ 5,350 $ 6,149 $ 5,635 $ 514 $ 111 $ 1,176 $ 20 Accretion expense (a) 504 242 229 212 17 4 35 1 Liabilities settled (b) (613) (210) (324) (214) (110) (3) (77) — Liabilities incurred in the current year 14 8 6 — 6 — — — Revisions in estimates of cash flows (c) (159) (89) 52 42 10 24 (147) 1 Balance at December 31, 2021 12,600 5,301 6,112 5,675 437 136 987 22 Accretion expense (a) 501 242 229 215 14 6 30 1 Liabilities settled (b) (680) (234) (334) (228) (106) (13) (98) — Liabilities incurred in the current year 22 — 18 — 18 — 5 — Revisions in estimates of cash flows (c) 285 73 156 161 (5) 25 27 3 Balance at December 31, 2022 $ 12,728 $ 5,382 $ 6,181 $ 5,823 $ 358 $ 154 $ 951 $ 26 (a) Substantially all accretion expense for the years ended December 31, 2022, and 2021, relates to Duke Energy’s regulated operations and has been deferred in accordance with regulatory accounting treatment. (b) Amounts primarily relate to ash impoundment closures and nuclear decommissioning. (c) The amounts recorded represent the discounted cash flows for estimated closure costs as evaluated on a site-by-site basis. The increases in 2022 primarily relate to higher unit costs associated with basin closure and routine maintenance. The decreases in 2021 primarily relate to revised basin closure cost estimates, partially offset by increases related to new closure plan approvals, post closure maintenance and beneficiation costs. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT The following tables summarize the property, plant and equipment for Duke Energy and its subsidiary registrants. December 31, 2022 Average Remaining Duke Duke Duke Duke Duke Useful Life Duke Energy Progress Energy Energy Energy Energy (in millions) (Years) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Land $ 2,232 $ 565 $ 993 $ 496 $ 497 $ 230 $ 124 $ 295 Plant – Regulated Electric generation, distribution and transmission 39 126,016 46,640 55,872 33,336 22,536 6,900 16,604 — Natural gas transmission and distribution 56 13,174 — — — — 3,773 — 9,401 Other buildings and improvements 40 2,537 973 647 341 306 398 336 183 Plant – Nonregulated Other buildings and improvements 10 369 — — — — — — — Nuclear fuel 3,081 1,723 1,358 1,358 — — — — Equipment 13 2,959 710 936 567 369 441 356 125 Construction in process 7,381 2,671 3,073 1,317 1,756 375 381 478 Other 15 6,090 1,368 1,943 1,460 476 380 320 387 Total property, plant and equipment (a) 163,839 54,650 64,822 38,875 25,940 12,497 18,121 10,869 Total accumulated depreciation – regulated (b)(c) (50,544) (18,669) (20,584) (14,201) (6,377) (3,250) (6,021) (2,081) Total accumulated depreciation – nonregulated (d) (1,556) — — — — — — — Facilities to be retired, net 9 — — — — — — 9 Total net property, plant and equipment $ 111,748 $ 35,981 $ 44,238 $ 24,674 $ 19,563 $ 9,247 $ 12,100 $ 8,797 (a) Includes finance leases of $816 million, $335 million, $674 million, $590 million, $84 million and $10 million at Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida and Duke Energy Indiana, respectively, primarily within Plant – Regulated. The Progress Energy, Duke Energy Progress and Duke Energy Florida amounts are net of $233 million, $81 million and $152 million, respectively, of accumulated amortization of finance leases. (b) Includes $1,683 million, $934 million, $749 million and $749 million of accumulated amortization of nuclear fuel at Duke Energy, Duke Energy Carolinas, Progress Energy and Duke Energy Progress, respectively. (c) Includes accumulated amortization of finance leases of $7 million, $51 million and $4 million at Duke Energy, Duke Energy Carolinas and Duke Energy Indiana, respectively. (d) Includes accumulated amortization of finance leases of ($1 million) at Duke Energy. December 31, 2021 Average Remaining Duke Duke Duke Duke Duke Useful Life Duke Energy Progress Energy Energy Energy Energy (in millions) (Years) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Land $ 2,145 $ 543 $ 957 $ 482 $ 475 $ 219 $ 122 $ 279 Plant – Regulated Electric generation, distribution and transmission 40 120,855 44,910 53,447 32,417 21,030 6,573 15,925 — Natural gas transmission and distribution 54 12,079 — — — — 3,347 — 8,732 Other buildings and improvements 37 1,921 550 514 228 286 381 321 155 Plant – Nonregulated Other buildings and improvements 11 401 — — — — — — — Nuclear fuel 3,181 1,856 1,325 1,325 — — — — Equipment 13 2,659 614 791 497 294 403 262 122 Construction in process 5,979 2,078 2,297 954 1,343 515 460 262 Other 14 5,276 1,323 1,563 1,115 437 287 253 368 Total property, plant and equipment (a) 154,496 51,874 60,894 37,018 23,865 11,725 17,343 9,918 Total accumulated depreciation – regulated (b)(c) (47,611) (17,854) (19,214) (13,387) (5,819) (3,106) (5,583) (1,899) Total accumulated depreciation – nonregulated (d) (1,493) — — — — — — — Facilities to be retired, net 144 102 26 26 — 6 — 11 Total net property, plant and equipment $ 105,536 $ 34,122 $ 41,706 $ 23,657 $ 18,046 $ 8,625 $ 11,760 $ 8,030 (a) Includes finance leases of $958 million, $335 million, $729 million, $627 million, $102 million, and $10 million at Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida and Duke Energy Indiana, respectively, primarily within Plant – Regulated. The Progress Energy, Duke Energy Progress and Duke Energy Florida amounts are net of $178 million, $45 million and $133 million, respectively, of accumulated amortization of finance leases. (b) Includes $1,799 million, $1,064 million, $735 million and $735 million of accumulated amortization of nuclear fuel at Duke Energy, Duke Energy Carolinas, Progress Energy and Duke Energy Progress, respectively. (c) Includes accumulated amortization of finance leases of $9 million, $33 million, and $3 million at Duke Energy, Duke Energy Carolinas and Duke Energy Indiana, respectively. (d) Includes accumulated amortization of finance leases of ($1 million) at Duke Energy. Duke Energy continues to execute on its business transformation strategy, including the evaluation of in-office work policies considering the experience with the COVID-19 pandemic and also workforce realignment of roles and responsibilities. In May 2021, Duke Energy management approved the sale of certain properties and entered into an agreement to exit certain leased space on December 31, 2021. The sale of the properties is subject to abandonment accounting and resulted in an impairment charge. Additionally, the exit of the leased space resulted in the impairment of related furniture, fixtures and equipment. During the year ended December 31, 2021, Duke Energy recorded a pretax charge to earnings of $192 million on the Consolidated Statements of Operations, which includes $133 million within Impairment of assets and other charges, $42 million within Operations, maintenance and other and $17 million within Depreciation and amortization. The following table presents capitalized interest, which includes the debt component of AFUDC. Years Ended December 31, (in millions) 2022 2021 2020 Duke Energy $ 118 $ 66 $ 96 Duke Energy Carolinas 50 29 28 Progress Energy 26 20 17 Duke Energy Progress 19 14 12 Duke Energy Florida 7 6 5 Duke Energy Ohio 14 20 26 Duke Energy Indiana (a) 3 (17) 10 Piedmont 4 9 8 (a) In 2021, Duke Energy Indiana is primarily compromised of ($24 million) of PISCC amortization, which is partially offset by $7 million of the debt component of AFUDC. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | GOODWILL AND INTANGIBLE ASSETS GOODWILL Duke Energy Duke Energy's Goodwill balance of $19.3 billion is allocated $17.4 billion to EU&I and $1.9 billion to GU&I on Duke Energy's Consolidated Balance Sheets at December 31, 2022, and 2021. There are no accumulated impairment charges. Duke Energy Ohio Duke Energy Ohio's Goodwill balance of $920 million, allocated $596 million to EU&I and $324 million to GU&I, is presented net of accumulated impairment charges of $216 million on the Consolidated Balance Sheets at December 31, 2022, and 2021. Progress Energy Progress Energy's Goodwill is included in the EU&I segment and there are no accumulated impairment charges. Piedmont Piedmont's Goodwill is included in the GU&I segment and there are no accumulated impairment charges. Goodwill Impairment Testing Duke Energy, Progress Energy, Duke Energy Ohio and Piedmont are required to perform an annual goodwill impairment test as of the same date each year and, accordingly, perform their annual impairment testing of goodwill as of August 31. Duke Energy, Progress Energy, Duke Energy Ohio and Piedmont update their test between annual tests if events or circumstances occur that would more likely than not reduce the fair value of a reporting unit below its carrying value. As the fair value for Duke Energy, Progress Energy, Duke Energy Ohio and Piedmont exceeded their respective carrying values at the date of the annual impairment analysis, no goodwill impairment charges were recorded in 2022. INTANGIBLE ASSETS The following tables show the carrying amount and accumulated amortization of intangible assets included in Other within Other Noncurrent Assets on the Consolidated Balance Sheets of the Duke Energy Registrants at December 31, 2022, and 2021. December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Emission allowances $ 8 $ — $ 5 $ 2 $ 3 $ — $ 2 $ — Renewable energy certificates 210 84 124 124 — 2 — — Other 55 — 4 1 3 — — 22 Total gross carrying amounts 273 84 133 127 6 2 2 22 Accumulated amortization – other (8) — (1) — (1) — — (2) Total accumulated amortization (8) — (1) — (1) — — (2) Total intangible assets, net $ 265 $ 84 $ 132 $ 127 $ 5 $ 2 $ 2 $ 20 December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Emission allowances $ 8 $ — $ 5 $ 2 $ 3 $ — $ 2 $ — Renewable energy certificates 204 73 131 131 — — — — Natural gas, coal and power contracts 24 — — — — — 24 — Other 28 — — — — — — — Total gross carrying amounts 264 73 136 133 3 — 26 — Accumulated amortization – natural gas, coal and power contracts (24) — — — — — (24) — Accumulated amortization – other (4) — — — — — — — Total accumulated amortization (28) — — — — — (24) — Total intangible assets, net $ 236 $ 73 $ 136 $ 133 $ 3 $ — $ 2 $ — Amortization Expense Amortization expense amounts for other intangible assets are immaterial for the years ended December 31, 2022, 2021 and 2020, and are expected to be immaterial for the next five years as of December 31, 2022. |
Investments in Unconsolidated A
Investments in Unconsolidated Affiliates | 12 Months Ended |
Dec. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Affiliates | INVESTMENTS IN UNCONSOLIDATED AFFILIATES EQUITY METHOD INVESTMENTS Investments in affiliates that are not controlled by Duke Energy, but over which it has significant influence, are accounted for using the equity method. The following table presents Duke Energy’s investments in unconsolidated affiliates accounted for under the equity method, as well as the respective equity in earnings, by segment, for periods presented in this filing. Years Ended December 31, 2022 2021 2020 Equity in Equity in Equity in earnings earnings earnings (in millions) Investments (losses) Investments (losses) (losses) Electric Utilities and Infrastructure $ 99 $ 7 $ 104 $ 7 $ (1) Gas Utilities and Infrastructure 240 21 231 8 (2,017) Other 116 85 122 47 13 Total $ 455 $ 113 $ 457 $ 62 $ (2,005) During the years ended December 31, 2022, 2021 and 2020, Duke Energy received distributions from equity investments of $111 million, $56 million and $34 million, respectively, which are included in Other assets within Cash Flows from Operating Activities on the Consolidated Statements of Cash Flows. During the years ended December 31, 2022, 2021 and 2020, Duke Energy received distributions from equity investments of $6 million, $14 million and $23 million, respectively, which are included in Return of investment capital within Cash Flows from Investing Activities on the Consolidated Statements of Cash Flows. During the years ended December 31, 2022, 2021 and 2020, Piedmont received distributions from equity investments of $31 million, $8 million and $2 million, respectively, which are included in Other assets within Cash Flows from Operating Activities. During the years ended December 31, 2021, and 2020, Piedmont received distributions from equity investments of $2 million and $2 million, respectively, which are included within Cash Flows from Investing Activities on the Consolidated Statements of Cash Flows. Amounts received during the year ended December 31, 2022, included in Cash Flows from Investing Activities on the Consolidated Statements of Cash Flows were immaterial. Significant investments in affiliates accounted for under the equity method are discussed below. Electric Utilities and Infrastructure Duke Energy owns 50% interests in both DATC and Pioneer, which build, own and operate electric transmission facilities in North America. Gas Utilities and Infrastructure Pipeline Investments Piedmont owns a 21.49% investment in Cardinal, an intrastate pipeline located in North Carolina. Duke Energy owns a 7.5% interest in Sabal Trail, a 517-mile interstate natural gas pipeline, which provides natural gas to Duke Energy Florida and Florida Power and Light. Duke Energy owns a 47% interest in the ACP pipeline. In 2020, Duke Energy determined it would no longer continue its investment in the construction of the ACP pipeline. See Notes 4 and 8 for further information. Storage Facilities Piedmont owns a 45% interest in Pine Needle, an interstate LNG storage facility located in North Carolina, and a 50% interest in Hardy Storage, an underground interstate natural gas storage facility located in West Virginia. Renewable Natural Gas Investments Duke Energy owns a 29.68% investment in SustainRNG, a developer of renewable natural gas projects, a 70% interest in Sustain T&W, SustainRNG's renewable natural gas project located in Georgia, and a 70% interest in Sustain Liberty, SustainRNG's renewable natural gas project located in North Carolina. Other Duke Energy has a 17.5% indirect economic ownership interest and a 25% board representation and voting rights interest in NMC, which owns and operates a methanol and MTBE business in Jubail, Saudi Arabia. Significant Subsidiaries For the year ended December 31, 2020, Duke Energy's investment in ACP met the requirements of S-X Rule 4-08(g) to provide summarized financial information. The following table provides summary information for ACP as required under S-X Rule 1-02(bb) for the period of significance in Duke Energy's consolidated statements of operations. For the years ended December 31, 2022, and 2021, there were no investments that met the significance requirements. Year Ended December 31, 2020 Net revenues $ — Operating loss (4,612) Net loss (4,512) Net loss attributable to Duke Energy $ (2,121) |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS The Subsidiary Registrants engage in related party transactions in accordance with the applicable state and federal commission regulations. Refer to the Consolidated Balance Sheets of the Subsidiary Registrants for balances due to or due from related parties. Material amounts related to transactions with related parties included in the Consolidated Statements of Operations and Comprehensive Income are presented in the following table. Years Ended December 31, (in millions) 2022 2021 2020 Duke Energy Carolinas Corporate governance and shared service expenses (a) $ 838 $ 894 $ 753 Indemnification coverages (b) 28 24 20 Joint Dispatch Agreement (JDA) revenue (c) 109 41 25 JDA expense (c) 600 207 114 Intercompany natural gas purchases (d) 12 11 15 Progress Energy Corporate governance and shared service expenses (a) $ 818 $ 856 $ 715 Indemnification coverages (b) 43 41 36 JDA revenue (c) 600 207 114 JDA expense (c) 109 41 25 Intercompany natural gas purchases (d) 76 75 75 Duke Energy Progress Corporate governance and shared service expenses (a) $ 469 $ 504 $ 420 Indemnification coverages (b) 20 19 17 JDA revenue (c) 600 207 114 JDA expense (c) 109 41 25 Intercompany natural gas purchases (d) 76 75 75 Duke Energy Florida Corporate governance and shared service expenses (a) $ 349 $ 352 $ 295 Indemnification coverages (b) 23 22 19 Duke Energy Ohio Corporate governance and shared service expenses (a) $ 334 $ 329 $ 326 Indemnification coverages (b) 5 4 4 Duke Energy Indiana Corporate governance and shared service expenses (a) $ 447 $ 409 $ 401 Indemnification coverages (b) 8 8 8 Piedmont Corporate governance and shared service expenses (a) $ 155 $ 139 $ 140 Indemnification coverages (b) 3 3 3 Intercompany natural gas sales (d) 88 86 90 Natural gas storage and transportation costs (e) 23 22 23 (a) The Subsidiary Registrants are charged their proportionate share of corporate governance and other shared services costs, primarily related to human resources, employee benefits, information technology, legal and accounting fees, as well as other third-party costs. These amounts are primarily recorded in Operation, maintenance and other on the Consolidated Statements of Operations and Comprehensive Income. (b) The Subsidiary Registrants incur expenses related to certain indemnification coverages through Bison, Duke Energy’s wholly owned captive insurance subsidiary. These expenses are recorded in Operation, maintenance and other on the Consolidated Statements of Operations and Comprehensive Income. (c) Duke Energy Carolinas and Duke Energy Progress participate in a JDA, which allows the collective dispatch of power plants between the service territories to reduce customer rates. Revenues from the sale of power and expenses from the purchase of power pursuant to the JDA are recorded in Operating Revenues and Fuel used in electric generation and purchased power, respectively, on the Consolidated Statements of Operations and Comprehensive Income. (d) Piedmont provides long-term natural gas delivery service to certain Duke Energy Carolinas and Duke Energy Progress natural gas-fired generation facilities. Piedmont records the sales in Operating Revenues, and Duke Energy Carolinas and Duke Energy Progress record the related purchases as a component of Fuel used in electric generation and purchased power on their respective Consolidated Statements of Operations and Comprehensive Income. These intercompany revenues and expenses are eliminated in consolidation. (e) Piedmont has related party transactions as a customer of its equity method investments in Pine Needle, Hardy Storage, and Cardinal natural gas storage and transportation facilities. These expenses are included in Cost of natural gas on Piedmont's Consolidated Statements of Operations and Comprehensive Income. In addition to the amounts presented above, the Subsidiary Registrants have other affiliate transactions, including rental of office space, participation in a money pool arrangement, other operational transactions and their proportionate share of certain charged expenses. See Note 7 for more information regarding money pool. These transactions of the Subsidiary Registrants are incurred in the ordinary course of business and are eliminated in consolidation. As discussed in Note 18, certain trade receivables have been sold by Duke Energy Ohio and Duke Energy Indiana to CRC, an affiliate formed by a subsidiary of Duke Energy. The proceeds obtained from the sales of receivables are largely cash but do include a subordinated note from CRC for a portion of the purchase price. Intercompany Income Taxes Duke Energy and the Subsidiary Registrants file a consolidated federal income tax return and other state and jurisdictional returns. The Subsidiary Registrants have a tax sharing agreement with Duke Energy for the allocation of consolidated tax liabilities and benefits. Income taxes recorded represent amounts the Subsidiary Registrants would incur as separate C-Corporations. The following table includes the balance of intercompany income tax receivables and payables for the Subsidiary Registrants. Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Carolinas Energy Progress Florida Ohio Indiana Piedmont December 31, 2022 Intercompany income tax receivable $ — $ 95 $ 36 $ 17 $ — $ — $ — Intercompany income tax payable 37 — — — 17 18 38 December 31, 2021 Intercompany income tax receivable $ — $ — $ — $ 40 $ 19 $ — $ — Intercompany income tax payable 62 — 84 — — 10 27 |
Derivatives and Hedging
Derivatives and Hedging | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging | DERIVATIVES AND HEDGING The Duke Energy Registrants use commodity, interest rate and foreign currency contracts to manage commodity price risk, interest rate risk and foreign currency exchange rate risk. The primary use of commodity derivatives is to hedge the generation portfolio against changes in the prices of electricity and natural gas. Piedmont enters into natural gas supply contracts to provide diversification, reliability and natural gas cost benefits to its customers. Interest rate derivatives are used to manage interest rate risk associated with borrowings. Foreign currency derivatives are used to manage risk related to foreign currency exchange rates on certain issuances of debt. Derivatives related to interest rate risk for the Commercial Renewables Disposal Groups are included in the following disclosures. See Note 2 for further information. All derivative instruments not identified as NPNS are recorded at fair value as assets or liabilities on the Consolidated Balance Sheets. Cash collateral related to derivative instruments executed under master netting arrangements is offset against the collateralized derivatives on the Consolidated Balance Sheets. The cash impacts of settled derivatives are recorded as operating activities on the Consolidated Statements of Cash Flows. INTEREST RATE RISK The Duke Energy Registrants are exposed to changes in interest rates as a result of their issuance or anticipated issuance of variable-rate and fixed-rate debt and commercial paper. Interest rate risk is managed by limiting variable-rate exposures to a percentage of total debt and by monitoring changes in interest rates. To manage risk associated with changes in interest rates, the Duke Energy Registrants may enter into interest rate swaps, U.S. Treasury lock agreements and other financial contracts. In anticipation of certain fixed-rate debt issuances, a series of forward-starting interest rate swaps or Treasury locks may be executed to lock in components of current market interest rates. These instruments are later terminated prior to or upon the issuance of the corresponding debt. Cash Flow Hedges For a derivative designated as hedging the exposure to variable cash flows of a future transaction, referred to as a cash flow hedge, the effective portion of the derivative's gain or loss is initially reported as a component of other comprehensive income and subsequently reclassified into earnings once the future transaction impacts earnings. Amounts for interest rate contracts are reclassified to earnings as interest expense over the term of the related debt. See Note 2 for information on the de-designation of interest rate swaps and related gain reclassified out of AOCI for the year ended December 31, 2022, related to the Commercial Renewables Disposal Groups. Gains and losses reclassified out of AOCI for the years ended December 31, 2021, and 2020, were not material. Duke Energy's interest rate derivatives designated as hedges include forward-starting interest rate swaps not accounted for under regulatory accounting. Undesignated Contracts Undesignated contracts primarily include contracts not designated as a hedge because they are accounted for under regulatory accounting or contracts that do not qualify for hedge accounting. Duke Energy’s interest rate swaps for its regulated operations employ regulatory accounting. With regulatory accounting, the mark-to-market gains or losses on the swaps are deferred as regulatory liabilities or regulatory assets, respectively. Regulatory assets and liabilities are amortized consistent with the treatment of the related costs in the ratemaking process. The accrual of interest on the swaps is recorded as Interest Expense on the Duke Energy Registrant's Consolidated Statements of Operations and Comprehensive Income. The following tables show notional amounts of outstanding derivatives related to interest rate risk. December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Indiana Ohio Cash flow hedges $ 500 $ — $ — $ — $ — $ — $ — Undesignated contracts 2,979 1,250 800 500 300 300 27 Total notional amount $ 3,479 $ 1,250 $ 800 $ 500 $ 300 $ 300 $ 27 December 31, 2021 Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy (in millions) Energy Carolinas Energy Progress Indiana Ohio Cash flow hedges $ 2,415 $ — $ — $ — $ — $ — Undesignated contracts 1,177 350 500 500 300 27 Total notional amount $ 3,592 $ 350 $ 500 $ 500 $ 300 $ 27 COMMODITY PRICE RISK The Duke Energy Registrants are exposed to the impact of changes in the prices of electricity purchased and sold in bulk power markets and natural gas purchases, including Piedmont's natural gas supply contracts. Exposure to commodity price risk is influenced by a number of factors including the term of contracts, the liquidity of markets and delivery locations. To manage risk associated with commodity prices, the Duke Energy Registrants may enter into long-term power purchase or sales contracts and long-term natural gas supply agreements. Undesignated Contracts For the Subsidiary Registrants, bulk power electricity and natural gas purchases flow through fuel adjustment clauses, formula-based contracts or other cost sharing mechanisms. Differences between the costs included in rates and the incurred costs, including undesignated derivative contracts, are largely deferred as regulatory assets or regulatory liabilities. Piedmont policies allow for the use of financial instruments to hedge commodity price risks. The strategy and objective of these hedging programs are to use the financial instruments to reduce natural gas cost volatility for customers. Volumes The tables below include volumes of outstanding commodity derivatives. Amounts disclosed represent the absolute value of notional volumes of commodity contracts excluding NPNS. The Duke Energy Registrants have netted contractual amounts where offsetting purchase and sale contracts exist with identical delivery locations and times of delivery. Where all commodity positions are perfectly offset, no quantities are shown. December 31, 2022 Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy Carolinas Energy Progress Ohio Indiana Piedmont Electricity (GWh) 14,086 — — — 1,820 12,266 — Natural gas (millions of Dth) 909 307 292 292 — 11 299 December 31, 2021 Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy Carolinas Energy Progress Ohio Indiana Piedmont Electricity (GWh) 12,369 — — — 1,681 10,688 — Natural gas (millions of Dth) 823 264 215 215 — 8 336 FOREIGN CURRENCY RISK Duke Energy may enter into foreign currency derivatives to hedge exposure to changes in foreign currency exchange rates, such as that arising from the issuance of debt denominated in a currency other than U.S. dollars. Fair Value Hedges Derivatives related to existing fixed rate securities are accounted for as fair value hedges, where the derivatives’ fair value gains or losses and hedged items’ fair value gains or losses are both recorded directly to earnings on the same income statement line item, including foreign currency gains or losses arising from changes in the U.S. currency exchange rates. Duke Energy has elected to exclude the cross-currency basis spread from the assessment of effectiveness in the fair value hedges of its foreign currency risk and record any difference between the change in the fair value of the excluded components and the amounts recognized in earnings as a component of other comprehensive income or loss. The following table shows Duke Energy's outstanding derivatives related to foreign currency risk. There were no fair value hedges in 2021. December 31, 2022 Receive Fair Value Pay Notional Notional Receive Hedge Gain (Loss) (a) (in millions) Pay Rate (in millions) Rate Maturity Date (in millions) Fair value hedges $ 645 4.75 % 600 euros 3.10 % June 2028 $ (3) 537 5.31 % 500 euros 3.85 % June 2034 (2) Total notional amount $ 1,182 1,100 euros $ (5) (a) Amounts are recorded in Other Income and expenses, net on the Consolidated Statement of Operations, which offsets an equal translation adjustment of the foreign denominated debt. See the Consolidated Statements of Comprehensive Income for amounts excluded from the assessment of effectiveness for which the difference between changes in fair value and periodic amortization is recorded. LOCATION AND FAIR VALUE OF DERIVATIVE ASSETS AND LIABILITIES RECOGNIZED IN THE CONSOLIDATED BALANCE SHEETS The following tables show the fair value and balance sheet location of derivative instruments. Although derivatives subject to master netting arrangements are netted on the Consolidated Balance Sheets, the fair values presented below are shown gross and cash collateral on the derivatives has not been netted against the fair values shown. Derivative Assets December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Commodity Contracts Not Designated as Hedging Instruments Current $ 265 $ 132 $ 99 $ 99 $ — $ 5 $ 29 $ — Noncurrent 213 104 108 108 — — — — Total Derivative Assets – Commodity Contracts $ 478 $ 236 $ 207 $ 207 $ — $ 5 $ 29 $ — Interest Rate Contracts Designated as Hedging Instruments Current $ 101 $ — $ — $ — $ — $ — $ — $ — Not Designated as Hedging Instruments Current $ 228 $ 94 $ 41 $ 23 $ 17 $ — $ 81 $ — Noncurrent 29 — — — — — — — Total Derivative Assets – Interest Rate Contracts $ 358 $ 94 $ 41 $ 23 $ 17 $ — $ 81 $ — Total Derivative Assets $ 836 $ 330 $ 248 $ 230 $ 17 $ 5 $ 110 $ — Derivative Liabilities December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Commodity Contracts Not Designated as Hedging Instruments Current $ 175 $ 96 $ 36 $ 18 $ 19 $ — $ 16 $ 27 Noncurrent 202 31 30 30 — — — 141 Total Derivative Liabilities – Commodity Contracts $ 377 $ 127 $ 66 $ 48 $ 19 $ — $ 16 $ 168 Interest Rate Contracts Not Designated as Hedging Instruments Noncurrent 2 — — — — 2 — — Total Derivative Liabilities – Interest Rate Contracts $ 2 $ — $ — $ — $ — $ 2 $ — $ — Foreign Currency Contracts Designated as Hedging Instruments Current $ 18 $ — $ — $ — $ — $ — $ — $ — Noncurrent 40 — — — — — — — Total Derivative Liabilities – Foreign Currency Contracts $ 58 $ — $ — $ — $ — $ — $ — $ — Total Derivative Liabilities $ 437 $ 127 $ 66 $ 48 $ 19 $ 2 $ 16 $ 168 Derivative Assets December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Commodity Contracts Not Designated as Hedging Instruments Current $ 199 $ 99 $ 72 $ 72 $ — $ 2 $ 23 $ 3 Noncurrent 113 63 50 50 — — — — Total Derivative Assets – Commodity Contracts $ 312 $ 162 $ 122 $ 122 $ — $ 2 $ 23 $ 3 Interest Rate Contracts Designated as Hedging Instruments Current $ 3 $ — $ — $ — $ — $ — $ — $ — Noncurrent 3 — — — — — — — Not Designated as Hedging Instruments Current $ 2 $ — $ 2 $ 2 $ — $ — $ — $ — Total Derivative Assets – Interest Rate Contracts $ 8 $ — $ 2 $ 2 $ — $ — $ — $ — Total Derivative Assets $ 320 $ 162 $ 124 $ 124 $ — $ 2 $ 23 $ 3 Derivative Liabilities December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Not Designated as Hedging Instruments Current $ 72 $ 18 $ 19 $ 5 $ 14 $ — $ 13 $ 21 Noncurrent 132 9 5 5 — — — 118 Total Derivative Liabilities – Commodity Contracts $ 204 $ 27 $ 24 $ 10 $ 14 $ — $ 13 $ 139 Interest Rate Contracts Designated as Hedging Instruments Current $ 75 $ — $ — $ — $ — $ — $ — $ — Noncurrent 21 — — — — — — — Not Designated as Hedging Instruments Current 10 8 — — — 1 — — Noncurrent 18 — — — — 4 14 — Total Derivative Liabilities – Interest Rate Contracts $ 124 $ 8 $ — $ — $ — $ 5 $ 14 $ — Total Derivative Liabilities $ 328 $ 35 $ 24 $ 10 $ 14 $ 5 $ 27 $ 139 OFFSETTING ASSETS AND LIABILITIES The following tables present the line items on the Consolidated Balance Sheets where derivatives are reported. Substantially all of Duke Energy's outstanding derivative contracts are subject to enforceable master netting arrangements. The gross amounts offset in the tables below show the effect of these netting arrangements on financial position and include collateral posted to offset the net position. The amounts shown are calculated by counterparty. Accounts receivable or accounts payable may also be available to offset exposures in the event of bankruptcy. These amounts are not included in the tables below. Derivative Assets December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Current Gross amounts recognized $ 594 $ 226 $ 140 $ 122 $ 17 $ 5 $ 110 $ — Gross amounts offset (64) (33) (30) (30) — — — — Net amounts presented in Current Assets: Other $ 530 $ 193 $ 110 $ 92 $ 17 $ 5 $ 110 $ — Noncurrent Gross amounts recognized $ 242 $ 104 $ 108 $ 108 $ — $ — $ — $ — Gross amounts offset (97) (40) (57) (57) — — — — Net amounts presented in Other Noncurrent Assets: Other $ 145 $ 64 $ 51 $ 51 $ — $ — $ — $ — Derivative Liabilities December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Current Gross amounts recognized $ 193 $ 96 $ 36 $ 18 $ 19 $ — $ 16 $ 27 Gross amounts offset (49) (15) (18) (18) — — (16) — Net amounts presented in Current Liabilities: Other $ 144 $ 81 $ 18 $ — $ 19 $ — $ — $ 27 Noncurrent Gross amounts recognized $ 244 $ 31 $ 30 $ 30 $ — $ 2 $ — $ 141 Gross amounts offset (59) (29) (30) (30) — — — — Net amounts presented in Other Noncurrent Liabilities: Other $ 185 $ 2 $ — $ — $ — $ 2 $ — $ 141 Derivative Assets December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Current Gross amounts recognized $ 204 $ 99 $ 74 $ 74 $ — $ 2 $ 23 $ 3 Gross amounts offset (25) (16) (9) (9) — — — — Net amounts presented in Current Assets: Other $ 179 $ 83 $ 65 $ 65 $ — $ 2 $ 23 $ 3 Noncurrent Gross amounts recognized $ 116 $ 63 $ 50 $ 50 $ — $ — $ — $ — Gross amounts offset (23) (15) (8) (8) — — — — Net amounts presented in Other Noncurrent Assets: Other $ 93 $ 48 $ 42 $ 42 $ — $ — $ — $ — Derivative Liabilities December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Current Gross amounts recognized $ 157 $ 26 $ 19 $ 5 $ 14 $ 1 $ 13 $ 21 Gross amounts offset (11) (6) (5) (5) — — — — Net amounts presented in Current Liabilities: Other $ 146 $ 20 $ 14 $ — $ 14 $ 1 $ 13 $ 21 Noncurrent Gross amounts recognized $ 171 $ 9 $ 5 $ 5 $ — $ 4 $ 14 $ 118 Gross amounts offset (12) (8) (5) (5) — — — — Net amounts presented in Other Noncurrent Liabilities: Other $ 159 $ 1 $ — $ — $ — $ 4 $ 14 $ 118 OBJECTIVE CREDIT CONTINGENT FEATURES Certain derivative contracts contain objective credit contingent features. These features include the requirement to post cash collateral or letters of credit if specific events occur, such as a credit rating downgrade below investment grade. The following tables show information with respect to derivative contracts that are in a net liability position and contain objective credit risk-related payment provisions. December 31, 2022 Duke Duke Duke Duke Energy Progress Energy Energy (in millions) Energy Carolinas Energy Progress Florida Aggregate fair value of derivatives in a net liability position $ 141 $ 86 $ 55 $ 48 $ 7 Fair value of collateral already posted — — — — — Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered 141 86 55 48 7 December 31, 2021 Duke Duke Duke Duke Energy Progress Energy Energy (in millions) Energy Carolinas Energy Progress Florida Aggregate fair value of derivatives in a net liability position $ 32 $ 18 $ 14 $ 10 $ 4 Fair value of collateral already posted — — — — — Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered 32 18 14 10 4 The Duke Energy Registrants have elected to offset cash collateral and fair values of derivatives. For amounts to be netted, the derivative and cash collateral must be executed with the same counterparty under the same master netting arrangement. |
Investments in Debt and Equity
Investments in Debt and Equity Securities | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Equity Securities | INVESTMENTS IN DEBT AND EQUITY SECURITIES Duke Energy’s investments in debt and equity securities are primarily comprised of investments held in (i) the NDTF at Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida, (ii) the grantor trusts at Duke Energy Progress, Duke Energy Florida and Duke Energy Indiana related to OPEB plans and (iii) Bison. The Duke Energy Registrants classify investments in debt securities as AFS and investments in equity securities as FV-NI. For investments in debt securities classified as AFS, the unrealized gains and losses are included in other comprehensive income until realized, at which time they are reported through net income. For investments in equity securities classified as FV-NI, both realized and unrealized gains and losses are reported through net income. Substantially all of Duke Energy’s investments in debt and equity securities qualify for regulatory accounting, and accordingly, all associated realized and unrealized gains and losses on these investments are deferred as a regulatory asset or liability. Duke Energy classifies the majority of investments in debt and equity securities as long term, unless otherwise noted. Investment Trusts The investments within the Investment Trusts are managed by independent investment managers with discretion to buy, sell and invest pursuant to the objectives set forth by the investment manager agreements and trust agreements. The Duke Energy Registrants have limited oversight of the day-to-day management of these investments. As a result, the ability to hold investments in unrealized loss positions is outside the control of the Duke Energy Registrants. Accordingly, all unrealized losses associated with debt securities within the Investment Trusts are recognized immediately and deferred to regulatory accounts where appropriate. Other AFS Securities Unrealized gains and losses on all other AFS securities are included in other comprehensive income until realized, unless it is determined the carrying value of an investment has a credit loss. The Duke Energy Registrants analyze all investment holdings each reporting period to determine whether a decline in fair value is related to a credit loss. If a credit loss exists, the unrealized credit loss is included in earnings. There were no material credit losses as of December 31, 2022, and 2021. Other Investments amounts are recorded in Other within Other Noncurrent Assets on the Consolidated Balance Sheets. DUKE ENERGY The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS. December 31, 2022 December 31, 2021 Gross Gross Gross Gross Unrealized Unrealized Unrealized Unrealized Holding Holding Estimated Holding Holding Estimated (in millions) Gains Losses Fair Value Gains Losses Fair Value NDTF Cash and cash equivalents $ — $ — $ 215 $ — $ — $ 160 Equity securities 3,658 105 5,871 4,905 43 7,350 Corporate debt securities 1 85 641 39 6 829 Municipal bonds — 39 330 14 1 314 U.S. government bonds 2 112 1,423 31 12 1,568 Other debt securities — 18 156 3 1 180 Total NDTF Investments $ 3,661 $ 359 $ 8,636 $ 4,992 $ 63 $ 10,401 Other Investments Cash and cash equivalents $ — $ — $ 22 $ — $ — $ 36 Equity securities 21 16 128 36 — 156 Corporate debt securities — 12 84 2 1 119 Municipal bonds — 3 78 3 1 80 U.S. government bonds — 2 62 — — 56 Other debt securities — 3 41 — 1 45 Total Other Investments $ 21 $ 36 $ 415 $ 41 $ 3 $ 492 Total Investments $ 3,682 $ 395 $ 9,051 $ 5,033 $ 66 $ 10,893 Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the years ended December 31, 2022, 2021 and 2020, were as follows. Years Ended December 31, (in millions) 2022 2021 2020 FV-NI: Realized gains $ 201 $ 724 $ 366 Realized losses 316 141 174 AFS: Realized gains 28 56 96 Realized losses 151 54 51 DUKE ENERGY CAROLINAS The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS. December 31, 2022 December 31, 2021 Gross Gross Gross Gross Unrealized Unrealized Unrealized Unrealized Holding Holding Estimated Holding Holding Estimated (in millions) Gains Losses Fair Value Gains Losses Fair Value NDTF Cash and cash equivalents $ — $ — $ 117 $ — $ — $ 53 Equity securities 2,147 51 3,367 2,887 19 4,265 Corporate debt securities 1 62 401 24 4 506 Municipal bonds — 10 64 2 — 48 U.S. government bonds 1 51 685 16 3 712 Other debt securities — 18 148 3 1 175 Total NDTF Investments $ 2,149 $ 192 $ 4,782 $ 2,932 $ 27 $ 5,759 Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the years ended December 31, 2022, 2021 and 2020, were as follows. Years Ended December 31, (in millions) 2022 2021 2020 FV-NI: Realized gains $ 124 $ 440 $ 64 Realized losses 177 96 99 AFS: Realized gains 22 38 60 Realized losses 86 37 37 PROGRESS ENERGY The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS. December 31, 2022 December 31, 2021 Gross Gross Gross Gross Unrealized Unrealized Unrealized Unrealized Holding Holding Estimated Holding Holding Estimated (in millions) Gains Losses Fair Value Gains Losses Fair Value NDTF Cash and cash equivalents $ — $ — $ 98 $ — $ — $ 107 Equity securities 1,511 54 2,504 2,018 24 3,085 Corporate debt securities — 23 240 15 2 323 Municipal bonds — 29 266 12 1 266 U.S. government bonds 1 61 738 15 9 856 Other debt securities — — 8 — — 5 Total NDTF Investments $ 1,512 $ 167 $ 3,854 $ 2,060 $ 36 $ 4,642 Other Investments Cash and cash equivalents $ — $ — $ 11 $ — $ — $ 20 Municipal bonds — — 25 2 — 26 Total Other Investments $ — $ — $ 36 $ 2 $ — $ 46 Total Investments $ 1,512 $ 167 $ 3,890 $ 2,062 $ 36 $ 4,688 Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the years ended December 31, 2022, 2021 and 2020, were as follows. Years Ended December 31, (in millions) 2022 2021 2020 FV-NI: Realized gains $ 77 $ 284 $ 302 Realized losses 139 45 75 AFS: Realized gains 6 16 24 Realized losses 48 14 13 DUKE ENERGY PROGRESS The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS. December 31, 2022 December 31, 2021 Gross Gross Gross Gross Unrealized Unrealized Unrealized Unrealized Holding Holding Estimated Holding Holding Estimated (in millions) Gains Losses Fair Value Gains Losses Fair Value NDTF Cash and cash equivalents $ — $ — $ 56 $ — $ — $ 94 Equity securities 1,431 54 2,411 1,915 23 2,970 Corporate debt securities — 22 230 15 2 282 Municipal bonds — 29 266 12 1 266 U.S. government bonds 1 37 460 15 3 472 Other debt securities — — 7 — — 5 Total NDTF Investments $ 1,432 $ 142 $ 3,430 $ 1,957 $ 29 $ 4,089 Other Investments Cash and cash equivalents $ — $ — $ 9 $ — $ — $ 16 Total Other Investments $ — $ — $ 9 $ — $ — $ 16 Total Investments $ 1,432 $ 142 $ 3,439 $ 1,957 $ 29 $ 4,105 Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the years ended December 31, 2022, 2021 and 2020, were as follows. Years Ended December 31, (in millions) 2022 2021 2020 FV-NI: Realized gains $ 76 $ 283 $ 52 Realized losses 136 44 59 AFS: Realized gains 6 15 24 Realized losses 44 13 13 DUKE ENERGY FLORIDA The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS. December 31, 2022 December 31, 2021 Gross Gross Gross Gross Unrealized Unrealized Unrealized Unrealized Holding Holding Estimated Holding Holding Estimated (in millions) Gains Losses Fair Value Gains Losses Fair Value NDTF Cash and cash equivalents $ — $ — $ 42 $ — $ — $ 13 Equity securities 80 — 93 103 1 115 Corporate debt securities — 1 10 — — 41 U.S. government bonds — 24 278 — 6 384 Other debt securities — — 1 — — — Total NDTF Investments (a) $ 80 $ 25 $ 424 $ 103 $ 7 $ 553 Other Investments Cash and cash equivalents $ — $ — $ 1 $ — $ — $ 3 Municipal bonds — — 25 2 — 26 Total Other Investments $ — $ — $ 26 $ 2 $ — $ 29 Total Investments $ 80 $ 25 $ 450 $ 105 $ 7 $ 582 (a) During the years ended December 31, 2022, and 2021, Duke Energy Florida continued to receive reimbursements from the NDTF for costs related to ongoing decommissioning activity of the Crystal River Unit 3. Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the years ended December 31, 2022, 2021 and 2020, were as follows. Years Ended December 31, (in millions) 2022 2021 2020 FV-NI: Realized gains $ 1 $ 1 $ 250 Realized losses 3 1 16 AFS: Realized gains — 1 — Realized losses 4 1 — DUKE ENERGY INDIANA The following table presents the estimated fair value of investments in debt and equity securities; equity investments are measured at FV-NI and debt investments are classified as AFS. December 31, 2022 December 31, 2021 Gross Gross Gross Gross Unrealized Unrealized Unrealized Unrealized Holding Holding Estimated Holding Holding Estimated (in millions) Gains Losses Fair Value Gains Losses Fair Value Investments Cash and cash equivalents $ — $ — $ 1 $ — $ — $ — Equity securities 2 16 79 6 — 97 Corporate debt securities — 1 8 — — 6 Municipal bonds — 3 45 1 1 46 U.S. government bonds — — 7 — — 12 Total Investments $ 2 $ 20 $ 140 $ 7 $ 1 $ 161 Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the years ended December 31, 2022, 2021 and 2020, were immaterial. DEBT SECURITY MATURITIES The table below summarizes the maturity date for debt securities. December 31, 2022 Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Indiana Due in one year or less $ 137 $ 7 $ 89 $ 24 $ 65 $ 8 Due after one through five years 807 287 443 244 199 22 Due after five through 10 years 469 230 193 178 15 6 Due after 10 years 1,402 774 552 517 35 24 Total $ 2,815 $ 1,298 $ 1,277 $ 963 $ 314 $ 60 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Fair value is the exchange price to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. The fair value definition focuses on an exit price versus the acquisition cost. Fair value measurements use market data or assumptions market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs may be readily observable, corroborated by market data, or generally unobservable. Valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs. A midmarket pricing convention (the midpoint price between bid and ask prices) is permitted for use as a practical expedient. Fair value measurements are classified in three levels based on the fair value hierarchy as defined by GAAP. Certain investments are not categorized within the fair value hierarchy. These investments are measured at fair value using the net asset value per share practical expedient. The net asset value is derived based on the investment cost, less any impairment, plus or minus changes resulting from observable price changes for an identical or similar investment of the same issuer. Fair value accounting guidance permits entities to elect to measure certain financial instruments that are not required to be accounted for at fair value, such as equity method investments or the company’s own debt, at fair value. The Duke Energy Registrants have not elected to record any of these items at fair value. Valuation methods of the primary fair value measurements disclosed below are as follows. Investments in equity securities The majority of investments in equity securities are valued using Level 1 measurements. Investments in equity securities are typically valued at the closing price in the principal active market as of the last business day of the quarter. Principal active markets for equity prices include published exchanges such as the NYSE and Nasdaq Stock Market. Foreign equity prices are translated from their trading currency using the currency exchange rate in effect at the close of the principal active market. There was no after-hours market activity that was required to be reflected in the reported fair value measurements. Investments in debt securities Most investments in debt securities are valued using Level 2 measurements because the valuations use interest rate curves and credit spreads applied to the terms of the debt instrument (maturity and coupon interest rate) and consider the counterparty credit rating. If the market for a particular fixed-income security is relatively inactive or illiquid, the measurement is Level 3. Commodity derivatives Commodity derivatives with clearinghouses are classified as Level 1. Commodity derivatives with observable forward curves are classified as Level 2. If forward price curves are not observable for the full term of the contract and the unobservable period had more than an insignificant impact on the valuation, the commodity derivative is classified as Level 3. In isolation, increases (decreases) in natural gas forward prices result in favorable (unfavorable) fair value adjustments for natural gas purchase contracts; and increases (decreases) in electricity forward prices result in unfavorable (favorable) fair value adjustments for electricity sales contracts. Duke Energy regularly evaluates and validates pricing inputs used to estimate the fair value of natural gas commodity contracts by a market participant price verification procedure. This procedure provides a comparison of internal forward commodity curves to market participant generated curves. Interest rate derivatives Most over-the-counter interest rate contract derivatives are valued using financial models that utilize observable inputs for similar instruments and are classified as Level 2. Inputs include forward interest rate curves, notional amounts, interest rates and credit quality of the counterparties. Derivatives related to interest rate risk for the Commercial Renewables Disposal Groups are included in the following disclosures. See Note 2 for further information. Other fair value considerations See Note 2 for further information on the valuation of the Commercial Renewables Disposal Groups. See Note 12 for a discussion of the valuation of goodwill and intangible assets. DUKE ENERGY The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets. Derivative amounts in the tables below for all Duke Energy Registrants exclude cash collateral, which is disclosed in Note 15. See Note 16 for additional information related to investments by major security type for the Duke Energy Registrants. December 31, 2022 (in millions) Total Fair Value Level 1 Level 2 Level 3 Not Categorized NDTF cash and cash equivalents $ 215 $ 215 $ — $ — $ — NDTF equity securities 5,871 5,829 — — 42 NDTF debt securities 2,550 780 1,770 — — Other equity securities 128 128 — — — Other debt securities 265 55 210 — — Other cash and cash equivalents 22 22 — — — Derivative assets 836 1 801 34 — Total assets 9,887 7,030 2,781 34 42 Derivative liabilities (437) (16) (421) — — Net assets (liabilities) $ 9,450 $ 7,014 $ 2,360 $ 34 $ 42 December 31, 2021 (in millions) Total Fair Value Level 1 Level 2 Level 3 Not Categorized NDTF cash and cash equivalents $ 160 $ 160 $ — $ — $ — NDTF equity securities 7,350 7,300 — — 50 NDTF debt securities 2,891 967 1,924 — — Other equity securities 156 156 — — — Other debt securities 300 45 255 — — Other cash and cash equivalents 36 36 — — — Derivative assets 320 3 293 24 — Total assets 11,213 8,667 2,472 24 50 Derivative liabilities (327) (13) (314) — — Net assets (liabilities) $ 10,886 $ 8,654 $ 2,158 $ 24 $ 50 The following table provides reconciliations of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements. Derivatives (net) Years Ended December 31, (in millions) 2022 2021 Balance at beginning of period $ 24 $ 8 Purchases, sales, issuances and settlements: Purchases 78 21 Settlements (36) (20) Total gains (losses) included on the Consolidated Balance Sheet (32) 15 Balance at end of period $ 34 $ 24 DUKE ENERGY CAROLINAS The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets. December 31, 2022 (in millions) Total Fair Value Level 1 Level 2 Not Categorized NDTF cash and cash equivalents $ 117 $ 117 $ — $ — NDTF equity securities 3,367 3,325 — 42 NDTF debt securities 1,298 323 975 — Derivative assets 330 — 330 — Total assets 5,112 3,765 1,305 42 Derivative liabilities (127) — (127) — Net assets $ 4,985 $ 3,765 $ 1,178 $ 42 December 31, 2021 (in millions) Total Fair Value Level 1 Level 2 Not Categorized NDTF cash and cash equivalents $ 53 $ 53 $ — $ — NDTF equity securities 4,265 4,215 — 50 NDTF debt securities 1,441 339 1,102 — Derivative assets 162 — 162 — Total assets 5,921 4,607 1,264 50 Derivative liabilities (35) — (35) — Net assets $ 5,886 $ 4,607 $ 1,229 $ 50 PROGRESS ENERGY The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets. December 31, 2022 December 31, 2021 (in millions) Total Fair Value Level 1 Level 2 Total Fair Value Level 1 Level 2 NDTF cash and cash equivalents $ 98 $ 98 $ — $ 107 $ 107 $ — NDTF equity securities 2,504 2,504 — 3,085 3,085 — NDTF debt securities 1,252 457 795 1,450 628 822 Other debt securities 25 — 25 26 — 26 Other cash and cash equivalents 11 11 — 20 20 — Derivative assets 248 — 248 124 — 124 Total assets 4,138 3,070 1,068 4,812 3,840 972 Derivative liabilities (66) — (66) (24) — (24) Net assets $ 4,072 $ 3,070 $ 1,002 $ 4,788 $ 3,840 $ 948 DUKE ENERGY PROGRESS The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets. December 31, 2022 December 31, 2021 (in millions) Total Fair Value Level 1 Level 2 Total Fair Value Level 1 Level 2 NDTF cash and cash equivalents $ 56 $ 56 $ — $ 94 $ 94 $ — NDTF equity securities 2,411 2,411 — 2,970 2,970 — NDTF debt securities 963 225 738 1,025 289 736 Other cash and cash equivalents 9 9 — 16 16 — Derivative assets 230 — 230 124 — 124 Total assets 3,669 2,701 968 4,229 3,369 860 Derivative liabilities (48) — (48) (10) — (10) Net assets $ 3,621 $ 2,701 $ 920 $ 4,219 $ 3,369 $ 850 DUKE ENERGY FLORIDA The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets. December 31, 2022 December 31, 2021 (in millions) Total Fair Value Level 1 Level 2 Total Fair Value Level 1 Level 2 NDTF cash and cash equivalents $ 42 $ 42 $ — $ 13 $ 13 $ — NDTF equity securities 93 93 — 115 115 — NDTF debt securities 289 232 57 425 339 86 Other debt securities 25 — 25 26 — 26 Other cash and cash equivalents 1 1 — 3 3 — Derivative assets 17 — 17 — — — Total assets 467 368 99 582 470 112 Derivative liabilities (19) — (19) (14) — (14) Net assets $ 448 $ 368 $ 80 $ 568 $ 470 $ 98 DUKE ENERGY OHIO The recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets were not material at December 31, 2022, and 2021. DUKE ENERGY INDIANA The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets. December 31, 2022 December 31, 2021 (in millions) Total Fair Value Level 1 Level 2 Level 3 Total Fair Value Level 1 Level 2 Level 3 Other equity securities $ 79 $ 79 $ — $ — $ 97 $ 97 $ — $ — Other debt securities 60 — 60 — 64 — 64 — Other cash equivalents 1 1 — — — — — — Derivative assets 110 — 81 29 23 1 — 22 Total assets 250 80 141 29 184 98 64 22 Derivative liabilities (16) (16) — — (27) (13) (14) — Net assets $ 234 $ 64 $ 141 $ 29 $ 157 $ 85 $ 50 $ 22 The following table provides a reconciliation of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements. Derivatives (net) Years Ended December 31, (in millions) 2022 2021 Balance at beginning of period $ 22 $ 6 Purchases, sales, issuances and settlements: Purchases 74 18 Settlements (32) (16) Total (losses) gains included on the Consolidated Balance Sheet (35) 14 Balance at end of period $ 29 $ 22 PIEDMONT The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets. December 31, 2022 December 31, 2021 (in millions) Total Fair Value Level 1 Level 2 Total Fair Value Level 1 Level 2 Derivative assets $ — $ — $ — $ 3 $ 3 $ — Derivative liabilities (168) — (168) (139) — (139) Net (liabilities) assets $ (168) $ — $ (168) $ (136) $ 3 $ (139) QUANTITATIVE INFORMATION ABOUT UNOBSERVABLE INPUTS The following tables include quantitative information about the Duke Energy Registrants' derivatives classified as Level 3. December 31, 2022 Weighted Fair Value Average Investment Type (in millions) Valuation Technique Unobservable Input Range Range Duke Energy Ohio FTRs $ 5 RTO auction pricing FTR price – per MWh $ 0.89 – $ 6.25 $ 3.35 Duke Energy Indiana FTRs 29 RTO auction pricing FTR price – per MWh 0.09 – 21.79 2.74 Duke Energy Total Level 3 derivatives $ 34 December 31, 2021 Weighted Fair Value Average Investment Type (in millions) Valuation Technique Unobservable Input Range Range Duke Energy Ohio FTRs $ 2 RTO auction pricing FTR price – per MWh $ 0.06 – $ 1.79 $ 0.96 Duke Energy Indiana FTRs 22 RTO auction pricing FTR price – per MWh (1.18) – 13.11 2.68 Duke Energy Total Level 3 derivatives $ 24 OTHER FAIR VALUE DISCLOSURES The fair value and book value of long-term debt, including current maturities, is summarized in the following table. The following disclosures include debt attributable to the Commercial Renewables Disposal Groups. See Note 2 for further details. Estimates determined are not necessarily indicative of amounts that could have been settled in current markets. Fair value of long-term debt uses Level 2 measurements. December 31, 2022 December 31, 2021 (in millions) Book Value Fair Value Book Value Fair Value Duke Energy (a) $ 71,215 $ 63,454 $ 63,835 $ 69,683 Duke Energy Carolinas 14,266 12,943 13,275 15,101 Progress Energy 22,439 20,467 20,823 23,751 Duke Energy Progress 11,087 9,689 10,249 11,252 Duke Energy Florida 9,709 8,991 8,482 9,772 Duke Energy Ohio 3,245 2,927 3,193 3,570 Duke Energy Indiana 4,307 3,913 4,323 5,067 Piedmont 3,363 2,940 2,968 3,278 (a) Book value of long-term de bt includes $1.17 billion as of December 31, 2022, and $1.25 billion as of December 31, 2021, of unamortized debt discount and premium, net in purchase accounting adjustments related to the mergers with Progress Energy and Piedmont that are excluded from fair value of long-term debt. At both December 31, 2022, and December 31, 2021, fair value of cash and cash equivalents, accounts and notes receivable, accounts payable, notes payable and commercial paper, and nonrecourse notes payable of VIEs are not materially different from their carrying amounts because of the short-term nature of these instruments and/or because the stated rates approximate market rates. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2022 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | VARIABLE INTEREST ENTITIES A VIE is an entity that is evaluated for consolidation using more than a simple analysis of voting control. The analysis to determine whether an entity is a VIE considers contracts with an entity, credit support for an entity, the adequacy of the equity investment of an entity and the relationship of voting power to the amount of equity invested in an entity. This analysis is performed either upon the creation of a legal entity or upon the occurrence of an event requiring reevaluation, such as a significant change in an entity’s assets or activities. A qualitative analysis of control determines the party that consolidates a VIE. This assessment is based on (i) what party has the power to direct the activities of the VIE that most significantly impact its economic performance and (ii) what party has rights to receive benefits or is obligated to absorb losses that could potentially be significant to the VIE. The analysis of the party that consolidates a VIE is a continual reassessment. CONSOLIDATED VIEs The obligations of the consolidated VIEs discussed in the following paragraphs are nonrecourse to the Duke Energy Registrants. The registrants have no requirement to provide liquidity to, purchase assets of or guarantee performance of these VIEs unless noted in the following paragraphs. No financial support was provided to any of the consolidated VIEs during the years ended December 31, 2022, 2021 and 2020, or is expected to be provided in the future, that was not previously contractually required. Receivables Financing – DERF/DEPR/DEFR DERF, DEPR and DEFR are bankruptcy remote, special purpose subsidiaries of Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida, respectively. DERF, DEPR and DEFR are wholly owned LLCs with separate legal existence from their parent companies, and their assets are not generally available to creditors of their parent companies. On a revolving basis, DERF, DEPR and DEFR buy certain accounts receivable arising from the sale of electricity and related services from their parent companies. DERF, DEPR and DEFR borrow amounts under credit facilities to buy these receivables. Borrowing availability from the credit facilities is limited to the amount of qualified receivables purchased, which generally exclude receivables past due more than a predetermined number of days and reserves for expected past-due balances. The sole source of funds to satisfy the related debt obligations is cash collections from the receivables. Amounts borrowed under the credit facilities are reflected on the Consolidated Balance Sheets as Long-Term Debt. The most significant activity that impacts the economic performance of DERF, DEPR and DEFR are the decisions made to manage delinquent receivables. Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida are considered the primary beneficiaries and consolidate DERF, DEPR and DEFR, respectively, as they make those decisions. Receivables Financing – CRC CRC is a bankruptcy remote, special purpose entity indirectly owned by Duke Energy. On a revolving basis, CRC buys certain accounts receivable arising from the sale of electricity, natural gas and related services from Duke Energy Ohio and Duke Energy Indiana. CRC borrows amounts under a credit facility to buy the receivables from Duke Energy Ohio and Duke Energy Indiana. Borrowing availability from the credit facility is limited to the amount of qualified receivables sold to CRC, which generally exclude receivables past due more than a predetermined number of days and reserves for expected past-due balances. The sole source of funds to satisfy the related debt obligation is cash collections from the receivables. Amounts borrowed under the credit facility are reflected on Duke Energy's Consolidated Balance Sheets as Long-Term Debt. The proceeds Duke Energy Ohio and Duke Energy Indiana receive from the sale of receivables to CRC are approximately 75% cash and 25% in the form of a subordinated note from CRC. The subordinated note is a retained interest in the receivables sold. Depending on collection experience, additional equity infusions to CRC may be required by Duke Energy to maintain a minimum equity balance of $3 million. CRC is considered a VIE because (i) equity capitalization is insufficient to support its operations, (ii) power to direct the activities that most significantly impact the economic performance of the entity is not held by the equity holder and (iii) deficiencies in net worth of CRC are funded by Duke Energy. The most significant activities that impact the economic performance of CRC are decisions made to manage delinquent receivables. Duke Energy is considered the primary beneficiary and consolidates CRC as it makes these decisions. Neither Duke Energy Ohio nor Duke Energy Indiana consolidate CRC. Receivables Financing – Credit Facilities The following table summarizes the amounts and expiration dates of the credit facilities and associated restricted receivables described above. Duke Energy Duke Energy Duke Energy Duke Energy Carolinas Progress Florida (in millions) CRC DERF DEPR DEFR Expiration date February 2025 January 2025 April 2025 April 2023 Credit facility amount $ 350 $ 500 $ 400 $ 250 Amounts borrowed at December 31, 2022 350 471 400 250 Amounts borrowed at December 31, 2021 350 475 350 250 Restricted Receivables at December 31, 2022 917 928 793 490 Restricted Receivables at December 31, 2021 587 844 574 427 Nuclear Asset-Recovery Bonds – Duke Energy Florida Project Finance, LLC (DEFPF) DEFPF is a bankruptcy remote, wholly owned special purpose subsidiary of Duke Energy Florida. DEFPF was formed in 2016 for the sole purpose of issuing nuclear asset-recovery bonds to finance Duke Energy Florida's unrecovered regulatory asset related to Crystal River Unit 3. In 2016, DEFPF issued senior secured bonds and used the proceeds to acquire nuclear asset-recovery property from Duke Energy Florida. The nuclear asset-recovery property acquired includes the right to impose, bill, collect and adjust a non-bypassable nuclear asset-recovery charge from all Duke Energy Florida retail customers until the bonds are paid in full and all financing costs have been recovered. The nuclear asset-recovery bonds are secured by the nuclear asset-recovery property and cash collections from the nuclear asset-recovery charges are the sole source of funds to satisfy the debt obligation. The bondholders have no recourse to Duke Energy Florida. DEFPF is considered a VIE primarily because the equity capitalization is insufficient to support its operations. Duke Energy Florida has the power to direct the significant activities of the VIE as described above and therefore Duke Energy Florida is considered the primary beneficiary and consolidates DEFPF. The following table summarizes the impact of DEFPF on Duke Energy Florida's Consolidated Balance Sheets. December 31, (in millions) 2022 2021 Receivables of VIEs $ 6 $ 5 Regulatory Assets: Current 55 54 Current Assets: Other 41 39 Other Noncurrent Assets: Regulatory assets 826 883 Current Liabilities: Other 9 9 Current maturities of long-term debt 56 56 Long-Term Debt 890 946 Storm Recovery Bonds – Duke Energy Carolinas NC Storm Funding and Duke Energy Progress NC Storm Funding Duke Energy Carolinas NC Storm Funding, LLC. (DECNCSF) and Duke Energy Progress NC Storm Funding, LLC. (DEPNCSF) are bankruptcy remote, wholly owned special purpose subsidiaries of Duke Energy Carolinas and Duke Energy Progress, respectively. These entities were formed in 2021 for the sole purpose of issuing storm recovery bonds to finance certain of Duke Energy Carolinas’ and Duke Energy Progress’ unrecovered regulatory assets related to storm costs. In November 2021, DECNCSF and DEPNCSF issued $237 million and $770 million of senior secured bonds, respectively and used the proceeds to acquire storm recovery property from Duke Energy Carolinas and Duke Energy Progress. The storm recovery property was created by state legislation and NCUC financing orders for the purpose of financing storm costs incurred in 2018 and 2019. The storm recovery property acquired includes the right to impose, bill, collect and adjust a non-bypassable charge from all Duke Energy Carolinas’ and Duke Energy Progress’ retail customers until the bonds are paid in full and all financing costs have been recovered. The storm recovery bonds are secured by the storm recovery property and cash collections from the storm recovery charges are the sole source of funds to satisfy the debt obligation. The bondholders have no recourse to Duke Energy Carolinas or Duke Energy Progress. For additional information, see Notes 4 and 7. DECNCSF and DEPNCSF are considered VIEs primarily because the equity capitalization is insufficient to support their operations. Duke Energy Carolinas and Duke Energy Progress have the power to direct the significant activities of the VIEs as described above and therefore Duke Energy Carolinas and Duke Energy Progress are considered the primary beneficiaries and consolidate DECNCSF and DEPNCSF, respectively. The following table summarizes the impact of these VIEs on Duke Energy Carolinas’ and Duke Energy Progress’ Consolidated Balance Sheets. Duke Energy Carolinas Duke Energy Progress December 31, December 31, (in millions) 2022 2021 2022 2021 Regulatory Assets: Current $ 12 $ 12 $ 39 $ 39 Current Assets: Other 8 — 29 — Other Noncurrent Assets: Regulatory assets 208 220 681 720 Other Noncurrent Assets: Other 1 1 2 4 Current maturities of long-term debt 10 5 34 15 Current Liabilities: Other 3 1 8 2 Long-Term Debt 219 228 714 747 NON-CONSOLIDATED VIEs The following tables summarize the impact of non-consolidated VIEs on the Consolidated Balance Sheets. December 31, 2022 Duke Energy Duke Duke Natural Gas Energy Energy (in millions) Investments Ohio Indiana Receivables from affiliated companies $ — $ 198 $ 317 Investments in equity method unconsolidated affiliates 43 — — Other noncurrent assets 45 — — Total assets $ 88 $ 198 $ 317 Other current liabilities 59 — — Other noncurrent liabilities 47 — — Total liabilities $ 106 $ — $ — Net (liabilities) assets $ (18) $ 198 $ 317 December 31, 2021 Duke Energy Duke Duke Natural Gas Energy Energy (in millions) Investments Ohio Indiana Receivables from affiliated companies $ — $ 79 $ 97 Investments in equity method unconsolidated affiliates 15 — — Other noncurrent assets 61 — — Total assets $ 76 $ 79 $ 97 Other current liabilities 47 — — Other noncurrent liabilities 54 — — Total liabilities $ 101 $ — $ — Net (liabilities) assets $ (25) $ 79 $ 97 The Duke Energy Registrants are not aware of any situations where the maximum exposure to loss significantly exceeds the carrying values shown above. Natural Gas Investments Duke Energy has investments in various joint ventures including pipeline and renewable natural gas projects. These entities are considered VIEs due to having insufficient equity to finance their own activities without subordinated financial support. Duke Energy does not have the power to direct the activities that most significantly impact the economic performance, the obligation to absorb losses or the right to receive benefits of these VIEs and therefore does not consolidate these entities. Duke Energy has a 47% ownership interest in ACP. In 2020, Duke Energy determined that it would no longer invest in the construction of the ACP pipeline. In February 2021, Duke Energy paid approximately $855 million to fund ACP's outstanding debt, relieving Duke Energy of its guarantee. See Notes 4, 8 and 13 for further information regarding this transaction. CRC See discussion under Consolidated VIEs for additional information related to CRC. Amounts included in Receivables from affiliated companies in the above table for Duke Energy Ohio and Duke Energy Indiana reflect their retained interest in receivables sold to CRC. These subordinated notes held by Duke Energy Ohio and Duke Energy Indiana are stated at fair value. Carrying values of retained interests are determined by allocating carrying value of the receivables between assets sold and interests retained based on relative fair value. The allocated bases of the subordinated notes are not materially different than their face value because (i) the receivables generally turnover in less than two months, (ii) credit losses are reasonably predictable due to the broad customer base and lack of significant concentration and (iii) the equity in CRC is subordinate to all retained interests and thus would absorb losses first. The hypothetical effect on fair value of the retained interests assuming both a 10% and a 20% unfavorable variation in credit losses or discount rates is not material due to the short turnover of receivables and historically low credit loss history. Interest accrues to Duke Energy Ohio and Duke Energy Indiana on the retained interests using the acceptable yield method. This method generally approximates the stated rate on the notes since the allocated basis and the face value are nearly equivalent. An impairment charge is recorded against the carrying value of both retained interests and purchased beneficial interest whenever it is determined that an other-than-temporary impairment has occurred. Key assumptions used in estimating fair value are detailed in the following table. Duke Energy Ohio Duke Energy Indiana 2022 2021 2022 2021 Anticipated credit loss ratio 0.5 % 0.5 % 0.3 % 0.3 % Discount rate 2.7 % 1.1 % 2.7 % 1.1 % Receivable turnover rate 13.5 % 13.5 % 11.3 % 11.3 % The following table shows the gross and net receivables sold. Duke Energy Ohio Duke Energy Indiana December 31, December 31, (in millions) 2022 2021 2022 2021 Receivables sold $ 423 $ 269 $ 508 $ 328 Less: Retained interests 198 79 317 97 Net receivables sold $ 225 $ 190 $ 191 $ 231 The following table shows sales and cash flows related to receivables sold. Duke Energy Ohio Duke Energy Indiana Years Ended December 31, Years Ended December 31, (in millions) 2022 2021 2020 2022 2021 2020 Sales Receivables sold $ 2,562 $ 2,023 $ 1,905 $ 3,744 $ 2,909 $ 2,631 Loss recognized on sale 18 10 10 26 13 12 Cash flows Cash proceeds from receivables sold 2,424 2,018 1,875 3,498 2,909 2,586 Collection fees received 1 1 1 2 1 1 Return received on retained interests 10 4 4 15 6 5 Cash flows from sales of receivables are reflected within Cash Flows From Operating Activities and Cash Flows from Investing Activities on Duke Energy Ohio’s and Duke Energy Indiana’s Consolidated Statements of Cash Flows. Collection fees received in connection with servicing transferred accounts receivable are included in Operation, maintenance and other on Duke Energy Ohio’s and Duke Energy Indiana’s Consolidated Statements of Operations and Comprehensive Income. The loss recognized on sales of receivables is calculated monthly by multiplying receivables sold during the month by the required discount. The required discount is derived monthly utilizing a three-year weighted average formula that considers charge-off history, late charge history and turnover history on the sold receivables, as well as a component for the time value of money. The discount rate, or component for the time value of money, is the prior month-end Daily Simple SOFR plus a fixed rate of 1%. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUEDuke Energy recognizes revenue consistent with amounts billed under tariff offerings or at contractually agreed upon rates based on actual physical delivery of electric or natural gas service, including estimated volumes delivered when billings have not yet occurred. As such, the majority of Duke Energy’s revenues have fixed pricing based on the contractual terms of the published tariffs, with variability in expected cash flows attributable to the customer’s volumetric demand and ultimate quantities of energy or natural gas supplied and used during the billing period. The stand-alone selling price of related sales are designed to support recovery of prudently incurred costs and an appropriate return on invested assets and are primarily governed by published tariff rates or contractual agreements approved by relevant regulatory bodies. As described in Note 1, certain excise taxes and franchise fees levied by state or local governments are required to be paid even if not collected from the customer. These taxes are recognized on a gross basis as part of revenues. Duke Energy elects to account for all other taxes net of revenues. Performance obligations are satisfied over time as energy or natural gas is delivered and consumed with billings generally occurring monthly and related payments due within 30 days, depending on regulatory requirements. In no event does the timing between payment and delivery of the goods and services exceed one year. Using this output method for revenue recognition provides a faithful depiction of the transfer of electric and natural gas service as customers obtain control of the commodity and benefit from its use at delivery. Additionally, Duke Energy has an enforceable right to consideration for energy or natural gas delivered at any discrete point in time and will recognize revenue at an amount that reflects the consideration to which Duke Energy is entitled for the energy or natural gas delivered. As described above, the majority of Duke Energy’s tariff revenues are at-will and, as such, related contracts with customers have an expected duration of one year or less and will not have future performance obligations for disclosure. Additionally, other long-term revenue streams, including wholesale contracts, generally provide services that are part of a single performance obligation, the delivery of electricity or natural gas. As such, other than material fixed consideration under long-term contracts, related disclosures for future performance obligations are also not applicable. Duke Energy earns substantially all of its revenues through its reportable segments, EU&I and GU&I. Electric Utilities and Infrastructure EU&I earns the majority of its revenues through retail and wholesale electric service through the generation, transmission, distribution and sale of electricity. Duke Energy generally provides retail and wholesale electric service customers with their full electric load requirements or with supplemental load requirements when the customer has other sources of electricity. Retail electric service is generally marketed throughout Duke Energy's electric service territory through standard service offers. The standard service offers are through tariffs determined by regulators in Duke Energy's regulated service territory. Each tariff, which is assigned to customers based on customer class, has multiple components such as an energy charge, a demand charge, a basic facilities charge and applicable riders. Duke Energy considers each of these components to be aggregated into a single performance obligation for providing electric service, or in the case of distribution only customers in Duke Energy Ohio, for delivering electricity. Electricity is considered a single performance obligation satisfied over time consistent with the series guidance and is provided and consumed over the billing period, generally one month. Retail electric service is typically provided to at-will customers who can cancel service at any time, without a substantive penalty. Additionally, Duke Energy adheres to applicable regulatory requirements in each jurisdiction to ensure the collectability of amounts billed and appropriate mitigating procedures are followed when necessary. As such, revenue from contracts with customers for such contracts is equivalent to the electricity supplied and billed in that period (including unbilled estimates). Wholesale electric service is generally provided under long-term contracts using cost-based pricing. FERC regulates costs that may be recovered from customers and the amount of return companies are permitted to earn. Wholesale contracts include both energy and demand charges. For full requirements contracts, Duke Energy considers both charges as a single performance obligation for providing integrated electric service. For contracts where energy and demand charges are considered separate performance obligations, energy and demand are each a distinct performance obligation under the series guidance and are satisfied as energy is delivered and stand-ready service is provided on a monthly basis. This service represents consumption over the billing period and revenue is recognized consistent with billings and unbilled estimates, which generally occur monthly. Contractual amounts owed are typically trued up annually based upon incurred costs in accordance with FERC published filings and the specific customer’s actual peak demand. Estimates of variable consideration related to potential additional billings or refunds owed are updated quarterly. The majority of wholesale revenues are full requirements contracts where the customers purchase the substantial majority of their energy needs and do not have a fixed quantity of contractually required energy or capacity. As such, related forecasted revenues are considered optional purchases. Supplemental requirements contracts that include contracted blocks of energy and capacity at contractually fixed prices have the following estimated remaining performance obligations: Remaining Performance Obligations (in millions) 2023 2024 2025 2026 2027 Thereafter Total Progress Energy $ 61 $ 66 $ 7 $ 7 $ 7 $ 36 $ 184 Duke Energy Progress 8 8 — — — — 16 Duke Energy Florida 53 58 7 7 7 36 168 Duke Energy Indiana 11 16 17 15 7 5 71 Revenues for block sales are recognized monthly as energy is delivered and stand-ready service is provided, consistent with invoiced amounts and unbilled estimates. Gas Utilities and Infrastructure GU&I earns its revenue through retail and wholesale natural gas service through the transportation, distribution and sale of natural gas. Duke Energy generally provides retail and wholesale natural gas service customers with all natural gas load requirements. Additionally, while natural gas can be stored, substantially all natural gas provided by Duke Energy is consumed by customers simultaneously with receipt of delivery. Retail natural gas service is marketed throughout Duke Energy's natural gas service territory using published tariff rates. The tariff rates are established by regulators in Duke Energy's service territories. Each tariff, which is assigned to customers based on customer class, have multiple components, such as a commodity charge, demand charge, customer or monthly charge and transportation costs. Duke Energy considers each of these components to be aggregated into a single performance obligation for providing natural gas service. For contracts where Duke Energy provides all of the customer’s natural gas needs, the delivery of natural gas is considered a single performance obligation satisfied over time, and revenue is recognized monthly based on billings and unbilled estimates as service is provided and the commodity is consumed over the billing period. Additionally, natural gas service is typically at-will and customers can cancel service at any time, without a substantive penalty. Duke Energy also adheres to applicable regulatory requirements to ensure the collectability of amounts billed and receivable and appropriate mitigating procedures are followed when necessary. Certain long-term individually negotiated contracts exist to provide natural gas service. These contracts are regulated and approved by state commissions. The negotiated contracts have multiple components, including a natural gas and a demand charge, similar to retail natural gas contracts. Duke Energy considers each of these components to be a single performance obligation for providing natural gas service. This service represents consumption over the billing period, generally one month. Fixed capacity payments under long-term contracts for the GU&I segment include minimum margin contracts and supply arrangements with municipalities and power generation facilities. Revenues for related sales are recognized monthly as natural gas is delivered and stand-ready service is provided, consistent with invoiced amounts and unbilled estimates. Estimated remaining performance obligations are as follows: Remaining Performance Obligations (in millions) 2023 2024 2025 2026 2027 Thereafter Total Piedmont $ 68 $ 62 $ 61 $ 51 $ 49 $ 241 $ 532 Other The remainder of Duke Energy’s operations is presented as Other, which does not include material revenues from contracts with customers. Disaggregated Revenues For the EU&I and GU&I segments, revenue by customer class is most meaningful to Duke Energy as each respective customer class collectively represents unique customer expectations of service, generally has different energy and demand requirements, and operates under tailored, regulatory approved pricing structures. Additionally, each customer class is impacted differently by weather and a variety of economic factors including the level of population growth, economic investment, employment levels, and regulatory activities in each of Duke Energy’s jurisdictions. As such, analyzing revenues disaggregated by customer class allows Duke Energy to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. Disaggregated revenues are presented as follows: Year Ended December 31, 2022 Duke Duke Duke Duke Duke (in millions) Duke Energy Progress Energy Energy Energy Energy By market or type of customer Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Electric Utilities and Infrastructure Residential $ 11,377 $ 3,275 $ 5,812 $ 2,378 $ 3,434 $ 862 $ 1,430 $ — General 7,356 2,396 3,396 1,480 1,916 517 1,049 — Industrial 3,504 1,251 1,095 770 325 202 956 — Wholesale 2,856 561 1,785 1,346 439 127 383 — Other revenues 795 372 994 768 226 61 19 — Total Electric Utilities and Infrastructure revenue from contracts with customers $ 25,888 $ 7,855 $ 13,082 $ 6,742 $ 6,340 $ 1,769 $ 3,837 $ — Gas Utilities and Infrastructure Residential $ 1,462 $ — $ — $ — $ — $ 488 $ — $ 974 Commercial 765 — — — — 180 — 585 Industrial 170 — — — — 24 — 144 Power Generation — — — — — — — 94 Other revenues 360 — — — — 25 — 271 Total Gas Utilities and Infrastructure revenue from contracts with customers $ 2,757 $ — $ — $ — $ — $ 717 $ — $ 2,068 Other Revenue from contracts with customers $ 30 $ — $ — $ — $ — $ — $ — $ — Total revenue from contracts with customers $ 28,675 $ 7,855 $ 13,082 $ 6,742 $ 6,340 $ 2,486 $ 3,837 $ 2,068 Other revenue sources (a) $ 93 $ 2 $ 43 $ 11 $ 13 $ 28 $ 85 $ 56 Total revenues $ 28,768 $ 7,857 $ 13,125 $ 6,753 $ 6,353 $ 2,514 $ 3,922 $ 2,124 (a) Other revenue sources include revenues from leases, derivatives and alternative revenue programs that are not considered revenues from contracts with customers. Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over or under collection of related revenues. Year Ended December 31, 2021 Duke Duke Duke Duke Duke (in millions) Duke Energy Progress Energy Energy Energy Energy By market or type of customer Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Electric Utilities and Infrastructure Residential $ 10,097 $ 3,054 $ 5,084 $ 2,156 $ 2,928 $ 767 $ 1,188 $ — General 6,375 2,210 2,883 1,378 1,505 440 825 — Industrial 2,924 1,145 894 634 260 135 750 — Wholesale 2,199 472 1,385 1,164 221 56 285 — Other revenues 879 264 716 387 329 83 86 — Total Electric Utilities and Infrastructure revenue from contracts with customers $ 22,474 $ 7,145 $ 10,962 $ 5,719 $ 5,243 $ 1,481 $ 3,134 $ — Gas Utilities and Infrastructure Residential $ 1,131 $ — $ — $ — $ — $ 354 $ — $ 777 Commercial 561 — — — — 143 — 418 Industrial 158 — — — — 20 — 137 Power Generation — — — — — — — 92 Other revenues 133 — — — — 28 — 45 Total Gas Utilities and Infrastructure revenue from contracts with customers $ 1,983 $ — $ — $ — $ — $ 545 $ — $ 1,469 Other Revenue from contracts with customers $ 29 $ — $ — $ — $ — $ — $ — $ — Total revenue from contracts with customers $ 24,486 $ 7,145 $ 10,962 $ 5,719 $ 5,243 $ 2,026 $ 3,134 $ 1,469 Other revenue sources (a) $ 135 $ (43) $ 95 $ 61 $ 16 $ 11 $ 40 $ 100 Total revenues $ 24,621 $ 7,102 $ 11,057 $ 5,780 $ 5,259 $ 2,037 $ 3,174 $ 1,569 (a) Other revenue sources include revenues from leases, derivatives and alternative revenue programs that are not considered revenues from contracts with customers. Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over or under collection of related revenues. Year Ended December 31, 2020 Duke Duke Duke Duke Duke (in millions) Duke Energy Progress Energy Energy Energy Energy By market or type of customer Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Electric Utilities and Infrastructure Residential $ 9,806 $ 2,997 $ 5,017 $ 2,059 $ 2,958 $ 726 $ 1,064 $ — General 6,194 2,233 2,779 1,312 1,467 442 740 — Industrial 2,859 1,137 901 649 252 137 683 — Wholesale 1,864 380 1,228 1,034 194 32 224 — Other revenues 914 281 596 294 302 82 72 — Total Electric Utilities and Infrastructure revenue from contracts with customers $ 21,637 $ 7,028 $ 10,521 $ 5,348 $ 5,173 $ 1,419 $ 2,783 $ — Gas Utilities and Infrastructure Residential $ 930 $ — $ — $ — $ — $ 300 $ — $ 630 Commercial 446 — — — — 117 — 329 Industrial 127 — — — — 17 — 110 Power Generation — — — — — — — 34 Other revenues 87 — — — — 17 — 70 Total Gas Utilities and Infrastructure revenue from contracts with customers $ 1,590 $ — $ — $ — $ — $ 451 $ — $ 1,173 Other Revenue from contracts with customers $ 26 $ — $ — $ — $ — $ — $ — $ — Total revenue from contracts with customers $ 23,253 $ 7,028 $ 10,521 $ 5,348 $ 5,173 $ 1,870 $ 2,783 $ 1,173 Other revenue sources (a) $ 113 $ (13) $ 106 $ 74 $ 15 $ (12) $ 12 $ 124 Total revenues $ 23,366 $ 7,015 $ 10,627 $ 5,422 $ 5,188 $ 1,858 $ 2,795 $ 1,297 (a) Other revenue sources include revenues from leases, derivatives and alternative revenue programs that are not considered revenues from contracts with customers. Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over or under collection of related revenues. As described in Note 1, Duke Energy adopted the new guidance for credit losses effective January 1, 2020, using the modified retrospective method of adoption, which does not require restatement of prior year reported results. The following table presents the reserve for credit losses for trade and other receivables based on adoption of the new standard. Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Balance at December 31, 2019 $ 76 $ 10 $ 16 $ 8 $ 7 $ 4 $ 3 $ 6 Cumulative Change in Accounting Principle 5 1 2 1 1 — — 1 Write-Offs (58) (13) (23) (8) (14) — — (6) Credit Loss Expense 75 13 29 9 20 — — 11 Other Adjustments 48 12 13 13 — — — — Balance at December 31, 2020 $ 146 $ 23 $ 37 $ 23 $ 14 $ 4 $ 3 $ 12 Write-Offs (58) (21) (25) (12) (13) — — (9) Credit Loss Expense 53 27 25 11 14 — — 7 Other Adjustments (20) 13 (1) (1) 1 — — 5 Balance at December 31, 2021 $ 121 $ 42 $ 36 $ 21 $ 16 $ 4 $ 3 $ 15 Write-Offs (158) (73) (70) (36) (34) — — (12) Credit Loss Expense 160 40 72 17 55 2 1 11 Other Adjustments 93 59 43 42 (1) — — — Balance at December 31, 2022 $ 216 $ 68 $ 81 $ 44 $ 36 $ 6 $ 4 $ 14 Trade and other receivables are evaluated based on an estimate of the risk of loss over the life of the receivable and current and historical conditions using supportable assumptions. Management evaluates the risk of loss for trade and other receivables by comparing the historical write-off amounts to total revenue over a specified period. Historical loss rates are adjusted due to the impact of current conditions, as well as forecasted conditions over a reasonable time period. The calculated write-off rate can be applied to the receivable balance for which an established reserve does not already exist. Management reviews the assumptions and risk of loss periodically for trade and other receivables. The aging of trade receivables is presented in the table below. December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Unbilled Receivables (a)(b) $ 1,457 $ 486 $ 355 $ 232 $ 123 $ 20 $ 28 $ 160 Current 2,347 577 1,059 637 417 15 52 265 1-30 days past due 261 96 60 15 45 5 17 15 31-60 days past due 123 23 61 49 12 6 2 3 61-90 days past due 74 25 18 9 9 3 11 2 91+ days past due 209 70 74 27 47 26 6 4 Deferred Payment Arrangements (c) 160 57 62 35 27 4 — 1 Trade and Other Receivables $ 4,631 $ 1,334 $ 1,689 $ 1,004 $ 680 $ 79 $ 116 $ 450 December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Unbilled Receivables (a)(b) $ 922 $ 316 $ 266 $ 193 $ 73 $ 4 $ 27 $ 106 Current 1,941 592 716 405 311 42 50 202 1-30 days past due 288 77 128 44 82 4 5 12 31-60 days past due 98 30 49 21 28 1 10 2 61-90 days past due 118 32 48 28 20 23 5 4 91+ days past due 161 84 37 9 28 24 6 3 Deferred Payment Arrangements (c) 115 55 45 22 23 2 — 4 Trade and Other Receivables $ 3,643 $ 1,186 $ 1,289 $ 722 $ 565 $ 100 $ 103 $ 333 (a) Unbilled revenues are recognized by applying customer billing rates to the estimated volumes of energy or natural gas delivered but not yet billed and are included within Receivables and Receivables of VIEs on the Consolidated Balance Sheets. (b) Duke Energy Ohio and Duke Energy Indiana sell, on a revolving basis, nearly all of their retail accounts receivable, including receivables for unbilled revenues, to an affiliate, CRC, and account for the transfers of receivables as sales. Accordingly, the receivables sold are not reflected on the Consolidated Balance Sheets of Duke Energy Ohio and Duke Energy Indiana. See Note 18 for further information. These receivables for unbilled revenues are $148 million and $260 million for Duke Energy Ohio and Duke Energy Indiana, respectively, as of December 31, 2022, and $82 million and $121 million for Duke Energy Ohio and Duke Energy Indiana, respectively, as of December 31, 2021. (c) Due to ongoing financial hardships impacting customers, Duke Energy has permitted customers to defer payment of past-due amounts through installment payment plans. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | STOCKHOLDERS' EQUITYBasic EPS is computed by dividing net income available to Duke Energy common stockholders, as adjusted for distributed and undistributed earnings allocated to participating securities and accumulated preferred dividends, by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income available to Duke Energy common stockholders, as adjusted for distributed and undistributed earnings allocated to participating securities and accumulated preferred dividends, by the diluted weighted average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock, such as equity forward sale agreements, were exercised or settled. Duke Energy’s participating securities are RSUs that are entitled to dividends declared on Duke Energy common stock during the RSUs vesting periods. Dividends declared on preferred stock are recorded on the Consolidated Statements of Operations as a reduction of net income to arrive at net income available to Duke Energy common stockholders. Dividends accumulated on preferred stock are an adjustment to net income used in the calculation of basic and diluted EPS. The following table presents Duke Energy’s basic and diluted EPS calculations, the weighted average number of common shares outstanding and common and preferred share dividends declared. Years Ended December 31, (in millions, except per share amounts) 2022 2021 2020 Net Income available to Duke Energy common stockholders $ 2,444 $ 3,802 $ 1,270 Less: (Loss) Income from discontinued operations attributable to Duke Energy common stockholders (1,215) 200 289 Accumulated preferred stock dividends adjustment — — 1 Less: Impact of participating securities 2 3 2 Income from continuing operations available to Duke Energy common stockholders $ 3,657 $ 3,599 $ 980 Loss from discontinued operations, net of tax $ (1,323) $ (144) $ (7) Add: Loss attributable to NCI 108 344 296 (Loss) Income from discontinued operations attributable to Duke Energy common stockholders $ (1,215) $ 200 $ 289 Weighted average common shares outstanding – basic 770 769 737 Equity forwards — — 1 Weighted average common shares outstanding – diluted 770 769 738 EPS from continuing operations available to Duke Energy common stockholders Basic and Diluted $ 4.74 $ 4.68 $ 1.33 (Loss) Earnings Per Share from discontinued operations attributable to Duke Energy common stockholders Basic and Diluted $ (1.57) $ 0.26 $ 0.39 Potentially dilutive items excluded from the calculation (a) 2 2 2 Dividends declared per common share $ 3.98 $ 3.90 $ 3.82 Dividends declared on Series A preferred stock per depositary share (b) $ 1.437 $ 1.437 $ 1.437 Dividends declared on Series B preferred stock per share (c) $ 48.750 $ 48.750 $ 49.292 (a) Performance stock awards were not included in the dilutive securities calculation because the performance measures related to the awards had not been met. (b) 5.75% Series A Cumulative Redeemable Perpetual Preferred Stock dividends are payable quarterly in arrears on the 16th day of March, June, September and December. The preferred stock has a $25 liquidation preference per depositary share. (c) 4.875% Series B Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock dividends are payable semiannually in arrears on the 16th day of March and September. The preferred stock has a $1,000 liquidation preference per share. On September 16, 2024, the First Call Date, and any fifth anniversary of the First Call Date, the dividend rate will reset based on the then current five-year U.S. Treasury rate plus a spread of 3.388%. Common Stock In November 2022, Duke Energy filed a prospectus supplement and executed an EDA under which it may sell up to $1.5 billion of its common stock through a new ATM offering program, including an equity forward sales component. Under the terms of the EDA, Duke Energy may issue and sell shares of common stock through September 2025. Preferred Stock The Series A Preferred Stock has no maturity or mandatory redemption date, is not redeemable at the option of the holders and includes separate call options. The first call option allows Duke Energy to call the Series A Preferred Stock at a redemption price of $25.50 per depositary share prior to June 15, 2024, in whole but not in part, at any time within 120 days after a ratings event where a rating agency amends, clarifies or changes the criteria it uses to assign equity credit for securities such as the preferred stock. The second call option allows Duke Energy to call the preferred stock, in whole or in part, at any time, on or after June 15, 2024, at a redemption price of $25 per depositary share. Duke Energy is also required to redeem all accumulated and unpaid dividends if either call option is exercised. The Series B Preferred Stock has no maturity or mandatory redemption date, is not redeemable at the option of the holders and includes separate call options. The first call option allows Duke Energy to call the Series B Preferred Stock at a redemption price of $1,020 per share, in whole but not in part, at any time within 120 days after a ratings event. The second call option allows Duke Energy to call the preferred stock, in whole or in part, on the First Call Date or any subsequent Reset Date at a redemption price in cash equal to $1,000 per share. Duke Energy is also required to redeem all accumulated and unpaid dividends if either call option is exercised. Dividends issued on its Series A and Series B Preferred Stock are subject to approval by the Board of Directors. However, the deferral of dividend payments on the preferred stock prohibits the declaration of common stock dividends. The Series A and Series B Preferred Stock rank, with respect to dividends and distributions upon liquidation or dissolution: • senior to Common Stock and to each other class or series of capital stock established after the original issue date of the Series A and Series B Preferred Stock that is expressly made subordinated to the Series A and Series B Preferred Stock; • on a parity with any class or series of capital stock established after the original issue date of the Series A and Series B Preferred Stock that is not expressly made senior or subordinated to the Series A or Series B Preferred Stock; • junior to any class or series of capital stock established after the original issue date of the Series A and Series B Preferred Stock that is expressly made senior to the Series A or Series B Preferred Stock; • junior to all existing and future indebtedness (including indebtedness outstanding under Duke Energy's credit facilities, unsecured senior notes, junior subordinated debentures and commercial paper) and other liabilities with respect to assets available to satisfy claims against Duke Energy; and • structurally subordinated to existing and future indebtedness and other liabilities of Duke Energy's subsidiaries and future preferred stock of subsidiaries. Holders of Series A and Series B Preferred Stock have no voting rights with respect to matters that generally require the approval of voting stockholders. The limited voting rights of holders of Series A and Series B Preferred Stock include the right to vote as a single class, respectively, on certain matters that may affect the preference or special rights of the preferred stock, except in the instance that Duke Energy elects to defer the payment of dividends for a total of six quarterly full dividend periods for Series A Preferred Stock or three semiannual full dividend periods for Series B Preferred Stock. If dividends are deferred for a cumulative total of six quarterly full dividend periods for Series A Preferred Stock or three semiannual full dividend periods for Series B Preferred Stock, whether or not for consecutive dividend periods, holders of the respective preferred stock have the right to elect two additional Board members to the Board of Directors. |
Severance
Severance | 12 Months Ended |
Dec. 31, 2022 | |
Restructuring and Related Activities [Abstract] | |
Severance | SEVERANCE During 2022, Duke Energy identified opportunities to eliminate work and create sustainable savings through a workload reduction initiative with a focus on process improvement through digital technology, governance simplification and elimination of low-value work. As a result, Duke Energy extended involuntary severance benefits to certain employees in specific areas as a part of this initiative. During 2021, Duke Energy reviewed its operations and identified opportunities for improvement to better serve its customers. This operational review included workforce realignment to ensure the company is staffed with the right skill sets and number of teammates to execute the long-term vision for Duke Energy. As such, Duke Energy extended involuntary severance benefits to certain employees in specific areas as a part of these workforce realignment efforts. During 2020, as a result of partial settlements between Duke Energy Carolinas, Duke Energy Progress and the Public Staff, Duke Energy Carolinas and Duke Energy Progress deferred as Regulatory assets on the Consolidated Balance Sheets, approximately $65 million and $33 million, respectively, of previously recorded severance charges within Operation, maintenance and other on the Consolidated Statements of Operations. These severance charges were previously recorded during 2018, as Duke Energy reviewed its operations and identified opportunities for improvement to better serve its customers. This operational review included the company's workforce strategy and staffing levels to ensure the company was staffed with the right skill sets and number of teammates to execute the long-term vision for Duke Energy. As such, Duke Energy extended voluntary and involuntary severance benefits to certain employees in specific areas as a part of workforce planning and digital transformation efforts. The following table presents the direct and allocated severance and related charges accrued for approximately 233 employees in 2022, 290 employees in 2021 and 30 e mployees in 2020, by the Duke Energy Registrants within Operation, maintenance and other on the Consolidated Statements of Operations. Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Year Ended December 31, 2022 (a)(b) $ 65 $ 40 $ 20 $ 17 $ 3 $ 1 $ 2 $ 2 Year Ended December 31, 2021 (c)(d) 69 33 26 20 6 2 3 2 Year Ended December 31, 2020 (e)(f) (85) (58) (28) (31) 3 — — — (a) Includes amortization of deferred severance charges of approximately $33 million, $22 million, $11 million and $11 million for Duke Energy, Duke Energy Carolinas, Progress Energy and Duke Energy Progress, respectively. (b) Includes adjustments associated with 2021 severance charges of approximately $(19) million, $(6) million, $(8) million, $(4) million, $(4) million, $(1) million, $(2) million and $(1) million for Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont, respectively. (c) Includes amortization of deferred severance charges of approximately $33 million, $22 million, $11 million and $11 million for Duke Energy, Duke Energy Carolinas, Progress Energy and Duke Energy Progress, respectively. (d) Includes adjustments associated with 2018 severance charges of approximately $(3) million, $(2) million and $(1) million for Duke Energy, Duke Energy Carolinas and Duke Energy Indiana, respectively. (e) Includes unamortized deferred severance charges of approximately $(86) million, $(57) million, $(29) million and $(29) million for Duke Energy, Duke Energy Carolinas, Progress Energy and Duke Energy Progress, respectively. (f) Includes adjustments associated with 2018 severance charges of approximately $(6) million, $(2) million, $(3) million and $(2) million for Duke Energy, Duke Energy Carolinas, Progress Energy and Duke Energy Progress, respectively. The table below presents the severance liability for past and ongoing severance plans including the plans described above. Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Balance at December 31, 2020 $ 11 $ 2 $ 3 $ 1 $ 2 $ — $ 1 $ — Provision/Adjustments 36 1 1 1 — — — — Cash Reductions (8) (1) (2) (1) (1) — (1) — Balance at December 31, 2021 $ 39 $ 2 $ 2 $ 1 $ 1 $ — $ — $ — Provision/Adjustments 33 14 4 3 1 — — 1 Cash Reductions (8) (1) — — — — — — Balance at December 31, 2022 $ 64 $ 15 $ 6 $ 4 $ 2 $ — $ — $ 1 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | STOCK-BASED COMPENSATION The Duke Energy Corporation 2015 Long-Term Incentive Plan (the 2015 Plan) provides for the grant of stock-based compensation awards to employees and outside directors. The 2015 Plan reserved 10 million shares of common stock for issuance. Duke Energy has historically issued new shares upon exercising or vesting of share-based awards. However, Duke Energy may use a combination of new share issuances and open market repurchases for share-based awards that are exercised or vest in the future. Duke Energy has not determined with certainty the amount of such new share issuances or open market repurchases. The following table summarizes the total expense recognized by the Duke Energy Registrants, net of tax, for stock-based compensation. Years Ended December 31, (in millions) 2022 2021 2020 Duke Energy $ 74 $ 64 $ 61 Duke Energy Carolinas 27 23 22 Progress Energy 27 24 23 Duke Energy Progress 17 15 15 Duke Energy Florida 10 9 9 Duke Energy Ohio 5 5 4 Duke Energy Indiana 7 6 6 Piedmont 4 3 3 Duke Energy's pretax stock-based compensation costs, the tax benefit associated with stock-based compensation expense and stock-based compensation costs capitalized are included in the following table. Years Ended December 31, (in millions) 2022 2021 2020 RSU awards $ 58 $ 49 $ 46 Performance awards 42 39 38 Pretax stock-based compensation cost $ 100 $ 88 $ 84 Stock-based compensation costs capitalized 5 5 5 Stock-based compensation expense $ 95 $ 83 $ 79 Tax benefit associated with stock-based compensation expense $ 21 $ 19 $ 18 RESTRICTED STOCK UNIT AWARDS RSU awards generally vest over periods from immediate to three years. Fair value amounts are based on the market price of Duke Energy's common stock on the grant date. The following table includes information related to RSU awards. Years Ended December 31, 2022 2021 2020 Shares granted (in thousands) 654 673 498 Fair value (in millions) $ 64 $ 59 $ 50 The following table summarizes information about RSU awards outstanding. Weighted Average Shares Grant Date Fair Value (in thousands) (per share) Outstanding at December 31, 2021 1,043 $ 92 Granted 654 98 Vested (527) 93 Forfeited (73) 94 Outstanding at December 31, 2022 1,097 95 RSU awards expected to vest 1,056 95 The total grant date fair value of shares vested during the years ended December 31, 2022, 2021 and 2020, was $49 million, $45 million and $43 million, respectively. At December 31, 2022, Duke Energy had $34 million of unrecognized compensation cost, which is expected to be recognized over a weighted average period of 23 months. PERFORMANCE AWARDS Stock-based performance awards generally vest after three years to the extent performance targets are met. The actual number of shares issued will range from zero to 200% of target shares, depending on the level of performance achieved. Performance awards contain performance conditions and a market condition. The performance conditions are based on Duke Energy's cumulative adjusted EPS and total incident case rate (total incident case rate is one of our key employee safety metrics). The market condition is based on TSR of Duke Energy relative to a predefined peer group. Relative TSR is valued using a path-dependent model that incorporates expected relative TSR into the fair value determination of Duke Energy’s performance-based share awards. The model uses three-year historical volatilities and correlations for all companies in the predefined peer group, including Duke Energy, to simulate Duke Energy’s relative TSR as of the end of the performance period. For each simulation, Duke Energy’s relative TSR associated with the simulated stock price at the end of the performance period plus expected dividends within the period results in a value per share for the award portfolio. The average of these simulations is the expected portfolio value per share. Actual life to date results of Duke Energy’s relative TSR for each grant are incorporated within the model. For performance awards granted in 2022, the model used a risk-free interest rate of 1.78%, which reflects the yield on three-year Treasury bonds as of the grant date, and an expected volatility of 26.8% based on Duke Energy's historical volatility over three years using daily stock prices. The following table includes information related to stock-based performance awards. Years Ended December 31, 2022 2021 2020 Shares granted assuming target performance (in thousands) 408 380 319 Fair value (in millions) $ 40 $ 33 $ 34 The following table summarizes information about stock-based performance awards outstanding and assumes payout at the target level. Weighted Average Shares Grant Date Fair Value (in thousands) (per share) Outstanding at December 31, 2021 952 $ 93 Granted 408 99 Vested (297) 86 Forfeited (30) 96 Outstanding at December 31, 2022 1,033 97 Stock-based performance awards expected to vest 1,006 97 The total grant date fair value of shares vested during the years ended December 31, 2022, and 2021, was $25 million and $25 million, respectively. At December 31, 2022, Duke Energy had $22 million of unrecognized compensation cost, which is expected to be recognized over a weighted average period of 22 months. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS DEFINED BENEFIT RETIREMENT PLANS Duke Energy and certain subsidiaries maintain, and the Subsidiary Registrants participate in, qualified, non-contributory defined benefit retirement plans, which consist of the Duke Energy Retirement Cash Balance Plan (RCBP), which is an active plan, and the Duke Energy Legacy Pension Plan (DELPP), which is an inactive plan. These plans cover most employees using a cash balance formula. Under a cash balance formula, a plan participant accumulates a retirement benefit consisting of pay credits based upon a percentage of current eligible earnings, age or age and years of service and interest credits. Certain employees are eligible for benefits that use a final average earnings formula. Under these final average earnings formulas, a plan participant accumulates a retirement benefit equal to the sum of percentages of their (i) highest three-, four-, or five-year average earnings, (ii) highest three-, four-, or five-year average earnings in excess of covered compensation per year of participation (maximum of 35 years) or (iii) highest three-year average earnings times years of participation in excess of 35 years. Duke Energy also maintains, and the Subsidiary Registrants participate in, non-qualified, non-contributory defined benefit retirement plans that cover certain executives. The qualified and non-qualified, non-contributory defined benefit plans are closed to new participants. Duke Energy uses a December 31 measurement date for its defined benefit retirement plan assets and obligations. Actuarial losses experienced by the defined benefit retirement plans in remeasuring plan assets on December 31, 2022, were primarily attributable to actual investment performance that was less than expected investment performance. Actuarial gains experienced by the defined benefit retirement plans in remeasuring plan obligations as of December 31, 2022, were primarily attributable to the increase in the discount rate used to measure plan obligations. Actuarial losses experienced by the defined benefit retirement plans in remeasuring plan assets as of December 31, 2021, were primarily attributable to actual investment performance that was less than expected investment performance. Actuarial gains experienced by the defined benefit retirement plans in remeasuring plan obligations as of December 31, 2021, were primarily attributable to the increase in the discount rate used to measure plan obligations. As a result of the application of settlement accounting due to total lump-sum benefit payments exceeding the settlement threshold (defined as the sum of service cost and interest cost on projected benefit obligation components of net periodic benefit costs) for one of its qualified pension plans, Duke Energy recognized settlement charges of $117 million, of which $95 million was recorded to Regulatory Assets within Other Noncurrent Assets on the Condensed Consolidated Balance Sheets and $22 million was recorded to Other Income and Expenses, net, within the Condensed Consolidated Statement of Operations as of December 31, 2022. Settlement charges recognized by the Subsidiary Registrants as of December 31, 2022, which represent amounts allocated by Duke Energy for employees of the Subsidiary Registrants and allocated charges for their proportionate share of settlement charges for employees of Duke Energy's shared services affiliate, and recorded to Regulatory Assets within Other Noncurrent Assets on the Condensed Consolidated Balance Sheets were $35 million for Duke Energy Carolinas, $23 million for Progress Energy, $16 million for Duke Energy Progress, $7 million for Duke Energy Florida, $8 million for Duke Energy Indiana and $29 million for Piedmont. Settlement charges recognized by the Subsidiary Registrants as of December 31, 2022, recorded to Other Income and Expenses, net, within the Condensed Consolidated Statement of Operations were $3 million for Duke Energy Carolinas, $5 million for Progress Energy, $5 million for Duke Energy Progress, $1 million for Duke Energy Florida, $5 million for Duke Energy Ohio and $6 million for Piedmont. The settlement charges reflect the recognition of a pro-rata portion of previously unrecognized actuarial losses, equal to the percentage of reduction in the projected benefit obligation resulting from total lump-sum benefit payments as of December 31, 2022. Settlement charges recognized as a regulatory asset within Other Noncurrent Assets on the Consolidated Balance Sheets are amortized over the average remaining service period for participants in the plan. Amortization of settlement charges is disclosed in the tables below as a component of net periodic pension costs. Effective December 31, 2022, Duke Energy Florida changed its method for calculating the market related value of plan assets (MRVA) from the fair value method to a method that recognizes changes in fair value of its plan assets over a five-year period. This represents a change in regulatory treatment that will serve to mitigate the impact of market volatility on retail customer rates, resulting in the timing of net periodic pension cost recognition that is more consistent with treatment of the related cost in the ratemaking process. The three-year retrospective impact of this method change of $24 million was recognized by Duke Energy, Progress Energy and Duke Energy Florida, respectively, and was recorded to Other Income and Expenses, net, within the Condensed Consolidated Statement of Operations and has been disclosed in the tables below as a component of net periodic pension costs. Net periodic benefit costs disclosed in the tables below represent the cost of the respective benefit plan for the periods presented prior to capitalization of amounts reflected as Net property, plant and equipment, on the Consolidated Balance Sheets. Only the service cost component of net periodic benefit costs is eligible to be capitalized. The remaining non-capitalized portions of net periodic benefit costs are classified as either: (1) service cost, which is recorded in Operations, maintenance and other on the Consolidated Statements of Operations; or as (2) components of non-service cost, which is recorded in Other income and expenses, net on the Consolidated Statements of Operations. Amounts presented in the tables below for the Subsidiary Registrants represent the amounts of pension and other post-retirement benefit cost allocated by Duke Energy for employees of the Subsidiary Registrants. Additionally, the Consolidated Statements of Operations of the Subsidiary Registrants also include allocated net periodic benefit costs for their proportionate share of pension and post-retirement benefit cost for employees of Duke Energy’s shared services affiliate that provide support to the Subsidiary Registrants. However, in the tables below, these amounts are only presented within the Duke Energy column (except for amortization of settlement charges). These allocated amounts are included in the governance and shared service costs discussed in Note 14. Duke Energy’s policy is to fund amounts on an actuarial basis to provide assets sufficient to meet benefit payments to be paid to plan participants. The following table includes information related to the Duke Energy Registrants’ contributions to its qualified defined benefit pension plans. There were no contributions made in the years ended December 31, 2021 and 2020. Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Contributions Made: 2022 $ 58 $ 15 $ 13 $ 8 $ 5 $ 3 $ 5 $ 2 QUALIFIED PENSION PLANS Components of Net Periodic Pension Costs Year Ended December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Service cost $ 152 $ 48 $ 43 $ 25 $ 17 $ 4 $ 9 $ 5 Interest cost on projected benefit obligation 249 59 77 35 41 13 20 8 Expected return on plan assets (558) (152) (183) (88) (94) (23) (37) (24) Amortization of actuarial loss 81 16 23 12 12 4 9 5 Amortization of prior service credit (18) (3) — — — — (2) (7) Amortization of settlement charges (c) 32 9 8 7 1 5 1 7 MRVA method change 24 — 24 — 24 — — — Net periodic pension costs (a)(b) $ (38) $ (23) $ (8) $ (9) $ 1 $ 3 $ — $ (6) Year Ended December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Service cost $ 176 $ 56 $ 50 $ 29 $ 21 $ 5 $ 10 $ 6 Interest cost on projected benefit obligation 220 51 70 30 39 13 18 7 Expected return on plan assets (558) (141) (187) (84) (102) (28) (40) (20) Amortization of actuarial loss 133 29 38 18 20 7 13 10 Amortization of prior service credit (29) (8) (2) (1) (1) (1) (2) (9) Amortization of settlement charges 9 5 2 2 1 — — 1 Net periodic pension costs (a)(b) $ (49) $ (8) $ (29) $ (6) $ (22) $ (4) $ (1) $ (5) Year Ended December 31, 2020 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Service cost $ 165 $ 51 $ 48 $ 27 $ 21 $ 5 $ 9 $ 6 Interest cost on projected benefit obligation 269 62 85 38 46 15 22 9 Expected return on plan assets (572) (145) (190) (87) (101) (28) (42) (21) Amortization of actuarial loss 128 28 41 18 23 6 12 9 Amortization of prior service credit (32) (8) (3) (2) (1) — (2) (9) Amortization of settlement charges (c) 18 9 7 6 1 — 1 1 Net periodic pension costs (a)(b) $ (24) $ (3) $ (12) $ — $ (11) $ (2) $ — $ (5) (a) Duke Energy amounts exclude $3 million, $3 million and $4 million for the years ended December 2022, 2021 and 2020, respectively, of regulatory asset amortization resulting from purchase accounting adjustments associated with Duke Energy's merger with Cinergy in April 2006. (b) Duke Energy Ohio amounts exclude $1 million, $1 million and $2 million for the years ended December 2022, 2021 and 2020, respectively, of regulatory asset amortization resulting from purchase accounting adjustments associated with Duke Energy's merger with Cinergy in April 2006. (c) Includes settlement charges not deferred as a regulatory asset. Amounts Recognized in Accumulated Other Comprehensive Income and Regulatory Assets Year Ended December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Regulatory assets, net increase (decrease) $ 367 $ 221 $ 107 $ 101 $ 5 $ (1) $ (12) $ 9 Accumulated other comprehensive loss (income) Deferred income tax expense $ (7) $ — $ (1) $ — $ — $ — $ — $ — Amortization of prior year service credit — — — — — — — — Amortization of prior year actuarial losses 37 — 2 — — — — — Net amount recognized in accumulated other comprehensive income $ 30 $ — $ 1 $ — $ — $ — $ — $ — Year Ended December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Regulatory assets, net decrease $ (261) $ (57) $ (128) $ (31) $ (97) $ (17) $ (19) $ (5) Accumulated other comprehensive loss (income) Deferred income tax expense $ 1 $ — $ — $ — $ — $ — $ — $ — Amortization of prior year service credit 1 — — — — — — — Amortization of prior year actuarial losses (8) — (1) — — — — — Net amount recognized in accumulated other comprehensive income $ (6) $ — $ (1) $ — $ — $ — $ — $ — Reconciliation of Funded Status to Net Amount Recognized Year Ended December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Change in Projected Benefit Obligation Obligation at prior measurement date $ 8,207 $ 1,903 $ 2,560 $ 1,153 $ 1,392 $ 450 $ 680 $ 273 Service cost 145 47 40 24 16 4 8 5 Interest cost 249 59 77 35 41 13 20 8 Actuarial gain (1,490) (301) (513) (197) (312) (84) (143) (47) Benefits paid (753) (159) (184) (101) (82) (50) (66) (69) Transfers — 5 (5) (5) — — — — Obligation at measurement date $ 6,358 $ 1,554 $ 1,975 $ 909 $ 1,055 $ 333 $ 499 $ 170 Accumulated Benefit Obligation at measurement date $ 6,324 $ 1,556 $ 1,959 $ 910 $ 1,038 $ 327 $ 495 $ 170 Change in Fair Value of Plan Assets Plan assets at prior measurement date $ 9,235 $ 2,365 $ 3,053 $ 1,421 $ 1,610 $ 438 $ 669 $ 334 Employer contributions 58 15 13 8 5 3 5 2 Actual return on plan assets (1,547) (411) (506) (240) (262) (68) (107) (64) Benefits paid (753) (159) (184) (101) (82) (50) (66) (69) Transfers — 5 (5) (5) — — — — Plan assets at measurement date $ 6,993 $ 1,815 $ 2,371 $ 1,083 $ 1,271 $ 323 $ 501 $ 203 Funded status of plan $ 635 $ 261 $ 396 $ 174 $ 216 $ (10) $ 2 $ 33 Year Ended December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Change in Projected Benefit Obligation Obligation at prior measurement date $ 8,634 $ 1,988 $ 2,715 $ 1,193 $ 1,507 $ 502 $ 715 $ 293 Service cost 168 54 48 28 20 5 9 6 Interest cost 220 51 70 30 39 13 18 7 Actuarial gain (200) (42) (108) (18) (89) (10) (10) (5) Benefits paid (615) (148) (161) (80) (81) (50) (52) (28) Transfers — — (4) — (4) (10) — — Obligation at measurement date $ 8,207 $ 1,903 $ 2,560 $ 1,153 $ 1,392 $ 450 $ 680 $ 273 Accumulated Benefit Obligation at measurement date $ 8,144 $ 1,904 $ 2,529 $ 1,154 $ 1,361 $ 439 $ 672 $ 274 Change in Fair Value of Plan Assets Plan assets at prior measurement date $ 9,337 $ 2,381 $ 3,049 $ 1,422 $ 1,605 $ 472 $ 684 $ 343 Actual return on plan assets 513 132 169 79 90 26 37 19 Benefits paid (615) (148) (161) (80) (81) (50) (52) (28) Transfers — — (4) — (4) (10) — — Plan assets at measurement date $ 9,235 $ 2,365 $ 3,053 $ 1,421 $ 1,610 $ 438 $ 669 $ 334 Funded status of plan $ 1,028 $ 462 $ 493 $ 268 $ 218 $ (12) $ (11) $ 61 Amounts Recognized in the Consolidated Balance Sheets December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Prefunded pension (a) $ 885 $ 261 $ 396 $ 174 $ 216 $ 62 $ 90 $ 33 Noncurrent pension liability (b) $ 250 $ — $ — $ — $ — $ 72 $ 88 $ — Net asset (liability) recognized $ 635 $ 261 $ 396 $ 174 $ 216 $ (10) $ 2 $ 33 Regulatory assets $ 2,016 $ 545 $ 670 $ 353 $ 316 $ 92 $ 178 $ 84 Accumulated other comprehensive (income) loss Deferred income tax benefit $ (27) $ — $ (1) $ — $ — $ — $ — $ — Prior service credit (1) — — — — — — — Net actuarial loss 129 — 3 — — — — — Net amounts recognized in accumulated other comprehensive loss $ 101 $ — $ 2 $ — $ — $ — $ — $ — December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Prefunded pension (a) $ 1,071 $ 462 $ 494 $ 268 $ 219 $ 74 $ 100 $ 61 Noncurrent pension liability (b) $ 43 $ — $ 1 $ — $ 1 $ 86 $ 111 $ — Net asset (liability) recognized $ 1,028 $ 462 $ 493 $ 268 $ 218 $ (12) $ (11) $ 61 Regulatory assets $ 1,649 $ 324 $ 563 $ 252 $ 311 $ 93 $ 190 $ 75 Accumulated other comprehensive (income) loss Deferred income tax benefit $ (20) $ — $ — $ — $ — $ — $ — $ — Prior service credit (1) — — — — — — — Net actuarial loss 92 — 1 — — — — — Net amounts recognized in accumulated other comprehensive loss $ 71 $ — $ 1 $ — $ — $ — $ — $ — (a) Included in Other within Other Noncurrent Assets on the Consolidated Balance Sheets. (b) Included in Accrued pension and other post-retirement benefit costs on the Consolidated Balance Sheets. Information for Plans with Accumulated Benefit Obligation in Excess of Plan Assets December 31, 2022 Duke Duke Duke Energy Energy (in millions) Energy Ohio Indiana Projected benefit obligation $ 3,323 $ 103 $ 198 Accumulated benefit obligation 3,288 99 193 Fair value of plan assets 3,073 31 110 December 31, 2021 Duke Duke Energy Energy (in millions) Ohio Indiana Projected benefit obligation $ 153 $ 284 Accumulated benefit obligation 143 275 Fair value of plan assets 67 173 Assumptions Used for Pension Benefits Accounting The discount rate used to determine the current year pension obligation and following year’s pension expense is based on a bond selection-settlement portfolio approach. This approach develops a discount rate by selecting a portfolio of high-quality corporate bonds that generate sufficient cash flow to provide for projected benefit payments of the plan. The selected bond portfolio is derived from a universe of non-callable corporate bonds rated Aa quality or higher. After the bond portfolio is selected, a single interest rate is determined that equates the present value of the plan’s projected benefit payments discounted at this rate with the market value of the bonds selected. The average remaining service period for participants in active plans and life expectancy of participants in inactive plans is 13 years for Duke Energy and Duke Energy Progress, 15 years for Duke Energy Florida and Duke Energy Ohio, 14 years for Progress Energy and Duke Energy Indiana, 12 years for Duke Energy Carolinas and nine years for Piedmont. The following tables present the assumptions or range of assumptions used for pension benefit accounting. December 31, 2022 2021 2020 Benefit Obligations Discount rate 5.60% 2.90% 2.60% Interest crediting rate 4.35% 4.00% 4.00% Salary increase 3.50 % – 4.00% 3.50 % – 4.00% 3.50 % – 4.00% Net Periodic Benefit Cost Discount rate 2.90 % – 5.70% 2.60% 3.30% Interest crediting rate 4.00% 4.00% 4.00% Salary increase 3.50 % – 4.00% 3.50 % – 4.00% 3.50 % – 4.00% Expected long-term rate of return on plan assets 6.50% 6.50% 6.85% Expected Benefit Payments Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Years ending December 31, 2023 $ 661 $ 186 $ 183 $ 99 $ 83 $ 32 $ 45 $ 19 2024 635 176 180 95 84 31 45 18 2025 629 174 183 97 85 31 44 16 2026 607 164 180 91 87 30 44 16 2027 592 156 177 89 87 29 43 15 2028-2032 2,581 628 804 372 427 135 205 71 NON-QUALIFIED PENSION PLANS The accumulated benefit obligation, which equals the projected benefit obligation for non-qualified pension plans, was $232 million for Duke Energy, $10 million for Duke Energy Carolinas, $78 million for Progress Energy, $24 million for Duke Energy Progress, $32 million for Duke Energy Florida, $3 million for Duke Energy Ohio, $2 million for Duke Energy Indiana and $3 million for Piedmont as of December 31, 2022. Employer contributions, which equal benefits paid for non-qualified pension plans, were $24 million for Duke Energy, $1 million for Duke Energy Carolinas, $10 million for Progress Energy, $3 million for Duke Energy Progress and $4 million for Duke Energy Florida for the year ended December 31, 2022. Employer contributions were not material for Duke Energy Ohio, Duke Energy Indiana or Piedmont for the year ended December 31, 2022. Net periodic pension costs for non-qualified pension plans were not material for the years ended December 31, 2022, 2021 or 2020. OTHER POST-RETIREMENT BENEFIT PLANS Duke Energy provides, and the Subsidiary Registrants participate in, some health care and life insurance benefits for retired employees on a contributory and non-contributory basis. Employees are eligible for these benefits if they have met age and service requirements at retirement, as defined in the plans. The health care benefits include medical, dental, vision and prescription drug coverage and are subject to certain limitations, such as deductibles and copayments. Duke Energy did not make any pre-funding contributions to its other post-retirement benefit plans during the years ended December 31, 2022, 2021 or 2020. Components of Net Periodic Other Post-Retirement Benefit Costs Year Ended December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Service cost $ 3 $ 1 $ — $ — $ — $ — $ — $ — Interest cost on accumulated post-retirement benefit obligation 17 4 7 4 3 1 1 1 Expected return on plan assets (10) (6) — — — — — (2) Amortization of actuarial loss 2 — 1 1 1 — — — Amortization of prior service credit (8) (3) (2) (1) (1) — — (2) Net periodic post-retirement benefit costs (a)(b) $ 4 $ (4) $ 6 $ 4 $ 3 $ 1 $ 1 $ (3) Year Ended December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Service cost $ 4 $ 1 $ 1 $ — $ — $ — $ 1 $ — Interest cost on accumulated post-retirement benefit obligation 18 4 7 4 3 1 1 1 Expected return on plan assets (11) (7) — — — — — (2) Amortization of actuarial loss 2 — 1 — 1 — 4 — Amortization of prior service credit (13) (4) (2) (1) (1) (1) (1) (2) Net periodic post-retirement benefit costs (a)(b) $ — $ (6) $ 7 $ 3 $ 3 $ — $ 5 $ (3) Year Ended December 31, 2020 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Service cost $ 4 $ 1 $ 1 $ — $ — $ — $ 1 $ — Interest cost on accumulated post-retirement benefit obligation 23 5 10 5 4 1 2 1 Expected return on plan assets (13) (8) — — — — — (2) Amortization of actuarial loss 2 — 1 — 1 — 4 — Amortization of prior service credit (14) (4) (3) (1) (2) (1) (1) (2) Net periodic post-retirement benefit costs (a)(b) $ 2 $ (6) $ 9 $ 4 $ 3 $ — $ 6 $ (3) (a) Duke Energy amounts exclude $4 million, $5 million and $6 million for the years ended December 2022, 2021 and 2020, respectively, of regulatory asset amortization resulting from purchase accounting adjustments associated with Duke Energy's merger with Cinergy in April 2006. (b) Duke Energy Ohio amounts exclude $1 million, $1 million and $1 million for the years ended December 2022, 2021 and 2020, respectively, of regulatory asset amortization resulting from purchase accounting adjustments associated with Duke Energy's merger with Cinergy in April 2006. Amounts Recognized in Accumulated Other Comprehensive Income and Regulatory Assets and Liabilities Year Ended December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Regulatory assets, net (decrease) increase $ (79) $ — $ (80) $ (45) $ (36) $ — $ (3) $ — Regulatory liabilities, net increase (decrease) $ 27 $ — $ — $ — $ — $ — $ 19 $ (5) Accumulated other comprehensive (income) loss Amortization of prior year actuarial gain $ 1 $ — $ — $ — $ — $ — $ — $ — Net amount recognized in accumulated other comprehensive income $ 1 $ — $ — $ — $ — $ — $ — $ — Year Ended December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Regulatory assets, net (decrease) increase $ (15) $ — $ (18) $ (9) $ (9) $ 4 $ (4) $ — Regulatory liabilities, net increase $ 23 $ 12 $ — $ — $ — $ 4 $ 1 $ 2 Accumulated other comprehensive (income) loss Amortization of prior year actuarial gain $ (1) $ — $ — $ — $ — $ — $ — $ — Net amount recognized in accumulated other comprehensive income $ (1) $ — $ — $ — $ — $ — $ — $ — Reconciliation of Funded Status to Accrued Other Post-Retirement Benefit Costs Year Ended December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Change in Projected Benefit Obligation Accumulated post-retirement benefit obligation at prior measurement date $ 625 $ 149 $ 263 $ 147 $ 112 $ 25 $ 54 $ 27 Service cost 3 1 — — — — — — Interest cost 17 4 7 4 3 1 1 1 Plan participants' contributions 11 2 4 2 2 1 1 — Actuarial gains (80) (17) (43) (27) (16) (3) (1) (5) Plan amendments (71) (11) (37) (18) (19) — (17) — Benefits paid (68) (16) (26) (13) (13) (4) (8) (2) Accumulated post-retirement benefit obligation at measurement date $ 437 $ 112 $ 168 $ 95 $ 69 $ 20 $ 30 $ 21 Change in Fair Value of Plan Assets Plan assets at prior measurement date $ 211 $ 135 $ (1) $ (2) $ (2) $ 9 $ 6 $ 39 Actual return on plan assets (31) (19) — — — (2) — (7) Benefits paid (68) (16) (26) (13) (13) (4) (8) (2) Employer contributions 39 3 23 11 11 3 4 1 Plan participants' contributions 11 2 4 2 2 1 1 — Plan assets at measurement date $ 162 $ 105 $ — $ (2) $ (2) $ 7 $ 3 $ 31 Funded status of plan $ (275) $ (7) $ (168) $ (97) $ (71) $ (13) $ (27) $ 10 Year Ended December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Change in Projected Benefit Obligation Accumulated post-retirement benefit obligation at prior measurement date $ 709 $ 174 $ 299 $ 166 $ 130 $ 27 $ 61 $ 30 Service cost 4 1 1 — — — 1 — Interest cost 18 4 7 4 3 1 1 1 Plan participants' contributions 14 3 5 3 2 1 2 — Actuarial gains (47) (14) (20) (10) (10) (1) (2) (2) Benefits paid (73) (19) (29) (16) (13) (3) (9) (2) Accumulated post-retirement benefit obligation at measurement date $ 625 $ 149 $ 263 $ 147 $ 112 $ 25 $ 54 $ 27 Change in Fair Value of Plan Assets Plan assets at prior measurement date $ 237 $ 139 $ (1) $ (2) $ (1) $ 9 $ 7 $ 37 Actual return on plan assets 15 9 — — — 1 — 3 Benefits paid (73) (19) (29) (16) (13) (3) (9) (2) Employer contributions 18 3 24 13 10 1 6 1 Plan participants' contributions 14 3 5 3 2 1 2 — Plan assets at measurement date $ 211 $ 135 $ (1) $ (2) $ (2) $ 9 $ 6 $ 39 Funded status of plan $ (414) $ (14) $ (264) $ (149) $ (114) $ (16) $ (48) $ 12 Amounts Recognized in the Consolidated Balance Sheets December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Prefunded post-retirement benefit $ — $ — $ — $ — $ — $ 1 $ — $ 10 Current post-retirement liability (a) 9 — 5 3 2 2 — — Noncurrent post-retirement liability (b) 266 7 163 94 69 12 27 — Net liability (asset) recognized $ 275 $ 7 $ 168 $ 97 $ 71 $ 13 $ 27 $ (10) Regulatory assets $ 50 $ — $ 46 $ 34 $ 11 $ 4 $ 25 $ — Regulatory liabilities $ 189 $ 44 $ — $ — $ — $ 21 $ 82 $ — Accumulated other comprehensive (income) loss Deferred income tax expense $ 3 $ — $ — $ — $ — $ — $ — $ — Prior service credit (1) — — — — — — — Net actuarial gain (13) — — — — — — — Net amounts recognized in accumulated other comprehensive income $ (11) $ — $ — $ — $ — $ — $ — $ — December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Prefunded post-retirement benefit $ 12 $ — $ — $ — $ — $ 1 $ — $ 12 Current post-retirement liability (a) 9 — 5 3 2 1 — — Noncurrent post-retirement liability (b) 417 14 259 146 112 16 48 — Net liability (asset) recognized $ 414 $ 14 $ 264 $ 149 $ 114 $ 16 $ 48 $ (12) Regulatory assets $ 129 $ — $ 126 $ 79 $ 47 $ 4 $ 28 $ — Regulatory liabilities $ 162 $ 44 $ — $ — $ — $ 21 $ 63 $ 5 Accumulated other comprehensive (income) loss Deferred income tax expense $ 3 $ — $ — $ — $ — $ — $ — $ — Prior service credit (1) — — — — — — — Net actuarial gain (14) — — — — — — — Net amounts recognized in accumulated other comprehensive income $ (12) $ — $ — $ — $ — $ — $ — $ — (a) Included in Other within Current Liabilities on the Consolidated Balance Sheets. (b) Included in Accrued pension and other post-retirement benefit costs on the Consolidated Balance Sheets. Assumptions Used for Other Post-Retirement Benefits Accounting The discount rate used to determine the current year other post-retirement benefits obligation and following year’s other post-retirement benefits expense is based on a bond selection-settlement portfolio approach. This approach develops a discount rate by selecting a portfolio of high-quality corporate bonds that generate sufficient cash flow to provide for projected benefit payments of the plan. The selected bond portfolio is derived from a universe of non-callable corporate bonds rated Aa quality or higher. After the bond portfolio is selected, a single interest rate is determined that equates the present value of the plan’s projected benefit payments discounted at this rate with the market value of the bonds selected. The average remaining service period of active covered employees is seven years for Duke Energy and Duke Energy Florida, six years for Duke Energy Carolinas, Duke Energy Ohio, Duke Energy Indiana and Piedmont and five years for Progress Energy and Duke Energy Progress. The following tables present the assumptions used for other post-retirement benefits accounting. December 31, 2022 2021 2020 Benefit Obligations Discount rate 5.60 % 2.90 % 2.60 % Net Periodic Benefit Cost Discount rate 2.90 % 2.60 % 3.30 % Expected long-term rate of return on plan assets 6.50 % 6.50 % 6.85 % Assumed Health Care Cost Trend Rate December 31, 2022 2021 Health care cost trend rate assumed for next year 6.50 % 6.25 % Rate to which the cost trend is assumed to decline (the ultimate trend rate) 4.75 % 4.75 % Year that rate reaches ultimate trend 2030-2032 2028 Expected Benefit Payments Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Years ending December 31, 2023 $ 68 $ 16 $ 25 $ 14 $ 11 $ 3 $ 7 $ 2 2024 49 13 18 10 7 3 4 2 2025 45 12 16 9 7 2 3 2 2026 41 11 15 9 6 2 3 2 2027 38 10 14 8 6 2 3 2 2028-2032 158 41 61 36 25 8 9 9 PLAN ASSETS Description and Allocations Duke Energy Corporation Master Retirement Trust Assets for both the qualified pension and other post-retirement benefits are maintained in the Duke Energy Corporation Master Retirement Trust. Approximately 98% of the Duke Energy Corporation Master Retirement Trust assets were allocated to qualified pension plans and approximately 2% were allocated to other post-retirement plans (comprised of 401(h) accounts), as of December 31, 2022, and 2021. The investment objective of the Duke Energy Corporation Master Retirement Trust is to invest in a diverse portfolio of assets that is expected to generate positive surplus return over time (i.e., asset growth greater than liability growth) subject to a prudent level of portfolio risk, for the purpose of enhancing the security of benefits for plan participants. As of December 31, 2022, Duke Energy assumes qualified pension and other post-retirement plan assets will generate a long-term rate of return of 8.25% for the RCBP pension and RCBP 401(h) account assets and 6.5% for the DELPP pension and DELPP 401(h) account assets. The expected long-term rate of return was developed using a weighted average calculation of expected returns based primarily on future expected returns across asset classes considering the use of active asset managers, where applicable. The asset allocation targets were set after considering the investment objective and the risk profile. Equity securities are held for their higher expected returns. Debt securities are primarily held to hedge the qualified pension plan. Return seeking debt securities, hedge funds and other global securities are held for diversification. Investments within asset classes are diversified to achieve broad market participation and reduce the impact of individual managers or investments. Effective January 1, 2023, the target asset allocation for the RCBP assets is 35% liability hedging and 65% return-seeking assets and the target asset allocation for the DELPP assets is 80% liability hedging assets and 20% return-seeking assets. Duke Energy periodically reviews its asset allocation targets, and over time, as the funded status of the benefit plans increase, the level of asset risk relative to plan liabilities may be reduced to better manage Duke Energy's benefit plan liabilities and reduce funded status volatility. The Duke Energy Corporation Master Retirement Trust is authorized to engage in the lending of certain plan assets. Securities lending is an investment management enhancement that utilizes certain existing securities of the Duke Energy Corporation Master Retirement Trust to earn additional income. Securities lending involves the loaning of securities to approved parties. In return for the loaned securities, the Duke Energy Corporation Master Retirement Trust receives collateral in the form of cash and securities as a safeguard against possible default of any borrower on the return of t |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Inflation Reduction Act On August 16, 2022, the IRA was signed into law. Among other provisions, the IRA implemented a new 15% corporate alternative minimum tax based on GAAP net income, with certain adjustments as defined by the IRA, and clean energy-related provisions. The IRA's clean energy provisions include, among other provisions, the extension and modification of existing investment and PTCs for projects placed in service through 2024 and introduces new technology-neutral clean energy related credits beginning in 2025. In addition, the IRA created a new, zero-emission nuclear power PTC and a clean hydrogen PTC. Duke Energy has preliminarily reviewed the provisions of the IRA and has determined there were no material impacts on the results of operations, financial position, or cash flows in the periods presented for the Duke Energy Registrants as a result of the IRA being signed into law. Based on the preliminary review of the IRA provisions, future annual cash flow impacts related to the energy credits could be material to the Duke Energy Registrants. However, the majority of Duke Energy's operations are regulated and the FERC and state utility commissions will determine the regulatory treatment. We anticipate the Subsidiary Registrants will defer and expect to pass along the net financial impact associated with the IRA to customers over time. See Note 4 for further details on the IRA as it relates to Duke Energy Florida. Duke Energy will continue to assess the IRA as new information and anticipated guidance from the U.S. Department of the Treasury becomes available. North Carolina's 2021 Appropriations Act On November 18, 2021, North Carolina Senate Bill 105 (SB 105) was signed into law. Starting with tax year 2025, SB 105 begins phasing out the North Carolina corporate income tax rate over five years, from a statutory rate of 2.5% to zero. Duke Energy recorded a net reduction of approximately $490 million to its North Carolina deferred tax liability in the fourth quarter of 2021. The majority of this deferred tax liability reduction was offset by recording a regulatory liability pending NCUC determination of the disposition of the amounts related to Duke Energy Carolinas, Duke Energy Progress and Piedmont. In addition, Duke Energy recorded a net reduction of North Carolina consolidating deferred tax assets of approximately $25 million to deferred state income tax expense in the fourth quarter of 2021. North Carolina SB 105 did not have a significant impact on the financial position, results of operation, or cash flows of Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress or Piedmont. Consolidated Appropriations Act On December 27, 2020, the Consolidated Appropriations Act (CAA) was signed into law. In addition to the CAA providing funding for government operations, it also provided tax provisions to assist with COVID-19 relief, including extending certain expiring tax provisions. The company has reviewed the provisions of the CAA and has determined that there are no material impacts on the financial statements as a result of the CAA being signed into law. CARES Act On March 27, 2020, the CARES Act was enacted. The CARES Act was an emergency economic stimulus package in response to the COVID-19 pandemic. Among other provisions, the CARES Act accelerated the remaining AMT credit refund allowances resulting in taxpayers being able to immediately claim a refund in full for any AMT credit carryforwards and provided for the deferral of certain 2020 payroll taxes. In the third quarter of 2020, Duke Energy received $572 million related to these AMT credit carryforwards and $19 million of interest income. In addition, the company deferred approximately $117 million of payroll taxes, of which, 50% were paid by December 31, 2021, with the remaining 50% payable by December 31, 2022. The other provisions within the CARES Act did not materially impact Duke Energy's income tax accounting. Income Tax Expense Components of Income Tax Expense Tax benefit from discontinued operations, in the following tables, includes income tax benefits related to the Commercial Renewables Disposal Groups. See Note 2 for further details. Year Ended December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Current income taxes Federal $ 1 $ (71) $ (13) $ 37 $ (37) $ (2) $ 38 $ 32 State (8) (13) (3) — (23) 1 2 2 Foreign 4 — — — — — — — Total current income taxes (3) (84) (16) 37 (60) (1) 40 34 Deferred income taxes Federal 328 230 310 118 201 (22) (63) 12 State (14) (16) 59 7 84 3 — (7) Total deferred income taxes (a) 314 214 369 125 285 (19) (63) 5 ITC amortization (11) (4) (5) (4) — (1) (1) — Income tax expense from continuing operations 300 126 348 158 225 (21) (24) 39 Tax benefit from discontinued operations (503) — — — — — — — Total income tax (benefit) expense included in Consolidated Statements of Operations $ (203) $ 126 $ 348 $ 158 $ 225 $ (21) $ (24) $ 39 (a) Total deferred income taxes includes the generation of NOL carryforwards and tax credit carryforwards of $550 million at Duke Energy, $97 million at Duke Energy Carolinas, $128 million at Progress Energy, $9 million at Duke Energy Progress, $111 million at Duke Energy Florida, $7 million at Duke Energy Ohio, $13 million at Duke Energy Indiana, and $12 million at Piedmont. Year Ended December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Current income taxes Federal $ (2) $ 241 $ (15) $ 113 $ (75) $ (8) $ 65 $ 23 State 1 23 (4) 8 (17) (2) 7 3 Foreign 2 — — — — — — — Total current income taxes 1 264 (19) 121 (92) (10) 72 26 Deferred income taxes Federal 275 (130) 203 (16) 202 35 19 17 State — (79) 47 (26) 77 5 16 (13) Total deferred income taxes (a) 275 (209) 250 (42) 279 40 35 4 ITC amortization (8) (4) (4) (4) — — — — Income tax expense from continuing operations 268 51 227 75 187 30 107 30 Tax benefit from discontinued operations (76) — — — — — — — Total income tax expense included in Consolidated Statements of Operations $ 192 $ 51 $ 227 $ 75 $ 187 $ 30 $ 107 $ 30 (a) Total deferred income taxes includes the generation of NOL carryforwards and tax credit carryforwards of $32 million at Duke Energy Carolinas, $8 million at Duke Energy Indiana, and $3 million at Piedmont. In addition, total deferred income taxes includes utilization of NOL carryforwards and tax credit carryforwards of $250 million at Duke Energy, $95 million at Progress Energy, $14 million at Duke Energy Progress, $64 million at Duke Energy Florida, and $2 million at Duke Energy Ohio. Year Ended December 31, 2020 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Current income taxes Federal $ (281) $ 314 $ 280 $ 181 $ 148 $ 10 $ 48 $ (27) State (3) 35 29 17 24 1 7 (8) Foreign 1 — — — — — — — Total current income taxes (283) 349 309 198 172 11 55 (35) Deferred income taxes Federal 222 (171) (167) (180) 1 30 12 60 State (98) (86) (24) (49) 25 2 17 (7) Total deferred income taxes (a) 124 (257) (191) (229) 26 32 29 53 ITC amortization (10) (4) (5) (5) — — — — Income tax (benefit) expense from continuing operations (169) 88 113 (36) 198 43 84 18 Tax benefit from discontinued operations (65) — — — — — — — Total income tax (benefit) expense included in Consolidated Statements of Operations $ (234) $ 88 $ 113 $ (36) $ 198 $ 43 $ 84 $ 18 (a) Total deferred income taxes includes the generation of NOL carryforwards and tax credit carryforwards of $20 million at Duke Energy Carolinas, $3 million at Duke Energy Progress, $8 million at Duke Energy Indiana, and $11 million at Piedmont. In addition, total deferred income taxes includes utilization of NOL carryforwards and tax credit carryforwards of $39 million at Progress Energy, $30 million at Duke Energy Florida and $189 million at Duke Energy. Duke Energy Income from Continuing Operations before Income Taxes Years Ended December 31, (in millions) 2022 2021 2020 Domestic $ 3,991 $ 3,947 $ 907 Foreign 87 44 13 Income from continuing operations before income taxes $ 4,078 $ 3,991 $ 920 Statutory Rate Reconciliation The following tables present a reconciliation of income tax expense at the U.S. federal statutory tax rate to the actual tax expense from continuing operations. Year Ended December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Income tax expense, computed at the statutory rate of 21% $ 856 $ 362 $ 457 $ 245 $ 238 $ 59 $ 24 $ 76 State income tax, net of federal income tax effect (17) (23) 44 6 48 3 2 (4) Amortization of excess deferred income tax (481) (195) (133) (74) (59) (79) (48) (23) AFUDC equity income (41) (20) (14) (11) (3) (1) (2) (2) AFUDC equity depreciation 36 18 12 6 6 1 4 — Other tax credits (43) (12) (16) (9) (7) (2) (3) (8) Other items, net (10) (4) (2) (5) 2 (2) (1) — Income tax expense from continuing operations $ 300 $ 126 $ 348 $ 158 $ 225 $ (21) $ (24) $ 39 Effective tax rate 7.4 % 7.3 % 16.0 % 13.6 % 19.8 % (7.5) % (21.2) % 10.8 % Year Ended December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Income tax expense, computed at the statutory rate of 21% $ 838 $ 291 $ 384 $ 224 $ 194 $ 49 $ 123 $ 71 State income tax, net of federal income tax effect 1 (44) 34 (14) 47 2 18 (8) Amortization of excess deferred income tax (438) (184) (174) (120) (54) (22) (34) (25) AFUDC equity income (34) (14) (11) (7) (3) (2) (4) (4) AFUDC equity depreciation 35 18 10 5 5 2 5 — Other tax credits (30) (12) (11) (8) (3) (1) (2) (4) Valuation allowance (a) (85) — — — — — — — Other items, net (19) (4) (5) (5) 1 2 1 — Income tax expense from continuing operations $ 268 $ 51 $ 227 $ 75 $ 187 $ 30 $ 107 $ 30 Effective tax rate 6.7 % 3.7 % 12.4 % 7.0 % 20.2 % 12.8 % 18.2 % 8.8 % (a) In the fourth quarter of 2021, the company recognized a federal capital gain in the amount of $426 million. As a result, a valuation allowance of $85 million related to a federal capital loss carryforward was released. This valuation allowance was originally recorded as a result of the 2019 sale of minority interest of certain renewable assets within the Commercial Renewables Disposal Groups. Year Ended December 31, 2020 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Income tax expense, computed at the statutory rate of 21% $ 193 $ 219 $ 243 $ 80 $ 204 $ 62 $ 103 $ 61 State income tax, net of federal income tax effect (80) (40) 4 (25) 39 2 19 (12) Amortization of excess deferred income tax (276) (82) (118) (68) (49) (20) (36) (21) AFUDC equity income (48) (13) (9) (6) (3) (2) (4) (10) AFUDC equity depreciation 103 19 10 5 5 1 4 — Other tax credits (37) (13) (16) (14) (2) (1) (3) (2) Tax true up (12) (3) 1 (5) 5 — (1) 1 Other items, net (12) 1 (2) (3) (1) 1 2 1 Income tax (benefit) expense from continuing operations $ (169) $ 88 $ 113 $ (36) $ 198 $ 43 $ 84 $ 18 Effective tax rate (18.4) % 8.4 % 9.7 % (9.5) % 20.4 % 14.6 % 17.1 % 6.2 % Valuation allowances have been established for certain state NOL carryforwards and state income tax credits that reduce deferred tax assets to an amount that will be realized on a more-likely-than-not basis. The net change in the total valuation allowance is included in state income tax, net of federal income tax effect, in the above tables. DEFERRED TAXES Net Deferred Income Tax Liability Components The following tables include deferred income tax assets and liabilities related to the Commercial Renewables Disposal Groups. See Note 2 for further details. December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Deferred credits and other liabilities $ 348 $ 170 $ 117 $ 33 $ 83 $ 12 $ 23 $ 24 Lease obligations 405 89 263 197 65 4 15 3 Pension, post-retirement and other employee benefits 192 (1) 12 18 (10) 9 10 (2) Progress Energy merger purchase accounting adjustments (a) 301 — — — — — — — Tax credits and NOL carryforwards 4,426 444 618 167 412 20 208 37 Regulatory liabilities and deferred credits — — — — — 3 61 — Investments and other assets — — — — — 3 — — Other 106 18 22 12 10 5 2 9 Valuation allowance (519) — — — — — — — Total deferred income tax assets 5,259 720 1,032 427 560 56 319 71 Investments and other assets (1,671) (983) (521) (432) (102) — (12) (28) Accelerated depreciation rates (11,478) (3,410) (4,358) (1,844) (2,576) (1,192) (1,606) (892) Regulatory assets and deferred debits, net (2,074) (480) (1,300) (628) (671) — — (21) Total deferred income tax liabilities (15,223) (4,873) (6,179) (2,904) (3,349) (1,192) (1,618) (941) Net deferred income tax liabilities $ (9,964) $ (4,153) $ (5,147) $ (2,477) $ (2,789) $ (1,136) $ (1,299) $ (870) (a) Primarily related to lease obligations and debt fair value adjustments. The following table presents the expiration of tax credits and NOL carryforwards. December 31, 2022 (in millions) Amount Expiration Year General Business Credits $ 2,473 2027 — 2042 Federal NOL carryforwards (a) (e) 306 2024 — Indefinite Charitable contribution carryforwards 18 2024 — 2027 State carryforwards and credits (b) (e) 394 2023 — Indefinite Foreign NOL carryforwards (c) 12 2027 — 2037 Foreign Tax Credits (d) 1,223 2024 — 2028 Total tax credits and NOL carryforwards $ 4,426 (a) A valuation allowance of $4 million has been recorded on the Federal NOL carryforwards, as presented in the Net Deferred Income Tax Liability Components table. (b) A valuation allowance of $109 million has been recorded on the state NOL and attribute carryforwards, as presented in the Net Deferred Income Tax Liability Components table. (c) A valuation allowance of $12 million has been recorded on the foreign NOL carryforwards, as presented in the Net Deferred Income Tax Liability Components table. (d) A valuation allowance of $391 million has been recorded on the foreign tax credits, as presented in the Net Deferred Income Tax Liability Components table. (e) Indefinite carryforward for Federal NOLs, and NOLs for states that have adopted the Tax Act's NOL provisions, generated in tax years beginning after December 31, 2017. December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Deferred credits and other liabilities $ 347 $ 121 $ 101 $ 60 $ 40 $ 19 $ 7 $ 18 Lease obligations 346 91 197 121 76 4 16 4 Pension, post-retirement and other employee benefits 207 (36) 30 17 7 11 20 (8) Progress Energy merger purchase accounting adjustments (a) 340 — — — — — — — Tax credits and NOL carryforwards 3,784 349 497 160 306 13 195 29 Regulatory liabilities and deferred credits — 11 — — — 16 — 6 Investments and other assets — — — — — 5 6 — Other 85 12 12 7 4 7 2 8 Valuation allowance (518) — — — — — — — Total deferred income tax assets 4,591 548 837 365 433 75 246 57 Investments and other assets (2,428) (1,205) (742) (610) (135) — — (39) Accelerated depreciation rates (10,391) (2,977) (3,891) (1,546) (2,382) (1,125) (1,496) (833) Regulatory assets and deferred debits, net (1,151) — (768) (417) (350) — (53) — Total deferred income tax liabilities (13,970) (4,182) (5,401) (2,573) (2,867) (1,125) (1,549) (872) Net deferred income tax liabilities $ (9,379) $ (3,634) $ (4,564) $ (2,208) $ (2,434) $ (1,050) $ (1,303) $ (815) (a) Primarily related to lease obligations and debt fair value adjustments. UNRECOGNIZED TAX BENEFITS The following tables present changes to unrecognized tax benefits. Year Ended December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Unrecognized tax benefits – January 1 $ 51 $ 13 $ 15 $ 10 $ 4 $ 1 $ 2 $ 4 Gross decreases – tax positions in prior periods — — — — — — — — Gross increases – current period tax positions 14 4 4 3 1 — — 5 Total changes 14 4 4 3 1 — — 5 Unrecognized tax benefits – December 31 $ 65 $ 17 $ 19 $ 13 $ 5 $ 1 $ 2 $ 9 Year Ended December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Unrecognized tax benefits – January 1 $ 125 $ 10 $ 10 $ 6 $ 3 $ 1 $ 1 $ 1 Gross decreases – tax positions in prior periods (a) (86) — — — — — — — Gross increases – current period tax positions 12 3 5 4 1 — 1 3 Total changes (74) 3 5 4 1 — 1 3 Unrecognized tax benefits – December 31 $ 51 $ 13 $ 15 $ 10 $ 4 $ 1 $ 2 $ 4 (a) In the fourth quarter of 2021, the company recognized a federal capital gain in the amount of $426 million. As a result of the capital gain, a previously recorded unrecognized tax benefit related to the character of a taxable loss has been reversed. See note (a) under the Statutory Rate Reconciliation table for more details. Year Ended December 31, 2020 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Unrecognized tax benefits – January 1 $ 126 $ 8 $ 9 $ 6 $ 3 $ 1 $ 1 $ 4 Gross decreases – tax positions in prior periods (2) — — — — — — — Gross increases – current period tax positions 4 2 1 — — — — — Reduction due to lapse of statute of limitations (3) — — — — — — (3) Total changes (1) 2 1 — — — — (3) Unrecognized tax benefits – December 31 $ 125 $ 10 $ 10 $ 6 $ 3 $ 1 $ 1 $ 1 The following table includes additional information regarding the Duke Energy Registrants' unrecognized tax benefits at December 31, 2022. None of Duke Energy Registrants anticipates a material increase or decrease in unrecognized tax benefits within the next 12 months. December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Amount that if recognized, would affect the effective tax rate or regulatory liability (a) $ 59 $ 17 $ 18 $ 13 $ 5 $ 1 $ 2 $ 8 (a) The Duke Energy Registrants are unable to estimate the specific amounts that would affect the ETR versus the regulatory liability. Duke Energy and its subsidiaries are no longer subject to federal, state, local or non-U.S. income tax examinations by tax authorities for years before 2016, aside from certain state tax attributes carried forward for utilization in future years. |
Other Income and Expenses, Net
Other Income and Expenses, Net | 12 Months Ended |
Dec. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Other Income and Expenses, Net | OTHER INCOME AND EXPENSES, NET The components of Other income and expenses, net on the Consolidated Statements of Operations are as follows. Year Ended December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Interest income $ 27 $ 2 $ 24 $ 4 $ 20 $ 11 $ 15 $ 19 AFUDC equity 197 98 68 52 16 7 13 11 Post in-service equity returns 34 14 18 18 — 1 1 — Nonoperating income, other 134 107 71 40 38 — 7 16 Other income and expense, net $ 392 $ 221 $ 181 $ 114 $ 74 $ 19 $ 36 $ 46 Year Ended December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Interest income $ 13 $ 4 $ 8 $ 6 $ 2 $ 4 $ 6 $ 19 AFUDC equity 171 65 51 34 16 7 27 20 Post in-service equity returns 39 21 16 16 — 1 1 — Nonoperating income, other 413 180 140 87 53 6 8 16 Other income and expense, net $ 636 $ 270 $ 215 $ 143 $ 71 $ 18 $ 42 $ 55 Year Ended December 31, 2020 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Interest income $ 30 $ 4 $ 8 $ 2 $ 6 $ 4 $ 6 $ 17 AFUDC equity 154 62 42 29 12 7 23 19 Post in-service equity returns 27 17 8 8 — 1 1 — Nonoperating income, other 240 94 71 36 35 4 7 15 Other income and expense, net $ 451 $ 177 $ 129 $ 75 $ 53 $ 16 $ 37 $ 51 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTSFor information on subsequent events related to dispositions, regulatory matters, commitments and contingencies, and debt and credit facilities see Notes 2, 4, 5 and 7, respectively. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2022 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | 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. First Second Third Fourth (in millions, except per share data) Quarter Quarter Quarter Quarter Total 2022 Operating revenues $ 7,011 $ 6,564 $ 7,842 $ 7,351 $ 28,768 Operating income 1,314 1,448 2,056 1,194 6,012 Income from continuing operations 835 898 1,410 635 3,778 (Loss) Income from discontinued operations, net of tax (15) (18) 3 (1,293) (1,323) Net income (loss) 820 880 1,413 (658) 2,455 Net income (loss) available to Duke Energy Corporation common stockholders 818 893 1,383 (650) 2,444 Earnings per share: Income from continuing operations available to Duke Energy Corporation common stockholders Basic and diluted $ 1.06 $ 1.11 $ 1.78 $ 0.80 $ 4.74 Income (Loss) from discontinued operations attributable to Duke Energy Corporation common stockholders Basic and diluted $ 0.02 $ 0.03 $ 0.03 $ (1.66) $ (1.57) Net income (loss) available to Duke Energy Corporation common stockholders Basic and diluted $ 1.08 $ 1.14 $ 1.81 $ (0.86) $ 3.17 2021 Operating revenues $ 6,032 $ 5,638 $ 6,834 $ 6,117 $ 24,621 Operating income 1,466 1,198 1,726 1,110 5,500 Income from continuing operations 967 723 1,333 700 3,723 Loss from discontinued operations, net of tax (26) (25) (57) (36) (144) Net income 941 698 1,276 664 3,579 Net income available to Duke Energy Corporation common stockholders 953 751 1,366 732 3,802 Earnings per share: Income from continuing operations available to Duke Energy Corporation common stockholders Basic and diluted $ 1.22 $ 0.90 $ 1.69 $ 0.86 $ 4.68 Income from discontinued operations attributable to Duke Energy Corporation common stockholders Basic and diluted $ 0.03 $ 0.06 $ 0.10 $ 0.07 $ 0.26 Net income available to Duke Energy Corporation common stockholders Basic and diluted $ 1.25 $ 0.96 $ 1.79 $ 0.93 $ 4.94 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Nature of Operations and Basis of Consolidation | Nature of Operations and Basis of Consolidation Duke Energy is an energy company headquartered in Charlotte, North Carolina, subject to regulation by the FERC and other regulatory agencies listed below. Duke Energy operates in the U.S. primarily through its direct and indirect subsidiaries. Certain Duke Energy subsidiaries are also subsidiary registrants, including Duke Energy Carolinas; Progress Energy; Duke Energy Progress; Duke Energy Florida; Duke Energy Ohio; Duke Energy Indiana and Piedmont. When discussing Duke Energy’s consolidated financial information, it necessarily includes the results of its separate Subsidiary Registrants, which along with Duke Energy, are collectively referred to as the Duke Energy Registrants. The information in these combined notes relates to each of the Duke Energy Registrants as noted in the Index to Combined Notes to Consolidated Financial Statements. However, none of the Subsidiary Registrants make any representation as to information related solely to Duke Energy or the Subsidiary Registrants of Duke Energy other than itself. These Consolidated Financial Statements include, after eliminating intercompany transactions and balances, the accounts of the Duke Energy Registrants and subsidiaries or VIEs where the respective Duke Energy Registrants have control. See Note 18 for additional information on VIEs. These Consolidated Financial Statements also reflect the Duke Energy Registrants’ proportionate share of certain jointly owned generation and transmission facilities. See Note 9 for additional information on joint ownership. Substantially all of the Subsidiary Registrants' operations qualify for regulatory accounting. Duke Energy Carolinas is a regulated public utility primarily engaged in the generation, transmission, distribution and sale of electricity in portions of North Carolina and South Carolina. Duke Energy Carolinas is subject to the regulatory provisions of the NCUC, PSCSC, NRC and FERC. Progress Energy is a public utility holding company, which conducts operations through its wholly owned subsidiaries, Duke Energy Progress and Duke Energy Florida. Progress Energy is subject to regulation by FERC and other regulatory agencies listed below. Duke Energy Progress is a regulated public utility primarily engaged in the generation, transmission, distribution and sale of electricity in portions of North Carolina and South Carolina. Duke Energy Progress is subject to the regulatory provisions of the NCUC, PSCSC, NRC and FERC. Duke Energy Florida is a regulated public utility primarily engaged in the generation, transmission, distribution and sale of electricity in portions of Florida. Duke Energy Florida is subject to the regulatory provisions of the FPSC, NRC and FERC. Duke Energy Ohio is a regulated public utility primarily engaged in the transmission and distribution of electricity in portions of Ohio and Kentucky, the generation and sale of electricity in portions of Kentucky and the transportation and sale of natural gas in portions of Ohio and Kentucky. Duke Energy Ohio conducts competitive auctions for retail electricity supply in Ohio whereby the energy price is recovered from retail customers and recorded in Operating Revenues on the Consolidated Statements of Operations and Comprehensive Income. Operations in Kentucky are conducted through its wholly owned subsidiary, Duke Energy Kentucky. References herein to Duke Energy Ohio collectively include Duke Energy Ohio and its subsidiaries, unless otherwise noted. Duke Energy Ohio is subject to the regulatory provisions of the PUCO, KPSC and FERC. Duke Energy Indiana is a regulated public utility primarily engaged in the generation, transmission, distribution and sale of electricity in portions of Indiana. Duke Energy Indiana is subject to the regulatory provisions of the IURC and FERC. Piedmont is a regulated public utility primarily engaged in the distribution of natural gas in portions of North Carolina, South Carolina and Tennessee. Piedmont is subject to the regulatory provisions of the NCUC, PSCSC, TPUC and FERC. Certain prior year amounts have been reclassified to conform to the current year presentation. |
Discontinued Operations | Discontinued OperationsDuke Energy has elected to present cash flows of discontinued operations combined with cash flows of continuing operations. Unless otherwise noted, the notes to these consolidated financial statements exclude amounts related to discontinued operations for all periods presented. For the years ended December 31, 2022, 2021 and 2020, the Loss From Discontinued Operations, net of tax on Duke Energy's Consolidated Statements of Operations includes amounts related to noncontrolling interests. A portion of Noncontrolling interests on Duke Energy's Consolidated Balance Sheets relates to discontinued operations for the periods presented. See Note 2 for discussion of discontinued operations related to the Commercial Renewables Disposal Groups. |
Noncontrolling Interest | Noncontrolling Interest Duke Energy maintains a controlling financial interest in certain less than wholly owned regulated and nonregulated subsidiaries. As a result, Duke Energy consolidates these subsidiaries and presents the third-party investors' portion of Duke Energy's net income (loss), net assets and comprehensive income (loss) as noncontrolling interest. Noncontrolling interest is included as a component of equity on the Consolidated Balance Sheet. Operating agreements of Duke Energy's subsidiaries with noncontrolling interest allocate profit and loss based on their pro rata shares of the ownership interest in the respective subsidiary. Therefore, Duke Energy allocates net income or loss and other comprehensive income or loss of these subsidiaries to the owners based on their pro rata shares. |
Use of Estimates | Use of Estimates In preparing financial statements that conform to GAAP, the Duke Energy Registrants must make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. |
Regulatory Accounting | Regulatory Accounting The majority of the Duke Energy Registrants’ operations are subject to price regulation for the sale of electricity and natural gas by state utility commissions or FERC. When prices are set on the basis of specific costs of the regulated operations and an effective franchise is in place such that sufficient natural gas or electric services can be sold to recover those costs, the Duke Energy Registrants apply regulatory accounting. Regulatory accounting changes the timing of the recognition of costs or revenues relative to a company that does not apply regulatory accounting. As a result, regulatory assets and regulatory liabilities are recognized on the Consolidated Balance Sheets. Regulatory assets and liabilities are amortized consistent with the treatment of the related cost in the ratemaking process. Regulatory assets are reviewed for recoverability each reporting period. If a regulatory asset is no longer deemed probable of recovery, the deferred cost is charged to earnings. See Note 4 for further information. Regulatory accounting rules also require recognition of a disallowance (also called "impairment") loss if it becomes probable that part of the cost of a plant under construction (or a recently completed plant or an abandoned plant) will be disallowed for ratemaking purposes and a reasonable estimate of the amount of the disallowance can be made. For example, if a cost cap is set for a plant still under construction, the amount of the disallowance is a result of a judgment as to the ultimate cost of the plant. These disallowances can require judgments on allowed future rate recovery. |
Regulated Fuel Costs and Purchased Power | The Duke Energy Registrants utilize cost-tracking mechanisms, commonly referred to as fuel adjustment clauses or PGA clauses. These clauses allow for the recovery of fuel and fuel-related costs, portions of purchased power, natural gas costs and hedging costs through surcharges on customer rates. The difference between the costs incurred and the surcharge revenues is recorded either as an adjustment to Operating Revenues, Operating Expenses – Fuel used in electric generation or Operating Expenses – Cost of natural gas on the Consolidated Statements of Operations, with an off-setting impact on regulatory assets or liabilities |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted CashAll highly liquid investments with maturities of three months or less at the date of acquisition are considered cash equivalents. Duke Energy, Progress Energy and Duke Energy Florida have restricted cash balances related primarily to collateral assets, escrow deposits and VIEs. Duke Energy Carolinas and Duke Energy Progress have restricted cash balances related to VIEs from storm recovery bonds issued. See Note 18 for additional information. Restricted cash amounts are included in Other within Current Assets and Other Noncurrent Assets on the Consolidated Balance Sheets. |
Inventory | InventoryInventory related to regulated operations is valued at historical cost. Inventory related to nonregulated operations is valued at the lower of cost or market. Inventory is charged to expense or capitalized to property, plant and equipment when issued, primarily using the average cost method. Excess or obsolete inventory is written down to the lower of cost or net realizable value. Once inventory has been written down, it creates a new cost basis for the inventory that is not subsequently written up. Provisions for inventory write-offs were not material at December 31, 2022, and 2021, respectively. |
Investments in Debt and Equity Securities | Investments in Debt and Equity SecuritiesThe Duke Energy Registrants classify investments in equity securities as FV-NI and investments in debt securities as AFS. Both categories are recorded at fair value on the Consolidated Balance Sheets. Realized and unrealized gains and losses on securities classified as FV-NI are reported through net income. Unrealized gains and losses for debt securities classified as AFS are included in AOCI until realized, unless it is determined the carrying value of an investment has a credit loss. For certain investments of regulated operations, such as substantially all of the NDTF, realized and unrealized gains and losses (including any credit losses) on debt securities are recorded as a regulatory asset or liability. The credit loss portion of debt securities of nonregulated operations are included in earnings. Investments in debt and equity securities are classified as either current or noncurrent based on management’s intent and ability to sell these securities, taking into consideration current market liquidity. |
Goodwill and Intangible Assets | Goodwill Duke Energy, Progress Energy, Duke Energy Ohio and Piedmont perform annual goodwill impairment tests as of August 31 each year at the reporting unit level, which is determined to be a business segment or one level below. Duke Energy, Progress Energy, Duke Energy Ohio and Piedmont update these tests between annual tests if events or circumstances occur that would more likely than not reduce the fair value of a reporting unit below its carrying value. See Note 12 for further information. Intangible Assets Intangible assets are included in Other in Other Noncurrent Assets on the Consolidated Balance Sheets. Generally, intangible assets are amortized using an amortization method that reflects the pattern in which the economic benefits of the intangible asset are consumed or on a straight-line basis if that pattern is not readily determinable. Amortization of intangibles is reflected in Depreciation and amortization on the Consolidated Statements of Operations. Intangible assets are subject to impairment testing and if impaired, the carrying value is accordingly reduced. |
Long-Lived Asset Impairments | Long-Lived Asset Impairments The Duke Energy Registrants evaluate long-lived assets that are held and used, excluding goodwill, for impairment when circumstances indicate the carrying value of those assets may not be recoverable. An impairment exists when a long-lived asset’s carrying value exceeds the estimated undiscounted cash flows expected to result from the use and eventual disposition of the asset. The estimated cash flows may be based on alternative expected outcomes that are probability weighted. If the carrying value of the long-lived asset is not recoverable based on these estimated future undiscounted cash flows, the carrying value of the asset is written down to its then current estimated fair value and an impairment charge is recognized. The Duke Energy Registrants assess fair value of long-lived assets that are held and used using various methods, including recent comparable third-party sales, internally developed discounted cash flow analysis and analysis from outside advisors. Triggering events to reassess cash flows may include, but are not limited to, significant changes in commodity prices, the condition of an asset or management’s interest in selling the asset. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at the lower of depreciated historical cost net of any disallowances or fair value, if impaired. The Duke Energy Registrants capitalize all construction-related direct labor and material costs, as well as indirect construction costs such as general engineering, taxes and financing costs. See “Allowance for Funds Used During Construction and Interest Capitalized” section below for information on capitalized financing costs. Costs of renewals and betterments that extend the useful life of property, plant and equipment are also capitalized. The cost of repairs, replacements and major maintenance projects, which do not extend the useful life or increase the expected output of the asset, are expensed as incurred. Depreciation is generally computed over the estimated useful life of the asset using the composite straight-line method. Depreciation studies are conducted periodically to update composite rates and are approved by state utility commissions and/or the FERC when required. The composite weighted average depreciation rates, excluding nuclear fuel, are included in the table that follows. Years Ended December 31, 2022 2021 2020 Duke Energy 3.0 % 2.9 % 3.0 % Duke Energy Carolinas 2.7 % 2.7 % 2.8 % Progress Energy 3.2 % 3.1 % 3.2 % Duke Energy Progress 3.0 % 3.0 % 3.1 % Duke Energy Florida 3.5 % 3.3 % 3.3 % Duke Energy Ohio 2.9 % 2.9 % 2.9 % Duke Energy Indiana 3.6 % 3.6 % 3.5 % Piedmont 2.1 % 2.1 % 2.3 % In general, when the Duke Energy Registrants retire regulated property, plant and equipment, the original cost plus the cost of retirement, less salvage value and any depreciation already recognized, is charged to accumulated depreciation. However, when it becomes probable the asset will be retired substantially in advance of its original expected useful life or is abandoned, the cost of the asset and the corresponding accumulated depreciation is recognized as a separate asset. If the asset is still in operation, the net amount is classified as Facilities to be retired, net on the Consolidated Balance Sheets. If the asset is no longer operating, the net amount is classified in Regulatory assets on the Consolidated Balance Sheets if deemed recoverable (see discussion of long-lived asset impairments above). The carrying value of the asset is based on historical cost if the Duke Energy Registrants are allowed to recover the remaining net book value and a return equal to at least the incremental borrowing rate. If not, an impairment is recognized to the extent the net book value of the asset exceeds the present value of future revenues discounted at the incremental borrowing rate. When the Duke Energy Registrants sell entire regulated operating units, or retire or sell nonregulated properties, the original cost and accumulated depreciation and amortization balances are removed from Property, Plant and Equipment on the Consolidated Balance Sheets. Any gain or loss is recorded in earnings, unless otherwise required by the applicable regulatory body. See Note 11 for additional information. |
Leases | Leases Duke Energy determines if an arrangement is a lease at contract inception based on whether the arrangement involves the use of a physically distinct identified asset and whether Duke Energy has the right to obtain substantially all of the economic benefits from the use of the asset throughout the period as well as the right to direct the use of the asset. As a policy election, Duke Energy does not evaluate arrangements with initial contract terms of less than one year as leases. Operating leases are included in Operating lease ROU assets, net, Other current liabilities and Operating lease liabilities on the Consolidated Balance Sheets. Finance leases are included in Property, plant and equipment, Current maturities of long-term debt and Long-Term Debt on the Consolidated Balance Sheets. For lessee and lessor arrangements, Duke Energy has elected a policy to not separate lease and non-lease components for all asset classes. For lessor arrangements, lease and non-lease components are only combined under one arrangement and accounted for under the lease accounting framework if the non-lease components are not the predominant component of the arrangement and the lease component would be classified as an operating lease. |
Leases | Leases Duke Energy determines if an arrangement is a lease at contract inception based on whether the arrangement involves the use of a physically distinct identified asset and whether Duke Energy has the right to obtain substantially all of the economic benefits from the use of the asset throughout the period as well as the right to direct the use of the asset. As a policy election, Duke Energy does not evaluate arrangements with initial contract terms of less than one year as leases. Operating leases are included in Operating lease ROU assets, net, Other current liabilities and Operating lease liabilities on the Consolidated Balance Sheets. Finance leases are included in Property, plant and equipment, Current maturities of long-term debt and Long-Term Debt on the Consolidated Balance Sheets. For lessee and lessor arrangements, Duke Energy has elected a policy to not separate lease and non-lease components for all asset classes. For lessor arrangements, lease and non-lease components are only combined under one arrangement and accounted for under the lease accounting framework if the non-lease components are not the predominant component of the arrangement and the lease component would be classified as an operating lease. |
Nuclear Fuel | Nuclear Fuel Nuclear fuel is classified as Property, Plant and Equipment on the Consolidated Balance Sheets. Nuclear fuel in the front-end fuel processing phase is considered work in progress and not amortized until placed in service. Amortization of nuclear fuel is included within Fuel used in electric generation and purchased power on the Consolidated Statements of Operations. Amortization is recorded using the units-of-production method. |
Allowance for Funds Used During Construction and Interest Capitalized | Allowance for Funds Used During Construction and Interest Capitalized For regulated operations, the debt and equity costs of financing the construction of property, plant and equipment are reflected as AFUDC and capitalized as a component of the cost of property, plant and equipment. AFUDC equity is reported on the Consolidated Statements of Operations as non-cash income in Other income and expenses, net. AFUDC debt is reported as a non-cash offset to Interest Expense. After construction is completed, the Duke Energy Registrants are permitted to recover these costs through their inclusion in rate base and the corresponding subsequent depreciation or amortization of those regulated assets. AFUDC equity, a permanent difference for income taxes, reduces the ETR when capitalized and increases the ETR when depreciated or amortized. See Note 24 for additional information. |
Asset Retirement Obligations | Asset Retirement Obligations AROs are recognized for legal obligations associated with the retirement of property, plant and equipment. Substantially all AROs are related to regulated operations. When recording an ARO, the present value of the projected liability is recognized in the period in which it is incurred, if a reasonable estimate of fair value can be made. The liability is accreted over time. For operating plants, the present value of the liability is added to the cost of the associated asset and depreciated over the remaining life of the asset. For retired plants, the present value of the liability is recorded as a regulatory asset unless determined not to be probable of recovery. The present value of the initial obligation and subsequent updates are based on discounted cash flows, which include estimates regarding timing of future cash flows, selection of discount rates and cost escalation rates, among other factors. These estimates are subject to change. Depreciation expense is adjusted prospectively for any changes to the carrying amount of the associated asset. The Duke Energy Registrants receive amounts to fund the cost of the ARO for regulated operations through a combination of regulated revenues and earnings on the NDTF. As a result, amounts recovered in regulated revenues, earnings on the NDTF, accretion expense and depreciation of the associated asset are netted and deferred as a regulatory asset or liability. |
Accounts Payable | Accounts PayableDuring 2020, Duke Energy established a supply chain finance program (the “program”) with a global financial institution. The program is voluntary and allows Duke Energy suppliers, at their sole discretion, to sell their receivables from Duke Energy to the financial institution at a rate that leverages Duke Energy’s credit rating and, which may result in favorable terms compared to the rate available to the supplier on their own credit rating. Suppliers participating in the program, determine at their sole discretion which invoices they will sell to the financial institution. Suppliers’ decisions on which invoices are sold do not impact Duke Energy’s payment terms, which are based on commercial terms negotiated between Duke Energy and the supplier regardless of program participation. The commercial terms negotiated between Duke Energy and its suppliers are consistent regardless of whether the supplier elects to participate in the program. Duke Energy does not issue any guarantees with respect to the program and does not participate in negotiations between suppliers and the financial institution. Duke Energy does not have an economic interest in the supplier’s decision to participate in the program and receives no interest, fees or other benefit from the financial institution based on supplier participation in the program. |
Revenue Recognition | Revenue Recognition Duke Energy recognizes revenue as customers obtain control of promised goods and services in an amount that reflects consideration expected in exchange for those goods or services. Generally, the delivery of electricity and natural gas results in the transfer of control to customers at the time the commodity is delivered and the amount of revenue recognized is equal to the amount billed to each customer, including estimated volumes delivered when billings have not yet occurred. See Note 19 for further information. |
Derivatives and Hedging | Derivatives and Hedging Derivative and non-derivative instruments may be used in connection with commodity price and interest rate activities, including swaps, futures, forwards and options. All derivative instruments, except those that qualify for the NPNS exception, are recorded on the Consolidated Balance Sheets at fair value. Qualifying derivative instruments may be designated as either cash flow hedges or fair value hedges. Other derivative instruments (undesignated contracts) either have not been designated or do not qualify as hedges. The effective portion of the change in the fair value of cash flow hedges is recorded in AOCI. The effective portion of the change in the fair value of a fair value hedge is offset in net income by changes in the hedged item. For activity subject to regulatory accounting, gains and losses on derivative contracts are reflected as regulatory assets or liabilities and not as other comprehensive income or current period income. As a result, changes in fair value of these derivatives have no immediate earnings impact. Formal documentation, including transaction type and risk management strategy, is maintained for all contracts accounted for as a hedge. At inception and at least every three months thereafter, the hedge contract is assessed to see if it is highly effective in offsetting changes in cash flows or fair values of hedged items. |
Captive Insurance Reserves | Captive Insurance Reserves Duke Energy has captive insurance subsidiaries that provide coverage, on an indemnity basis, to the Subsidiary Registrants as well as certain third parties, on a limited basis, for financial losses, primarily related to property, workers’ compensation and general liability. Liabilities include provisions for estimated losses incurred but not reported (IBNR), as well as estimated provisions for known claims. IBNR reserve estimates are primarily based upon historical loss experience, industry data and other actuarial assumptions. Reserve estimates are adjusted in future periods as actual losses differ from experience. Duke Energy, through its captive insurance entities, also has reinsurance coverage with third parties for certain losses above a per occurrence and/or aggregate retention. Receivables for reinsurance coverage are recognized when realization is deemed probable. |
Preferred Stock | Preferred Stock Preferred stock is reviewed to determine the appropriate balance sheet classification and embedded features, such as call options, are evaluated to determine if they should be bifurcated and accounted for separately. Costs directly related to the issuance of preferred stock are recorded as a reduction of the proceeds received. The liability for the dividend is recognized when declared. The accumulated dividends on the cumulative preferred stock is recognized to net income available to Duke Energy Corporation in the EPS calculation. See Note 20 for further information. |
Loss Contingencies and Environmental Liabilities | Loss Contingencies and Environmental Liabilities Contingent losses are recorded when it is probable a loss has occurred and the loss can be reasonably estimated. When a range of the probable loss exists and no amount within the range is a better estimate than any other amount, the minimum amount in the range is recorded. Unless otherwise required by GAAP, legal fees are expensed as incurred. Environmental liabilities are recorded on an undiscounted basis when environmental remediation or other liabilities become probable and can be reasonably estimated. Environmental expenditures related to past operations that do not generate current or future revenues are expensed. Environmental expenditures related to operations that generate current or future revenues are expensed or capitalized, as appropriate. Certain environmental expenditures receive regulatory accounting treatment and are recorded as regulatory assets. |
Severance and Special Termination Benefits | Severance and Special Termination BenefitsDuke Energy maintains severance plans for the general employee population under which, in general, the longer a terminated employee worked prior to termination the greater the amount of severance benefits provided. A liability for involuntary severance is recorded once an involuntary severance plan is committed to by management if involuntary severances are probable and can be reasonably estimated. For involuntary severance benefits incremental to its ongoing severance plan benefits, the fair value of the obligation is expensed at the communication date if there are no future service requirements or over the required future service period. Duke Energy also offers special termination benefits under voluntary severance programs. Special termination benefits are recorded immediately upon employee acceptance absent a significant retention period. Otherwise, the cost is recorded over the remaining service period. Employee acceptance of voluntary severance benefits is determined by management based on the facts and circumstances of the benefits being offered. |
Guarantees | GuaranteesIf necessary, liabilities are recognized at the time of issuance or material modification of a guarantee for the estimated fair value of the obligation it assumes. Fair value is estimated using a probability weighted approach. The obligation is reduced over the term of the guarantee or related contract in a systematic and rational method as risk is reduced. Duke Energy recognizes a liability for the best estimate of its loss due to the nonperformance of the guaranteed party. This liability is recognized at the inception of a guarantee and is updated periodically. |
Income Taxes | Income Taxes Duke Energy and its subsidiaries file a consolidated federal income tax return and other state and foreign jurisdictional returns. The Subsidiary Registrants are parties to a tax-sharing agreement with Duke Energy. Income taxes recorded represent amounts the Subsidiary Registrants would incur as separate C-Corporations. Deferred income taxes have been provided for temporary differences between GAAP and tax bases of assets and liabilities because the differences create taxable or tax-deductible amounts for future periods. ITCs associated with regulated operations are deferred and amortized as a reduction of income tax expense over the estimated useful lives of the related properties. Accumulated deferred income taxes are valued using the enacted tax rate expected to apply to taxable income in the periods in which the deferred tax asset or liability is expected to be settled or realized. In the event of a change in tax rates, deferred tax assets and liabilities are remeasured as of the enactment date of the new rate. To the extent that the change in the value of the deferred tax represents an obligation to customers, the impact of the remeasurement is deferred to a regulatory liability. Remaining impacts are recorded in income from continuing operations. Duke Energy's results of operations could be impacted if the estimate of the tax effect of reversing temporary differences is not reflective of actual outcomes, is modified to reflect new developments or interpretations of the tax law, revised to incorporate new accounting principles, or changes in the expected timing or manner of a reversal. Tax-related interest and penalties are recorded in Interest Expense and Other Income and Expenses, net in the Consolidated Statements of Operations. |
Excise Taxes | Excise TaxesCertain excise taxes levied by state or local governments are required to be paid even if not collected from the customer. These taxes are recognized on a gross basis. Taxes for which Duke Energy operates merely as a collection agent for the state and local government are accounted for on a net basis. |
Dividend Restrictions and Unappropriated Retained Earnings | Dividend Restrictions and Unappropriated Retained Earnings Duke Energy does not have any current legal, regulatory or other restrictions on paying common stock dividends to shareholders. However, if Duke Energy were to defer dividend payments on the preferred stock, the declaration of common stock dividends would be prohibited. See Note 20 for more information. Additionally, as further described in Note 4, Duke Energy Carolinas, Duke Energy Progress, Duke Energy Ohio, Duke Energy Indiana and Piedmont have restrictions on paying dividends or otherwise advancing funds to Duke Energy due to conditions established by regulators in conjunction with merger transaction approvals. At December 31, 2022, and 2021, an insignificant amount of Duke Energy’s consolidated Retained earnings balance represents undistributed earnings of equity method investments. |
New Accounting Standard | New Accounting Standards The following accounting standard was adopted by the Duke Energy Registrants in 2021. Leases with Variable Lease Payments. In July 2021, the FASB issued new accounting guidance requiring lessors to classify a lease with variable lease payments that do not depend on a reference index or rate as an operating lease if both of the following are met: (1) the lease would have to be classified as a sales-type or direct financing lease under prior guidance, and (2) the lessor would have recognized a day-one loss. Duke Energy elected to adopt the guidance immediately upon issuance of the new standard and will be applying the new standard prospectively to new lease arrangements meeting the criteria. Duke Energy did not have any lease arrangements that this new accounting guidance materially impacted. The following accounting standard was adopted by the Duke Energy Registrants in 2020. Current Expected Credit Losses. In June 2016, the FASB issued new accounting guidance for credit losses. Duke Energy adopted the new accounting guidance for credit losses effective January 1, 2020, using the modified retrospective method of adoption, which does not require restatement of prior year results. Duke Energy did not adopt any practical expedients. Duke Energy recognizes allowances for credit losses based on management's estimate of losses expected to be incurred over the lives of certain assets or guarantees. Management monitors credit quality, changes in expected credit losses and the appropriateness of the allowance for credit losses on a forward-looking basis. Management reviews the risk of loss periodically as part of the existing assessment of collectability of receivables. Duke Energy reviews the credit quality of its counterparties as part of its regular risk management process and requires credit enhancements, such as deposits or letters of credit, as appropriate and as allowed by regulators. |
Earnings Per Share | Basic EPS is computed by dividing net income available to Duke Energy common stockholders, as adjusted for distributed and undistributed earnings allocated to participating securities and accumulated preferred dividends, by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income available to Duke Energy common stockholders, as adjusted for distributed and undistributed earnings allocated to participating securities and accumulated preferred dividends, by the diluted weighted average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock, such as equity forward sale agreements, were exercised or settled. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Current and Noncurrent Assets and Liabilities | The following table provides a description of amounts included in Other within Current Assets or Current Liabilities that exceed 5% of total Current Assets or Current Liabilities on the Duke Energy Registrants' Consolidated Balance Sheets at either December 31, 2022, or 2021. December 31, (in millions) Location 2022 2021 Duke Energy Accrued compensation Current Liabilities $ 778 $ 915 Duke Energy Carolinas Accrued compensation Current Liabilities $ 247 $ 277 Duke Energy Progress Customer deposits Current Liabilities $ 106 $ 144 Other accrued liabilities Current Liabilities 124 163 Duke Energy Florida Customer deposits Current Liabilities $ 200 $ 200 Other accrued liabilities Current Liabilities 61 89 Duke Energy Ohio Gas Storage Current Assets $ 57 $ 25 Collateral liabilities Current Liabilities 53 57 Duke Energy Indiana Mark-to-market transactions Current Assets $ 110 $ 23 |
Schedule of Cash and Cash Equivalents | The following table presents the components of cash, cash equivalents and restricted cash included in the Consolidated Balance Sheets. December 31, 2022 Duke Duke Duke Duke Energy Progress Energy Energy Energy Carolinas Energy Progress Florida Current Assets Cash and cash equivalents $ 409 $ 44 $ 108 $ 49 $ 45 Other 173 8 74 28 41 Other Noncurrent Assets Other 11 1 2 2 — Total cash, cash equivalents and restricted cash $ 593 $ 53 $ 184 $ 79 $ 86 December 31, 2021 Duke Duke Duke Duke Energy Progress Energy Energy Energy Carolinas Energy Progress Florida Current Assets Cash and cash equivalents $ 341 $ 7 $ 70 $ 35 $ 23 Other 170 — 39 — 39 Other Noncurrent Assets Other 6 1 4 4 — Total cash, cash equivalents and restricted cash $ 517 $ 8 $ 113 $ 39 $ 62 |
Components of Inventory | The components of inventory are presented in the tables below. December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Materials and supplies $ 2,604 $ 876 $ 1,232 $ 819 $ 413 $ 105 $ 342 $ 12 Coal 620 253 190 99 91 34 144 — Natural gas, oil and other 360 35 157 88 69 5 3 160 Total inventory $ 3,584 $ 1,164 $ 1,579 $ 1,006 $ 573 $ 144 $ 489 $ 172 December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Materials and supplies $ 2,309 $ 793 $ 1,067 $ 729 $ 338 $ 80 $ 311 $ 14 Coal 486 195 167 94 73 19 105 — Natural gas, oil and other 316 38 164 98 66 17 2 95 Total inventory $ 3,111 $ 1,026 $ 1,398 $ 921 $ 477 $ 116 $ 418 $ 109 |
Schedule of Property, Plant and Equipment | The composite weighted average depreciation rates, excluding nuclear fuel, are included in the table that follows. Years Ended December 31, 2022 2021 2020 Duke Energy 3.0 % 2.9 % 3.0 % Duke Energy Carolinas 2.7 % 2.7 % 2.8 % Progress Energy 3.2 % 3.1 % 3.2 % Duke Energy Progress 3.0 % 3.0 % 3.1 % Duke Energy Florida 3.5 % 3.3 % 3.3 % Duke Energy Ohio 2.9 % 2.9 % 2.9 % Duke Energy Indiana 3.6 % 3.6 % 3.5 % Piedmont 2.1 % 2.1 % 2.3 % The following tables summarize the property, plant and equipment for Duke Energy and its subsidiary registrants. December 31, 2022 Average Remaining Duke Duke Duke Duke Duke Useful Life Duke Energy Progress Energy Energy Energy Energy (in millions) (Years) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Land $ 2,232 $ 565 $ 993 $ 496 $ 497 $ 230 $ 124 $ 295 Plant – Regulated Electric generation, distribution and transmission 39 126,016 46,640 55,872 33,336 22,536 6,900 16,604 — Natural gas transmission and distribution 56 13,174 — — — — 3,773 — 9,401 Other buildings and improvements 40 2,537 973 647 341 306 398 336 183 Plant – Nonregulated Other buildings and improvements 10 369 — — — — — — — Nuclear fuel 3,081 1,723 1,358 1,358 — — — — Equipment 13 2,959 710 936 567 369 441 356 125 Construction in process 7,381 2,671 3,073 1,317 1,756 375 381 478 Other 15 6,090 1,368 1,943 1,460 476 380 320 387 Total property, plant and equipment (a) 163,839 54,650 64,822 38,875 25,940 12,497 18,121 10,869 Total accumulated depreciation – regulated (b)(c) (50,544) (18,669) (20,584) (14,201) (6,377) (3,250) (6,021) (2,081) Total accumulated depreciation – nonregulated (d) (1,556) — — — — — — — Facilities to be retired, net 9 — — — — — — 9 Total net property, plant and equipment $ 111,748 $ 35,981 $ 44,238 $ 24,674 $ 19,563 $ 9,247 $ 12,100 $ 8,797 (a) Includes finance leases of $816 million, $335 million, $674 million, $590 million, $84 million and $10 million at Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida and Duke Energy Indiana, respectively, primarily within Plant – Regulated. The Progress Energy, Duke Energy Progress and Duke Energy Florida amounts are net of $233 million, $81 million and $152 million, respectively, of accumulated amortization of finance leases. (b) Includes $1,683 million, $934 million, $749 million and $749 million of accumulated amortization of nuclear fuel at Duke Energy, Duke Energy Carolinas, Progress Energy and Duke Energy Progress, respectively. (c) Includes accumulated amortization of finance leases of $7 million, $51 million and $4 million at Duke Energy, Duke Energy Carolinas and Duke Energy Indiana, respectively. (d) Includes accumulated amortization of finance leases of ($1 million) at Duke Energy. December 31, 2021 Average Remaining Duke Duke Duke Duke Duke Useful Life Duke Energy Progress Energy Energy Energy Energy (in millions) (Years) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Land $ 2,145 $ 543 $ 957 $ 482 $ 475 $ 219 $ 122 $ 279 Plant – Regulated Electric generation, distribution and transmission 40 120,855 44,910 53,447 32,417 21,030 6,573 15,925 — Natural gas transmission and distribution 54 12,079 — — — — 3,347 — 8,732 Other buildings and improvements 37 1,921 550 514 228 286 381 321 155 Plant – Nonregulated Other buildings and improvements 11 401 — — — — — — — Nuclear fuel 3,181 1,856 1,325 1,325 — — — — Equipment 13 2,659 614 791 497 294 403 262 122 Construction in process 5,979 2,078 2,297 954 1,343 515 460 262 Other 14 5,276 1,323 1,563 1,115 437 287 253 368 Total property, plant and equipment (a) 154,496 51,874 60,894 37,018 23,865 11,725 17,343 9,918 Total accumulated depreciation – regulated (b)(c) (47,611) (17,854) (19,214) (13,387) (5,819) (3,106) (5,583) (1,899) Total accumulated depreciation – nonregulated (d) (1,493) — — — — — — — Facilities to be retired, net 144 102 26 26 — 6 — 11 Total net property, plant and equipment $ 105,536 $ 34,122 $ 41,706 $ 23,657 $ 18,046 $ 8,625 $ 11,760 $ 8,030 (a) Includes finance leases of $958 million, $335 million, $729 million, $627 million, $102 million, and $10 million at Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida and Duke Energy Indiana, respectively, primarily within Plant – Regulated. The Progress Energy, Duke Energy Progress and Duke Energy Florida amounts are net of $178 million, $45 million and $133 million, respectively, of accumulated amortization of finance leases. (b) Includes $1,799 million, $1,064 million, $735 million and $735 million of accumulated amortization of nuclear fuel at Duke Energy, Duke Energy Carolinas, Progress Energy and Duke Energy Progress, respectively. (c) Includes accumulated amortization of finance leases of $9 million, $33 million, and $3 million at Duke Energy, Duke Energy Carolinas and Duke Energy Indiana, respectively. (d) Includes accumulated amortization of finance leases of ($1 million) at Duke Energy. Duke Energy continues to execute on its business transformation strategy, including the evaluation of in-office work policies considering the experience with the COVID-19 pandemic and also workforce realignment of roles and responsibilities. In May 2021, Duke Energy management approved the sale of certain properties and entered into an agreement to exit certain leased space on December 31, 2021. The sale of the properties is subject to abandonment accounting and resulted in an impairment charge. Additionally, the exit of the leased space resulted in the impairment of related furniture, fixtures and equipment. During the year ended December 31, 2021, Duke Energy recorded a pretax charge to earnings of $192 million on the Consolidated Statements of Operations, which includes $133 million within Impairment of assets and other charges, $42 million within Operations, maintenance and other and $17 million within Depreciation and amortization. |
Schedule of Accounts Payable and Supplier Invoices Sold | The following table presents the outstanding accounts payable balance sold to the financial institution by our suppliers and the supplier invoices sold to the financial institution under the program included within Net cash provided by operating activities on the Consolidated Statements of Cash Flows as of December 31, 2022, and December 31, 2021. December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Outstanding Accounts Payable Balance Sold $ 87 $ 6 $ 19 $ 8 $ 11 $ 5 $ — $ 57 Suppliers Invoices Settled Through The Program 301 29 85 26 59 38 2 147 December 30, 2021 Duke Duke Duke Progress Energy Energy (in millions) Energy Energy Florida Ohio Piedmont Outstanding Accounts Payable Balance Sold $ 19 $ 9 $ 9 $ 6 $ 4 Suppliers Invoices Settled Through The Program 122 10 10 12 100 |
Schedule of Excise Taxes | Excise taxes accounted for on a gross basis within both Operating Revenues and Property and other taxes in the Consolidated Statements of Operations were as follows. Years Ended December 31, (in millions) 2022 2021 2020 Duke Energy $ 449 $ 420 $ 415 Duke Energy Carolinas 47 44 43 Progress Energy 290 250 249 Duke Energy Progress 25 22 26 Duke Energy Florida 265 228 223 Duke Energy Ohio 104 102 96 Duke Energy Indiana 7 23 25 Piedmont 1 1 2 |
Summary of Effects of New Accounting Pronouncements | Duke Energy recorded an adjustment for the cumulative effect of a change in accounting principle due to the adoption of this standard on January 1, 2020, as shown in the table below: January 1, 2020 Duke Duke Duke Duke Energy Progress Energy Energy (in millions) Energy Carolinas Energy Progress Florida Piedmont Total pretax impact to Retained Earnings $ 120 $ 16 $ 2 $ 1 $ 1 $ 1 |
Dispositions (Tables)
Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The following table summarizes the Loss from Discontinued Operations, net of tax recorded on Duke Energy's Consolidated Statements of Operations: Years Ended December 31, (in millions) 2022 2021 2020 Commercial Renewables Disposal Groups $ (1,349) $ (151) $ (14) Other (a) 26 7 7 Loss from Discontinued Operations, net of tax $ (1,323) $ (144) $ (7) (a) Amount represents an income tax benefit resulting from tax adjustments for previously sold businesses not related to the Commercial Renewables Disposal Groups. The following table presents the carrying values of the major classes of Assets held for sale and Liabilities associated with assets held for sale included in Duke Energy's Consolidated Balance Sheets. December 31, (in millions) 2022 2021 Current Assets Held for Sale Cash and cash equivalents $ 10 $ 3 Receivables, net 107 87 Inventory 88 86 Other 57 56 Total current assets held for sale 262 232 Noncurrent Assets Held for Sale Property, Plant and Equipment Cost 6,444 7,323 Accumulated depreciation and amortization (1,651) (1,452) Net property, plant and equipment 4,793 5,871 Operating lease right-of-use assets, net 140 130 Investments in equity method unconsolidated affiliates 522 513 Other 179 181 Total other noncurrent assets held for sale 841 824 Total Assets Held for Sale $ 5,896 $ 6,927 Current Liabilities Associated with Assets Held for Sale Accounts payable $ 122 $ 98 Taxes accrued 17 18 Other 120 51 Total current liabilities associated with assets held for sale 259 167 Noncurrent Liabilities Associated with Assets Held for Sale Operating lease liabilities 150 134 Asset retirement obligations 190 175 Other 399 303 Total other noncurrent liabilities associated with assets held for sale 739 612 Total Liabilities Associated with Assets Held for Sale $ 998 $ 779 As of December 31, 2022, the noncontrolling interest balance is $1.6 billion. The following table presents the results of the Commercial Renewables Disposal Groups, which are included in Loss from Discontinued Operations, net of tax in Duke Energy's Consolidated Statements of Operations. Years Ended December 31, (in millions) 2022 2021 2020 Operating revenues $ 465 $ 476 $ 502 Operation, maintenance and other 337 343 292 Depreciation and amortization (a) 201 227 200 Property and other taxes 36 34 26 Other income and expenses, net 2 (27) 1 Interest expense 10 72 66 Loss on disposal 1,748 — — Loss before income taxes (1,865) (227) (81) Income tax benefit (516) (76) (67) Loss from discontinued operations $ (1,349) $ (151) $ (14) Add: Net loss attributable to noncontrolling interest included in discontinued operations 108 344 296 Net income from discontinued operations attributable to Duke Energy Corporation $ (1,241) $ 193 $ 282 (a) Upon meeting the criteria for assets held for sale, beginning in November 2022 depreciation and amortization expense were ceased. The Commercial Renewables Disposal Groups' held for sale assets included pretax impairments of approximately $1.7 billion for the year ended December 31, 2022. The impairment was recorded to write-down the carrying amount of the property, plant and equipment assets to the estimated fair value of the business, based on the expected selling price less estimated cost to sell. These losses were included in Loss from Discontinued Operations, net of tax in Duke Energy's Consolidated Statements of Operations and Comprehensive Income. The fair value was primarily determined from the income approach using discounted cash flows but also considered market information obtained through the bidding process. The discounted cash flow model utilized Level 2 and Level 3 inputs. The fair value hierarchy levels are further discussed in Note 17. The impairment will be updated, if necessary, based on the final sales price, after any adjustments at closing for working capital and capital expenditures. Duke Energy has elected not to separately disclose discontinued operations on Duke Energy's Consolidated Statements of Cash Flows. The following table summarizes Duke Energy's cash flows from discontinued operations related to the Commercial Renewables Disposal Groups. Years Ended December 31, (in millions) 2022 2021 2020 Cash flows provided by (used in): Operating activities $ 213 $ 62 $ 466 Investing activities (802) (542) (1,102) |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |
Business Segment Data | Business segment information is presented in the following tables. Segment assets presented exclude intercompany assets. Year Ended December 31, 2022 Electric Gas Total Utilities and Utilities and Reportable (in millions) Infrastructure Infrastructure Segments Other Eliminations Total Unaffiliated Revenues $ 25,990 $ 2,748 $ 28,738 $ 30 $ — $ 28,768 Intersegment Revenues 34 92 126 92 (218) — Total Revenues $ 26,024 $ 2,840 $ 28,864 $ 122 $ (218) $ 28,768 Interest Expense $ 1,565 $ 182 $ 1,747 $ 778 $ (86) $ 2,439 Depreciation and amortization 4,550 327 4,877 236 (27) 5,086 Equity in earnings of unconsolidated affiliates 7 20 27 86 — 113 Income tax expense (benefit) 536 8 544 (244) — 300 Segment income (loss) (a)(b) 3,929 468 4,397 (737) (1) 3,659 Less noncontrolling interest 95 Add back preferred stock dividend 106 Discontinued operations (1,215) Net income $ 2,455 Capital investments expenditures and acquisitions (c) $ 8,985 $ 1,295 $ 10,280 $ 1,139 $ — $ 11,419 Segment assets (d) 152,104 16,411 168,515 9,571 — 178,086 (a) EU&I includes $386 million recorded within Impairment of assets and other charges, $46 million within Regulated electric revenues and $34 million within Noncontrolling Interests related to the Duke Energy Indiana court rulings on coal ash on the Consolidated Statements of Operations. See Note 4 for additional information. (b) Other includes $72 million recorded within Impairment of assets and other charges, $71 million within Operations, maintenance and other and a $7 million gain within Gains on sales of other assets related to costs attributable to business transformation, including long-term real estate strategy changes and workforce realignment on the Consolidated Statements of Operations; it also includes $25 million recorded within Operations, maintenance and other related to litigation on the Consolidated Statements of Operations. (c) Other includes capital investments expenditures and acquisitions related to the Commercial Renewables Disposal Groups. (d) Other includes Assets Held for Sale balances related to the Commercial Renewables Disposal Groups. Refer to Note 2 for further information. Year Ended December 31, 2021 Electric Gas Total Utilities and Utilities and Reportable (in millions) Infrastructure Infrastructure Segments Other Eliminations Total Unaffiliated Revenues $ 22,570 $ 2,022 $ 24,592 $ 29 $ — $ 24,621 Intersegment Revenues 33 90 123 84 (207) — Total Revenues $ 22,603 $ 2,112 $ 24,715 $ 113 $ (207) $ 24,621 Interest Expense $ 1,432 $ 142 $ 1,574 $ 643 $ (10) $ 2,207 Depreciation and amortization 4,251 303 4,554 236 (28) 4,762 Equity in earnings of unconsolidated affiliates 7 8 15 47 — 62 Income tax expense (benefit) 494 55 549 (281) — 268 Segment income (loss) (a)(b)(c) 3,850 396 4,246 (641) (3) 3,602 Less noncontrolling interest 329 Add back preferred stock dividend 106 Discontinued operations 200 Net income $ 3,579 Capital investments expenditures and acquisitions (d) $ 7,653 $ 1,271 $ 8,924 $ 828 $ — $ 9,752 Segment assets (e) 143,841 15,179 159,020 10,567 — 169,587 (a) EU&I includes $160 million of expense recorded within Impairment of assets and other charges, $77 million of income within Other Income and expenses, $5 million of expense within Operations, maintenance and other, $13 million of income within regulated operating revenues, $3 million of expense within interest expense and $6 million of expense within Depreciation and amortization on the Duke Energy Carolinas' Consolidated Statement of Operations related to the South Carolina Supreme Court decision on coal ash and insurance proceeds; it also includes $42 million of expense recorded within Impairment of assets and other charges, $34 million of income within Other Income and expenses, $7 million of expense within Operations, maintenance, and other, $15 million of income within Regulated electric operating revenues, $5 million of expense wit hin interest expense and $1 million of expense within Depreciation and amortization on the Duke Energy Progress' Consolidated Statement of Operations. See Notes 4 and 5 for more information. (b) GU&I includes $20 million, recorded within Equity in earnings (losses) of unconsolidated affiliates on the Consolidated Statements of Operations, related to natural gas pipeline investments. See Note 4 for additional information. (c) Other includes $133 million recorded within Impairment of assets and other charges, $42 million within Operations, maintenance and other, and $17 million within Depreciation and amortization on the Consolidated Statements of Operations, related to the workplace and workforce realignment. See Note 11 for additional information. (d) Other includes capital investments expenditures and acquisitions related to the Commercial Renewables Disposal Groups. (e) Other includes Assets Held for Sale balances related to the Commercial Renewables Disposal Groups. Refer to Note 2 for further information. Year Ended December 31, 2020 Electric Gas Total Utilities and Utilities and Reportable (in millions) Infrastructure Infrastructure Segments Other Eliminations Total Unaffiliated Revenues $ 21,687 $ 1,653 $ 23,340 $ 26 $ — $ 23,366 Intersegment Revenues 33 95 128 73 (201) — Total Revenues $ 21,720 $ 1,748 $ 23,468 $ 99 $ (201) $ 23,366 Interest Expense $ 1,320 $ 135 $ 1,455 $ 657 $ (15) $ 2,097 Depreciation and amortization 4,068 258 4,326 207 (29) 4,504 Equity in (losses) earnings of unconsolidated affiliates (1) (2,017) (2,018) 13 — (2,005) Income tax expense (benefit) 340 (349) (9) (160) — (169) Segment income (loss) (a)(b)(c) 2,669 (1,266) 1,403 (418) (4) 981 Less noncontrolling interest 295 Add back preferred stock dividend 107 Discontinued operations 289 Net income $ 1,082 Capital investments expenditures and acquisitions (d) $ 7,629 $ 1,309 $ 8,938 $ 1,483 $ — $ 10,421 Segment assets (e) 138,225 13,849 152,074 10,314 — 162,388 (a) EU&I includes $948 million of Impairment of assets and other charges and a reversal of $152 million included in Regulated electric operating revenue related to the CCR Settlement Agreement filed with the NCUC. Additionally, EU&I includes $19 million of Impairment of assets and other charges related to the Clemson University Combined Heat and Power Plant, $5 million of Impairment charges related to the natural gas pipeline assets and $16 million of shareholder contributions within Operations, maintenance and other related to Duke Energy Carolinas' and Duke Energy Progress' 2019 North Carolina rate cases. See Note 4 for additional information. (b) GU&I includes $2.1 billion recorded within Equity in (losses) earnings of unconsolidated affiliates and $7 million of Impairment of assets and other charges related to natural gas pipeline investments. See Notes 4 and 13 for additional information. (c) Other includes a $98 million reversal of 2018 severance costs due to a partial settlement in the Duke Energy Carolinas' 2019 North Carolina rate case. See Note 21 for additional information. (d) Other includes capital investments expenditures and acquisitions related to the Commercial Renewables Disposal Groups. (e) Other includes Assets Held for Sale balances related to the Commercial Renewables Disposal Groups. Refer to Note 2 for further information. |
Schedule of Revenue, By Products and Services | Products and Services The following table summarizes revenues of the reportable segments by type. Retail Wholesale Retail Total (in millions) Electric Electric Natural Gas Other Revenues 2022 Electric Utilities and Infrastructure $ 22,036 $ 2,882 $ — $ 1,106 $ 26,024 Gas Utilities and Infrastructure — — 2,535 305 2,840 Total Reportable Segments $ 22,036 $ 2,882 $ 2,535 $ 1,411 $ 28,864 2021 Electric Utilities and Infrastructure $ 19,410 $ 2,216 $ — $ 977 $ 22,603 Gas Utilities and Infrastructure — — 2,025 87 2,112 Total Reportable Segments $ 19,410 $ 2,216 $ 2,025 $ 1,064 $ 24,715 2020 Electric Utilities and Infrastructure $ 18,898 $ 1,878 $ — $ 944 $ 21,720 Gas Utilities and Infrastructure — — 1,691 57 1,748 Total Reportable Segments $ 18,898 $ 1,878 $ 1,691 $ 1,001 $ 23,468 |
Duke Energy Ohio | |
Segment Reporting Information [Line Items] | |
Business Segment Data | Year Ended December 31, 2022 Electric Gas Total Utilities and Utilities and Reportable (in millions) Infrastructure Infrastructure Segments Other Eliminations Total Total revenues $ 1,798 $ 716 $ 2,514 $ — $ — $ 2,514 Interest expense $ 86 $ 43 $ 129 $ — $ — $ 129 Depreciation and amortization 221 103 324 — — 324 Income tax expense (benefit) 24 (43) (19) (2) — (21) Segment income (loss)/Net income 189 121 310 (8) — 302 Capital expenditures $ 488 $ 362 $ 850 $ — $ — $ 850 Segment assets 7,504 4,164 11,668 14 (176) 11,506 Year Ended December 31, 2021 Electric Gas Total Utilities and Utilities and Reportable (in millions) Infrastructure Infrastructure Segments Other Eliminations Total Total revenues $ 1,493 $ 544 $ 2,037 $ — $ — $ 2,037 Interest expense $ 87 $ 24 $ 111 $ — $ — $ 111 Depreciation and amortization 217 90 307 — — 307 Income tax expense (benefit) 15 19 34 (4) — 30 Segment income (loss)/Net Income 141 78 219 (15) — 204 Capital expenditures $ 486 $ 362 $ 848 $ — $ — $ 848 Segment assets 6,882 3,892 10,774 29 (29) 10,774 Year Ended December 31, 2020 Electric Gas Total Utilities and Utilities and Reportable (in millions) Infrastructure Infrastructure Segments Other Eliminations Total Total revenues $ 1,405 $ 453 $ 1,858 $ — $ — $ 1,858 Interest expense $ 85 $ 17 $ 102 $ — $ — $ 102 Depreciation and amortization 200 78 278 — — 278 Income tax expense (benefit) 19 26 45 (2) — 43 Segment income (loss) 162 96 258 (6) — 252 Capital expenditures $ 548 $ 286 $ 834 $ — $ — $ 834 Segment assets 6,615 3,380 9,995 32 (2) 10,025 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Public Utilities, General Disclosures [Line Items] | |
Schedule of Regulatory Assets | The following tables present the regulatory assets and liabilities recorded on the Consolidated Balance Sheets of Duke Energy and Progress Energy. See separate tables below for balances by individual registrant. Duke Energy Progress Energy December 31, December 31, (in millions) 2022 2021 2022 2021 Regulatory Assets AROs – coal ash $ 3,205 $ 3,408 $ 1,429 $ 1,399 AROs – nuclear and other 945 684 884 620 Deferred fuel and purchased power 3,866 1,253 2,060 718 Accrued pension and OPEB 2,336 2,017 759 725 Storm cost securitized balance, net 940 991 720 759 Nuclear asset securitized balance, net 881 937 881 937 Debt fair value adjustment 829 884 — — Storm cost deferrals 666 213 559 189 Hedge costs deferrals 378 348 128 137 Post-in-service carrying costs (PISCC) and deferred operating expenses 342 356 42 47 Retired generation facilities 316 357 243 265 Deferred asset – Lee and Harris COLA 288 317 21 21 Advanced metering infrastructure (AMI) 283 311 111 130 Customer connect project 271 242 136 124 Costs of removal regulatory asset 221 107 221 107 Vacation accrual 222 221 43 42 Incremental COVID-19 expenses 210 87 78 28 CEP deferral 190 161 — — Demand side management (DSM)/Energy efficiency (EE) 189 235 188 230 Derivatives – natural gas supply contracts 168 139 — — NCEMPA deferrals 157 165 157 165 Nuclear deferral 154 120 64 42 Deferred pipeline integrity costs 121 108 — — COR settlement 120 123 32 32 Deferred coal ash handling system costs 92 90 25 23 Qualifying facility contract buyouts 81 94 81 94 Amounts due from customers 57 85 — — Propane caverns 26 — — — Deferred severance charges 21 54 7 18 Manufactured gas plant (MGP) — 104 — — Other 555 426 110 87 Total regulatory assets 18,130 14,637 8,979 6,939 Less: current portion 3,485 2,150 1,833 1,030 Total noncurrent regulatory assets $ 14,645 $ 12,487 $ 7,146 $ 5,909 Regulatory Liabilities Net regulatory liability related to income taxes $ 6,462 $ 7,199 $ 2,192 $ 2,394 Costs of removal 5,151 6,150 2,269 2,955 AROs – nuclear and other 1,038 2,053 — — Hedge cost deferrals 683 364 252 155 Accrued pension and OPEB 211 213 — — DOE Settlement 154 — 154 — Provision for rate refunds 78 274 28 87 Amounts to be refunded to customers 45 — — — Other 1,226 1,110 434 453 Total regulatory liabilities 15,048 17,363 5,329 6,044 Less: current portion 1,466 1,211 576 478 Total noncurrent regulatory liabilities $ 13,582 $ 16,152 $ 4,753 $ 5,566 |
Schedule of Regulatory Liabilities | The following tables present the regulatory assets and liabilities recorded on the Consolidated Balance Sheets of Duke Energy and Progress Energy. See separate tables below for balances by individual registrant. Duke Energy Progress Energy December 31, December 31, (in millions) 2022 2021 2022 2021 Regulatory Assets AROs – coal ash $ 3,205 $ 3,408 $ 1,429 $ 1,399 AROs – nuclear and other 945 684 884 620 Deferred fuel and purchased power 3,866 1,253 2,060 718 Accrued pension and OPEB 2,336 2,017 759 725 Storm cost securitized balance, net 940 991 720 759 Nuclear asset securitized balance, net 881 937 881 937 Debt fair value adjustment 829 884 — — Storm cost deferrals 666 213 559 189 Hedge costs deferrals 378 348 128 137 Post-in-service carrying costs (PISCC) and deferred operating expenses 342 356 42 47 Retired generation facilities 316 357 243 265 Deferred asset – Lee and Harris COLA 288 317 21 21 Advanced metering infrastructure (AMI) 283 311 111 130 Customer connect project 271 242 136 124 Costs of removal regulatory asset 221 107 221 107 Vacation accrual 222 221 43 42 Incremental COVID-19 expenses 210 87 78 28 CEP deferral 190 161 — — Demand side management (DSM)/Energy efficiency (EE) 189 235 188 230 Derivatives – natural gas supply contracts 168 139 — — NCEMPA deferrals 157 165 157 165 Nuclear deferral 154 120 64 42 Deferred pipeline integrity costs 121 108 — — COR settlement 120 123 32 32 Deferred coal ash handling system costs 92 90 25 23 Qualifying facility contract buyouts 81 94 81 94 Amounts due from customers 57 85 — — Propane caverns 26 — — — Deferred severance charges 21 54 7 18 Manufactured gas plant (MGP) — 104 — — Other 555 426 110 87 Total regulatory assets 18,130 14,637 8,979 6,939 Less: current portion 3,485 2,150 1,833 1,030 Total noncurrent regulatory assets $ 14,645 $ 12,487 $ 7,146 $ 5,909 Regulatory Liabilities Net regulatory liability related to income taxes $ 6,462 $ 7,199 $ 2,192 $ 2,394 Costs of removal 5,151 6,150 2,269 2,955 AROs – nuclear and other 1,038 2,053 — — Hedge cost deferrals 683 364 252 155 Accrued pension and OPEB 211 213 — — DOE Settlement 154 — 154 — Provision for rate refunds 78 274 28 87 Amounts to be refunded to customers 45 — — — Other 1,226 1,110 434 453 Total regulatory liabilities 15,048 17,363 5,329 6,044 Less: current portion 1,466 1,211 576 478 Total noncurrent regulatory liabilities $ 13,582 $ 16,152 $ 4,753 $ 5,566 |
Schedule of Potential Plant Retirements | The table below contains the net carrying value of generating facilities planned for retirement or included in recent IRPs or Carbon Plan as evaluated for potential retirement. Dollar amounts in the table below are included in Net property, plant and equipment on the Consolidated Balance Sheets as of December 31, 2022, and exclude capitalized asset retirement costs. Remaining Net Capacity Book Value (in MW) (in millions) Duke Energy Carolinas Allen Steam Station Unit 1 (a) 167 $ 10 Allen Steam Station Unit 5 (b) 259 233 Cliffside Unit 5 (b) 546 344 Marshall Units 1-2 (b) 760 428 Duke Energy Progress Mayo Unit 1 (b) 713 639 Roxboro Units 3-4 (b) 1,409 425 Duke Energy Florida Crystal River Units 4-5 (c) 1,442 1,549 Duke Energy Indiana Gibson Units 1-5 (d) 2,845 2,043 Cayuga Units 1-2 (d) 1,005 622 Total Duke Energy 9,146 $ 6,293 (a) As part of the 2015 resolution of a lawsuit involving alleged New Source Review violations, Duke Energy Carolinas must retire Allen Steam Station Unit 1 by December 31, 2024. (b) These units were included in the IRP filed by Duke Energy Carolinas and Duke Energy Progress in South Carolina on September 1, 2020, and in the Carbon Plan adopted by the NCUC in December 2022. The long-term energy options considered could result in retirement of these units earlier than their current estimated useful lives. (c) On January 14, 2021, Duke En ergy Florida filed the 2021 Settlement agreement with the FPSC, which proposed depreciation rates reflecting retirement dates for Duke Energy Florida's last two coal-fired generating facilities, Crystal River Units 4-5, eight years ahead of schedule in 2034 rather than in 2042. The FPSC approved the 2021 Settlement on May 4, 2021. The remaining net book value reflected in the table above excludes $200 million of accelerated deprecation collected from retail customers pursuant to Duke Energy Florida's 2017 Settlement. (d) The rate case filed July 2, 2019, included proposed depreciation rates reflecting retirement dates from 2026 to 2038. The depreciation rates reflecting these updated retirement dates were approved by the IURC as part of the rate case order issued on June 29, 2020. |
Duke Energy Carolinas | |
Public Utilities, General Disclosures [Line Items] | |
Schedule of Regulatory Assets | The following tables present the regulatory assets and liabilities recorded on Duke Energy Carolinas' Consolidated Balance Sheets. December 31, Earns/Pays Recovery/Refund (in millions) 2022 2021 a Return Period Ends Regulatory Assets (a) AROs – coal ash $ 1,391 $ 1,227 (g) (b) Deferred fuel and purchased power (i) 1,614 339 (e) 2024 Accrued pension and OPEB (c) 614 365 Yes (h) Storm cost securitized balance, net 220 232 2041 Storm cost deferrals 93 22 Yes (b) Hedge costs deferrals (c) 228 171 Yes (b) PISCC and deferred operating expenses (c) 30 31 Yes (b) Retired generation facilities (c) 39 54 Yes (b) Deferred asset – Lee COLA 267 296 (b) AMI 139 140 Yes (b) Customer connect project 62 66 Yes (b) Vacation accrual 84 83 2023 Incremental COVID-19 expenses 127 51 Yes (b) Nuclear deferral 90 78 2024 COR settlement 88 91 Yes (b) Deferred coal ash handling system costs 67 67 Yes (b) Other 235 166 (b) Total regulatory assets 5,388 3,479 Less: current portion 1,095 544 Total noncurrent regulatory assets $ 4,293 $ 2,935 Regulatory Liabilities (a) Net regulatory liability related to income taxes (d) $ 2,475 $ 2,785 (b) Costs of removal (c) 1,769 2,009 Yes (f) AROs – nuclear and other 1,038 2,053 (b) Hedge cost deferrals 350 209 (b) Accrued pension and OPEB (c) 44 44 Yes (h) Provision for rate refunds 50 124 Yes (b) Other 587 461 (b) Total regulatory liabilities 6,313 7,685 Less: current portion 530 487 Total noncurrent regulatory liabilities $ 5,783 $ 7,198 (a) Regulatory assets and liabilities are excluded from rate base unless otherwise noted. (b) The expected recovery or refund period varies or has not been determined. (c) Included in rate base. (d) Includes regulatory liabilities related to the change in the federal tax rate as a result of the Tax Act and the change in the North Carolina tax rate, both discussed in Note 24. Portions are included in rate base. (e) Pays interest on over-recovered costs in North Carolina. Includes certain purchased power costs in North Carolina and South Carolina and costs of distributed energy in South Carolina. (f) Recovered over the life of the associated assets. (g) Earns a debt and equity return on coal ash expenditures for North Carolina and South Carolina retail customers as permitted by various regulatory orders. (h) Recovered primarily over the average remaining service periods or life expectancies of employees covered by the benefit plans. See Note 23 for additional detail. (i) Duke Energy Carolinas submitted a fuel filing to the NCUC in May 2022 for recovery of $327 million, which included deferrals through January 2022. This amount is expected to be recovered through August 2023. The next filing will be made in the first quarter of 2023. Duke Energy Carolinas submitted a fuel filing to the PSCSC in July 2022 for recovery of $79 million, which included deferrals through May 2022. The amount is expected to be recovered through September 2023. The next filing will be made in the third quarter of 2023. |
Schedule of Regulatory Liabilities | The following tables present the regulatory assets and liabilities recorded on Duke Energy Carolinas' Consolidated Balance Sheets. December 31, Earns/Pays Recovery/Refund (in millions) 2022 2021 a Return Period Ends Regulatory Assets (a) AROs – coal ash $ 1,391 $ 1,227 (g) (b) Deferred fuel and purchased power (i) 1,614 339 (e) 2024 Accrued pension and OPEB (c) 614 365 Yes (h) Storm cost securitized balance, net 220 232 2041 Storm cost deferrals 93 22 Yes (b) Hedge costs deferrals (c) 228 171 Yes (b) PISCC and deferred operating expenses (c) 30 31 Yes (b) Retired generation facilities (c) 39 54 Yes (b) Deferred asset – Lee COLA 267 296 (b) AMI 139 140 Yes (b) Customer connect project 62 66 Yes (b) Vacation accrual 84 83 2023 Incremental COVID-19 expenses 127 51 Yes (b) Nuclear deferral 90 78 2024 COR settlement 88 91 Yes (b) Deferred coal ash handling system costs 67 67 Yes (b) Other 235 166 (b) Total regulatory assets 5,388 3,479 Less: current portion 1,095 544 Total noncurrent regulatory assets $ 4,293 $ 2,935 Regulatory Liabilities (a) Net regulatory liability related to income taxes (d) $ 2,475 $ 2,785 (b) Costs of removal (c) 1,769 2,009 Yes (f) AROs – nuclear and other 1,038 2,053 (b) Hedge cost deferrals 350 209 (b) Accrued pension and OPEB (c) 44 44 Yes (h) Provision for rate refunds 50 124 Yes (b) Other 587 461 (b) Total regulatory liabilities 6,313 7,685 Less: current portion 530 487 Total noncurrent regulatory liabilities $ 5,783 $ 7,198 (a) Regulatory assets and liabilities are excluded from rate base unless otherwise noted. (b) The expected recovery or refund period varies or has not been determined. (c) Included in rate base. (d) Includes regulatory liabilities related to the change in the federal tax rate as a result of the Tax Act and the change in the North Carolina tax rate, both discussed in Note 24. Portions are included in rate base. (e) Pays interest on over-recovered costs in North Carolina. Includes certain purchased power costs in North Carolina and South Carolina and costs of distributed energy in South Carolina. (f) Recovered over the life of the associated assets. (g) Earns a debt and equity return on coal ash expenditures for North Carolina and South Carolina retail customers as permitted by various regulatory orders. (h) Recovered primarily over the average remaining service periods or life expectancies of employees covered by the benefit plans. See Note 23 for additional detail. (i) Duke Energy Carolinas submitted a fuel filing to the NCUC in May 2022 for recovery of $327 million, which included deferrals through January 2022. This amount is expected to be recovered through August 2023. The next filing will be made in the first quarter of 2023. Duke Energy Carolinas submitted a fuel filing to the PSCSC in July 2022 for recovery of $79 million, which included deferrals through May 2022. The amount is expected to be recovered through September 2023. The next filing will be made in the third quarter of 2023. |
Duke Energy Progress | |
Public Utilities, General Disclosures [Line Items] | |
Schedule of Regulatory Assets | The following tables present the regulatory assets and liabilities recorded on Duke Energy Progress' Consolidated Balance Sheets. December 31, Earns/Pays Recovery/Refund (in millions) 2022 2021 a Return Period Ends Regulatory Assets (a) AROs – coal ash $ 1,418 $ 1,389 (g) (b) AROs – nuclear and other 869 613 (c) Deferred fuel and purchased power (l) 705 303 (e) 2024 Accrued pension and OPEB (d) 417 351 Yes (j) Storm cost securitized balance, net 720 759 2041 Storm cost deferrals 234 170 Yes (b) Hedge costs deferrals 55 60 (b) PISCC and deferred operating expenses 42 47 Yes 2054 Retired generation facilities 149 171 Yes (b) Deferred asset - Harris COLA 21 21 (b) AMI 81 92 Yes (b) Customer connect project 54 57 Yes (b) Vacation accrual 43 42 2023 Incremental COVID-19 expenses 78 28 Yes (b) DSM/EE (d) 180 218 (h) (h) NCEMPA deferrals 157 165 (f) 2042 Nuclear deferral 64 42 2024 COR settlement 32 32 Yes (b) Deferred coal ash handling system costs 25 23 Yes (b) Other 70 68 (b) Total regulatory assets 5,414 4,651 Less: current portion 690 533 Total noncurrent regulatory assets $ 4,724 $ 4,118 Regulatory Liabilities (a) Net regulatory liability related to income taxes (k) $ 1,559 $ 1,695 (b) Costs of removal (d) 2,269 2,955 Yes (i) Hedge cost deferrals 252 155 (b) Provision for rate refunds 28 87 Yes (b) Other 344 357 (b) Total regulatory liabilities 4,452 5,249 Less: current portion 332 381 Total noncurrent regulatory liabilities $ 4,120 $ 4,868 (a) Regulatory assets and liabilities are excluded from rate base unless otherwise noted. (b) The expected recovery or refund period varies or has not been determined. (c) Recovery period for costs related to nuclear facilities runs through the decommissioning period of each unit. (d) Included in rate base. (e) Pays interest on over-recovered costs in North Carolina. Includes certain purchased power costs in North Carolina and South Carolina and costs of distributed energy in South Carolina. (f) South Carolina retail allocated costs are earning a return. (g) Earns a debt and equity return on coal ash expenditures for North Carolina and South Carolina retail customers as permitted by various regulatory orders. (h) Includes incentives on DSM/EE investments and is recovered through an annual rider mechanism. (i) Recovered over the life of the associated assets. (j) Recovered primarily over the average remaining service periods or life expectancies of employees covered by the benefit plans. See Note 23 for additional detail. (k) Includes regulatory liabilities related to the change in the federal tax rate as a result of the Tax Act and the change in the North Carolina tax rate, both discussed in Note 24. Portions are included in rate base. (l) Duke Energy Progress submitted a fuel filing to the NCUC in August 2022 for recovery of $251 million, which included deferrals through June 2022. This amount is expected to be recovered through November 2023. The next filing will be made in the second quarter of 2023. Duke Energy Progress submitted a fuel filing to the PSCSC in April 2022 for recovery of $44 million, which included deferrals through February 2022. This amount is expected to be recovered through June 2023. The next filing will be made in the second quarter of 2023. |
Schedule of Regulatory Liabilities | The following tables present the regulatory assets and liabilities recorded on Duke Energy Progress' Consolidated Balance Sheets. December 31, Earns/Pays Recovery/Refund (in millions) 2022 2021 a Return Period Ends Regulatory Assets (a) AROs – coal ash $ 1,418 $ 1,389 (g) (b) AROs – nuclear and other 869 613 (c) Deferred fuel and purchased power (l) 705 303 (e) 2024 Accrued pension and OPEB (d) 417 351 Yes (j) Storm cost securitized balance, net 720 759 2041 Storm cost deferrals 234 170 Yes (b) Hedge costs deferrals 55 60 (b) PISCC and deferred operating expenses 42 47 Yes 2054 Retired generation facilities 149 171 Yes (b) Deferred asset - Harris COLA 21 21 (b) AMI 81 92 Yes (b) Customer connect project 54 57 Yes (b) Vacation accrual 43 42 2023 Incremental COVID-19 expenses 78 28 Yes (b) DSM/EE (d) 180 218 (h) (h) NCEMPA deferrals 157 165 (f) 2042 Nuclear deferral 64 42 2024 COR settlement 32 32 Yes (b) Deferred coal ash handling system costs 25 23 Yes (b) Other 70 68 (b) Total regulatory assets 5,414 4,651 Less: current portion 690 533 Total noncurrent regulatory assets $ 4,724 $ 4,118 Regulatory Liabilities (a) Net regulatory liability related to income taxes (k) $ 1,559 $ 1,695 (b) Costs of removal (d) 2,269 2,955 Yes (i) Hedge cost deferrals 252 155 (b) Provision for rate refunds 28 87 Yes (b) Other 344 357 (b) Total regulatory liabilities 4,452 5,249 Less: current portion 332 381 Total noncurrent regulatory liabilities $ 4,120 $ 4,868 (a) Regulatory assets and liabilities are excluded from rate base unless otherwise noted. (b) The expected recovery or refund period varies or has not been determined. (c) Recovery period for costs related to nuclear facilities runs through the decommissioning period of each unit. (d) Included in rate base. (e) Pays interest on over-recovered costs in North Carolina. Includes certain purchased power costs in North Carolina and South Carolina and costs of distributed energy in South Carolina. (f) South Carolina retail allocated costs are earning a return. (g) Earns a debt and equity return on coal ash expenditures for North Carolina and South Carolina retail customers as permitted by various regulatory orders. (h) Includes incentives on DSM/EE investments and is recovered through an annual rider mechanism. (i) Recovered over the life of the associated assets. (j) Recovered primarily over the average remaining service periods or life expectancies of employees covered by the benefit plans. See Note 23 for additional detail. (k) Includes regulatory liabilities related to the change in the federal tax rate as a result of the Tax Act and the change in the North Carolina tax rate, both discussed in Note 24. Portions are included in rate base. (l) Duke Energy Progress submitted a fuel filing to the NCUC in August 2022 for recovery of $251 million, which included deferrals through June 2022. This amount is expected to be recovered through November 2023. The next filing will be made in the second quarter of 2023. Duke Energy Progress submitted a fuel filing to the PSCSC in April 2022 for recovery of $44 million, which included deferrals through February 2022. This amount is expected to be recovered through June 2023. The next filing will be made in the second quarter of 2023. |
Duke Energy Florida | |
Public Utilities, General Disclosures [Line Items] | |
Schedule of Regulatory Assets | The following tables present the regulatory assets and liabilities recorded on Duke Energy Florida's Consolidated Balance Sheets. December 31, Earns/Pays Recovery/Refund (in millions) 2022 2021 a Return Period Ends Regulatory Assets (a) AROs – coal ash $ 11 $ 10 (b) AROs – nuclear and other 15 7 (b) Deferred fuel and purchased power (h) 1,355 415 (f) 2024 Accrued pension and OPEB (c) 342 374 Yes (g) Nuclear asset securitized balance, net 881 937 2036 Storm cost deferrals (c) 325 19 (f) (b) Hedge costs deferrals (c) 73 77 Yes 2038 Retired generation facilities (c) 94 94 Yes 2044 AMI (c) 30 38 Yes 2032 Customer connect project (c) 82 67 Yes 2037 Costs of removal regulatory asset (c) 221 107 (d) (b) Qualifying facility contract buyouts (c) 81 94 Yes 2034 Other 55 49 (d) (b) Total regulatory assets 3,565 2,288 Less: current portion 1,143 497 Total noncurrent regulatory assets $ 2,422 $ 1,791 Net regulatory liability related to income taxes (c) $ 633 $ 699 (b) DOE Settlement 154 — Other 90 97 (d) (b) Total regulatory liabilities 877 796 Less: current portion 244 98 Total noncurrent regulatory liabilities $ 633 $ 698 (a) Regulatory assets and liabilities are excluded from rate base unless otherwise noted. (b) The expected recovery or refund period varies or has not been determined. (c) Included in rate base. (d) Certain costs earn/pay a return. (e) Earns a debt return/interest once collections begin. (f) Earns commercial paper rate. (g) Recovered primarily over the average remaining service periods or life expectancies of employees covered by the benefit plans. See Note 23 for additional detail. (h) Duke Energy Florida submitted a fuel filing to the FPSC in January 2023 for recovery of $795 million, which included the 2022 actual under-recovery of $1.2 billion, offset by projected declining fuel costs in 2023 due to lower natural gas prices. The expected recovery period is April 2023 through March 2024. |
Schedule of Regulatory Liabilities | The following tables present the regulatory assets and liabilities recorded on Duke Energy Florida's Consolidated Balance Sheets. December 31, Earns/Pays Recovery/Refund (in millions) 2022 2021 a Return Period Ends Regulatory Assets (a) AROs – coal ash $ 11 $ 10 (b) AROs – nuclear and other 15 7 (b) Deferred fuel and purchased power (h) 1,355 415 (f) 2024 Accrued pension and OPEB (c) 342 374 Yes (g) Nuclear asset securitized balance, net 881 937 2036 Storm cost deferrals (c) 325 19 (f) (b) Hedge costs deferrals (c) 73 77 Yes 2038 Retired generation facilities (c) 94 94 Yes 2044 AMI (c) 30 38 Yes 2032 Customer connect project (c) 82 67 Yes 2037 Costs of removal regulatory asset (c) 221 107 (d) (b) Qualifying facility contract buyouts (c) 81 94 Yes 2034 Other 55 49 (d) (b) Total regulatory assets 3,565 2,288 Less: current portion 1,143 497 Total noncurrent regulatory assets $ 2,422 $ 1,791 Net regulatory liability related to income taxes (c) $ 633 $ 699 (b) DOE Settlement 154 — Other 90 97 (d) (b) Total regulatory liabilities 877 796 Less: current portion 244 98 Total noncurrent regulatory liabilities $ 633 $ 698 (a) Regulatory assets and liabilities are excluded from rate base unless otherwise noted. (b) The expected recovery or refund period varies or has not been determined. (c) Included in rate base. (d) Certain costs earn/pay a return. (e) Earns a debt return/interest once collections begin. (f) Earns commercial paper rate. (g) Recovered primarily over the average remaining service periods or life expectancies of employees covered by the benefit plans. See Note 23 for additional detail. (h) Duke Energy Florida submitted a fuel filing to the FPSC in January 2023 for recovery of $795 million, which included the 2022 actual under-recovery of $1.2 billion, offset by projected declining fuel costs in 2023 due to lower natural gas prices. The expected recovery period is April 2023 through March 2024. |
Duke Energy Ohio | |
Public Utilities, General Disclosures [Line Items] | |
Schedule of Regulatory Assets | The following tables present the regulatory assets and liabilities recorded on Duke Energy Ohio's Consolidated Balance Sheets. December 31, Earns/Pays Recovery/Refund (in millions) 2022 2021 a Return Period Ends Regulatory Assets (a) AROs – coal ash $ — $ 33 Yes (b) Deferred fuel and purchased power 54 38 2023 Accrued pension and OPEB 129 133 (e) Storm cost deferrals 14 2 2023 Hedge costs deferrals 2 5 (b) PISCC and deferred operating expenses (c) 15 16 Yes 2083 AMI 18 24 (b) Customer connect project 54 41 (b) CEP deferral 190 161 Yes (b) Deferred pipeline integrity costs 28 24 Yes (b) Propane caverns 26 — (b) Manufactured gas plant (MGP) — 104 (b) Other 154 126 (b) Total regulatory assets 684 707 Less: current portion 103 72 Total noncurrent regulatory assets $ 581 $ 635 Regulatory Liabilities (a) Net regulatory liability related to income taxes $ 496 $ 602 (b) Costs of removal 9 39 (d) Accrued pension and OPEB 21 21 (e) Provision for rate refunds — 61 Other 107 78 (b) Total regulatory liabilities 633 801 Less: current portion 99 62 Total noncurrent regulatory liabilities $ 534 $ 739 (a) Regulatory assets and liabilities are excluded from rate base unless otherwise noted. (b) The expected recovery or refund period varies or has not been determined. (c) Included in rate base. (d) Recovery over the life of the associated assets. (e) Recovered primarily over the average remaining service periods or life expectancies of employees covered by the benefit plans. See Note 23 for additional detail. |
Schedule of Regulatory Liabilities | The following tables present the regulatory assets and liabilities recorded on Duke Energy Ohio's Consolidated Balance Sheets. December 31, Earns/Pays Recovery/Refund (in millions) 2022 2021 a Return Period Ends Regulatory Assets (a) AROs – coal ash $ — $ 33 Yes (b) Deferred fuel and purchased power 54 38 2023 Accrued pension and OPEB 129 133 (e) Storm cost deferrals 14 2 2023 Hedge costs deferrals 2 5 (b) PISCC and deferred operating expenses (c) 15 16 Yes 2083 AMI 18 24 (b) Customer connect project 54 41 (b) CEP deferral 190 161 Yes (b) Deferred pipeline integrity costs 28 24 Yes (b) Propane caverns 26 — (b) Manufactured gas plant (MGP) — 104 (b) Other 154 126 (b) Total regulatory assets 684 707 Less: current portion 103 72 Total noncurrent regulatory assets $ 581 $ 635 Regulatory Liabilities (a) Net regulatory liability related to income taxes $ 496 $ 602 (b) Costs of removal 9 39 (d) Accrued pension and OPEB 21 21 (e) Provision for rate refunds — 61 Other 107 78 (b) Total regulatory liabilities 633 801 Less: current portion 99 62 Total noncurrent regulatory liabilities $ 534 $ 739 (a) Regulatory assets and liabilities are excluded from rate base unless otherwise noted. (b) The expected recovery or refund period varies or has not been determined. (c) Included in rate base. (d) Recovery over the life of the associated assets. (e) Recovered primarily over the average remaining service periods or life expectancies of employees covered by the benefit plans. See Note 23 for additional detail. |
Duke Energy Indiana | |
Public Utilities, General Disclosures [Line Items] | |
Schedule of Regulatory Assets | The following tables present the regulatory assets and liabilities recorded on Duke Energy Indiana's Consolidated Balance Sheets. December 31, Earns/Pays Recovery/Refund (in millions) 2022 2021 a Return Period Ends Regulatory Assets (a) AROs – coal ash $ 385 $ 749 Yes (b) Deferred fuel and purchased power 138 158 2023 Accrued pension and OPEB 214 222 (e) Hedge costs deferrals 20 35 (b) PISCC and deferred operating expenses (c) 255 262 Yes (b) Retired generation facilities (c) 34 38 Yes 2030 AMI 15 17 2031 Customer connect project 19 11 (b) Other 44 63 (b) Total regulatory assets 1,124 1,555 Less: current portion 249 277 Total noncurrent regulatory assets $ 875 $ 1,278 Regulatory Liabilities (a) Net regulatory liability related to income taxes $ 840 $ 908 (b) Costs of removal 531 575 (d) Hedge cost deferrals 81 — (b) Accrued pension and OPEB 104 113 (e) Other 85 96 (b) Total regulatory liabilities 1,641 1,692 Less: current portion 187 127 Total noncurrent regulatory liabilities $ 1,454 $ 1,565 (a) Regulatory assets and liabilities are excluded from rate base unless otherwise noted. (b) The expected recovery or refund period varies or has not been determined. (c) Included in rate base. (d) Refunded over the life of the associated assets. (e) Recovered primarily over the average remaining service periods or life expectancies of employees covered by the benefit plans. See Note 23 for additional detail. |
Schedule of Regulatory Liabilities | The following tables present the regulatory assets and liabilities recorded on Duke Energy Indiana's Consolidated Balance Sheets. December 31, Earns/Pays Recovery/Refund (in millions) 2022 2021 a Return Period Ends Regulatory Assets (a) AROs – coal ash $ 385 $ 749 Yes (b) Deferred fuel and purchased power 138 158 2023 Accrued pension and OPEB 214 222 (e) Hedge costs deferrals 20 35 (b) PISCC and deferred operating expenses (c) 255 262 Yes (b) Retired generation facilities (c) 34 38 Yes 2030 AMI 15 17 2031 Customer connect project 19 11 (b) Other 44 63 (b) Total regulatory assets 1,124 1,555 Less: current portion 249 277 Total noncurrent regulatory assets $ 875 $ 1,278 Regulatory Liabilities (a) Net regulatory liability related to income taxes $ 840 $ 908 (b) Costs of removal 531 575 (d) Hedge cost deferrals 81 — (b) Accrued pension and OPEB 104 113 (e) Other 85 96 (b) Total regulatory liabilities 1,641 1,692 Less: current portion 187 127 Total noncurrent regulatory liabilities $ 1,454 $ 1,565 (a) Regulatory assets and liabilities are excluded from rate base unless otherwise noted. (b) The expected recovery or refund period varies or has not been determined. (c) Included in rate base. (d) Refunded over the life of the associated assets. (e) Recovered primarily over the average remaining service periods or life expectancies of employees covered by the benefit plans. See Note 23 for additional detail. |
Piedmont | |
Public Utilities, General Disclosures [Line Items] | |
Schedule of Regulatory Assets | The following tables present the regulatory assets and liabilities recorded on Piedmont's Consolidated Balance Sheets. December 31, Earns/Pays Recovery/Refund (in millions) 2022 2021 a Return Period Ends Regulatory Assets (a) AROs – nuclear and other $ 27 $ 22 (d) Accrued pension and OPEB (c) 119 82 (g) Vacation accrual 12 12 2023 Derivatives – natural gas supply contracts (f) 168 139 Deferred pipeline integrity costs (c) 93 84 2025 Amounts due from customers 57 85 (e) (b) Other 35 33 (b) Total regulatory assets 511 457 Less: current portion 119 141 Total noncurrent regulatory assets $ 392 $ 316 Regulatory Liabilities (a) Net regulatory liability related to income taxes $ 459 $ 510 (b) Costs of removal (c) 573 572 (d) Other 66 32 (e) (b) Total regulatory liabilities 1,098 1,114 Less: current portion 74 56 Total noncurrent regulatory liabilities $ 1,024 $ 1,058 (a) Regulatory assets and liabilities are excluded from rate base unless otherwise noted. (b) The expected recovery or refund period varies or has not been determined. (c) Included in rate base. (d) Recovery over the life of the associated assets. (e) Certain costs earn/pay a return. (f) Balance will fluctuate with changes in the market. Current contracts extend into 2031. (g) Recovered primarily over the average remaining service periods or life expectancies of employees covered by the benefit plans. See Note 23 for additional detail. |
Schedule of Regulatory Liabilities | The following tables present the regulatory assets and liabilities recorded on Piedmont's Consolidated Balance Sheets. December 31, Earns/Pays Recovery/Refund (in millions) 2022 2021 a Return Period Ends Regulatory Assets (a) AROs – nuclear and other $ 27 $ 22 (d) Accrued pension and OPEB (c) 119 82 (g) Vacation accrual 12 12 2023 Derivatives – natural gas supply contracts (f) 168 139 Deferred pipeline integrity costs (c) 93 84 2025 Amounts due from customers 57 85 (e) (b) Other 35 33 (b) Total regulatory assets 511 457 Less: current portion 119 141 Total noncurrent regulatory assets $ 392 $ 316 Regulatory Liabilities (a) Net regulatory liability related to income taxes $ 459 $ 510 (b) Costs of removal (c) 573 572 (d) Other 66 32 (e) (b) Total regulatory liabilities 1,098 1,114 Less: current portion 74 56 Total noncurrent regulatory liabilities $ 1,024 $ 1,058 (a) Regulatory assets and liabilities are excluded from rate base unless otherwise noted. (b) The expected recovery or refund period varies or has not been determined. (c) Included in rate base. (d) Recovery over the life of the associated assets. (e) Certain costs earn/pay a return. (f) Balance will fluctuate with changes in the market. Current contracts extend into 2031. (g) Recovered primarily over the average remaining service periods or life expectancies of employees covered by the benefit plans. See Note 23 for additional detail. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Legal Reserves | The following table contains information regarding reserves for probable and estimable costs related to the various environmental sites. These reserves are recorded in Other within Other Noncurrent Liabilities (in millions) December 31, 2022 December 31, 2021 Reserves for Environmental Remediation Duke Energy $ 84 $ 88 Duke Energy Carolinas 22 19 Progress Energy 19 23 Duke Energy Progress 8 11 Duke Energy Florida 11 11 Duke Energy Ohio 33 34 Duke Energy Indiana 3 4 Piedmont 7 9 |
Schedule of Purchase Power Obligations | The following table presents executory purchased power contracts with terms exceeding one year, excluding contracts classified as leases. Minimum Purchase Amount at December 31, 2022 Contract (in millions) Expiration 2023 2024 2025 2026 2027 Thereafter Total Duke Energy Progress (a) 2028-2032 $ 22 $ 21 $ 22 $ 18 $ 19 $ 27 $ 129 Duke Energy Florida (b) 2024-2025 300 267 91 — — — 658 Duke Energy Ohio (c) 2024 55 36 — — — — 91 (a) Contracts represent between 18% and 100% of net plant output. (b) Contracts represent 100% of net plant output. (c) Share of net plant output varies. Excludes PPA with OVEC. |
Schedule of Natural Gas Supply Contract Commitments | The following table presents future unconditional purchase obligations under natural gas supply and capacity contracts as of December 31, 2022. (in millions) 2023 2024 2025 2026 2027 Thereafter Total Duke Energy Ohio $ 85 $ 101 $ 85 $ 56 $ 52 $ 616 $ 995 Piedmont 319 313 267 213 203 587 1,902 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Lease Costs and Cash Flows Information | The following tables present the components of lease expense. Year Ended December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Operating lease expense (a) $ 229 $ 39 $ 153 $ 83 $ 70 $ 10 $ 19 $ 6 Short-term lease expense (a) 4 — 1 — 1 — 2 — Variable lease expense (a) 61 (1) 60 37 23 — — 1 Finance lease expense Amortization of leased assets (b) 151 6 61 41 20 — — — Interest on lease liabilities (c) 50 32 49 45 4 — 1 — Total finance lease expense 201 38 110 86 24 — 1 — Total lease expense $ 495 $ 76 $ 324 $ 206 $ 118 $ 10 $ 22 $ 7 Year Ended December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Operating lease expense (a) $ 245 $ 43 $ 155 $ 83 $ 72 $ 11 $ 18 $ 7 Short-term lease expense (a) 5 — 2 1 1 — 2 — Variable lease expense (a) 41 17 22 10 12 — — 1 Finance lease expense Amortization of leased assets (b) 219 5 37 18 19 — 1 — Interest on lease liabilities (c) 55 33 48 42 6 — — — Total finance lease expense 274 38 85 60 25 — 1 — Total lease expense $ 565 $ 98 $ 264 $ 154 $ 110 $ 11 $ 21 $ 8 (a) Included in Operations, maintenance and other or, for barges and railcars, Fuel used in electric generation and purchased power on the Consolidated Statements of Operations. (b) Included in Depreciation and amortization on the Consolidated Statements of Operations. (c) Included in Interest Expense on the Consolidated Statements of Operations. Year Ended December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Cash paid for amounts included in the measurement of lease liabilities (a) Operating cash flows from operating leases $ 230 $ 24 $ 118 $ 63 $ 55 $ 2 $ 6 $ 4 Operating cash flows from finance leases 50 32 49 45 4 — 1 — Financing cash flows from finance leases 151 6 61 41 20 — — — Lease assets obtained in exchange for new lease liabilities (non-cash) Operating (b) $ 111 $ 10 $ — $ — $ — $ — $ — $ — Year Ended December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Cash paid for amounts included in the measurement of lease liabilities (a) Operating cash flows from operating leases $ 245 $ 25 $ 117 $ 62 $ 55 $ 2 $ 6 $ 5 Operating cash flows from finance leases 55 33 48 42 6 — — — Financing cash flows from finance leases 219 5 37 18 19 — 1 — Lease assets obtained in exchange for new lease liabilities (non-cash) Operating (b) $ 182 $ 4 $ 99 $ 99 $ — $ — $ — $ — Finance 322 — 322 322 — — — — (a) No amounts were classified as investing cash flows from operating leases. |
Operating Lease Maturities | The following table presents operating lease maturities and a reconciliation of the undiscounted cash flows to operating lease liabilities. December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont 2023 $ 225 $ 23 $ 118 $ 64 $ 54 $ 2 $ 6 $ 4 2024 207 21 110 56 54 2 5 4 2025 175 14 96 42 54 2 5 4 2026 161 13 99 45 54 2 4 — 2027 134 9 73 46 27 2 4 — Thereafter 322 37 253 209 44 15 45 1 Total operating lease payments 1,224 117 749 462 287 25 69 13 Less: present value discount (169) (20) (107) (76) (31) (7) (18) — Total operating lease liabilities (a) $ 1,055 $ 97 $ 642 $ 386 $ 256 $ 18 $ 51 $ 13 (a) Certain operating lease payments include renewal options that are reasonably certain to be exercised. |
Maturities of Finance Lease Liabilities | The following table presents finance lease maturities and a reconciliation of the undiscounted cash flows to finance lease liabilities. December 31, 2022 Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Indiana 2023 $ 198 $ 38 $ 103 $ 78 $ 25 $ 1 2024 143 38 88 79 9 1 2025 76 38 85 80 5 1 2026 77 38 86 81 5 1 2027 74 38 82 81 1 1 Thereafter 584 427 555 555 — 23 Total finance lease payments 1,152 617 999 954 45 28 Less: amounts representing interest (388) (333) (371) (367) (4) (19) Total finance lease liabilities $ 764 $ 284 $ 628 $ 587 $ 41 $ 9 |
Balance Sheet Amounts Recorded for Operating and Finance Leases | The following tables contain additional information related to leases. December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Classification Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Assets Operating Operating lease ROU assets, net $ 1,042 $ 78 $ 628 $ 370 $ 258 $ 18 $ 49 $ 4 Finance Net property, plant and equipment 810 284 674 590 84 — 6 — Total lease assets $ 1,852 $ 362 $ 1,302 $ 960 $ 342 $ 18 $ 55 $ 4 Liabilities Current Operating Other current liabilities $ 179 $ 14 $ 96 $ 51 $ 45 $ 1 $ 4 $ — Finance Current maturities of long-term debt 153 7 57 35 22 — — — Noncurrent Operating Operating lease liabilities 876 83 546 335 211 17 47 13 Finance Long-Term Debt 611 277 571 552 19 — 9 — Total lease liabilities $ 1,819 $ 381 $ 1,270 $ 973 $ 297 $ 18 $ 60 $ 13 December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Classification Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Assets Operating Operating lease ROU assets, net $ 1,136 $ 92 $ 691 $ 389 $ 302 $ 19 $ 53 $ 16 Finance Net property, plant and equipment 950 302 729 627 102 — 7 — Total lease assets $ 2,086 $ 394 $ 1,420 $ 1,016 $ 404 $ 19 $ 60 $ 16 Liabilities Current Operating Other current liabilities $ 184 $ 22 $ 94 $ 50 $ 44 $ 1 $ 4 $ 5 Finance Current maturities of long-term debt 151 6 61 41 20 — — — Noncurrent Operating Operating lease liabilities 940 78 606 350 256 18 50 14 Finance Long-Term Debt 764 283 629 588 41 — 10 — Total lease liabilities $ 2,039 $ 389 $ 1,390 $ 1,029 $ 361 $ 19 $ 64 $ 19 |
Supplemental Lease Information | December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Weighted average remaining lease term (years) Operating leases 8 10 8 9 6 15 15 1 Finance leases 10 17 12 12 12 — 23 — Weighted average discount rate (a) Operating leases 3.4 % 3.8 % 3.6 % 3.5 % 3.8 % 4.2 % 4.0 % 3.3 % Finance leases 7.7 % 11.5 % 9.1 % 9.1 % 8.0 % — % 11.9 % — % December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Weighted average remaining lease term (years) Operating leases 8 9 8 10 7 16 16 4 Finance leases 10 18 13 13 11 — 24 — Weighted average discount rate (a) Operating leases 3.5 % 3.5 % 3.6 % 3.4 % 3.8 % 4.2 % 4.1 % 3.6 % Finance leases 7.3 % 11.6 % 9.0 % 9.0 % 8.2 % — % 11.9 % — % (a) The discount rate is calculated using the rate implicit in a lease if it is readily determinable. Generally, the rate used by the lessor is not provided to Duke Energy and in these cases the incremental borrowing rate is used. Duke Energy will typically use its fully collateralized incremental borrowing rate as of the commencement date to calculate and record the lease. The incremental borrowing rate is influenced by the lessee’s credit rating and lease term and as such may differ for individual leases, embedded leases or portfolios of leased assets. |
Debt and Credit Facilities (Tab
Debt and Credit Facilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following tables summarize outstanding debt and includes debt attributable to the Commercial Renewables Disposal Groups. See Note 2 for further details. December 31, 2022 Weighted Average Duke Duke Duke Duke Duke Interest Duke Energy Progress Energy Energy Energy Energy (in millions) Rate Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Unsecured debt, maturing 2023-2082 4.20 % $ 29,585 $ 1,150 $ 2,600 $ — $ 950 $ 1,330 $ 697 $ 3,390 Secured debt, maturing 2023-2052 4.11 % 5,632 1,317 2,383 1,155 1,228 — — — First mortgage bonds, maturing 2023-2052 (a) 3.89 % 32,645 11,306 16,350 8,776 7,576 1,850 3,138 — Finance leases, maturing 2023-2051 (b) 7.90 % 764 284 628 587 41 — 9 — Tax-exempt bonds, maturing 2027-2046 (c) 3.84 % 1,331 — 500 500 — 77 352 — Notes payable and commercial paper (d) 4.50 % 4,582 — — — — — — — Money pool/intercompany borrowings — 1,533 993 389 605 522 585 514 Fair value hedge carrying value adjustment (5) — — — — — — — Unamortized debt discount and premium, net (e) 1,016 (21) (40) (23) (16) (25) (17) (9) Unamortized debt issuance costs (f) (383) (70) (132) (59) (70) (12) (22) (18) Total debt 4.09 % $ 75,167 $ 15,499 $ 23,282 $ 11,325 $ 10,314 $ 3,742 $ 4,742 $ 3,877 Short-term notes payable and commercial paper (3,952) — — — — — — — Short-term money pool/intercompany borrowings — (1,233) (843) (238) (605) (497) (435) (514) Current maturities of long-term debt (g) (4,154) (1,018) (697) (369) (328) (475) (303) (45) Total long-term debt (g) $ 67,061 $ 13,248 $ 21,742 $ 10,718 $ 9,381 $ 2,770 $ 4,004 $ 3,318 (a) Substantially all electric utility property is mortgaged under mortgage bond indentures. (b) Duke Energy includes $164 million of finance lease purchase accounting adjustments related to Duke Energy Florida related to PPAs that are not accounted for as finance leases in their respective financial statements because of grandfathering provisions in GAAP. (c) Substantially all tax-exempt bonds are secured by first mortgage bonds, letters of credit or the Master Credit Facility. (d) Includes $625 million classified as Long-Term Debt on the Consolidated Balance Sheets due to the existence of long-term credit facilities that backstop these commercial paper balances, along with Duke Energy’s ability and intent to refinance these balances on a long-term basis. The weighted average days to maturity for Duke Energy's commercial paper program was 15 days. (e) Duke Energy includes $1,057 million and $85 million in purchase accounting adjustments related to Progress Energy and Piedmont, respectively. (f) Duke Energy includes $27 million in purchase accounting adjustments primarily related to the merger with Progress Energy. (g) Refer to Note 18 for additional information on amounts from consolidated VIEs. December 31, 2021 Weighted Average Duke Duke Duke Duke Duke Interest Duke Energy Progress Energy Energy Energy Energy (in millions) Rate Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Unsecured debt, maturing 2022-2082 3.71 % $ 24,564 $ 1,150 $ 2,250 $ — $ 150 $ 1,330 $ 700 $ 2,990 Secured debt, maturing 2022-2052 2.50 % 5,584 1,094 2,397 1,120 1,278 — — — First mortgage bonds, maturing 2022-2051 (a) 3.87 % 31,026 10,507 15,450 8,375 7,075 1,850 3,219 — Finance leases, maturing 2022-2051 (b) 5.81 % 915 289 690 629 61 — 10 — Tax-exempt bonds, maturing 2027-2041 (c) 0.65 % 360 — 48 48 — 27 285 — Notes payable and commercial paper (d) 0.35 % 3,929 — — — — — — — Money pool/intercompany borrowings — 526 2,959 322 199 128 150 518 Fair value hedge carrying value adjustment 4 4 — — — — — — Unamortized debt discount and premium, net (e) 1,119 (21) (34) (19) (14) (27) (18) (6) Unamortized debt issuance costs (f) (362) (67) (128) (54) (68) (13) (23) (16) Total debt 3.50 % $ 67,139 $ 13,482 $ 23,632 $ 10,421 $ 8,681 $ 3,295 $ 4,323 $ 3,486 Short-term notes payable and commercial paper (3,304) — — — — — — — Short-term money pool/intercompany borrowings — (226) (2,809) (172) (199) (103) — (518) Current maturities of long-term debt (g) (3,387) (362) (1,082) (556) (76) — (84) — Total long-term debt (g) $ 60,448 $ 12,894 $ 19,741 $ 9,693 $ 8,406 $ 3,192 $ 4,239 $ 2,968 (a) Substantially all electric utility property is mortgaged under mortgage bond indentures. (b) Duke Energy includes $256 million of finance lease purchase accounting adjustments related to Duke Energy Florida related to PPAs that are not accounted for as finance leases in their respective financial statements because of grandfathering provisions in GAAP. (c) Substantially all tax-exempt bonds are secured by first mortgage bonds, letters of credit or the Master Credit Facility. (d) Includes $625 million that was classified as Long-Term Debt on the Consolidated Balance Sheets due to the existence of long-term credit facilities that backstop these commercial paper balances, along with Duke Energy’s ability and intent to refinance these balances on a long-term basis. The weighted average days to maturity for Duke Energy's commercial paper programs was 15 days. (e) Duke Energy includes $1,121 million and $100 million in purchase accounting adjustments related to Progress Energy and Piedmont, respectively. (f) Duke Energy includes $29 million in purchase accounting adjustments primarily related to the merger with Progress Energy. (g) Refer to Note 18 for additional information on amounts from consolidated VIEs. The following table shows the significant components of Current maturities of Long-Term Debt on the Consolidated Balance Sheets. The Duke Energy Registrants currently anticipate satisfying these obligations with cash on hand and proceeds from additional borrowings. (in millions) Maturity Date Interest Rate December 31, 2022 Unsecured Debt Duke Energy (Parent) April 2023 2.875 % $ 350 Duke Energy (Parent) (a) June 2023 3.469 % 500 Duke Energy (Parent) October 2023 3.950 % 400 Duke Energy Ohio (a) October 2023 4.272 % 150 Duke Energy Indiana (a) October 2023 4.118 % 300 First Mortgage Bonds Duke Energy Carolinas March 2023 2.500 % 500 Duke Energy Carolinas March 2023 3.050 % 500 Duke Energy Progress September 2023 3.375 % 300 Duke Energy Ohio September 2023 3.800 % 300 Other (b) 854 Current maturities of long-term debt $ 4,154 (a) Debt has a floating interest rate. (b) Includes finance lease obligations, amortizing debt, tax-exempt bonds with mandatory put options and small bullet maturities. December 31, 2022 and 2021 Duke Duke Duke Duke Duke Energy Energy Energy Energy (in millions) Energy Carolinas Progress Ohio Indiana Tax-exempt bonds $ 312 $ — $ — $ 27 $ 285 Commercial paper (a) 625 300 150 25 150 Total $ 937 $ 300 $ 150 $ 52 $ 435 (a) Progress Energy amounts are equal to Duke Energy Progress amounts. |
Schedule of Maturities of Long-term Debt | The following table shows the annual maturities of long-term debt for the next five years and thereafter. Amounts presented exclude short-term notes payable, commercial paper and money pool borrowings and debt issuance costs for the Subsidiary Registrants. December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy (a) Carolinas Energy Progress Florida Ohio Indiana Piedmont 2023 $ 4,154 $ 1,018 $ 697 $ 369 $ 328 $ 475 $ 303 $ 45 2024 3,216 19 939 72 867 — 4 40 2025 4,322 491 1,040 975 65 245 4 205 2026 2,682 621 345 279 66 45 4 40 2027 3,203 323 947 233 714 102 177 300 Thereafter 52,999 11,884 18,642 9,238 7,753 2,415 3,853 2,760 Total long-term debt, including current maturities $ 70,576 $ 14,356 $ 22,610 $ 11,166 $ 9,793 $ 3,282 $ 4,345 $ 3,390 (a) Excludes $1,169 million in purchase accounting adjustments related to the Progress Energy merger and the Piedmont acquisition. |
Schedule of Long-term Debt Instruments | The following tables summarize significant debt issuances (in millions). Year Ended December 31, 2022 Duke Duke Duke Duke Maturity Interest Duke Energy Energy Energy Energy Issuance Date Date Rate Energy (Parent) Carolinas Progress Florida Piedmont Unsecured Debt May 2022 (a) May 2052 5.050 % $ 400 $ — $ — $ — $ — $ 400 June 2022 (b) June 2028 4.750 % 645 645 — — — — June 2022 (b) June 2034 5.306 % 537 537 — — — — August 2022 (c) March 2028 4.300 % 900 900 — — — — August 2022 (c) August 2032 4.500 % 1,150 1,150 — — — — August 2022 (c) August 2052 5.000 % 1,150 1,150 — — — December 2022 (d) December 2025 5.000 % 500 500 — — — — December 2022 (d) December 2027 5.000 % 500 500 — — — — First Mortgage Bonds March 2022 (e) March 2032 2.850 % 500 — 500 — — — March 2022 (e) March 2052 3.550 % 650 — 650 — — — March 2022 (e) April 2032 3.400 % 500 — — 500 — — March 2022 (e) April 2052 4.000 % 400 — — 400 — — November 2022 (f) November 2052 5.950 % 500 — — — 500 — Tax-exempt Bonds June 2022 (g) September 2030 4.000 % 168 168 — — — — June 2022 (g) November 2039 4.250 % 234 234 — — — — September 2022 (h) October 2046 3.300 % 200 — — 200 — September 2022 (i) October 2046 3.700 % 210 — — 210 — September 2022 (i) October 2046 4.000 % 42 — — 42 — Total issuances $ 9,186 $ 5,784 $ 1,150 $ 1,352 $ 500 $ 400 (a) Debt issued to repay a portion of outstanding intercompany short-term debt and for general corporate purposes. (b) Duke Energy (Parent) issued 600 million euros aggregate principal amount of 3.10% senior notes due June 2028 and 500 million euros aggregate principal amount of 3.85% senior notes due June 2034. Debt issued to repay a $500 million debt maturity, pay down short-term debt and for general corporate purposes. Duke Energy's obligations under its euro-denominated fixed-rate notes were effectively converted to fixed-rate U.S. dollars at issuance through cross-currency swaps, mitigating foreign currency exchange risk associated with the interest and principal payments. See Note 15 for additional information. (c) Debt issued to repay a portion of short-term debt and for general corporate purposes. (d) Proceeds will be used to repay a portion of commercial paper and for general corporate purposes. (e) Debt issued to finance or refinance, in whole or in part, existing or new eligible projects under the sustainable financing framework. (f) Debt issued to repay a portion of outstanding intercompany short-term debt and for general company purposes. (g) Debt issued to refund the Ohio Air Quality Development Revenue Refunding bonds, previously held in treasury, which were used to finance or refinance portions of certain solid waste disposal facilities. The mandatory purchase date of these bonds is June 1, 2027. (h) Debt issued to provide funds to refund the prior bonds, which were used to finance or refinance portions of certain air and water pollution control equipment and solid waste disposal equipment. The mandatory purchase date of these bonds is October 1, 2026. (i) Debt issued to provide funds to refund the prior bonds, which were used to finance or refinance portions of certain air and water pollution control equipment and solid waste disposal equipment. The mandatory purchase date of these bonds is October 1, 2030. Year Ended December 31, 2021 Duke Duke Duke Duke Maturity Interest Duke Energy Energy Energy Energy Issuance Date Date Rate Energy (Parent) Carolinas Progress Florida Piedmont Unsecured Debt March 2021 a) March 2031 2.500 % $ 350 $ — $ — $ — $ — $ 350 June 2021 (b)(c) June 2023 0.299 % 500 500 — — — — June 2021 (c) June 2031 2.550 % 1,000 1,000 — — — — June 2021 (c) June 2041 3.300 % 750 750 — — — — June 2021 (c) June 2051 3.500 % 750 750 — — — — September 2021 (d) January 2082 3.250 % 500 500 — — — — Secured Debt November 2021 (e) July 2031 1.679 % 100 — 100 — — — November 2021 (e) July 2041 2.617 % 137 — 137 — — — November 2021 (e) July 2028 1.295 % 221 — — 221 — — November 2021 (e) July 2037 2.387 % 352 — — 352 — — November 2021 (e) July 2041 2.799 % 197 — — 197 — — First Mortgage Bonds April 2021 (f) April 2031 2.550 % 550 — 550 — — — April 2021 (f) April 2051 3.450 % 450 — 450 — — — August 2021 (g) August 2031 2.000 % 650 — — 650 — — August 2021 (g) August 2051 2.900 % 450 — — 450 — — December 2021 (h) December 2031 2.400 % 650 — — — 650 — December 2021 (h) December 2051 3.000 % 500 — — — 500 — Total issuances $ 8,107 $ 3,500 $ 1,237 $ 1,870 $ 1,150 $ 350 (a) Debt issued to repay at maturity $160 million senior unsecured notes due June 2021, pay down short-term debt and for general corporate purposes. (b) Debt has a floating interest rate. (c) Debt issued to repay $1.75 billion of Duke Energy (Parent) debt maturities, to repay a portion of short-term debt and for general corporate purposes. (d) Debt issued to repay in October 2021 $500 million of Duke Energy (Parent) unsecured notes. The interest rate resets every five years. (e) Debt issued to finance the North Carolina portion of storm restoration expenditures related to Hurricane Florence, Hurricane Michael, Hurricane Dorian and Winter Storm Diego. (f) Debt issued to repay at maturity $500 million first mortgage bonds due June 2021, pay down short-term debt and for general company purposes. (g) Debt issued to repay at maturity a total of $600 million first mortgage bonds due September 2021, pay down short-term debt and for general company purposes. (h) Proceeds were used to finance or refinance, in whole or in part, existing or new eligible projects under the sustainable financing framework. |
Schedule of Line of Credit Facilities | The table below includes the current borrowing sublimits and available capacity under these credit facilities. December 31, 2022 Duke Duke Duke Duke Duke Duke Duke Energy Energy Energy Energy Energy Energy (in millions) Energy (Parent) Carolinas Progress Florida Ohio Indiana Piedmont Facility size (a) $ 9,000 $ 2,375 $ 1,925 $ 800 $ 1,150 $ 900 $ 1,050 $ 800 Reduction to backstop issuances Commercial paper (b) (3,685) 463 (1,533) (389) (605) (522) (585) (514) Outstanding letters of credit (40) (27) (4) (2) (7) — — — Tax-exempt bonds (81) — — — — — (81) — Available capacity $ 5,194 $ 2,811 $ 388 $ 409 $ 538 $ 378 $ 384 $ 286 (a) Represents the sublimit of each borrower. (b) Duke Energy issued $625 million of commercial paper and loaned the proceeds through the money pool to Duke Energy Carolinas, Duke Energy Progress, Duke Energy Ohio and Duke Energy Indiana. The balances are classified as Long-Term Debt Payable to Affiliated Companies in the Consolidated Balance Sheets. |
Joint Ownership of Generating_2
Joint Ownership of Generating and Transmission Facilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Joint Ownership Of Generating And Transmission Facilities [Abstract] | |
Schedule Joint Ownership of Generating and Transmission Facilities | The following table presents the Duke Energy Registrants' interest of jointly owned plant or facilities and amounts included on the Consolidated Balance Sheets. All facilities are operated by the Duke Energy Registrants and are included in the Electric Utilities and Infrastructure segment. December 31, 2022 Construction Ownership Property, Plant Accumulated Work in (in millions except for ownership interest) Interest and Equipment Depreciation Progress Duke Energy Carolinas Catawba (units 1 and 2) (a) 19.25 % $ 1,047 $ 546 $ 32 W.S. Lee CC (b) 87.27 % 613 86 48 Duke Energy Indiana Gibson (unit 5) (c) 50.05 % 450 241 2 Vermillion (d) 62.50 % 182 113 1 Transmission and local facilities (c) Various 6,718 1,510 157 (a) Jointly owned with North Carolina Municipal Power Agency Number 1, NCEMC and PMPA. (b) Jointly owned with NCEMC. (c) Jointly owned with WVPA and IMPA. (d) Jointly owned with WVPA. |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Asset Retirement Obligations by Category | The following table presents the AROs recorded on the Consolidated Balance Sheets. December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Decommissioning of nuclear power facilities (a) $ 7,261 $ 3,009 $ 4,217 $ 3,948 $ 270 $ — $ — $ — Closure of ash impoundments 5,176 2,309 1,862 1,833 29 95 911 — Other 291 64 102 42 59 59 40 26 Total asset retirement obligation $ 12,728 $ 5,382 $ 6,181 $ 5,823 $ 358 $ 154 $ 951 $ 26 Less: Current portion 773 261 289 288 1 17 207 — Total noncurrent asset retirement obligation $ 11,955 $ 5,121 $ 5,892 $ 5,535 $ 357 $ 137 $ 744 $ 26 (a) Duke Energy amount includes purchase accounting adjustments related to the merger with Progress Energy. |
Public Utilities General Disclosures | The following table summarizes information about the most recent site-specific nuclear decommissioning cost studies. Decommissioning costs are stated in 2018 or 2019 dollars, depending on the year of the cost study, and include costs to decommission plant components not subject to radioactive contamination. Annual Funding Decommissioning (in millions) Requirement (a) Costs (a) Year of Cost Study Duke Energy $ 10 $ 9,105 2018 or 2019 Duke Energy Carolinas (b)(c) — 4,365 2018 Duke Energy Progress (d) 10 4,181 2019 Duke Energy Florida (e) — 559 N/A (a) Amount represents annual funding requirement for the current fiscal year. Amounts for Progress Energy equal the sum of Duke Energy Progress and Duke Energy Florida. (b) Decommissioning costs for Duke Energy Carolinas reflects its ownership interest in jointly owned reactors. Other joint owners are responsible for decommissioning costs related to their interest in the reactors. (c) Duke Energy Carolinas' site-specific nuclear decommissioning cost study completed in 2018 was filed with the NCUC and PSCSC in 2019. A new funding study was also completed and filed with the NCUC and PSCSC in 2019. (d) Duke Energy Progress' site-specific nuclear decommissioning cost study completed in 2019 was filed with the NCUC and PSCSC in March 2020. Duke Energy Progress also completed a funding study, which was filed with the NCUC and PSCSC in July 2020. In October 2021, Duke Energy Progress filed the 2019 nuclear decommissioning cost study with the FERC, as well as a revised rate schedule for decommissioning expense to be collected from wholesale customers. The FERC accepted the filing, as filed on December 9, 2021. (e) During 2019, Duke Energy Florida reached an agreement to transfer decommissioning work for Crystal River Unit 3 to a third party and decommissioning costs are based on the agreement with this third party rather than a cost study. Regulatory approval was received from the NRC and the FPSC in April 2020 and August 2020, respectively. The following table presents the fair value of NDTF assets legally restricted for purposes of settling AROs associated with nuclear decommissioning. Duke Energy Florida entered into an agreement with a third party to decommission Crystal River Unit 3 and was granted an exemption from the NRC, which allows for use of the NDTF for all aspects of nuclear decommissioning. The entire balance of Duke Energy Florida's NDTF may be applied toward license termination, spent fuel and site restoration costs incurred to decommission Crystal River Unit 3 and is excluded from the table below. See Note 17 for additional information related to the fair value of the Duke Energy Registrants' NDTFs. December 31, (in millions) 2022 2021 Duke Energy $ 7,466 $ 8,933 Duke Energy Carolinas 4,208 5,068 Duke Energy Progress 3,258 3,865 Unit Year of Expiration Duke Energy Carolinas Catawba Units 1 and 2 2043 McGuire Unit 1 2041 McGuire Unit 2 2043 Oconee Units 1 and 2 2033 Oconee Unit 3 2034 Duke Energy Progress Brunswick Unit 1 2036 Brunswick Unit 2 2034 Harris 2046 Robinson 2030 |
Rollforward Schedule of Asset Retirement Obligations | The following tables present changes in the liability associated with AROs. Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Balance at December 31, 2020 $ 12,854 $ 5,350 $ 6,149 $ 5,635 $ 514 $ 111 $ 1,176 $ 20 Accretion expense (a) 504 242 229 212 17 4 35 1 Liabilities settled (b) (613) (210) (324) (214) (110) (3) (77) — Liabilities incurred in the current year 14 8 6 — 6 — — — Revisions in estimates of cash flows (c) (159) (89) 52 42 10 24 (147) 1 Balance at December 31, 2021 12,600 5,301 6,112 5,675 437 136 987 22 Accretion expense (a) 501 242 229 215 14 6 30 1 Liabilities settled (b) (680) (234) (334) (228) (106) (13) (98) — Liabilities incurred in the current year 22 — 18 — 18 — 5 — Revisions in estimates of cash flows (c) 285 73 156 161 (5) 25 27 3 Balance at December 31, 2022 $ 12,728 $ 5,382 $ 6,181 $ 5,823 $ 358 $ 154 $ 951 $ 26 (a) Substantially all accretion expense for the years ended December 31, 2022, and 2021, relates to Duke Energy’s regulated operations and has been deferred in accordance with regulatory accounting treatment. (b) Amounts primarily relate to ash impoundment closures and nuclear decommissioning. (c) The amounts recorded represent the discounted cash flows for estimated closure costs as evaluated on a site-by-site basis. The increases in 2022 primarily relate to higher unit costs associated with basin closure and routine maintenance. The decreases in 2021 primarily relate to revised basin closure cost estimates, partially offset by increases related to new closure plan approvals, post closure maintenance and beneficiation costs. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | The composite weighted average depreciation rates, excluding nuclear fuel, are included in the table that follows. Years Ended December 31, 2022 2021 2020 Duke Energy 3.0 % 2.9 % 3.0 % Duke Energy Carolinas 2.7 % 2.7 % 2.8 % Progress Energy 3.2 % 3.1 % 3.2 % Duke Energy Progress 3.0 % 3.0 % 3.1 % Duke Energy Florida 3.5 % 3.3 % 3.3 % Duke Energy Ohio 2.9 % 2.9 % 2.9 % Duke Energy Indiana 3.6 % 3.6 % 3.5 % Piedmont 2.1 % 2.1 % 2.3 % The following tables summarize the property, plant and equipment for Duke Energy and its subsidiary registrants. December 31, 2022 Average Remaining Duke Duke Duke Duke Duke Useful Life Duke Energy Progress Energy Energy Energy Energy (in millions) (Years) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Land $ 2,232 $ 565 $ 993 $ 496 $ 497 $ 230 $ 124 $ 295 Plant – Regulated Electric generation, distribution and transmission 39 126,016 46,640 55,872 33,336 22,536 6,900 16,604 — Natural gas transmission and distribution 56 13,174 — — — — 3,773 — 9,401 Other buildings and improvements 40 2,537 973 647 341 306 398 336 183 Plant – Nonregulated Other buildings and improvements 10 369 — — — — — — — Nuclear fuel 3,081 1,723 1,358 1,358 — — — — Equipment 13 2,959 710 936 567 369 441 356 125 Construction in process 7,381 2,671 3,073 1,317 1,756 375 381 478 Other 15 6,090 1,368 1,943 1,460 476 380 320 387 Total property, plant and equipment (a) 163,839 54,650 64,822 38,875 25,940 12,497 18,121 10,869 Total accumulated depreciation – regulated (b)(c) (50,544) (18,669) (20,584) (14,201) (6,377) (3,250) (6,021) (2,081) Total accumulated depreciation – nonregulated (d) (1,556) — — — — — — — Facilities to be retired, net 9 — — — — — — 9 Total net property, plant and equipment $ 111,748 $ 35,981 $ 44,238 $ 24,674 $ 19,563 $ 9,247 $ 12,100 $ 8,797 (a) Includes finance leases of $816 million, $335 million, $674 million, $590 million, $84 million and $10 million at Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida and Duke Energy Indiana, respectively, primarily within Plant – Regulated. The Progress Energy, Duke Energy Progress and Duke Energy Florida amounts are net of $233 million, $81 million and $152 million, respectively, of accumulated amortization of finance leases. (b) Includes $1,683 million, $934 million, $749 million and $749 million of accumulated amortization of nuclear fuel at Duke Energy, Duke Energy Carolinas, Progress Energy and Duke Energy Progress, respectively. (c) Includes accumulated amortization of finance leases of $7 million, $51 million and $4 million at Duke Energy, Duke Energy Carolinas and Duke Energy Indiana, respectively. (d) Includes accumulated amortization of finance leases of ($1 million) at Duke Energy. December 31, 2021 Average Remaining Duke Duke Duke Duke Duke Useful Life Duke Energy Progress Energy Energy Energy Energy (in millions) (Years) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Land $ 2,145 $ 543 $ 957 $ 482 $ 475 $ 219 $ 122 $ 279 Plant – Regulated Electric generation, distribution and transmission 40 120,855 44,910 53,447 32,417 21,030 6,573 15,925 — Natural gas transmission and distribution 54 12,079 — — — — 3,347 — 8,732 Other buildings and improvements 37 1,921 550 514 228 286 381 321 155 Plant – Nonregulated Other buildings and improvements 11 401 — — — — — — — Nuclear fuel 3,181 1,856 1,325 1,325 — — — — Equipment 13 2,659 614 791 497 294 403 262 122 Construction in process 5,979 2,078 2,297 954 1,343 515 460 262 Other 14 5,276 1,323 1,563 1,115 437 287 253 368 Total property, plant and equipment (a) 154,496 51,874 60,894 37,018 23,865 11,725 17,343 9,918 Total accumulated depreciation – regulated (b)(c) (47,611) (17,854) (19,214) (13,387) (5,819) (3,106) (5,583) (1,899) Total accumulated depreciation – nonregulated (d) (1,493) — — — — — — — Facilities to be retired, net 144 102 26 26 — 6 — 11 Total net property, plant and equipment $ 105,536 $ 34,122 $ 41,706 $ 23,657 $ 18,046 $ 8,625 $ 11,760 $ 8,030 (a) Includes finance leases of $958 million, $335 million, $729 million, $627 million, $102 million, and $10 million at Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida and Duke Energy Indiana, respectively, primarily within Plant – Regulated. The Progress Energy, Duke Energy Progress and Duke Energy Florida amounts are net of $178 million, $45 million and $133 million, respectively, of accumulated amortization of finance leases. (b) Includes $1,799 million, $1,064 million, $735 million and $735 million of accumulated amortization of nuclear fuel at Duke Energy, Duke Energy Carolinas, Progress Energy and Duke Energy Progress, respectively. (c) Includes accumulated amortization of finance leases of $9 million, $33 million, and $3 million at Duke Energy, Duke Energy Carolinas and Duke Energy Indiana, respectively. (d) Includes accumulated amortization of finance leases of ($1 million) at Duke Energy. Duke Energy continues to execute on its business transformation strategy, including the evaluation of in-office work policies considering the experience with the COVID-19 pandemic and also workforce realignment of roles and responsibilities. In May 2021, Duke Energy management approved the sale of certain properties and entered into an agreement to exit certain leased space on December 31, 2021. The sale of the properties is subject to abandonment accounting and resulted in an impairment charge. Additionally, the exit of the leased space resulted in the impairment of related furniture, fixtures and equipment. During the year ended December 31, 2021, Duke Energy recorded a pretax charge to earnings of $192 million on the Consolidated Statements of Operations, which includes $133 million within Impairment of assets and other charges, $42 million within Operations, maintenance and other and $17 million within Depreciation and amortization. |
Schedule of Capitalized Interest | The following table presents capitalized interest, which includes the debt component of AFUDC. Years Ended December 31, (in millions) 2022 2021 2020 Duke Energy $ 118 $ 66 $ 96 Duke Energy Carolinas 50 29 28 Progress Energy 26 20 17 Duke Energy Progress 19 14 12 Duke Energy Florida 7 6 5 Duke Energy Ohio 14 20 26 Duke Energy Indiana (a) 3 (17) 10 Piedmont 4 9 8 (a) In 2021, Duke Energy Indiana is primarily compromised of ($24 million) of PISCC amortization, which is partially offset by $7 million of the debt component of AFUDC. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | The following tables show the carrying amount and accumulated amortization of intangible assets included in Other within Other Noncurrent Assets on the Consolidated Balance Sheets of the Duke Energy Registrants at December 31, 2022, and 2021. December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Emission allowances $ 8 $ — $ 5 $ 2 $ 3 $ — $ 2 $ — Renewable energy certificates 210 84 124 124 — 2 — — Other 55 — 4 1 3 — — 22 Total gross carrying amounts 273 84 133 127 6 2 2 22 Accumulated amortization – other (8) — (1) — (1) — — (2) Total accumulated amortization (8) — (1) — (1) — — (2) Total intangible assets, net $ 265 $ 84 $ 132 $ 127 $ 5 $ 2 $ 2 $ 20 December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Emission allowances $ 8 $ — $ 5 $ 2 $ 3 $ — $ 2 $ — Renewable energy certificates 204 73 131 131 — — — — Natural gas, coal and power contracts 24 — — — — — 24 — Other 28 — — — — — — — Total gross carrying amounts 264 73 136 133 3 — 26 — Accumulated amortization – natural gas, coal and power contracts (24) — — — — — (24) — Accumulated amortization – other (4) — — — — — — — Total accumulated amortization (28) — — — — — (24) — Total intangible assets, net $ 236 $ 73 $ 136 $ 133 $ 3 $ — $ 2 $ — |
Investments in Unconsolidated_2
Investments in Unconsolidated Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments In Unconsolidated Affiliates [Line Items] | |
Investments in Equity Method Unconsolidated Affiliates | The following table presents Duke Energy’s investments in unconsolidated affiliates accounted for under the equity method, as well as the respective equity in earnings, by segment, for periods presented in this filing. Years Ended December 31, 2022 2021 2020 Equity in Equity in Equity in earnings earnings earnings (in millions) Investments (losses) Investments (losses) (losses) Electric Utilities and Infrastructure $ 99 $ 7 $ 104 $ 7 $ (1) Gas Utilities and Infrastructure 240 21 231 8 (2,017) Other 116 85 122 47 13 Total $ 455 $ 113 $ 457 $ 62 $ (2,005) |
ACP | |
Investments In Unconsolidated Affiliates [Line Items] | |
Investments in Equity Method Unconsolidated Affiliates | For the year ended December 31, 2020, Duke Energy's investment in ACP met the requirements of S-X Rule 4-08(g) to provide summarized financial information. The following table provides summary information for ACP as required under S-X Rule 1-02(bb) for the period of significance in Duke Energy's consolidated statements of operations. For the years ended December 31, 2022, and 2021, there were no investments that met the significance requirements. Year Ended December 31, 2020 Net revenues $ — Operating loss (4,612) Net loss (4,512) Net loss attributable to Duke Energy $ (2,121) |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions, Other Revenue and Expense | Material amounts related to transactions with related parties included in the Consolidated Statements of Operations and Comprehensive Income are presented in the following table. Years Ended December 31, (in millions) 2022 2021 2020 Duke Energy Carolinas Corporate governance and shared service expenses (a) $ 838 $ 894 $ 753 Indemnification coverages (b) 28 24 20 Joint Dispatch Agreement (JDA) revenue (c) 109 41 25 JDA expense (c) 600 207 114 Intercompany natural gas purchases (d) 12 11 15 Progress Energy Corporate governance and shared service expenses (a) $ 818 $ 856 $ 715 Indemnification coverages (b) 43 41 36 JDA revenue (c) 600 207 114 JDA expense (c) 109 41 25 Intercompany natural gas purchases (d) 76 75 75 Duke Energy Progress Corporate governance and shared service expenses (a) $ 469 $ 504 $ 420 Indemnification coverages (b) 20 19 17 JDA revenue (c) 600 207 114 JDA expense (c) 109 41 25 Intercompany natural gas purchases (d) 76 75 75 Duke Energy Florida Corporate governance and shared service expenses (a) $ 349 $ 352 $ 295 Indemnification coverages (b) 23 22 19 Duke Energy Ohio Corporate governance and shared service expenses (a) $ 334 $ 329 $ 326 Indemnification coverages (b) 5 4 4 Duke Energy Indiana Corporate governance and shared service expenses (a) $ 447 $ 409 $ 401 Indemnification coverages (b) 8 8 8 Piedmont Corporate governance and shared service expenses (a) $ 155 $ 139 $ 140 Indemnification coverages (b) 3 3 3 Intercompany natural gas sales (d) 88 86 90 Natural gas storage and transportation costs (e) 23 22 23 (a) The Subsidiary Registrants are charged their proportionate share of corporate governance and other shared services costs, primarily related to human resources, employee benefits, information technology, legal and accounting fees, as well as other third-party costs. These amounts are primarily recorded in Operation, maintenance and other on the Consolidated Statements of Operations and Comprehensive Income. (b) The Subsidiary Registrants incur expenses related to certain indemnification coverages through Bison, Duke Energy’s wholly owned captive insurance subsidiary. These expenses are recorded in Operation, maintenance and other on the Consolidated Statements of Operations and Comprehensive Income. (c) Duke Energy Carolinas and Duke Energy Progress participate in a JDA, which allows the collective dispatch of power plants between the service territories to reduce customer rates. Revenues from the sale of power and expenses from the purchase of power pursuant to the JDA are recorded in Operating Revenues and Fuel used in electric generation and purchased power, respectively, on the Consolidated Statements of Operations and Comprehensive Income. (d) Piedmont provides long-term natural gas delivery service to certain Duke Energy Carolinas and Duke Energy Progress natural gas-fired generation facilities. Piedmont records the sales in Operating Revenues, and Duke Energy Carolinas and Duke Energy Progress record the related purchases as a component of Fuel used in electric generation and purchased power on their respective Consolidated Statements of Operations and Comprehensive Income. These intercompany revenues and expenses are eliminated in consolidation. (e) Piedmont has related party transactions as a customer of its equity method investments in Pine Needle, Hardy Storage, and Cardinal natural gas storage and transportation facilities. These expenses are included in Cost of natural gas on Piedmont's Consolidated Statements of Operations and Comprehensive Income. Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Carolinas Energy Progress Florida Ohio Indiana Piedmont December 31, 2022 Intercompany income tax receivable $ — $ 95 $ 36 $ 17 $ — $ — $ — Intercompany income tax payable 37 — — — 17 18 38 December 31, 2021 Intercompany income tax receivable $ — $ — $ — $ 40 $ 19 $ — $ — Intercompany income tax payable 62 — 84 — — 10 27 |
Derivatives and Hedging (Tables
Derivatives and Hedging (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Notional Amounts of Outstanding Derivative Positions | The following tables show notional amounts of outstanding derivatives related to interest rate risk. December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Indiana Ohio Cash flow hedges $ 500 $ — $ — $ — $ — $ — $ — Undesignated contracts 2,979 1,250 800 500 300 300 27 Total notional amount $ 3,479 $ 1,250 $ 800 $ 500 $ 300 $ 300 $ 27 December 31, 2021 Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy (in millions) Energy Carolinas Energy Progress Indiana Ohio Cash flow hedges $ 2,415 $ — $ — $ — $ — $ — Undesignated contracts 1,177 350 500 500 300 27 Total notional amount $ 3,592 $ 350 $ 500 $ 500 $ 300 $ 27 The tables below include volumes of outstanding commodity derivatives. Amounts disclosed represent the absolute value of notional volumes of commodity contracts excluding NPNS. The Duke Energy Registrants have netted contractual amounts where offsetting purchase and sale contracts exist with identical delivery locations and times of delivery. Where all commodity positions are perfectly offset, no quantities are shown. December 31, 2022 Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy Carolinas Energy Progress Ohio Indiana Piedmont Electricity (GWh) 14,086 — — — 1,820 12,266 — Natural gas (millions of Dth) 909 307 292 292 — 11 299 December 31, 2021 Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy Carolinas Energy Progress Ohio Indiana Piedmont Electricity (GWh) 12,369 — — — 1,681 10,688 — Natural gas (millions of Dth) 823 264 215 215 — 8 336 The following table shows Duke Energy's outstanding derivatives related to foreign currency risk. There were no fair value hedges in 2021. December 31, 2022 Receive Fair Value Pay Notional Notional Receive Hedge Gain (Loss) (a) (in millions) Pay Rate (in millions) Rate Maturity Date (in millions) Fair value hedges $ 645 4.75 % 600 euros 3.10 % June 2028 $ (3) 537 5.31 % 500 euros 3.85 % June 2034 (2) Total notional amount $ 1,182 1,100 euros $ (5) (a) Amounts are recorded in Other Income and expenses, net on the Consolidated Statement of Operations, which offsets an equal translation adjustment of the foreign denominated debt. See the Consolidated Statements of Comprehensive Income for amounts excluded from the assessment of effectiveness for which the difference between changes in fair value and periodic amortization is recorded. |
Location and Fair Value of Derivatives Recognized in the Consolidated Balance Sheets | The following tables show the fair value and balance sheet location of derivative instruments. Although derivatives subject to master netting arrangements are netted on the Consolidated Balance Sheets, the fair values presented below are shown gross and cash collateral on the derivatives has not been netted against the fair values shown. Derivative Assets December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Commodity Contracts Not Designated as Hedging Instruments Current $ 265 $ 132 $ 99 $ 99 $ — $ 5 $ 29 $ — Noncurrent 213 104 108 108 — — — — Total Derivative Assets – Commodity Contracts $ 478 $ 236 $ 207 $ 207 $ — $ 5 $ 29 $ — Interest Rate Contracts Designated as Hedging Instruments Current $ 101 $ — $ — $ — $ — $ — $ — $ — Not Designated as Hedging Instruments Current $ 228 $ 94 $ 41 $ 23 $ 17 $ — $ 81 $ — Noncurrent 29 — — — — — — — Total Derivative Assets – Interest Rate Contracts $ 358 $ 94 $ 41 $ 23 $ 17 $ — $ 81 $ — Total Derivative Assets $ 836 $ 330 $ 248 $ 230 $ 17 $ 5 $ 110 $ — Derivative Liabilities December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Commodity Contracts Not Designated as Hedging Instruments Current $ 175 $ 96 $ 36 $ 18 $ 19 $ — $ 16 $ 27 Noncurrent 202 31 30 30 — — — 141 Total Derivative Liabilities – Commodity Contracts $ 377 $ 127 $ 66 $ 48 $ 19 $ — $ 16 $ 168 Interest Rate Contracts Not Designated as Hedging Instruments Noncurrent 2 — — — — 2 — — Total Derivative Liabilities – Interest Rate Contracts $ 2 $ — $ — $ — $ — $ 2 $ — $ — Foreign Currency Contracts Designated as Hedging Instruments Current $ 18 $ — $ — $ — $ — $ — $ — $ — Noncurrent 40 — — — — — — — Total Derivative Liabilities – Foreign Currency Contracts $ 58 $ — $ — $ — $ — $ — $ — $ — Total Derivative Liabilities $ 437 $ 127 $ 66 $ 48 $ 19 $ 2 $ 16 $ 168 Derivative Assets December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Commodity Contracts Not Designated as Hedging Instruments Current $ 199 $ 99 $ 72 $ 72 $ — $ 2 $ 23 $ 3 Noncurrent 113 63 50 50 — — — — Total Derivative Assets – Commodity Contracts $ 312 $ 162 $ 122 $ 122 $ — $ 2 $ 23 $ 3 Interest Rate Contracts Designated as Hedging Instruments Current $ 3 $ — $ — $ — $ — $ — $ — $ — Noncurrent 3 — — — — — — — Not Designated as Hedging Instruments Current $ 2 $ — $ 2 $ 2 $ — $ — $ — $ — Total Derivative Assets – Interest Rate Contracts $ 8 $ — $ 2 $ 2 $ — $ — $ — $ — Total Derivative Assets $ 320 $ 162 $ 124 $ 124 $ — $ 2 $ 23 $ 3 Derivative Liabilities December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Not Designated as Hedging Instruments Current $ 72 $ 18 $ 19 $ 5 $ 14 $ — $ 13 $ 21 Noncurrent 132 9 5 5 — — — 118 Total Derivative Liabilities – Commodity Contracts $ 204 $ 27 $ 24 $ 10 $ 14 $ — $ 13 $ 139 Interest Rate Contracts Designated as Hedging Instruments Current $ 75 $ — $ — $ — $ — $ — $ — $ — Noncurrent 21 — — — — — — — Not Designated as Hedging Instruments Current 10 8 — — — 1 — — Noncurrent 18 — — — — 4 14 — Total Derivative Liabilities – Interest Rate Contracts $ 124 $ 8 $ — $ — $ — $ 5 $ 14 $ — Total Derivative Liabilities $ 328 $ 35 $ 24 $ 10 $ 14 $ 5 $ 27 $ 139 |
Offsetting Assets | The following tables present the line items on the Consolidated Balance Sheets where derivatives are reported. Substantially all of Duke Energy's outstanding derivative contracts are subject to enforceable master netting arrangements. The gross amounts offset in the tables below show the effect of these netting arrangements on financial position and include collateral posted to offset the net position. The amounts shown are calculated by counterparty. Accounts receivable or accounts payable may also be available to offset exposures in the event of bankruptcy. These amounts are not included in the tables below. Derivative Assets December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Current Gross amounts recognized $ 594 $ 226 $ 140 $ 122 $ 17 $ 5 $ 110 $ — Gross amounts offset (64) (33) (30) (30) — — — — Net amounts presented in Current Assets: Other $ 530 $ 193 $ 110 $ 92 $ 17 $ 5 $ 110 $ — Noncurrent Gross amounts recognized $ 242 $ 104 $ 108 $ 108 $ — $ — $ — $ — Gross amounts offset (97) (40) (57) (57) — — — — Net amounts presented in Other Noncurrent Assets: Other $ 145 $ 64 $ 51 $ 51 $ — $ — $ — $ — Derivative Assets December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Current Gross amounts recognized $ 204 $ 99 $ 74 $ 74 $ — $ 2 $ 23 $ 3 Gross amounts offset (25) (16) (9) (9) — — — — Net amounts presented in Current Assets: Other $ 179 $ 83 $ 65 $ 65 $ — $ 2 $ 23 $ 3 Noncurrent Gross amounts recognized $ 116 $ 63 $ 50 $ 50 $ — $ — $ — $ — Gross amounts offset (23) (15) (8) (8) — — — — Net amounts presented in Other Noncurrent Assets: Other $ 93 $ 48 $ 42 $ 42 $ — $ — $ — $ — |
Offsetting Liabilities | Derivative Liabilities December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Current Gross amounts recognized $ 193 $ 96 $ 36 $ 18 $ 19 $ — $ 16 $ 27 Gross amounts offset (49) (15) (18) (18) — — (16) — Net amounts presented in Current Liabilities: Other $ 144 $ 81 $ 18 $ — $ 19 $ — $ — $ 27 Noncurrent Gross amounts recognized $ 244 $ 31 $ 30 $ 30 $ — $ 2 $ — $ 141 Gross amounts offset (59) (29) (30) (30) — — — — Net amounts presented in Other Noncurrent Liabilities: Other $ 185 $ 2 $ — $ — $ — $ 2 $ — $ 141 Derivative Liabilities December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Current Gross amounts recognized $ 157 $ 26 $ 19 $ 5 $ 14 $ 1 $ 13 $ 21 Gross amounts offset (11) (6) (5) (5) — — — — Net amounts presented in Current Liabilities: Other $ 146 $ 20 $ 14 $ — $ 14 $ 1 $ 13 $ 21 Noncurrent Gross amounts recognized $ 171 $ 9 $ 5 $ 5 $ — $ 4 $ 14 $ 118 Gross amounts offset (12) (8) (5) (5) — — — — Net amounts presented in Other Noncurrent Liabilities: Other $ 159 $ 1 $ — $ — $ — $ 4 $ 14 $ 118 |
Derivative Contracts with Contingent Credit Features | The following tables show information with respect to derivative contracts that are in a net liability position and contain objective credit risk-related payment provisions. December 31, 2022 Duke Duke Duke Duke Energy Progress Energy Energy (in millions) Energy Carolinas Energy Progress Florida Aggregate fair value of derivatives in a net liability position $ 141 $ 86 $ 55 $ 48 $ 7 Fair value of collateral already posted — — — — — Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered 141 86 55 48 7 December 31, 2021 Duke Duke Duke Duke Energy Progress Energy Energy (in millions) Energy Carolinas Energy Progress Florida Aggregate fair value of derivatives in a net liability position $ 32 $ 18 $ 14 $ 10 $ 4 Fair value of collateral already posted — — — — — Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered 32 18 14 10 4 |
Investments in Debt and Equit_2
Investments in Debt and Equity Securities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investment [Line Items] | |
Summary of Investments in Debt and Equity Securities | The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS. December 31, 2022 December 31, 2021 Gross Gross Gross Gross Unrealized Unrealized Unrealized Unrealized Holding Holding Estimated Holding Holding Estimated (in millions) Gains Losses Fair Value Gains Losses Fair Value NDTF Cash and cash equivalents $ — $ — $ 215 $ — $ — $ 160 Equity securities 3,658 105 5,871 4,905 43 7,350 Corporate debt securities 1 85 641 39 6 829 Municipal bonds — 39 330 14 1 314 U.S. government bonds 2 112 1,423 31 12 1,568 Other debt securities — 18 156 3 1 180 Total NDTF Investments $ 3,661 $ 359 $ 8,636 $ 4,992 $ 63 $ 10,401 Other Investments Cash and cash equivalents $ — $ — $ 22 $ — $ — $ 36 Equity securities 21 16 128 36 — 156 Corporate debt securities — 12 84 2 1 119 Municipal bonds — 3 78 3 1 80 U.S. government bonds — 2 62 — — 56 Other debt securities — 3 41 — 1 45 Total Other Investments $ 21 $ 36 $ 415 $ 41 $ 3 $ 492 Total Investments $ 3,682 $ 395 $ 9,051 $ 5,033 $ 66 $ 10,893 |
Schedule of Realized Gain (Loss) | Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the years ended December 31, 2022, 2021 and 2020, were as follows. Years Ended December 31, (in millions) 2022 2021 2020 FV-NI: Realized gains $ 201 $ 724 $ 366 Realized losses 316 141 174 AFS: Realized gains 28 56 96 Realized losses 151 54 51 |
Investments Classified by Contractual Maturity Date | The table below summarizes the maturity date for debt securities. December 31, 2022 Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Indiana Due in one year or less $ 137 $ 7 $ 89 $ 24 $ 65 $ 8 Due after one through five years 807 287 443 244 199 22 Due after five through 10 years 469 230 193 178 15 6 Due after 10 years 1,402 774 552 517 35 24 Total $ 2,815 $ 1,298 $ 1,277 $ 963 $ 314 $ 60 |
Duke Energy Carolinas | |
Investment [Line Items] | |
Summary of Investments in Debt and Equity Securities | The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS. December 31, 2022 December 31, 2021 Gross Gross Gross Gross Unrealized Unrealized Unrealized Unrealized Holding Holding Estimated Holding Holding Estimated (in millions) Gains Losses Fair Value Gains Losses Fair Value NDTF Cash and cash equivalents $ — $ — $ 117 $ — $ — $ 53 Equity securities 2,147 51 3,367 2,887 19 4,265 Corporate debt securities 1 62 401 24 4 506 Municipal bonds — 10 64 2 — 48 U.S. government bonds 1 51 685 16 3 712 Other debt securities — 18 148 3 1 175 Total NDTF Investments $ 2,149 $ 192 $ 4,782 $ 2,932 $ 27 $ 5,759 |
Schedule of Realized Gain (Loss) | Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the years ended December 31, 2022, 2021 and 2020, were as follows. Years Ended December 31, (in millions) 2022 2021 2020 FV-NI: Realized gains $ 124 $ 440 $ 64 Realized losses 177 96 99 AFS: Realized gains 22 38 60 Realized losses 86 37 37 |
Progress Energy | |
Investment [Line Items] | |
Summary of Investments in Debt and Equity Securities | The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS. December 31, 2022 December 31, 2021 Gross Gross Gross Gross Unrealized Unrealized Unrealized Unrealized Holding Holding Estimated Holding Holding Estimated (in millions) Gains Losses Fair Value Gains Losses Fair Value NDTF Cash and cash equivalents $ — $ — $ 98 $ — $ — $ 107 Equity securities 1,511 54 2,504 2,018 24 3,085 Corporate debt securities — 23 240 15 2 323 Municipal bonds — 29 266 12 1 266 U.S. government bonds 1 61 738 15 9 856 Other debt securities — — 8 — — 5 Total NDTF Investments $ 1,512 $ 167 $ 3,854 $ 2,060 $ 36 $ 4,642 Other Investments Cash and cash equivalents $ — $ — $ 11 $ — $ — $ 20 Municipal bonds — — 25 2 — 26 Total Other Investments $ — $ — $ 36 $ 2 $ — $ 46 Total Investments $ 1,512 $ 167 $ 3,890 $ 2,062 $ 36 $ 4,688 |
Schedule of Realized Gain (Loss) | Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the years ended December 31, 2022, 2021 and 2020, were as follows. Years Ended December 31, (in millions) 2022 2021 2020 FV-NI: Realized gains $ 77 $ 284 $ 302 Realized losses 139 45 75 AFS: Realized gains 6 16 24 Realized losses 48 14 13 |
Duke Energy Progress | |
Investment [Line Items] | |
Summary of Investments in Debt and Equity Securities | The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS. December 31, 2022 December 31, 2021 Gross Gross Gross Gross Unrealized Unrealized Unrealized Unrealized Holding Holding Estimated Holding Holding Estimated (in millions) Gains Losses Fair Value Gains Losses Fair Value NDTF Cash and cash equivalents $ — $ — $ 56 $ — $ — $ 94 Equity securities 1,431 54 2,411 1,915 23 2,970 Corporate debt securities — 22 230 15 2 282 Municipal bonds — 29 266 12 1 266 U.S. government bonds 1 37 460 15 3 472 Other debt securities — — 7 — — 5 Total NDTF Investments $ 1,432 $ 142 $ 3,430 $ 1,957 $ 29 $ 4,089 Other Investments Cash and cash equivalents $ — $ — $ 9 $ — $ — $ 16 Total Other Investments $ — $ — $ 9 $ — $ — $ 16 Total Investments $ 1,432 $ 142 $ 3,439 $ 1,957 $ 29 $ 4,105 |
Schedule of Realized Gain (Loss) | Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the years ended December 31, 2022, 2021 and 2020, were as follows. Years Ended December 31, (in millions) 2022 2021 2020 FV-NI: Realized gains $ 76 $ 283 $ 52 Realized losses 136 44 59 AFS: Realized gains 6 15 24 Realized losses 44 13 13 |
Duke Energy Florida | |
Investment [Line Items] | |
Summary of Investments in Debt and Equity Securities | The following table presents the estimated fair value of investments in debt and equity securities; equity investments are classified as FV-NI and debt investments are classified as AFS. December 31, 2022 December 31, 2021 Gross Gross Gross Gross Unrealized Unrealized Unrealized Unrealized Holding Holding Estimated Holding Holding Estimated (in millions) Gains Losses Fair Value Gains Losses Fair Value NDTF Cash and cash equivalents $ — $ — $ 42 $ — $ — $ 13 Equity securities 80 — 93 103 1 115 Corporate debt securities — 1 10 — — 41 U.S. government bonds — 24 278 — 6 384 Other debt securities — — 1 — — — Total NDTF Investments (a) $ 80 $ 25 $ 424 $ 103 $ 7 $ 553 Other Investments Cash and cash equivalents $ — $ — $ 1 $ — $ — $ 3 Municipal bonds — — 25 2 — 26 Total Other Investments $ — $ — $ 26 $ 2 $ — $ 29 Total Investments $ 80 $ 25 $ 450 $ 105 $ 7 $ 582 (a) During the years ended December 31, 2022, and 2021, Duke Energy Florida continued to receive reimbursements from the NDTF for costs related to ongoing decommissioning activity of the Crystal River Unit 3. |
Schedule of Realized Gain (Loss) | Realized gains and losses, which were determined on a specific identification basis, from sales of FV-NI and AFS securities for the years ended December 31, 2022, 2021 and 2020, were as follows. Years Ended December 31, (in millions) 2022 2021 2020 FV-NI: Realized gains $ 1 $ 1 $ 250 Realized losses 3 1 16 AFS: Realized gains — 1 — Realized losses 4 1 — |
Duke Energy Indiana | |
Investment [Line Items] | |
Summary of Investments in Debt and Equity Securities | The following table presents the estimated fair value of investments in debt and equity securities; equity investments are measured at FV-NI and debt investments are classified as AFS. December 31, 2022 December 31, 2021 Gross Gross Gross Gross Unrealized Unrealized Unrealized Unrealized Holding Holding Estimated Holding Holding Estimated (in millions) Gains Losses Fair Value Gains Losses Fair Value Investments Cash and cash equivalents $ — $ — $ 1 $ — $ — $ — Equity securities 2 16 79 6 — 97 Corporate debt securities — 1 8 — — 6 Municipal bonds — 3 45 1 1 46 U.S. government bonds — — 7 — — 12 Total Investments $ 2 $ 20 $ 140 $ 7 $ 1 $ 161 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurement Amounts for Assets and Liabilities | The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets. Derivative amounts in the tables below for all Duke Energy Registrants exclude cash collateral, which is disclosed in Note 15. See Note 16 for additional information related to investments by major security type for the Duke Energy Registrants. December 31, 2022 (in millions) Total Fair Value Level 1 Level 2 Level 3 Not Categorized NDTF cash and cash equivalents $ 215 $ 215 $ — $ — $ — NDTF equity securities 5,871 5,829 — — 42 NDTF debt securities 2,550 780 1,770 — — Other equity securities 128 128 — — — Other debt securities 265 55 210 — — Other cash and cash equivalents 22 22 — — — Derivative assets 836 1 801 34 — Total assets 9,887 7,030 2,781 34 42 Derivative liabilities (437) (16) (421) — — Net assets (liabilities) $ 9,450 $ 7,014 $ 2,360 $ 34 $ 42 December 31, 2021 (in millions) Total Fair Value Level 1 Level 2 Level 3 Not Categorized NDTF cash and cash equivalents $ 160 $ 160 $ — $ — $ — NDTF equity securities 7,350 7,300 — — 50 NDTF debt securities 2,891 967 1,924 — — Other equity securities 156 156 — — — Other debt securities 300 45 255 — — Other cash and cash equivalents 36 36 — — — Derivative assets 320 3 293 24 — Total assets 11,213 8,667 2,472 24 50 Derivative liabilities (327) (13) (314) — — Net assets (liabilities) $ 10,886 $ 8,654 $ 2,158 $ 24 $ 50 |
Reconciliation of Assets and Liabilities Measured at Fair Value an a Recurring Basis Using Unobservable Inputs | The following table provides reconciliations of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements. Derivatives (net) Years Ended December 31, (in millions) 2022 2021 Balance at beginning of period $ 24 $ 8 Purchases, sales, issuances and settlements: Purchases 78 21 Settlements (36) (20) Total gains (losses) included on the Consolidated Balance Sheet (32) 15 Balance at end of period $ 34 $ 24 |
Quantitative Information Table - Level 3 | The following tables include quantitative information about the Duke Energy Registrants' derivatives classified as Level 3. December 31, 2022 Weighted Fair Value Average Investment Type (in millions) Valuation Technique Unobservable Input Range Range Duke Energy Ohio FTRs $ 5 RTO auction pricing FTR price – per MWh $ 0.89 – $ 6.25 $ 3.35 Duke Energy Indiana FTRs 29 RTO auction pricing FTR price – per MWh 0.09 – 21.79 2.74 Duke Energy Total Level 3 derivatives $ 34 December 31, 2021 Weighted Fair Value Average Investment Type (in millions) Valuation Technique Unobservable Input Range Range Duke Energy Ohio FTRs $ 2 RTO auction pricing FTR price – per MWh $ 0.06 – $ 1.79 $ 0.96 Duke Energy Indiana FTRs 22 RTO auction pricing FTR price – per MWh (1.18) – 13.11 2.68 Duke Energy Total Level 3 derivatives $ 24 |
Schedule of Long-Term Debt Fair Value | The fair value and book value of long-term debt, including current maturities, is summarized in the following table. The following disclosures include debt attributable to the Commercial Renewables Disposal Groups. See Note 2 for further details. Estimates determined are not necessarily indicative of amounts that could have been settled in current markets. Fair value of long-term debt uses Level 2 measurements. December 31, 2022 December 31, 2021 (in millions) Book Value Fair Value Book Value Fair Value Duke Energy (a) $ 71,215 $ 63,454 $ 63,835 $ 69,683 Duke Energy Carolinas 14,266 12,943 13,275 15,101 Progress Energy 22,439 20,467 20,823 23,751 Duke Energy Progress 11,087 9,689 10,249 11,252 Duke Energy Florida 9,709 8,991 8,482 9,772 Duke Energy Ohio 3,245 2,927 3,193 3,570 Duke Energy Indiana 4,307 3,913 4,323 5,067 Piedmont 3,363 2,940 2,968 3,278 (a) Book value of long-term de bt includes $1.17 billion as of December 31, 2022, and $1.25 billion as of December 31, 2021, of unamortized debt discount and premium, net in purchase accounting adjustments related to the mergers with Progress Energy and Piedmont that are excluded from fair value of long-term debt. |
Duke Energy Carolinas | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurement Amounts for Assets and Liabilities | The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets. December 31, 2022 (in millions) Total Fair Value Level 1 Level 2 Not Categorized NDTF cash and cash equivalents $ 117 $ 117 $ — $ — NDTF equity securities 3,367 3,325 — 42 NDTF debt securities 1,298 323 975 — Derivative assets 330 — 330 — Total assets 5,112 3,765 1,305 42 Derivative liabilities (127) — (127) — Net assets $ 4,985 $ 3,765 $ 1,178 $ 42 December 31, 2021 (in millions) Total Fair Value Level 1 Level 2 Not Categorized NDTF cash and cash equivalents $ 53 $ 53 $ — $ — NDTF equity securities 4,265 4,215 — 50 NDTF debt securities 1,441 339 1,102 — Derivative assets 162 — 162 — Total assets 5,921 4,607 1,264 50 Derivative liabilities (35) — (35) — Net assets $ 5,886 $ 4,607 $ 1,229 $ 50 |
Progress Energy | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurement Amounts for Assets and Liabilities | The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets. December 31, 2022 December 31, 2021 (in millions) Total Fair Value Level 1 Level 2 Total Fair Value Level 1 Level 2 NDTF cash and cash equivalents $ 98 $ 98 $ — $ 107 $ 107 $ — NDTF equity securities 2,504 2,504 — 3,085 3,085 — NDTF debt securities 1,252 457 795 1,450 628 822 Other debt securities 25 — 25 26 — 26 Other cash and cash equivalents 11 11 — 20 20 — Derivative assets 248 — 248 124 — 124 Total assets 4,138 3,070 1,068 4,812 3,840 972 Derivative liabilities (66) — (66) (24) — (24) Net assets $ 4,072 $ 3,070 $ 1,002 $ 4,788 $ 3,840 $ 948 |
Duke Energy Progress | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurement Amounts for Assets and Liabilities | The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets. December 31, 2022 December 31, 2021 (in millions) Total Fair Value Level 1 Level 2 Total Fair Value Level 1 Level 2 NDTF cash and cash equivalents $ 56 $ 56 $ — $ 94 $ 94 $ — NDTF equity securities 2,411 2,411 — 2,970 2,970 — NDTF debt securities 963 225 738 1,025 289 736 Other cash and cash equivalents 9 9 — 16 16 — Derivative assets 230 — 230 124 — 124 Total assets 3,669 2,701 968 4,229 3,369 860 Derivative liabilities (48) — (48) (10) — (10) Net assets $ 3,621 $ 2,701 $ 920 $ 4,219 $ 3,369 $ 850 |
Duke Energy Florida | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurement Amounts for Assets and Liabilities | The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets. December 31, 2022 December 31, 2021 (in millions) Total Fair Value Level 1 Level 2 Total Fair Value Level 1 Level 2 NDTF cash and cash equivalents $ 42 $ 42 $ — $ 13 $ 13 $ — NDTF equity securities 93 93 — 115 115 — NDTF debt securities 289 232 57 425 339 86 Other debt securities 25 — 25 26 — 26 Other cash and cash equivalents 1 1 — 3 3 — Derivative assets 17 — 17 — — — Total assets 467 368 99 582 470 112 Derivative liabilities (19) — (19) (14) — (14) Net assets $ 448 $ 368 $ 80 $ 568 $ 470 $ 98 |
Duke Energy Indiana | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurement Amounts for Assets and Liabilities | The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets. December 31, 2022 December 31, 2021 (in millions) Total Fair Value Level 1 Level 2 Level 3 Total Fair Value Level 1 Level 2 Level 3 Other equity securities $ 79 $ 79 $ — $ — $ 97 $ 97 $ — $ — Other debt securities 60 — 60 — 64 — 64 — Other cash equivalents 1 1 — — — — — — Derivative assets 110 — 81 29 23 1 — 22 Total assets 250 80 141 29 184 98 64 22 Derivative liabilities (16) (16) — — (27) (13) (14) — Net assets $ 234 $ 64 $ 141 $ 29 $ 157 $ 85 $ 50 $ 22 |
Reconciliation of Assets and Liabilities Measured at Fair Value an a Recurring Basis Using Unobservable Inputs | The following table provides a reconciliation of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements. Derivatives (net) Years Ended December 31, (in millions) 2022 2021 Balance at beginning of period $ 22 $ 6 Purchases, sales, issuances and settlements: Purchases 74 18 Settlements (32) (16) Total (losses) gains included on the Consolidated Balance Sheet (35) 14 Balance at end of period $ 29 $ 22 |
Piedmont | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurement Amounts for Assets and Liabilities | The following table provides recorded balances for assets and liabilities measured at fair value on a recurring basis on the Consolidated Balance Sheets. December 31, 2022 December 31, 2021 (in millions) Total Fair Value Level 1 Level 2 Total Fair Value Level 1 Level 2 Derivative assets $ — $ — $ — $ 3 $ 3 $ — Derivative liabilities (168) — (168) (139) — (139) Net (liabilities) assets $ (168) $ — $ (168) $ (136) $ 3 $ (139) |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Consolidated VIEs | |
Variable Interest Entity [Line Items] | |
Schedule of Variable Interest Entities | The following table summarizes the amounts and expiration dates of the credit facilities and associated restricted receivables described above. Duke Energy Duke Energy Duke Energy Duke Energy Carolinas Progress Florida (in millions) CRC DERF DEPR DEFR Expiration date February 2025 January 2025 April 2025 April 2023 Credit facility amount $ 350 $ 500 $ 400 $ 250 Amounts borrowed at December 31, 2022 350 471 400 250 Amounts borrowed at December 31, 2021 350 475 350 250 Restricted Receivables at December 31, 2022 917 928 793 490 Restricted Receivables at December 31, 2021 587 844 574 427 |
Consolidated VIEs | DEFPF | |
Variable Interest Entity [Line Items] | |
Schedule of Variable Interest Entities | The following table summarizes the impact of DEFPF on Duke Energy Florida's Consolidated Balance Sheets. December 31, (in millions) 2022 2021 Receivables of VIEs $ 6 $ 5 Regulatory Assets: Current 55 54 Current Assets: Other 41 39 Other Noncurrent Assets: Regulatory assets 826 883 Current Liabilities: Other 9 9 Current maturities of long-term debt 56 56 Long-Term Debt 890 946 |
Consolidated VIEs | DECNCSF and DEPNCSF | |
Variable Interest Entity [Line Items] | |
Schedule of Variable Interest Entities | The following table summarizes the impact of these VIEs on Duke Energy Carolinas’ and Duke Energy Progress’ Consolidated Balance Sheets. Duke Energy Carolinas Duke Energy Progress December 31, December 31, (in millions) 2022 2021 2022 2021 Regulatory Assets: Current $ 12 $ 12 $ 39 $ 39 Current Assets: Other 8 — 29 — Other Noncurrent Assets: Regulatory assets 208 220 681 720 Other Noncurrent Assets: Other 1 1 2 4 Current maturities of long-term debt 10 5 34 15 Current Liabilities: Other 3 1 8 2 Long-Term Debt 219 228 714 747 |
Non-consolidated VIEs | |
Variable Interest Entity [Line Items] | |
Schedule of Variable Interest Entities | The following tables summarize the impact of non-consolidated VIEs on the Consolidated Balance Sheets. December 31, 2022 Duke Energy Duke Duke Natural Gas Energy Energy (in millions) Investments Ohio Indiana Receivables from affiliated companies $ — $ 198 $ 317 Investments in equity method unconsolidated affiliates 43 — — Other noncurrent assets 45 — — Total assets $ 88 $ 198 $ 317 Other current liabilities 59 — — Other noncurrent liabilities 47 — — Total liabilities $ 106 $ — $ — Net (liabilities) assets $ (18) $ 198 $ 317 December 31, 2021 Duke Energy Duke Duke Natural Gas Energy Energy (in millions) Investments Ohio Indiana Receivables from affiliated companies $ — $ 79 $ 97 Investments in equity method unconsolidated affiliates 15 — — Other noncurrent assets 61 — — Total assets $ 76 $ 79 $ 97 Other current liabilities 47 — — Other noncurrent liabilities 54 — — Total liabilities $ 101 $ — $ — Net (liabilities) assets $ (25) $ 79 $ 97 |
Non-consolidated VIEs | CRC | |
Variable Interest Entity [Line Items] | |
Schedule of Variable Interest Entities | Key assumptions used in estimating fair value are detailed in the following table. Duke Energy Ohio Duke Energy Indiana 2022 2021 2022 2021 Anticipated credit loss ratio 0.5 % 0.5 % 0.3 % 0.3 % Discount rate 2.7 % 1.1 % 2.7 % 1.1 % Receivable turnover rate 13.5 % 13.5 % 11.3 % 11.3 % The following table shows the gross and net receivables sold. Duke Energy Ohio Duke Energy Indiana December 31, December 31, (in millions) 2022 2021 2022 2021 Receivables sold $ 423 $ 269 $ 508 $ 328 Less: Retained interests 198 79 317 97 Net receivables sold $ 225 $ 190 $ 191 $ 231 The following table shows sales and cash flows related to receivables sold. Duke Energy Ohio Duke Energy Indiana Years Ended December 31, Years Ended December 31, (in millions) 2022 2021 2020 2022 2021 2020 Sales Receivables sold $ 2,562 $ 2,023 $ 1,905 $ 3,744 $ 2,909 $ 2,631 Loss recognized on sale 18 10 10 26 13 12 Cash flows Cash proceeds from receivables sold 2,424 2,018 1,875 3,498 2,909 2,586 Collection fees received 1 1 1 2 1 1 Return received on retained interests 10 4 4 15 6 5 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | Supplemental requirements contracts that include contracted blocks of energy and capacity at contractually fixed prices have the following estimated remaining performance obligations: Remaining Performance Obligations (in millions) 2023 2024 2025 2026 2027 Thereafter Total Progress Energy $ 61 $ 66 $ 7 $ 7 $ 7 $ 36 $ 184 Duke Energy Progress 8 8 — — — — 16 Duke Energy Florida 53 58 7 7 7 36 168 Duke Energy Indiana 11 16 17 15 7 5 71 Remaining Performance Obligations (in millions) 2023 2024 2025 2026 2027 Thereafter Total Piedmont $ 68 $ 62 $ 61 $ 51 $ 49 $ 241 $ 532 |
Disaggregation of Revenue | Disaggregated revenues are presented as follows: Year Ended December 31, 2022 Duke Duke Duke Duke Duke (in millions) Duke Energy Progress Energy Energy Energy Energy By market or type of customer Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Electric Utilities and Infrastructure Residential $ 11,377 $ 3,275 $ 5,812 $ 2,378 $ 3,434 $ 862 $ 1,430 $ — General 7,356 2,396 3,396 1,480 1,916 517 1,049 — Industrial 3,504 1,251 1,095 770 325 202 956 — Wholesale 2,856 561 1,785 1,346 439 127 383 — Other revenues 795 372 994 768 226 61 19 — Total Electric Utilities and Infrastructure revenue from contracts with customers $ 25,888 $ 7,855 $ 13,082 $ 6,742 $ 6,340 $ 1,769 $ 3,837 $ — Gas Utilities and Infrastructure Residential $ 1,462 $ — $ — $ — $ — $ 488 $ — $ 974 Commercial 765 — — — — 180 — 585 Industrial 170 — — — — 24 — 144 Power Generation — — — — — — — 94 Other revenues 360 — — — — 25 — 271 Total Gas Utilities and Infrastructure revenue from contracts with customers $ 2,757 $ — $ — $ — $ — $ 717 $ — $ 2,068 Other Revenue from contracts with customers $ 30 $ — $ — $ — $ — $ — $ — $ — Total revenue from contracts with customers $ 28,675 $ 7,855 $ 13,082 $ 6,742 $ 6,340 $ 2,486 $ 3,837 $ 2,068 Other revenue sources (a) $ 93 $ 2 $ 43 $ 11 $ 13 $ 28 $ 85 $ 56 Total revenues $ 28,768 $ 7,857 $ 13,125 $ 6,753 $ 6,353 $ 2,514 $ 3,922 $ 2,124 (a) Other revenue sources include revenues from leases, derivatives and alternative revenue programs that are not considered revenues from contracts with customers. Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over or under collection of related revenues. Year Ended December 31, 2021 Duke Duke Duke Duke Duke (in millions) Duke Energy Progress Energy Energy Energy Energy By market or type of customer Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Electric Utilities and Infrastructure Residential $ 10,097 $ 3,054 $ 5,084 $ 2,156 $ 2,928 $ 767 $ 1,188 $ — General 6,375 2,210 2,883 1,378 1,505 440 825 — Industrial 2,924 1,145 894 634 260 135 750 — Wholesale 2,199 472 1,385 1,164 221 56 285 — Other revenues 879 264 716 387 329 83 86 — Total Electric Utilities and Infrastructure revenue from contracts with customers $ 22,474 $ 7,145 $ 10,962 $ 5,719 $ 5,243 $ 1,481 $ 3,134 $ — Gas Utilities and Infrastructure Residential $ 1,131 $ — $ — $ — $ — $ 354 $ — $ 777 Commercial 561 — — — — 143 — 418 Industrial 158 — — — — 20 — 137 Power Generation — — — — — — — 92 Other revenues 133 — — — — 28 — 45 Total Gas Utilities and Infrastructure revenue from contracts with customers $ 1,983 $ — $ — $ — $ — $ 545 $ — $ 1,469 Other Revenue from contracts with customers $ 29 $ — $ — $ — $ — $ — $ — $ — Total revenue from contracts with customers $ 24,486 $ 7,145 $ 10,962 $ 5,719 $ 5,243 $ 2,026 $ 3,134 $ 1,469 Other revenue sources (a) $ 135 $ (43) $ 95 $ 61 $ 16 $ 11 $ 40 $ 100 Total revenues $ 24,621 $ 7,102 $ 11,057 $ 5,780 $ 5,259 $ 2,037 $ 3,174 $ 1,569 (a) Other revenue sources include revenues from leases, derivatives and alternative revenue programs that are not considered revenues from contracts with customers. Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over or under collection of related revenues. Year Ended December 31, 2020 Duke Duke Duke Duke Duke (in millions) Duke Energy Progress Energy Energy Energy Energy By market or type of customer Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Electric Utilities and Infrastructure Residential $ 9,806 $ 2,997 $ 5,017 $ 2,059 $ 2,958 $ 726 $ 1,064 $ — General 6,194 2,233 2,779 1,312 1,467 442 740 — Industrial 2,859 1,137 901 649 252 137 683 — Wholesale 1,864 380 1,228 1,034 194 32 224 — Other revenues 914 281 596 294 302 82 72 — Total Electric Utilities and Infrastructure revenue from contracts with customers $ 21,637 $ 7,028 $ 10,521 $ 5,348 $ 5,173 $ 1,419 $ 2,783 $ — Gas Utilities and Infrastructure Residential $ 930 $ — $ — $ — $ — $ 300 $ — $ 630 Commercial 446 — — — — 117 — 329 Industrial 127 — — — — 17 — 110 Power Generation — — — — — — — 34 Other revenues 87 — — — — 17 — 70 Total Gas Utilities and Infrastructure revenue from contracts with customers $ 1,590 $ — $ — $ — $ — $ 451 $ — $ 1,173 Other Revenue from contracts with customers $ 26 $ — $ — $ — $ — $ — $ — $ — Total revenue from contracts with customers $ 23,253 $ 7,028 $ 10,521 $ 5,348 $ 5,173 $ 1,870 $ 2,783 $ 1,173 Other revenue sources (a) $ 113 $ (13) $ 106 $ 74 $ 15 $ (12) $ 12 $ 124 Total revenues $ 23,366 $ 7,015 $ 10,627 $ 5,422 $ 5,188 $ 1,858 $ 2,795 $ 1,297 (a) Other revenue sources include revenues from leases, derivatives and alternative revenue programs that are not considered revenues from contracts with customers. Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over or under collection of related revenues. |
Accounts Receivable, Allowance for Credit Loss | The following table presents the reserve for credit losses for trade and other receivables based on adoption of the new standard. Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Balance at December 31, 2019 $ 76 $ 10 $ 16 $ 8 $ 7 $ 4 $ 3 $ 6 Cumulative Change in Accounting Principle 5 1 2 1 1 — — 1 Write-Offs (58) (13) (23) (8) (14) — — (6) Credit Loss Expense 75 13 29 9 20 — — 11 Other Adjustments 48 12 13 13 — — — — Balance at December 31, 2020 $ 146 $ 23 $ 37 $ 23 $ 14 $ 4 $ 3 $ 12 Write-Offs (58) (21) (25) (12) (13) — — (9) Credit Loss Expense 53 27 25 11 14 — — 7 Other Adjustments (20) 13 (1) (1) 1 — — 5 Balance at December 31, 2021 $ 121 $ 42 $ 36 $ 21 $ 16 $ 4 $ 3 $ 15 Write-Offs (158) (73) (70) (36) (34) — — (12) Credit Loss Expense 160 40 72 17 55 2 1 11 Other Adjustments 93 59 43 42 (1) — — — Balance at December 31, 2022 $ 216 $ 68 $ 81 $ 44 $ 36 $ 6 $ 4 $ 14 |
Financing Receivable, Past Due | The aging of trade receivables is presented in the table below. December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Unbilled Receivables (a)(b) $ 1,457 $ 486 $ 355 $ 232 $ 123 $ 20 $ 28 $ 160 Current 2,347 577 1,059 637 417 15 52 265 1-30 days past due 261 96 60 15 45 5 17 15 31-60 days past due 123 23 61 49 12 6 2 3 61-90 days past due 74 25 18 9 9 3 11 2 91+ days past due 209 70 74 27 47 26 6 4 Deferred Payment Arrangements (c) 160 57 62 35 27 4 — 1 Trade and Other Receivables $ 4,631 $ 1,334 $ 1,689 $ 1,004 $ 680 $ 79 $ 116 $ 450 December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Unbilled Receivables (a)(b) $ 922 $ 316 $ 266 $ 193 $ 73 $ 4 $ 27 $ 106 Current 1,941 592 716 405 311 42 50 202 1-30 days past due 288 77 128 44 82 4 5 12 31-60 days past due 98 30 49 21 28 1 10 2 61-90 days past due 118 32 48 28 20 23 5 4 91+ days past due 161 84 37 9 28 24 6 3 Deferred Payment Arrangements (c) 115 55 45 22 23 2 — 4 Trade and Other Receivables $ 3,643 $ 1,186 $ 1,289 $ 722 $ 565 $ 100 $ 103 $ 333 (a) Unbilled revenues are recognized by applying customer billing rates to the estimated volumes of energy or natural gas delivered but not yet billed and are included within Receivables and Receivables of VIEs on the Consolidated Balance Sheets. (b) Duke Energy Ohio and Duke Energy Indiana sell, on a revolving basis, nearly all of their retail accounts receivable, including receivables for unbilled revenues, to an affiliate, CRC, and account for the transfers of receivables as sales. Accordingly, the receivables sold are not reflected on the Consolidated Balance Sheets of Duke Energy Ohio and Duke Energy Indiana. See Note 18 for further information. These receivables for unbilled revenues are $148 million and $260 million for Duke Energy Ohio and Duke Energy Indiana, respectively, as of December 31, 2022, and $82 million and $121 million for Duke Energy Ohio and Duke Energy Indiana, respectively, as of December 31, 2021. (c) Due to ongoing financial hardships impacting customers, Duke Energy has permitted customers to defer payment of past-due amounts through installment payment plans. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Schedule of Earnings Per Share | The following table presents Duke Energy’s basic and diluted EPS calculations, the weighted average number of common shares outstanding and common and preferred share dividends declared. Years Ended December 31, (in millions, except per share amounts) 2022 2021 2020 Net Income available to Duke Energy common stockholders $ 2,444 $ 3,802 $ 1,270 Less: (Loss) Income from discontinued operations attributable to Duke Energy common stockholders (1,215) 200 289 Accumulated preferred stock dividends adjustment — — 1 Less: Impact of participating securities 2 3 2 Income from continuing operations available to Duke Energy common stockholders $ 3,657 $ 3,599 $ 980 Loss from discontinued operations, net of tax $ (1,323) $ (144) $ (7) Add: Loss attributable to NCI 108 344 296 (Loss) Income from discontinued operations attributable to Duke Energy common stockholders $ (1,215) $ 200 $ 289 Weighted average common shares outstanding – basic 770 769 737 Equity forwards — — 1 Weighted average common shares outstanding – diluted 770 769 738 EPS from continuing operations available to Duke Energy common stockholders Basic and Diluted $ 4.74 $ 4.68 $ 1.33 (Loss) Earnings Per Share from discontinued operations attributable to Duke Energy common stockholders Basic and Diluted $ (1.57) $ 0.26 $ 0.39 Potentially dilutive items excluded from the calculation (a) 2 2 2 Dividends declared per common share $ 3.98 $ 3.90 $ 3.82 Dividends declared on Series A preferred stock per depositary share (b) $ 1.437 $ 1.437 $ 1.437 Dividends declared on Series B preferred stock per share (c) $ 48.750 $ 48.750 $ 49.292 (a) Performance stock awards were not included in the dilutive securities calculation because the performance measures related to the awards had not been met. (b) 5.75% Series A Cumulative Redeemable Perpetual Preferred Stock dividends are payable quarterly in arrears on the 16th day of March, June, September and December. The preferred stock has a $25 liquidation preference per depositary share. (c) 4.875% Series B Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock dividends are payable semiannually in arrears on the 16th day of March and September. The preferred stock has a $1,000 liquidation preference per share. On September 16, 2024, the First Call Date, and any fifth anniversary of the First Call Date, the dividend rate will reset based on the then current five-year U.S. Treasury rate plus a spread of 3.388%. |
Severance (Tables)
Severance (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Severance Expense | The following table presents the direct and allocated severance and related charges accrued for approximately 233 employees in 2022, 290 employees in 2021 and 30 e mployees in 2020, by the Duke Energy Registrants within Operation, maintenance and other on the Consolidated Statements of Operations. Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Year Ended December 31, 2022 (a)(b) $ 65 $ 40 $ 20 $ 17 $ 3 $ 1 $ 2 $ 2 Year Ended December 31, 2021 (c)(d) 69 33 26 20 6 2 3 2 Year Ended December 31, 2020 (e)(f) (85) (58) (28) (31) 3 — — — (a) Includes amortization of deferred severance charges of approximately $33 million, $22 million, $11 million and $11 million for Duke Energy, Duke Energy Carolinas, Progress Energy and Duke Energy Progress, respectively. (b) Includes adjustments associated with 2021 severance charges of approximately $(19) million, $(6) million, $(8) million, $(4) million, $(4) million, $(1) million, $(2) million and $(1) million for Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont, respectively. (c) Includes amortization of deferred severance charges of approximately $33 million, $22 million, $11 million and $11 million for Duke Energy, Duke Energy Carolinas, Progress Energy and Duke Energy Progress, respectively. (d) Includes adjustments associated with 2018 severance charges of approximately $(3) million, $(2) million and $(1) million for Duke Energy, Duke Energy Carolinas and Duke Energy Indiana, respectively. (e) Includes unamortized deferred severance charges of approximately $(86) million, $(57) million, $(29) million and $(29) million for Duke Energy, Duke Energy Carolinas, Progress Energy and Duke Energy Progress, respectively. (f) Includes adjustments associated with 2018 severance charges of approximately $(6) million, $(2) million, $(3) million and $(2) million for Duke Energy, Duke Energy Carolinas, Progress Energy and Duke Energy Progress, respectively. |
Schedule of Severance Liability | The table below presents the severance liability for past and ongoing severance plans including the plans described above. Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Balance at December 31, 2020 $ 11 $ 2 $ 3 $ 1 $ 2 $ — $ 1 $ — Provision/Adjustments 36 1 1 1 — — — — Cash Reductions (8) (1) (2) (1) (1) — (1) — Balance at December 31, 2021 $ 39 $ 2 $ 2 $ 1 $ 1 $ — $ — $ — Provision/Adjustments 33 14 4 3 1 — — 1 Cash Reductions (8) (1) — — — — — — Balance at December 31, 2022 $ 64 $ 15 $ 6 $ 4 $ 2 $ — $ — $ 1 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Total Stock-Based Compensation Expense, net of tax | The following table summarizes the total expense recognized by the Duke Energy Registrants, net of tax, for stock-based compensation. Years Ended December 31, (in millions) 2022 2021 2020 Duke Energy $ 74 $ 64 $ 61 Duke Energy Carolinas 27 23 22 Progress Energy 27 24 23 Duke Energy Progress 17 15 15 Duke Energy Florida 10 9 9 Duke Energy Ohio 5 5 4 Duke Energy Indiana 7 6 6 Piedmont 4 3 3 |
Schedule of Stock-Based Compensation Expense | Duke Energy's pretax stock-based compensation costs, the tax benefit associated with stock-based compensation expense and stock-based compensation costs capitalized are included in the following table. Years Ended December 31, (in millions) 2022 2021 2020 RSU awards $ 58 $ 49 $ 46 Performance awards 42 39 38 Pretax stock-based compensation cost $ 100 $ 88 $ 84 Stock-based compensation costs capitalized 5 5 5 Stock-based compensation expense $ 95 $ 83 $ 79 Tax benefit associated with stock-based compensation expense $ 21 $ 19 $ 18 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | The following table includes information related to RSU awards. Years Ended December 31, 2022 2021 2020 Shares granted (in thousands) 654 673 498 Fair value (in millions) $ 64 $ 59 $ 50 The following table summarizes information about RSU awards outstanding. Weighted Average Shares Grant Date Fair Value (in thousands) (per share) Outstanding at December 31, 2021 1,043 $ 92 Granted 654 98 Vested (527) 93 Forfeited (73) 94 Outstanding at December 31, 2022 1,097 95 RSU awards expected to vest 1,056 95 |
Schedule of Performance Awards | The following table includes information related to stock-based performance awards. Years Ended December 31, 2022 2021 2020 Shares granted assuming target performance (in thousands) 408 380 319 Fair value (in millions) $ 40 $ 33 $ 34 |
Schedule of Nonvested Performance-based Units Activity | The following table summarizes information about stock-based performance awards outstanding and assumes payout at the target level. Weighted Average Shares Grant Date Fair Value (in thousands) (per share) Outstanding at December 31, 2021 952 $ 93 Granted 408 99 Vested (297) 86 Forfeited (30) 96 Outstanding at December 31, 2022 1,033 97 Stock-based performance awards expected to vest 1,006 97 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | |
Pension Plan Contributions | The following table includes information related to the Duke Energy Registrants’ contributions to its qualified defined benefit pension plans. There were no contributions made in the years ended December 31, 2021 and 2020. Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Contributions Made: 2022 $ 58 $ 15 $ 13 $ 8 $ 5 $ 3 $ 5 $ 2 |
Fair Value and Allocation of Plan Assets | The following table includes the target asset allocations by asset class at December 31, 2022, and the actual asset allocations for the RCBP assets. Actual Allocation at Target December 31, Allocation 2022 2021 Global equity securities 45 % 49 % 24 % Global private equity securities 2 % 2 % 1 % Debt securities 35 % 30 % 62 % Return seeking debt securities 7 % 7 % 4 % Hedge funds 4 % 6 % 3 % Real estate and cash 7 % 6 % 6 % Total 100 % 100 % 100 % The following table includes the target asset allocations by asset class at December 31, 2022, and the actual asset allocations for the DELPP assets. Actual Allocation at Target December 31, Allocation 2022 2021 Global equity securities 14 % 14 % 24 % Global private equity securities 1 % — % 1 % Debt securities 80 % 80 % 62 % Return seeking debt securities 2 % 2 % 4 % Hedge funds 1 % 2 % 3 % Real estate and cash 2 % 2 % 6 % Total 100 % 100 % 100 % The following table presents target and actual asset allocations for the VEBA trusts at December 31, 2022. Actual Allocation at Target December 31, Allocation 2022 2021 U.S. equity securities 30 % 12 % 19 % Non-U.S. equity securities 5 % 5 % 5 % Real estate 1 % 3 % 3 % Debt securities 45 % 11 % 18 % Cash 19 % 69 % 55 % Total 100 % 100 % 100 % The following tables provide the fair value measurement amounts for the Duke Energy Corporation Master Retirement Trust qualified pension and other post-retirement assets. December 31, 2022 Total Fair Not (in millions) Value Level 1 Level 2 Level 3 Categorized (b) Equity securities $ 2,234 $ 2,014 $ 194 $ — $ 26 Corporate debt securities 2,944 — 2,944 — — Short-term investment funds 193 1 192 — — Partnership interests 62 — — 62 — Hedge funds 209 — — — 209 U.S. government securities 1,254 — 1,254 — — Governments bonds – foreign 112 — 112 — — Cash 45 45 — — — Government and commercial mortgage backed securities 6 — 6 — — Net pending transactions and other investments 14 5 9 — — Total assets (a) $ 7,073 $ 2,065 $ 4,711 $ 62 $ 235 (a) Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont were allocated approximately 27%, 33%, 15%, 18%, 5%, 7% and 3%, respectively, of the Duke Energy Corporation Master Retirement Trust at December 31, 2022. Accordingly, all amounts included in the table above are allocable to the Subsidiary Registrants using these percentages. (b) Certain investments that are measured at fair value using the net asset value per share practical expedient have not been categorized in the fair value hierarchy. December 31, 2021 Total Fair Not (in millions) Value Level 1 Level 2 Level 3 Categorized (b) Equity securities $ 2,575 $ 2,547 $ — $ — $ 28 Corporate debt securities 4,189 — 4,189 — — Short-term investment funds 382 272 110 — — Partnership interests 95 — — 95 — Hedge funds 216 — — — 216 U.S. government securities 1,618 — 1,618 — — Governments bonds – foreign 78 — 78 — — Cash 144 144 — — — Government and commercial mortgage backed securities 2 — 2 — — Net pending transactions and other investments 53 12 41 — — Total assets (a) $ 9,352 $ 2,975 $ 6,038 $ 95 $ 244 (a) Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont were allocated approximately 26%, 32%, 15%, 17%, 5%, 7% and 4%, respectively, of the Duke Energy Corporation Master Retirement Trust at December 31, 2021. Accordingly, all amounts included in the table above are allocable to the Subsidiary Registrants using these percentages. (b) Certain investments that are measured at fair value using the net asset value per share practical expedient have not been categorized in the fair value hierarchy. The following tables provide the fair value measurement amounts for VEBA trust assets. December 31, 2022 Total Fair (in millions) Value Level 2 Cash and cash equivalents $ 11 $ 11 Real estate 2 2 Equity securities 12 12 Debt securities 8 8 Total assets $ 33 $ 33 December 31, 2021 Total Fair (in millions) Value Level 2 Cash and cash equivalents $ 14 $ 14 Real estate 2 2 Equity securities 18 18 Debt securities 11 11 Total assets $ 45 $ 45 |
Master Trust Level 3 Rollforward | The following table provides a reconciliation of beginning and ending balances of Duke Energy Corporation Master Retirement Trust qualified pension and other post-retirement assets at fair value on a recurring basis where the determination of fair value includes significant unobservable inputs (Level 3). (in millions) 2022 2021 Balance at January 1 $ 95 $ — Sales (18) — Total gains and other, net (8) — Transfer of Level 3 assets from other classifications (7) 95 Balance at December 31 $ 62 $ 95 |
Employee Savings Plan Matching Contributions | The following table includes pretax employer matching contributions made by Duke Energy and expensed by the Subsidiary Registrants. Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Years ended December 31, 2022 $ 246 $ 76 $ 65 $ 43 $ 22 $ 6 $ 12 $ 13 2021 229 70 60 39 21 5 12 11 2020 213 67 57 38 19 5 11 13 |
Pension Plan | Qualified Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Components of Net Periodic Pension Costs | Components of Net Periodic Pension Costs Year Ended December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Service cost $ 152 $ 48 $ 43 $ 25 $ 17 $ 4 $ 9 $ 5 Interest cost on projected benefit obligation 249 59 77 35 41 13 20 8 Expected return on plan assets (558) (152) (183) (88) (94) (23) (37) (24) Amortization of actuarial loss 81 16 23 12 12 4 9 5 Amortization of prior service credit (18) (3) — — — — (2) (7) Amortization of settlement charges (c) 32 9 8 7 1 5 1 7 MRVA method change 24 — 24 — 24 — — — Net periodic pension costs (a)(b) $ (38) $ (23) $ (8) $ (9) $ 1 $ 3 $ — $ (6) Year Ended December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Service cost $ 176 $ 56 $ 50 $ 29 $ 21 $ 5 $ 10 $ 6 Interest cost on projected benefit obligation 220 51 70 30 39 13 18 7 Expected return on plan assets (558) (141) (187) (84) (102) (28) (40) (20) Amortization of actuarial loss 133 29 38 18 20 7 13 10 Amortization of prior service credit (29) (8) (2) (1) (1) (1) (2) (9) Amortization of settlement charges 9 5 2 2 1 — — 1 Net periodic pension costs (a)(b) $ (49) $ (8) $ (29) $ (6) $ (22) $ (4) $ (1) $ (5) Year Ended December 31, 2020 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Service cost $ 165 $ 51 $ 48 $ 27 $ 21 $ 5 $ 9 $ 6 Interest cost on projected benefit obligation 269 62 85 38 46 15 22 9 Expected return on plan assets (572) (145) (190) (87) (101) (28) (42) (21) Amortization of actuarial loss 128 28 41 18 23 6 12 9 Amortization of prior service credit (32) (8) (3) (2) (1) — (2) (9) Amortization of settlement charges (c) 18 9 7 6 1 — 1 1 Net periodic pension costs (a)(b) $ (24) $ (3) $ (12) $ — $ (11) $ (2) $ — $ (5) (a) Duke Energy amounts exclude $3 million, $3 million and $4 million for the years ended December 2022, 2021 and 2020, respectively, of regulatory asset amortization resulting from purchase accounting adjustments associated with Duke Energy's merger with Cinergy in April 2006. (b) Duke Energy Ohio amounts exclude $1 million, $1 million and $2 million for the years ended December 2022, 2021 and 2020, respectively, of regulatory asset amortization resulting from purchase accounting adjustments associated with Duke Energy's merger with Cinergy in April 2006. (c) Includes settlement charges not deferred as a regulatory asset. |
Amounts Recognized in AOCI and Regulatory Assets and Liabilities | Amounts Recognized in Accumulated Other Comprehensive Income and Regulatory Assets Year Ended December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Regulatory assets, net increase (decrease) $ 367 $ 221 $ 107 $ 101 $ 5 $ (1) $ (12) $ 9 Accumulated other comprehensive loss (income) Deferred income tax expense $ (7) $ — $ (1) $ — $ — $ — $ — $ — Amortization of prior year service credit — — — — — — — — Amortization of prior year actuarial losses 37 — 2 — — — — — Net amount recognized in accumulated other comprehensive income $ 30 $ — $ 1 $ — $ — $ — $ — $ — Year Ended December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Regulatory assets, net decrease $ (261) $ (57) $ (128) $ (31) $ (97) $ (17) $ (19) $ (5) Accumulated other comprehensive loss (income) Deferred income tax expense $ 1 $ — $ — $ — $ — $ — $ — $ — Amortization of prior year service credit 1 — — — — — — — Amortization of prior year actuarial losses (8) — (1) — — — — — Net amount recognized in accumulated other comprehensive income $ (6) $ — $ (1) $ — $ — $ — $ — $ — |
Reconciliation of Funded Status to Net Amount Recognized | Reconciliation of Funded Status to Net Amount Recognized Year Ended December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Change in Projected Benefit Obligation Obligation at prior measurement date $ 8,207 $ 1,903 $ 2,560 $ 1,153 $ 1,392 $ 450 $ 680 $ 273 Service cost 145 47 40 24 16 4 8 5 Interest cost 249 59 77 35 41 13 20 8 Actuarial gain (1,490) (301) (513) (197) (312) (84) (143) (47) Benefits paid (753) (159) (184) (101) (82) (50) (66) (69) Transfers — 5 (5) (5) — — — — Obligation at measurement date $ 6,358 $ 1,554 $ 1,975 $ 909 $ 1,055 $ 333 $ 499 $ 170 Accumulated Benefit Obligation at measurement date $ 6,324 $ 1,556 $ 1,959 $ 910 $ 1,038 $ 327 $ 495 $ 170 Change in Fair Value of Plan Assets Plan assets at prior measurement date $ 9,235 $ 2,365 $ 3,053 $ 1,421 $ 1,610 $ 438 $ 669 $ 334 Employer contributions 58 15 13 8 5 3 5 2 Actual return on plan assets (1,547) (411) (506) (240) (262) (68) (107) (64) Benefits paid (753) (159) (184) (101) (82) (50) (66) (69) Transfers — 5 (5) (5) — — — — Plan assets at measurement date $ 6,993 $ 1,815 $ 2,371 $ 1,083 $ 1,271 $ 323 $ 501 $ 203 Funded status of plan $ 635 $ 261 $ 396 $ 174 $ 216 $ (10) $ 2 $ 33 Year Ended December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Change in Projected Benefit Obligation Obligation at prior measurement date $ 8,634 $ 1,988 $ 2,715 $ 1,193 $ 1,507 $ 502 $ 715 $ 293 Service cost 168 54 48 28 20 5 9 6 Interest cost 220 51 70 30 39 13 18 7 Actuarial gain (200) (42) (108) (18) (89) (10) (10) (5) Benefits paid (615) (148) (161) (80) (81) (50) (52) (28) Transfers — — (4) — (4) (10) — — Obligation at measurement date $ 8,207 $ 1,903 $ 2,560 $ 1,153 $ 1,392 $ 450 $ 680 $ 273 Accumulated Benefit Obligation at measurement date $ 8,144 $ 1,904 $ 2,529 $ 1,154 $ 1,361 $ 439 $ 672 $ 274 Change in Fair Value of Plan Assets Plan assets at prior measurement date $ 9,337 $ 2,381 $ 3,049 $ 1,422 $ 1,605 $ 472 $ 684 $ 343 Actual return on plan assets 513 132 169 79 90 26 37 19 Benefits paid (615) (148) (161) (80) (81) (50) (52) (28) Transfers — — (4) — (4) (10) — — Plan assets at measurement date $ 9,235 $ 2,365 $ 3,053 $ 1,421 $ 1,610 $ 438 $ 669 $ 334 Funded status of plan $ 1,028 $ 462 $ 493 $ 268 $ 218 $ (12) $ (11) $ 61 |
Amounts Recognized in the Consolidated Balance Sheet | Amounts Recognized in the Consolidated Balance Sheets December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Prefunded pension (a) $ 885 $ 261 $ 396 $ 174 $ 216 $ 62 $ 90 $ 33 Noncurrent pension liability (b) $ 250 $ — $ — $ — $ — $ 72 $ 88 $ — Net asset (liability) recognized $ 635 $ 261 $ 396 $ 174 $ 216 $ (10) $ 2 $ 33 Regulatory assets $ 2,016 $ 545 $ 670 $ 353 $ 316 $ 92 $ 178 $ 84 Accumulated other comprehensive (income) loss Deferred income tax benefit $ (27) $ — $ (1) $ — $ — $ — $ — $ — Prior service credit (1) — — — — — — — Net actuarial loss 129 — 3 — — — — — Net amounts recognized in accumulated other comprehensive loss $ 101 $ — $ 2 $ — $ — $ — $ — $ — December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Prefunded pension (a) $ 1,071 $ 462 $ 494 $ 268 $ 219 $ 74 $ 100 $ 61 Noncurrent pension liability (b) $ 43 $ — $ 1 $ — $ 1 $ 86 $ 111 $ — Net asset (liability) recognized $ 1,028 $ 462 $ 493 $ 268 $ 218 $ (12) $ (11) $ 61 Regulatory assets $ 1,649 $ 324 $ 563 $ 252 $ 311 $ 93 $ 190 $ 75 Accumulated other comprehensive (income) loss Deferred income tax benefit $ (20) $ — $ — $ — $ — $ — $ — $ — Prior service credit (1) — — — — — — — Net actuarial loss 92 — 1 — — — — — Net amounts recognized in accumulated other comprehensive loss $ 71 $ — $ 1 $ — $ — $ — $ — $ — (a) Included in Other within Other Noncurrent Assets on the Consolidated Balance Sheets. (b) Included in Accrued pension and other post-retirement benefit costs on the Consolidated Balance Sheets. |
Information for Plans with Accumulated Benefit Obligation in Excess of Plan Assets | Information for Plans with Accumulated Benefit Obligation in Excess of Plan Assets December 31, 2022 Duke Duke Duke Energy Energy (in millions) Energy Ohio Indiana Projected benefit obligation $ 3,323 $ 103 $ 198 Accumulated benefit obligation 3,288 99 193 Fair value of plan assets 3,073 31 110 December 31, 2021 Duke Duke Energy Energy (in millions) Ohio Indiana Projected benefit obligation $ 153 $ 284 Accumulated benefit obligation 143 275 Fair value of plan assets 67 173 |
Assumptions Used for Pension Benefits Accounting | The following tables present the assumptions or range of assumptions used for pension benefit accounting. December 31, 2022 2021 2020 Benefit Obligations Discount rate 5.60% 2.90% 2.60% Interest crediting rate 4.35% 4.00% 4.00% Salary increase 3.50 % – 4.00% 3.50 % – 4.00% 3.50 % – 4.00% Net Periodic Benefit Cost Discount rate 2.90 % – 5.70% 2.60% 3.30% Interest crediting rate 4.00% 4.00% 4.00% Salary increase 3.50 % – 4.00% 3.50 % – 4.00% 3.50 % – 4.00% Expected long-term rate of return on plan assets 6.50% 6.50% 6.85% |
Expected Benefit Payments | Expected Benefit Payments Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Years ending December 31, 2023 $ 661 $ 186 $ 183 $ 99 $ 83 $ 32 $ 45 $ 19 2024 635 176 180 95 84 31 45 18 2025 629 174 183 97 85 31 44 16 2026 607 164 180 91 87 30 44 16 2027 592 156 177 89 87 29 43 15 2028-2032 2,581 628 804 372 427 135 205 71 |
Other Post-Retirement Benefit Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Components of Net Periodic Pension Costs | Components of Net Periodic Other Post-Retirement Benefit Costs Year Ended December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Service cost $ 3 $ 1 $ — $ — $ — $ — $ — $ — Interest cost on accumulated post-retirement benefit obligation 17 4 7 4 3 1 1 1 Expected return on plan assets (10) (6) — — — — — (2) Amortization of actuarial loss 2 — 1 1 1 — — — Amortization of prior service credit (8) (3) (2) (1) (1) — — (2) Net periodic post-retirement benefit costs (a)(b) $ 4 $ (4) $ 6 $ 4 $ 3 $ 1 $ 1 $ (3) Year Ended December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Service cost $ 4 $ 1 $ 1 $ — $ — $ — $ 1 $ — Interest cost on accumulated post-retirement benefit obligation 18 4 7 4 3 1 1 1 Expected return on plan assets (11) (7) — — — — — (2) Amortization of actuarial loss 2 — 1 — 1 — 4 — Amortization of prior service credit (13) (4) (2) (1) (1) (1) (1) (2) Net periodic post-retirement benefit costs (a)(b) $ — $ (6) $ 7 $ 3 $ 3 $ — $ 5 $ (3) Year Ended December 31, 2020 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Service cost $ 4 $ 1 $ 1 $ — $ — $ — $ 1 $ — Interest cost on accumulated post-retirement benefit obligation 23 5 10 5 4 1 2 1 Expected return on plan assets (13) (8) — — — — — (2) Amortization of actuarial loss 2 — 1 — 1 — 4 — Amortization of prior service credit (14) (4) (3) (1) (2) (1) (1) (2) Net periodic post-retirement benefit costs (a)(b) $ 2 $ (6) $ 9 $ 4 $ 3 $ — $ 6 $ (3) (a) Duke Energy amounts exclude $4 million, $5 million and $6 million for the years ended December 2022, 2021 and 2020, respectively, of regulatory asset amortization resulting from purchase accounting adjustments associated with Duke Energy's merger with Cinergy in April 2006. (b) Duke Energy Ohio amounts exclude $1 million, $1 million and $1 million for the years ended December 2022, 2021 and 2020, respectively, of regulatory asset amortization resulting from purchase accounting adjustments associated with Duke Energy's merger with Cinergy in April 2006. |
Amounts Recognized in AOCI and Regulatory Assets and Liabilities | Amounts Recognized in Accumulated Other Comprehensive Income and Regulatory Assets and Liabilities Year Ended December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Regulatory assets, net (decrease) increase $ (79) $ — $ (80) $ (45) $ (36) $ — $ (3) $ — Regulatory liabilities, net increase (decrease) $ 27 $ — $ — $ — $ — $ — $ 19 $ (5) Accumulated other comprehensive (income) loss Amortization of prior year actuarial gain $ 1 $ — $ — $ — $ — $ — $ — $ — Net amount recognized in accumulated other comprehensive income $ 1 $ — $ — $ — $ — $ — $ — $ — Year Ended December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Regulatory assets, net (decrease) increase $ (15) $ — $ (18) $ (9) $ (9) $ 4 $ (4) $ — Regulatory liabilities, net increase $ 23 $ 12 $ — $ — $ — $ 4 $ 1 $ 2 Accumulated other comprehensive (income) loss Amortization of prior year actuarial gain $ (1) $ — $ — $ — $ — $ — $ — $ — Net amount recognized in accumulated other comprehensive income $ (1) $ — $ — $ — $ — $ — $ — $ — |
Reconciliation of Funded Status to Net Amount Recognized | Reconciliation of Funded Status to Accrued Other Post-Retirement Benefit Costs Year Ended December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Change in Projected Benefit Obligation Accumulated post-retirement benefit obligation at prior measurement date $ 625 $ 149 $ 263 $ 147 $ 112 $ 25 $ 54 $ 27 Service cost 3 1 — — — — — — Interest cost 17 4 7 4 3 1 1 1 Plan participants' contributions 11 2 4 2 2 1 1 — Actuarial gains (80) (17) (43) (27) (16) (3) (1) (5) Plan amendments (71) (11) (37) (18) (19) — (17) — Benefits paid (68) (16) (26) (13) (13) (4) (8) (2) Accumulated post-retirement benefit obligation at measurement date $ 437 $ 112 $ 168 $ 95 $ 69 $ 20 $ 30 $ 21 Change in Fair Value of Plan Assets Plan assets at prior measurement date $ 211 $ 135 $ (1) $ (2) $ (2) $ 9 $ 6 $ 39 Actual return on plan assets (31) (19) — — — (2) — (7) Benefits paid (68) (16) (26) (13) (13) (4) (8) (2) Employer contributions 39 3 23 11 11 3 4 1 Plan participants' contributions 11 2 4 2 2 1 1 — Plan assets at measurement date $ 162 $ 105 $ — $ (2) $ (2) $ 7 $ 3 $ 31 Funded status of plan $ (275) $ (7) $ (168) $ (97) $ (71) $ (13) $ (27) $ 10 Year Ended December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Change in Projected Benefit Obligation Accumulated post-retirement benefit obligation at prior measurement date $ 709 $ 174 $ 299 $ 166 $ 130 $ 27 $ 61 $ 30 Service cost 4 1 1 — — — 1 — Interest cost 18 4 7 4 3 1 1 1 Plan participants' contributions 14 3 5 3 2 1 2 — Actuarial gains (47) (14) (20) (10) (10) (1) (2) (2) Benefits paid (73) (19) (29) (16) (13) (3) (9) (2) Accumulated post-retirement benefit obligation at measurement date $ 625 $ 149 $ 263 $ 147 $ 112 $ 25 $ 54 $ 27 Change in Fair Value of Plan Assets Plan assets at prior measurement date $ 237 $ 139 $ (1) $ (2) $ (1) $ 9 $ 7 $ 37 Actual return on plan assets 15 9 — — — 1 — 3 Benefits paid (73) (19) (29) (16) (13) (3) (9) (2) Employer contributions 18 3 24 13 10 1 6 1 Plan participants' contributions 14 3 5 3 2 1 2 — Plan assets at measurement date $ 211 $ 135 $ (1) $ (2) $ (2) $ 9 $ 6 $ 39 Funded status of plan $ (414) $ (14) $ (264) $ (149) $ (114) $ (16) $ (48) $ 12 |
Amounts Recognized in the Consolidated Balance Sheet | Amounts Recognized in the Consolidated Balance Sheets December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Prefunded post-retirement benefit $ — $ — $ — $ — $ — $ 1 $ — $ 10 Current post-retirement liability (a) 9 — 5 3 2 2 — — Noncurrent post-retirement liability (b) 266 7 163 94 69 12 27 — Net liability (asset) recognized $ 275 $ 7 $ 168 $ 97 $ 71 $ 13 $ 27 $ (10) Regulatory assets $ 50 $ — $ 46 $ 34 $ 11 $ 4 $ 25 $ — Regulatory liabilities $ 189 $ 44 $ — $ — $ — $ 21 $ 82 $ — Accumulated other comprehensive (income) loss Deferred income tax expense $ 3 $ — $ — $ — $ — $ — $ — $ — Prior service credit (1) — — — — — — — Net actuarial gain (13) — — — — — — — Net amounts recognized in accumulated other comprehensive income $ (11) $ — $ — $ — $ — $ — $ — $ — December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Prefunded post-retirement benefit $ 12 $ — $ — $ — $ — $ 1 $ — $ 12 Current post-retirement liability (a) 9 — 5 3 2 1 — — Noncurrent post-retirement liability (b) 417 14 259 146 112 16 48 — Net liability (asset) recognized $ 414 $ 14 $ 264 $ 149 $ 114 $ 16 $ 48 $ (12) Regulatory assets $ 129 $ — $ 126 $ 79 $ 47 $ 4 $ 28 $ — Regulatory liabilities $ 162 $ 44 $ — $ — $ — $ 21 $ 63 $ 5 Accumulated other comprehensive (income) loss Deferred income tax expense $ 3 $ — $ — $ — $ — $ — $ — $ — Prior service credit (1) — — — — — — — Net actuarial gain (14) — — — — — — — Net amounts recognized in accumulated other comprehensive income $ (12) $ — $ — $ — $ — $ — $ — $ — (a) Included in Other within Current Liabilities on the Consolidated Balance Sheets. (b) Included in Accrued pension and other post-retirement benefit costs on the Consolidated Balance Sheets. |
Assumptions Used for Pension Benefits Accounting | The following tables present the assumptions used for other post-retirement benefits accounting. December 31, 2022 2021 2020 Benefit Obligations Discount rate 5.60 % 2.90 % 2.60 % Net Periodic Benefit Cost Discount rate 2.90 % 2.60 % 3.30 % Expected long-term rate of return on plan assets 6.50 % 6.50 % 6.85 % |
Expected Benefit Payments | Expected Benefit Payments Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Years ending December 31, 2023 $ 68 $ 16 $ 25 $ 14 $ 11 $ 3 $ 7 $ 2 2024 49 13 18 10 7 3 4 2 2025 45 12 16 9 7 2 3 2 2026 41 11 15 9 6 2 3 2 2027 38 10 14 8 6 2 3 2 2028-2032 158 41 61 36 25 8 9 9 |
Assumed Health Care Cost Trend Rate | Assumed Health Care Cost Trend Rate December 31, 2022 2021 Health care cost trend rate assumed for next year 6.50 % 6.25 % Rate to which the cost trend is assumed to decline (the ultimate trend rate) 4.75 % 4.75 % Year that rate reaches ultimate trend 2030-2032 2028 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Components of Income Tax Expense Tax benefit from discontinued operations, in the following tables, includes income tax benefits related to the Commercial Renewables Disposal Groups. See Note 2 for further details. Year Ended December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Current income taxes Federal $ 1 $ (71) $ (13) $ 37 $ (37) $ (2) $ 38 $ 32 State (8) (13) (3) — (23) 1 2 2 Foreign 4 — — — — — — — Total current income taxes (3) (84) (16) 37 (60) (1) 40 34 Deferred income taxes Federal 328 230 310 118 201 (22) (63) 12 State (14) (16) 59 7 84 3 — (7) Total deferred income taxes (a) 314 214 369 125 285 (19) (63) 5 ITC amortization (11) (4) (5) (4) — (1) (1) — Income tax expense from continuing operations 300 126 348 158 225 (21) (24) 39 Tax benefit from discontinued operations (503) — — — — — — — Total income tax (benefit) expense included in Consolidated Statements of Operations $ (203) $ 126 $ 348 $ 158 $ 225 $ (21) $ (24) $ 39 (a) Total deferred income taxes includes the generation of NOL carryforwards and tax credit carryforwards of $550 million at Duke Energy, $97 million at Duke Energy Carolinas, $128 million at Progress Energy, $9 million at Duke Energy Progress, $111 million at Duke Energy Florida, $7 million at Duke Energy Ohio, $13 million at Duke Energy Indiana, and $12 million at Piedmont. Year Ended December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Current income taxes Federal $ (2) $ 241 $ (15) $ 113 $ (75) $ (8) $ 65 $ 23 State 1 23 (4) 8 (17) (2) 7 3 Foreign 2 — — — — — — — Total current income taxes 1 264 (19) 121 (92) (10) 72 26 Deferred income taxes Federal 275 (130) 203 (16) 202 35 19 17 State — (79) 47 (26) 77 5 16 (13) Total deferred income taxes (a) 275 (209) 250 (42) 279 40 35 4 ITC amortization (8) (4) (4) (4) — — — — Income tax expense from continuing operations 268 51 227 75 187 30 107 30 Tax benefit from discontinued operations (76) — — — — — — — Total income tax expense included in Consolidated Statements of Operations $ 192 $ 51 $ 227 $ 75 $ 187 $ 30 $ 107 $ 30 (a) Total deferred income taxes includes the generation of NOL carryforwards and tax credit carryforwards of $32 million at Duke Energy Carolinas, $8 million at Duke Energy Indiana, and $3 million at Piedmont. In addition, total deferred income taxes includes utilization of NOL carryforwards and tax credit carryforwards of $250 million at Duke Energy, $95 million at Progress Energy, $14 million at Duke Energy Progress, $64 million at Duke Energy Florida, and $2 million at Duke Energy Ohio. Year Ended December 31, 2020 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Current income taxes Federal $ (281) $ 314 $ 280 $ 181 $ 148 $ 10 $ 48 $ (27) State (3) 35 29 17 24 1 7 (8) Foreign 1 — — — — — — — Total current income taxes (283) 349 309 198 172 11 55 (35) Deferred income taxes Federal 222 (171) (167) (180) 1 30 12 60 State (98) (86) (24) (49) 25 2 17 (7) Total deferred income taxes (a) 124 (257) (191) (229) 26 32 29 53 ITC amortization (10) (4) (5) (5) — — — — Income tax (benefit) expense from continuing operations (169) 88 113 (36) 198 43 84 18 Tax benefit from discontinued operations (65) — — — — — — — Total income tax (benefit) expense included in Consolidated Statements of Operations $ (234) $ 88 $ 113 $ (36) $ 198 $ 43 $ 84 $ 18 |
Schedule of Income before Income Tax, Domestic and Foreign | Duke Energy Income from Continuing Operations before Income Taxes Years Ended December 31, (in millions) 2022 2021 2020 Domestic $ 3,991 $ 3,947 $ 907 Foreign 87 44 13 Income from continuing operations before income taxes $ 4,078 $ 3,991 $ 920 |
Summary of Effective Tax Rates | The following tables present a reconciliation of income tax expense at the U.S. federal statutory tax rate to the actual tax expense from continuing operations. Year Ended December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Income tax expense, computed at the statutory rate of 21% $ 856 $ 362 $ 457 $ 245 $ 238 $ 59 $ 24 $ 76 State income tax, net of federal income tax effect (17) (23) 44 6 48 3 2 (4) Amortization of excess deferred income tax (481) (195) (133) (74) (59) (79) (48) (23) AFUDC equity income (41) (20) (14) (11) (3) (1) (2) (2) AFUDC equity depreciation 36 18 12 6 6 1 4 — Other tax credits (43) (12) (16) (9) (7) (2) (3) (8) Other items, net (10) (4) (2) (5) 2 (2) (1) — Income tax expense from continuing operations $ 300 $ 126 $ 348 $ 158 $ 225 $ (21) $ (24) $ 39 Effective tax rate 7.4 % 7.3 % 16.0 % 13.6 % 19.8 % (7.5) % (21.2) % 10.8 % Year Ended December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Income tax expense, computed at the statutory rate of 21% $ 838 $ 291 $ 384 $ 224 $ 194 $ 49 $ 123 $ 71 State income tax, net of federal income tax effect 1 (44) 34 (14) 47 2 18 (8) Amortization of excess deferred income tax (438) (184) (174) (120) (54) (22) (34) (25) AFUDC equity income (34) (14) (11) (7) (3) (2) (4) (4) AFUDC equity depreciation 35 18 10 5 5 2 5 — Other tax credits (30) (12) (11) (8) (3) (1) (2) (4) Valuation allowance (a) (85) — — — — — — — Other items, net (19) (4) (5) (5) 1 2 1 — Income tax expense from continuing operations $ 268 $ 51 $ 227 $ 75 $ 187 $ 30 $ 107 $ 30 Effective tax rate 6.7 % 3.7 % 12.4 % 7.0 % 20.2 % 12.8 % 18.2 % 8.8 % (a) In the fourth quarter of 2021, the company recognized a federal capital gain in the amount of $426 million. As a result, a valuation allowance of $85 million related to a federal capital loss carryforward was released. This valuation allowance was originally recorded as a result of the 2019 sale of minority interest of certain renewable assets within the Commercial Renewables Disposal Groups. Year Ended December 31, 2020 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Income tax expense, computed at the statutory rate of 21% $ 193 $ 219 $ 243 $ 80 $ 204 $ 62 $ 103 $ 61 State income tax, net of federal income tax effect (80) (40) 4 (25) 39 2 19 (12) Amortization of excess deferred income tax (276) (82) (118) (68) (49) (20) (36) (21) AFUDC equity income (48) (13) (9) (6) (3) (2) (4) (10) AFUDC equity depreciation 103 19 10 5 5 1 4 — Other tax credits (37) (13) (16) (14) (2) (1) (3) (2) Tax true up (12) (3) 1 (5) 5 — (1) 1 Other items, net (12) 1 (2) (3) (1) 1 2 1 Income tax (benefit) expense from continuing operations $ (169) $ 88 $ 113 $ (36) $ 198 $ 43 $ 84 $ 18 Effective tax rate (18.4) % 8.4 % 9.7 % (9.5) % 20.4 % 14.6 % 17.1 % 6.2 % |
Schedule of Deferred Tax Assets and Liabilities | Net Deferred Income Tax Liability Components The following tables include deferred income tax assets and liabilities related to the Commercial Renewables Disposal Groups. See Note 2 for further details. December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Deferred credits and other liabilities $ 348 $ 170 $ 117 $ 33 $ 83 $ 12 $ 23 $ 24 Lease obligations 405 89 263 197 65 4 15 3 Pension, post-retirement and other employee benefits 192 (1) 12 18 (10) 9 10 (2) Progress Energy merger purchase accounting adjustments (a) 301 — — — — — — — Tax credits and NOL carryforwards 4,426 444 618 167 412 20 208 37 Regulatory liabilities and deferred credits — — — — — 3 61 — Investments and other assets — — — — — 3 — — Other 106 18 22 12 10 5 2 9 Valuation allowance (519) — — — — — — — Total deferred income tax assets 5,259 720 1,032 427 560 56 319 71 Investments and other assets (1,671) (983) (521) (432) (102) — (12) (28) Accelerated depreciation rates (11,478) (3,410) (4,358) (1,844) (2,576) (1,192) (1,606) (892) Regulatory assets and deferred debits, net (2,074) (480) (1,300) (628) (671) — — (21) Total deferred income tax liabilities (15,223) (4,873) (6,179) (2,904) (3,349) (1,192) (1,618) (941) Net deferred income tax liabilities $ (9,964) $ (4,153) $ (5,147) $ (2,477) $ (2,789) $ (1,136) $ (1,299) $ (870) (a) Primarily related to lease obligations and debt fair value adjustments. December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Deferred credits and other liabilities $ 347 $ 121 $ 101 $ 60 $ 40 $ 19 $ 7 $ 18 Lease obligations 346 91 197 121 76 4 16 4 Pension, post-retirement and other employee benefits 207 (36) 30 17 7 11 20 (8) Progress Energy merger purchase accounting adjustments (a) 340 — — — — — — — Tax credits and NOL carryforwards 3,784 349 497 160 306 13 195 29 Regulatory liabilities and deferred credits — 11 — — — 16 — 6 Investments and other assets — — — — — 5 6 — Other 85 12 12 7 4 7 2 8 Valuation allowance (518) — — — — — — — Total deferred income tax assets 4,591 548 837 365 433 75 246 57 Investments and other assets (2,428) (1,205) (742) (610) (135) — — (39) Accelerated depreciation rates (10,391) (2,977) (3,891) (1,546) (2,382) (1,125) (1,496) (833) Regulatory assets and deferred debits, net (1,151) — (768) (417) (350) — (53) — Total deferred income tax liabilities (13,970) (4,182) (5,401) (2,573) (2,867) (1,125) (1,549) (872) Net deferred income tax liabilities $ (9,379) $ (3,634) $ (4,564) $ (2,208) $ (2,434) $ (1,050) $ (1,303) $ (815) (a) Primarily related to lease obligations and debt fair value adjustments. |
Summary of Tax Credit Carryforwards | The following table presents the expiration of tax credits and NOL carryforwards. December 31, 2022 (in millions) Amount Expiration Year General Business Credits $ 2,473 2027 — 2042 Federal NOL carryforwards (a) (e) 306 2024 — Indefinite Charitable contribution carryforwards 18 2024 — 2027 State carryforwards and credits (b) (e) 394 2023 — Indefinite Foreign NOL carryforwards (c) 12 2027 — 2037 Foreign Tax Credits (d) 1,223 2024 — 2028 Total tax credits and NOL carryforwards $ 4,426 (a) A valuation allowance of $4 million has been recorded on the Federal NOL carryforwards, as presented in the Net Deferred Income Tax Liability Components table. (b) A valuation allowance of $109 million has been recorded on the state NOL and attribute carryforwards, as presented in the Net Deferred Income Tax Liability Components table. (c) A valuation allowance of $12 million has been recorded on the foreign NOL carryforwards, as presented in the Net Deferred Income Tax Liability Components table. (d) A valuation allowance of $391 million has been recorded on the foreign tax credits, as presented in the Net Deferred Income Tax Liability Components table. (e) Indefinite carryforward for Federal NOLs, and NOLs for states that have adopted the Tax Act's NOL provisions, generated in tax years beginning after December 31, 2017. |
Schedule of Unrecognized Tax Benefits Roll Forward | The following tables present changes to unrecognized tax benefits. Year Ended December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Unrecognized tax benefits – January 1 $ 51 $ 13 $ 15 $ 10 $ 4 $ 1 $ 2 $ 4 Gross decreases – tax positions in prior periods — — — — — — — — Gross increases – current period tax positions 14 4 4 3 1 — — 5 Total changes 14 4 4 3 1 — — 5 Unrecognized tax benefits – December 31 $ 65 $ 17 $ 19 $ 13 $ 5 $ 1 $ 2 $ 9 Year Ended December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Unrecognized tax benefits – January 1 $ 125 $ 10 $ 10 $ 6 $ 3 $ 1 $ 1 $ 1 Gross decreases – tax positions in prior periods (a) (86) — — — — — — — Gross increases – current period tax positions 12 3 5 4 1 — 1 3 Total changes (74) 3 5 4 1 — 1 3 Unrecognized tax benefits – December 31 $ 51 $ 13 $ 15 $ 10 $ 4 $ 1 $ 2 $ 4 (a) In the fourth quarter of 2021, the company recognized a federal capital gain in the amount of $426 million. As a result of the capital gain, a previously recorded unrecognized tax benefit related to the character of a taxable loss has been reversed. See note (a) under the Statutory Rate Reconciliation table for more details. Year Ended December 31, 2020 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Unrecognized tax benefits – January 1 $ 126 $ 8 $ 9 $ 6 $ 3 $ 1 $ 1 $ 4 Gross decreases – tax positions in prior periods (2) — — — — — — — Gross increases – current period tax positions 4 2 1 — — — — — Reduction due to lapse of statute of limitations (3) — — — — — — (3) Total changes (1) 2 1 — — — — (3) Unrecognized tax benefits – December 31 $ 125 $ 10 $ 10 $ 6 $ 3 $ 1 $ 1 $ 1 |
Summary of Income Tax Contingencies | The following table includes additional information regarding the Duke Energy Registrants' unrecognized tax benefits at December 31, 2022. None of Duke Energy Registrants anticipates a material increase or decrease in unrecognized tax benefits within the next 12 months. December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Amount that if recognized, would affect the effective tax rate or regulatory liability (a) $ 59 $ 17 $ 18 $ 13 $ 5 $ 1 $ 2 $ 8 (a) The Duke Energy Registrants are unable to estimate the specific amounts that would affect the ETR versus the regulatory liability. |
Other Income and Expenses, Net
Other Income and Expenses, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income and Expenses, Net | The components of Other income and expenses, net on the Consolidated Statements of Operations are as follows. Year Ended December 31, 2022 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Interest income $ 27 $ 2 $ 24 $ 4 $ 20 $ 11 $ 15 $ 19 AFUDC equity 197 98 68 52 16 7 13 11 Post in-service equity returns 34 14 18 18 — 1 1 — Nonoperating income, other 134 107 71 40 38 — 7 16 Other income and expense, net $ 392 $ 221 $ 181 $ 114 $ 74 $ 19 $ 36 $ 46 Year Ended December 31, 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Interest income $ 13 $ 4 $ 8 $ 6 $ 2 $ 4 $ 6 $ 19 AFUDC equity 171 65 51 34 16 7 27 20 Post in-service equity returns 39 21 16 16 — 1 1 — Nonoperating income, other 413 180 140 87 53 6 8 16 Other income and expense, net $ 636 $ 270 $ 215 $ 143 $ 71 $ 18 $ 42 $ 55 Year Ended December 31, 2020 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Interest income $ 30 $ 4 $ 8 $ 2 $ 6 $ 4 $ 6 $ 17 AFUDC equity 154 62 42 29 12 7 23 19 Post in-service equity returns 27 17 8 8 — 1 1 — Nonoperating income, other 240 94 71 36 35 4 7 15 Other income and expense, net $ 451 $ 177 $ 129 $ 75 $ 53 $ 16 $ 37 $ 51 |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule Of Quarterly Financial Information | 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. First Second Third Fourth (in millions, except per share data) Quarter Quarter Quarter Quarter Total 2022 Operating revenues $ 7,011 $ 6,564 $ 7,842 $ 7,351 $ 28,768 Operating income 1,314 1,448 2,056 1,194 6,012 Income from continuing operations 835 898 1,410 635 3,778 (Loss) Income from discontinued operations, net of tax (15) (18) 3 (1,293) (1,323) Net income (loss) 820 880 1,413 (658) 2,455 Net income (loss) available to Duke Energy Corporation common stockholders 818 893 1,383 (650) 2,444 Earnings per share: Income from continuing operations available to Duke Energy Corporation common stockholders Basic and diluted $ 1.06 $ 1.11 $ 1.78 $ 0.80 $ 4.74 Income (Loss) from discontinued operations attributable to Duke Energy Corporation common stockholders Basic and diluted $ 0.02 $ 0.03 $ 0.03 $ (1.66) $ (1.57) Net income (loss) available to Duke Energy Corporation common stockholders Basic and diluted $ 1.08 $ 1.14 $ 1.81 $ (0.86) $ 3.17 2021 Operating revenues $ 6,032 $ 5,638 $ 6,834 $ 6,117 $ 24,621 Operating income 1,466 1,198 1,726 1,110 5,500 Income from continuing operations 967 723 1,333 700 3,723 Loss from discontinued operations, net of tax (26) (25) (57) (36) (144) Net income 941 698 1,276 664 3,579 Net income available to Duke Energy Corporation common stockholders 953 751 1,366 732 3,802 Earnings per share: Income from continuing operations available to Duke Energy Corporation common stockholders Basic and diluted $ 1.22 $ 0.90 $ 1.69 $ 0.86 $ 4.68 Income from discontinued operations attributable to Duke Energy Corporation common stockholders Basic and diluted $ 0.03 $ 0.06 $ 0.10 $ 0.07 $ 0.26 Net income available to Duke Energy Corporation common stockholders Basic and diluted $ 1.25 $ 0.96 $ 1.79 $ 0.93 $ 4.94 |
Schedule Of Unusual Or Infrequently Occurring Items |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Other Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Current Liabilities | ||
Organization And Basis Of Presentation [Line Items] | ||
Accrued compensation | $ 778 | $ 915 |
Duke Energy Carolinas | Current Liabilities | ||
Organization And Basis Of Presentation [Line Items] | ||
Accrued compensation | 247 | 277 |
Duke Energy Progress | Current Liabilities | ||
Organization And Basis Of Presentation [Line Items] | ||
Customer deposits | 106 | 144 |
Other accrued liabilities | 124 | 163 |
Duke Energy Florida | Current Liabilities | ||
Organization And Basis Of Presentation [Line Items] | ||
Customer deposits | 200 | 200 |
Other accrued liabilities | 61 | 89 |
Duke Energy Ohio | Current Assets | ||
Organization And Basis Of Presentation [Line Items] | ||
Gas Storage | 57 | 25 |
Duke Energy Ohio | Current Liabilities | ||
Organization And Basis Of Presentation [Line Items] | ||
Collateral liabilities | 53 | 57 |
Duke Energy Indiana | Current Assets | ||
Organization And Basis Of Presentation [Line Items] | ||
Mark-to-market transactions | $ 110 | $ 23 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Schedule of Cash and Cash Equivalents) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Current Assets | ||
Cash and cash equivalents | $ 409 | $ 341 |
Other | 173 | 170 |
Other Noncurrent Assets | ||
Other | 11 | 6 |
Total cash, cash equivalents and restricted cash | 593 | 517 |
Duke Energy Carolinas | ||
Current Assets | ||
Cash and cash equivalents | 44 | 7 |
Other | 8 | |
Other Noncurrent Assets | ||
Other | 1 | 1 |
Total cash, cash equivalents and restricted cash | 53 | 8 |
Progress Energy | ||
Current Assets | ||
Cash and cash equivalents | 108 | 70 |
Other | 74 | 39 |
Other Noncurrent Assets | ||
Other | 2 | 4 |
Total cash, cash equivalents and restricted cash | 184 | 113 |
Duke Energy Progress | ||
Current Assets | ||
Cash and cash equivalents | 49 | 35 |
Other | 28 | |
Other Noncurrent Assets | ||
Other | 2 | 4 |
Total cash, cash equivalents and restricted cash | 79 | 39 |
Duke Energy Florida | ||
Current Assets | ||
Cash and cash equivalents | 45 | 23 |
Other | 41 | 39 |
Other Noncurrent Assets | ||
Total cash, cash equivalents and restricted cash | $ 86 | $ 62 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Inventory) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Public Utilities, Inventory [Line Items] | ||
Materials and supplies | $ 2,604 | $ 2,309 |
Coal | 620 | 486 |
Natural gas, oil and other | 360 | 316 |
Total inventory | 3,584 | 3,111 |
Duke Energy Carolinas | ||
Public Utilities, Inventory [Line Items] | ||
Materials and supplies | 876 | 793 |
Coal | 253 | 195 |
Natural gas, oil and other | 35 | 38 |
Total inventory | 1,164 | 1,026 |
Progress Energy | ||
Public Utilities, Inventory [Line Items] | ||
Materials and supplies | 1,232 | 1,067 |
Coal | 190 | 167 |
Natural gas, oil and other | 157 | 164 |
Total inventory | 1,579 | 1,398 |
Duke Energy Progress | ||
Public Utilities, Inventory [Line Items] | ||
Materials and supplies | 819 | 729 |
Coal | 99 | 94 |
Natural gas, oil and other | 88 | 98 |
Total inventory | 1,006 | 921 |
Duke Energy Florida | ||
Public Utilities, Inventory [Line Items] | ||
Materials and supplies | 413 | 338 |
Coal | 91 | 73 |
Natural gas, oil and other | 69 | 66 |
Total inventory | 573 | 477 |
Duke Energy Ohio | ||
Public Utilities, Inventory [Line Items] | ||
Materials and supplies | 105 | 80 |
Coal | 34 | 19 |
Natural gas, oil and other | 5 | 17 |
Total inventory | 144 | 116 |
Duke Energy Indiana | ||
Public Utilities, Inventory [Line Items] | ||
Materials and supplies | 342 | 311 |
Coal | 144 | 105 |
Natural gas, oil and other | 3 | 2 |
Total inventory | 489 | 418 |
Piedmont | ||
Public Utilities, Inventory [Line Items] | ||
Materials and supplies | 12 | 14 |
Natural gas, oil and other | 160 | 95 |
Total inventory | $ 172 | $ 109 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Property, Plant and Equipment) (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Public Utility, Property, Plant and Equipment [Line Items] | |||
Weighted-average depreciation rate | 3% | 2.90% | 3% |
Duke Energy Carolinas | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Weighted-average depreciation rate | 2.70% | 2.70% | 2.80% |
Progress Energy | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Weighted-average depreciation rate | 3.20% | 3.10% | 3.20% |
Duke Energy Progress | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Weighted-average depreciation rate | 3% | 3% | 3.10% |
Duke Energy Florida | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Weighted-average depreciation rate | 3.50% | 3.30% | 3.30% |
Duke Energy Ohio | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Weighted-average depreciation rate | 2.90% | 2.90% | 2.90% |
Duke Energy Indiana | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Weighted-average depreciation rate | 3.60% | 3.60% | 3.50% |
Piedmont | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Weighted-average depreciation rate | 2.10% | 2.10% | 2.30% |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Accounts Payable and Supplier Invoices Sold) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Payables [Line Items] | ||
Outstanding Accounts Payable Balance Sold | $ 87 | $ 19 |
Suppliers Invoices Settled Through The Program | 301 | 122 |
Duke Energy Carolinas | ||
Payables [Line Items] | ||
Outstanding Accounts Payable Balance Sold | 6 | |
Suppliers Invoices Settled Through The Program | 29 | |
Progress Energy | ||
Payables [Line Items] | ||
Outstanding Accounts Payable Balance Sold | 19 | 9 |
Suppliers Invoices Settled Through The Program | 85 | 10 |
Duke Energy Progress | ||
Payables [Line Items] | ||
Outstanding Accounts Payable Balance Sold | 8 | |
Suppliers Invoices Settled Through The Program | 26 | |
Duke Energy Florida | ||
Payables [Line Items] | ||
Outstanding Accounts Payable Balance Sold | 11 | 9 |
Suppliers Invoices Settled Through The Program | 59 | 10 |
Duke Energy Ohio | ||
Payables [Line Items] | ||
Outstanding Accounts Payable Balance Sold | 5 | 6 |
Suppliers Invoices Settled Through The Program | 38 | 12 |
Duke Energy Indiana | ||
Payables [Line Items] | ||
Suppliers Invoices Settled Through The Program | 2 | |
Piedmont | ||
Payables [Line Items] | ||
Outstanding Accounts Payable Balance Sold | 57 | 4 |
Suppliers Invoices Settled Through The Program | $ 147 | $ 100 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies (Excise Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Organization And Basis Of Presentation [Line Items] | |||
Excise taxes | $ 449 | $ 420 | $ 415 |
Duke Energy Carolinas | |||
Organization And Basis Of Presentation [Line Items] | |||
Excise taxes | 47 | 44 | 43 |
Progress Energy | |||
Organization And Basis Of Presentation [Line Items] | |||
Excise taxes | 290 | 250 | 249 |
Duke Energy Progress | |||
Organization And Basis Of Presentation [Line Items] | |||
Excise taxes | 25 | 22 | 26 |
Duke Energy Florida | |||
Organization And Basis Of Presentation [Line Items] | |||
Excise taxes | 265 | 228 | 223 |
Duke Energy Ohio | |||
Organization And Basis Of Presentation [Line Items] | |||
Excise taxes | 104 | 102 | 96 |
Duke Energy Indiana | |||
Organization And Basis Of Presentation [Line Items] | |||
Excise taxes | 7 | 23 | 25 |
Piedmont | |||
Organization And Basis Of Presentation [Line Items] | |||
Excise taxes | $ 1 | $ 1 | $ 2 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies (Expected Reserve for Credit Losses) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Total pretax impact to Retained Earnings | $ 49,184 | $ 51,853 | $ 51,136 | $ 47,951 |
Accounting Standards Update [Extensible List] | ASU 2016-13 | |||
Cumulative Effect, Period of Adoption, Adjustment | Revision of Prior Period, Accounting Standards Update, Adjustment | Retained Earnings | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Total pretax impact to Retained Earnings | $ 120 | |||
Duke Energy Carolinas | Cumulative Effect, Period of Adoption, Adjustment | Revision of Prior Period, Accounting Standards Update, Adjustment | Retained Earnings | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Total pretax impact to Retained Earnings | 16 | |||
Progress Energy | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Total pretax impact to Retained Earnings | 16,241 | 21,406 | 17,148 | 15,593 |
Progress Energy | Cumulative Effect, Period of Adoption, Adjustment | Revision of Prior Period, Accounting Standards Update, Adjustment | Retained Earnings | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Total pretax impact to Retained Earnings | 2 | |||
Duke Energy Progress | Cumulative Effect, Period of Adoption, Adjustment | Revision of Prior Period, Accounting Standards Update, Adjustment | Retained Earnings | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Total pretax impact to Retained Earnings | 1 | |||
Duke Energy Florida | Cumulative Effect, Period of Adoption, Adjustment | Revision of Prior Period, Accounting Standards Update, Adjustment | Retained Earnings | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Total pretax impact to Retained Earnings | 1 | |||
Piedmont | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Total pretax impact to Retained Earnings | 2,715 | $ 3,673 | $ 3,349 | $ 2,443 |
Piedmont | Cumulative Effect, Period of Adoption, Adjustment | Revision of Prior Period, Accounting Standards Update, Adjustment | Retained Earnings | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Total pretax impact to Retained Earnings | $ 1 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies (Other Noncurrent Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Offsetting Assets [Line Items] | ||
Other (including amounts related to VIEs) | $ 3,400 | $ 3,632 |
Renewable Energy Program | ||
Offsetting Assets [Line Items] | ||
Other (including amounts related to VIEs) | $ 150 |
Dispositions (Duke Energy Disco
Dispositions (Duke Energy Discontinued Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
(Loss) Income from discontinued operations, net of tax | $ (1,293) | $ 3 | $ (18) | $ (15) | $ (36) | $ (57) | $ (25) | $ (26) | $ (1,323) | $ (144) | $ (7) |
Discontinued Operations, Held-for-sale | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
(Loss) Income from discontinued operations, net of tax | (1,323) | (144) | (7) | ||||||||
Discontinued Operations, Held-for-sale | Commercial Renewables Disposal Groups | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
(Loss) Income from discontinued operations, net of tax | (1,349) | (151) | (14) | ||||||||
Discontinued Operations, Held-for-sale | Other | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
(Loss) Income from discontinued operations, net of tax | $ 26 | $ 7 | $ 7 |
Dispositions (Narrative) (Detai
Dispositions (Narrative) (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||||||
Jul. 01, 2023 USD ($) | Sep. 08, 2021 USD ($) | Jan. 28, 2021 USD ($) closing | Dec. 31, 2022 USD ($) | Nov. 30, 2022 Units | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Long-Term Debt | $ 67,061 | $ 67,061 | $ 60,448 | |||||
Sale of noncontrolling interest | [1] | 1,034 | 999 | |||||
Noncontrolling Interests | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Sale of noncontrolling interest | [1] | $ 569 | 454 | |||||
Duke Energy Indiana | Noncontrolling Interests | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Percentage sold | 19.90% | |||||||
Number of closings | closing | 2 | |||||||
Value of sale of parent interest | $ 1,030 | $ 2,050 | $ 1,030 | |||||
Ownership interest sold (as a percentage) | 11.05% | 8.85% | 8.85% | |||||
Proceed of purchase price for exchange in interest | 50% | |||||||
Transaction costs | $ 27 | $ 6 | ||||||
Sale of noncontrolling interest | $ 545 | 492 | ||||||
Commercial Renewables Disposal Groups | Discontinued Operations, Held-for-sale | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Number of disposal groups | Units | 2 | |||||||
Noncontrolling interest balance | 1,600 | $ 1,600 | ||||||
Gain on disposal | 72 | 72 | ||||||
Contract adjustments | 95 | 95 | ||||||
Receivables, net | 107 | 107 | $ 87 | |||||
Commercial Renewables Disposal Groups | Discontinued Operations, Held-for-sale | Forecast | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Loss on extinguishment of debt | $ 100 | |||||||
Commercial Renewables Disposal Groups | Discontinued Operations, Held-for-sale | Duke | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Gain on disposal | 54 | 54 | ||||||
Commercial Renewables Disposal Groups | Discontinued Operations, Held-for-sale | Duke | Forecast | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Loss on extinguishment of debt | $ 55 | |||||||
Commercial Renewables Disposal Groups | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Duke | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Long-Term Debt | $ 1,500 | $ 1,500 | ||||||
[1]Relates primarily to the sale of a noncontrolling interest in Duke Energy Indiana. See Note 2 for additional discussion. |
Dispositions (Balance Sheet) (D
Dispositions (Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Current Assets Held for Sale | ||
Total current assets held for sale | $ 262 | $ 232 |
Noncurrent Assets Held for Sale | ||
Total other noncurrent assets held for sale | 5,634 | 6,695 |
Current Liabilities Associated with Assets Held for Sale | ||
Total current liabilities associated with assets held for sale | 259 | 167 |
Noncurrent Liabilities Associated with Assets Held for Sale | ||
Total other noncurrent liabilities associated with assets held for sale | 739 | 612 |
Discontinued Operations, Held-for-sale | Commercial Renewables Disposal Groups | ||
Current Assets Held for Sale | ||
Cash and cash equivalents | 10 | 3 |
Receivables, net | 107 | 87 |
Inventory | 88 | 86 |
Other | 57 | 56 |
Total current assets held for sale | 262 | 232 |
Noncurrent Assets Held for Sale | ||
Cost | 6,444 | 7,323 |
Accumulated depreciation and amortization | (1,651) | (1,452) |
Net property, plant and equipment | 4,793 | 5,871 |
Operating lease right-of-use assets, net | 140 | 130 |
Investments in equity method unconsolidated affiliates | 522 | 513 |
Other | 179 | 181 |
Total other noncurrent assets held for sale | 841 | 824 |
Total Assets Held for Sale | 5,896 | 6,927 |
Current Liabilities Associated with Assets Held for Sale | ||
Accounts payable | 122 | 98 |
Taxes accrued | 17 | 18 |
Other | 120 | 51 |
Total current liabilities associated with assets held for sale | 259 | 167 |
Noncurrent Liabilities Associated with Assets Held for Sale | ||
Operating lease liabilities | 150 | 134 |
Asset retirement obligations | 190 | 175 |
Other | 399 | 303 |
Total other noncurrent liabilities associated with assets held for sale | 739 | 612 |
Total Liabilities Associated with Assets Held for Sale | $ 998 | $ 779 |
Dispositions (Income Statement)
Dispositions (Income Statement) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Income tax benefit | $ (503) | $ (76) | $ (65) | ||||||||
Loss from discontinued operations | $ (1,293) | $ 3 | $ (18) | $ (15) | $ (36) | $ (57) | $ (25) | $ (26) | (1,323) | (144) | (7) |
Add: Net loss attributable to noncontrolling interest included in discontinued operations | 108 | 344 | 296 | ||||||||
Net income from discontinued operations attributable to Duke Energy Corporation | (1,215) | 200 | 289 | ||||||||
Discontinued Operations, Held-for-sale | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Loss from discontinued operations | (1,323) | (144) | (7) | ||||||||
Discontinued Operations, Held-for-sale | Commercial Renewables Disposal Groups | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Operating revenues | 465 | 476 | 502 | ||||||||
Operation, maintenance and other | 337 | 343 | 292 | ||||||||
Depreciation and amortization | 201 | 227 | 200 | ||||||||
Property and other taxes | 36 | 34 | 26 | ||||||||
Other income and expenses, net | 2 | (27) | 1 | ||||||||
Interest expense | 10 | 72 | 66 | ||||||||
Loss on disposal | 1,748 | 0 | 0 | ||||||||
Loss before income taxes | (1,865) | (227) | (81) | ||||||||
Income tax benefit | (516) | (76) | (67) | ||||||||
Loss from discontinued operations | (1,349) | (151) | (14) | ||||||||
Add: Net loss attributable to noncontrolling interest included in discontinued operations | 108 | 344 | 296 | ||||||||
Net income from discontinued operations attributable to Duke Energy Corporation | $ (1,241) | $ 193 | $ 282 |
Dispositions (Cash Flow Stateme
Dispositions (Cash Flow Statement) (Details) - Commercial Renewables Disposal Groups - Discontinued Operations, Held-for-sale - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Operating Activities | $ 213 | $ 62 | $ 466 |
Investing Activities | $ (802) | $ (542) | $ (1,102) |
Business Segments (Business Seg
Business Segments (Business Segment Data) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Revenues | $ 7,351 | $ 7,842 | $ 6,564 | $ 7,011 | $ 6,117 | $ 6,834 | $ 5,638 | $ 6,032 | $ 28,768 | $ 24,621 | $ 23,366 |
Interest expense | 2,439 | 2,207 | 2,097 | ||||||||
Depreciation and amortization | 5,086 | 4,762 | 4,504 | ||||||||
Equity in earnings (losses) of unconsolidated affiliates | 113 | 62 | (2,005) | ||||||||
Income tax expense (benefit) from continuing operations | 300 | 268 | (169) | ||||||||
Segment income (loss) | 3,659 | 3,602 | 981 | ||||||||
Less noncontrolling interest | 95 | 329 | 295 | ||||||||
Add back preferred stock dividend | 106 | 106 | 107 | ||||||||
Net income from discontinued operations attributable to Duke Energy Corporation | (1,215) | 200 | 289 | ||||||||
Loss from discontinued operations, net of tax | (1,293) | 3 | (18) | (15) | (36) | (57) | (25) | (26) | (1,323) | (144) | (7) |
Net income | (658) | $ 1,413 | $ 880 | $ 820 | 664 | $ 1,276 | $ 698 | $ 941 | 2,455 | 3,579 | 1,082 |
Net loss attributable to Duke Energy | 2,550 | 3,908 | 1,377 | ||||||||
Capital expenditures | 11,419 | 9,752 | 10,421 | ||||||||
Segment assets | 178,086 | 169,587 | 178,086 | 169,587 | 162,388 | ||||||
Segment Reporting Information Assets [Abstract] | |||||||||||
Total income (loss) from continuing operations before income taxes | 4,078 | 3,991 | 920 | ||||||||
Nonregulated electric and other | 285 | 294 | 263 | ||||||||
Regulated electric | (25,759) | (22,319) | (21,461) | ||||||||
Income (loss) attributable to noncontrolling interest | (95) | (329) | (295) | ||||||||
Duke Energy Indiana | |||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Revenues | 3,922 | 3,174 | 2,795 | ||||||||
Interest expense | 189 | 196 | 161 | ||||||||
Depreciation and amortization | 645 | 615 | 569 | ||||||||
Income tax expense (benefit) from continuing operations | (24) | 107 | 84 | ||||||||
Net loss attributable to Duke Energy | 137 | 481 | 408 | ||||||||
Segment assets | 14,654 | 14,488 | 14,654 | 14,488 | |||||||
Segment Reporting Information Assets [Abstract] | |||||||||||
Total income (loss) from continuing operations before income taxes | 113 | 588 | 492 | ||||||||
Duke Energy Ohio | |||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Revenues | 2,514 | 2,037 | 1,858 | ||||||||
Interest expense | 129 | 111 | 102 | ||||||||
Depreciation and amortization | 324 | 307 | 278 | ||||||||
Income tax expense (benefit) from continuing operations | (21) | 30 | 43 | ||||||||
Segment income (loss) | 302 | 204 | 252 | ||||||||
Net loss attributable to Duke Energy | 302 | 204 | 252 | ||||||||
Capital expenditures | 850 | 848 | 834 | ||||||||
Segment assets | 11,506 | 10,774 | 11,506 | 10,774 | 10,025 | ||||||
Segment Reporting Information Assets [Abstract] | |||||||||||
Impairment of assets and other charges | (10) | 25 | |||||||||
Total income (loss) from continuing operations before income taxes | 281 | 234 | 295 | ||||||||
Regulated electric | (1,798) | (1,493) | (1,405) | ||||||||
Duke Energy Carolinas | |||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Revenues | 7,857 | 7,102 | 7,015 | ||||||||
Interest expense | 557 | 538 | 487 | ||||||||
Depreciation and amortization | 1,526 | 1,468 | 1,462 | ||||||||
Income tax expense (benefit) from continuing operations | 126 | 51 | 88 | ||||||||
Net loss attributable to Duke Energy | 1,600 | 1,336 | 956 | ||||||||
Segment assets | 50,346 | 47,162 | 50,346 | 47,162 | |||||||
Segment Reporting Information Assets [Abstract] | |||||||||||
Total income (loss) from continuing operations before income taxes | 1,726 | 1,387 | 1,044 | ||||||||
Duke Energy Progress | |||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Revenues | 6,753 | 5,780 | 5,422 | ||||||||
Interest expense | 354 | 306 | 269 | ||||||||
Depreciation and amortization | 1,187 | 1,097 | 1,116 | ||||||||
Income tax expense (benefit) from continuing operations | 158 | 75 | (36) | ||||||||
Net loss attributable to Duke Energy | 1,008 | 991 | 415 | ||||||||
Segment assets | 36,752 | 35,383 | 36,752 | 35,383 | |||||||
Segment Reporting Information Assets [Abstract] | |||||||||||
Total income (loss) from continuing operations before income taxes | 1,166 | 1,066 | 379 | ||||||||
Eliminations | |||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Revenues | (218) | (207) | (201) | ||||||||
Interest expense | (86) | (10) | (15) | ||||||||
Depreciation and amortization | (27) | (28) | (29) | ||||||||
Segment income (loss) | (1) | (3) | (4) | ||||||||
Segment assets | 0 | ||||||||||
Eliminations | Duke Energy Ohio | |||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Segment assets | (176) | (29) | (176) | (29) | (2) | ||||||
Electric Utilities and Infrastructure | |||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Revenues | 25,990 | 22,570 | 21,687 | ||||||||
Equity in earnings (losses) of unconsolidated affiliates | 7 | 7 | (1) | ||||||||
Segment Reporting Information Assets [Abstract] | |||||||||||
Impairment of assets and other charges | 948 | ||||||||||
Reduction of prior year impairment | 152 | ||||||||||
Shareholder contribution expense | 16 | ||||||||||
Electric Utilities and Infrastructure | Duke Energy Indiana | |||||||||||
Segment Reporting Information Assets [Abstract] | |||||||||||
Impairment of assets and other charges | 386 | ||||||||||
Regulated electric | 46 | ||||||||||
Income (loss) attributable to noncontrolling interest | 34 | ||||||||||
Electric Utilities and Infrastructure | Gas Pipeline Assets | |||||||||||
Segment Reporting Information Assets [Abstract] | |||||||||||
Impairment of assets and other charges | 5 | ||||||||||
Electric Utilities and Infrastructure | Clemson University Combined Heat and Power Plant | |||||||||||
Segment Reporting Information Assets [Abstract] | |||||||||||
Impairment of assets and other charges | 19 | ||||||||||
Electric Utilities and Infrastructure | Operating Segments | |||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Revenues | 26,024 | 22,603 | 21,720 | ||||||||
Interest expense | 1,565 | 1,432 | 1,320 | ||||||||
Depreciation and amortization | 4,550 | 4,251 | 4,068 | ||||||||
Equity in earnings (losses) of unconsolidated affiliates | 7 | 7 | (1) | ||||||||
Income tax expense (benefit) from continuing operations | 536 | 494 | 340 | ||||||||
Segment income (loss) | 3,929 | 3,850 | 2,669 | ||||||||
Capital expenditures | 8,985 | 7,653 | 7,629 | ||||||||
Segment assets | 152,104 | 143,841 | 152,104 | 143,841 | 138,225 | ||||||
Electric Utilities and Infrastructure | Operating Segments | Duke Energy Ohio | |||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Revenues | 1,798 | 1,493 | 1,405 | ||||||||
Interest expense | 86 | 87 | 85 | ||||||||
Depreciation and amortization | 221 | 217 | 200 | ||||||||
Income tax expense (benefit) from continuing operations | 24 | 15 | 19 | ||||||||
Segment income (loss) | 189 | 141 | 162 | ||||||||
Capital expenditures | 488 | 486 | 548 | ||||||||
Segment assets | 7,504 | 6,882 | 7,504 | 6,882 | 6,615 | ||||||
Electric Utilities and Infrastructure | Operating Segments | Duke Energy Carolinas | Impairment Charges | |||||||||||
Segment Reporting Information Assets [Abstract] | |||||||||||
Impairment of assets and other charges | 160 | ||||||||||
Electric Utilities and Infrastructure | Operating Segments | Duke Energy Carolinas | Other Income and Expense | |||||||||||
Segment Reporting Information Assets [Abstract] | |||||||||||
Total income (loss) from continuing operations before income taxes | 77 | ||||||||||
Electric Utilities and Infrastructure | Operating Segments | Duke Energy Carolinas | Operation, Maintenance and Other | |||||||||||
Segment Reporting Information Assets [Abstract] | |||||||||||
Total income (loss) from continuing operations before income taxes | 5 | ||||||||||
Electric Utilities and Infrastructure | Operating Segments | Duke Energy Carolinas | Regulated Operating Revenue, Electric, Non-Nuclear | |||||||||||
Segment Reporting Information Assets [Abstract] | |||||||||||
Total income (loss) from continuing operations before income taxes | 13 | ||||||||||
Electric Utilities and Infrastructure | Operating Segments | Duke Energy Carolinas | Interest Expense | |||||||||||
Segment Reporting Information Assets [Abstract] | |||||||||||
Total income (loss) from continuing operations before income taxes | 3 | ||||||||||
Electric Utilities and Infrastructure | Operating Segments | Duke Energy Carolinas | Depreciation and amortization | |||||||||||
Segment Reporting Information Assets [Abstract] | |||||||||||
Total income (loss) from continuing operations before income taxes | 6 | ||||||||||
Electric Utilities and Infrastructure | Operating Segments | Duke Energy Progress | Impairment Charges | |||||||||||
Segment Reporting Information Assets [Abstract] | |||||||||||
Impairment of assets and other charges | 42 | ||||||||||
Electric Utilities and Infrastructure | Operating Segments | Duke Energy Progress | Other Income and Expense | |||||||||||
Segment Reporting Information Assets [Abstract] | |||||||||||
Total income (loss) from continuing operations before income taxes | 34 | ||||||||||
Electric Utilities and Infrastructure | Operating Segments | Duke Energy Progress | Operation, Maintenance and Other | |||||||||||
Segment Reporting Information Assets [Abstract] | |||||||||||
Total income (loss) from continuing operations before income taxes | 7 | ||||||||||
Electric Utilities and Infrastructure | Operating Segments | Duke Energy Progress | Regulated Operating Revenue, Electric, Non-Nuclear | |||||||||||
Segment Reporting Information Assets [Abstract] | |||||||||||
Total income (loss) from continuing operations before income taxes | 15 | ||||||||||
Electric Utilities and Infrastructure | Operating Segments | Duke Energy Progress | Interest Expense | |||||||||||
Segment Reporting Information Assets [Abstract] | |||||||||||
Total income (loss) from continuing operations before income taxes | 5 | ||||||||||
Electric Utilities and Infrastructure | Operating Segments | Duke Energy Progress | Depreciation and amortization | |||||||||||
Segment Reporting Information Assets [Abstract] | |||||||||||
Total income (loss) from continuing operations before income taxes | 1 | ||||||||||
Electric Utilities and Infrastructure | Eliminations | |||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Revenues | 34 | 33 | 33 | ||||||||
Gas Utilities and Infrastructure | |||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Revenues | 2,748 | 2,022 | 1,653 | ||||||||
Equity in earnings (losses) of unconsolidated affiliates | 21 | 8 | (2,017) | ||||||||
Segment Reporting Information Assets [Abstract] | |||||||||||
Impairment of assets and other charges | 7 | ||||||||||
Gas Utilities and Infrastructure | After-tax impairment charge | |||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Equity in earnings (losses) of unconsolidated affiliates | 2,100 | ||||||||||
Gas Utilities and Infrastructure | Operating Segments | |||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Revenues | 2,840 | 2,112 | 1,748 | ||||||||
Interest expense | 182 | 142 | 135 | ||||||||
Depreciation and amortization | 327 | 303 | 258 | ||||||||
Equity in earnings (losses) of unconsolidated affiliates | 20 | 8 | (2,017) | ||||||||
Income tax expense (benefit) from continuing operations | 8 | 55 | (349) | ||||||||
Segment income (loss) | 468 | 396 | (1,266) | ||||||||
Capital expenditures | 1,295 | 1,271 | 1,309 | ||||||||
Segment assets | 16,411 | 15,179 | 16,411 | 15,179 | 13,849 | ||||||
Gas Utilities and Infrastructure | Operating Segments | Duke Energy Ohio | |||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Revenues | 716 | 544 | 453 | ||||||||
Interest expense | 43 | 24 | 17 | ||||||||
Depreciation and amortization | 103 | 90 | 78 | ||||||||
Income tax expense (benefit) from continuing operations | (43) | 19 | 26 | ||||||||
Segment income (loss) | 121 | 78 | 96 | ||||||||
Capital expenditures | 362 | 362 | 286 | ||||||||
Segment assets | 4,164 | 3,892 | 4,164 | 3,892 | 3,380 | ||||||
Gas Utilities and Infrastructure | Operating Segments | Gas Pipeline Assets | |||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Equity in earnings (losses) of unconsolidated affiliates | 20 | ||||||||||
Gas Utilities and Infrastructure | Eliminations | |||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Revenues | 92 | 90 | 95 | ||||||||
Total Reportable Segments | |||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Revenues | 28,738 | 24,592 | 23,340 | ||||||||
Total Reportable Segments | Operating Segments | |||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Revenues | 28,864 | 24,715 | 23,468 | ||||||||
Interest expense | 1,747 | 1,574 | 1,455 | ||||||||
Depreciation and amortization | 4,877 | 4,554 | 4,326 | ||||||||
Equity in earnings (losses) of unconsolidated affiliates | 27 | 15 | (2,018) | ||||||||
Income tax expense (benefit) from continuing operations | 544 | 549 | (9) | ||||||||
Segment income (loss) | 4,397 | 4,246 | 1,403 | ||||||||
Capital expenditures | 10,280 | 8,924 | 8,938 | ||||||||
Segment assets | 168,515 | 159,020 | 168,515 | 159,020 | 152,074 | ||||||
Total Reportable Segments | Operating Segments | Duke Energy Ohio | |||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Revenues | 2,514 | 2,037 | 1,858 | ||||||||
Interest expense | 129 | 111 | 102 | ||||||||
Depreciation and amortization | 324 | 307 | 278 | ||||||||
Income tax expense (benefit) from continuing operations | (19) | 34 | 45 | ||||||||
Segment income (loss) | 310 | 219 | 258 | ||||||||
Capital expenditures | 850 | 848 | 834 | ||||||||
Segment assets | 11,668 | 10,774 | 11,668 | 10,774 | 9,995 | ||||||
Total Reportable Segments | Eliminations | |||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Revenues | 126 | 123 | 128 | ||||||||
Other | |||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Revenues | 30 | 29 | 26 | ||||||||
Segment Reporting Information Assets [Abstract] | |||||||||||
Severance charge reversal | 98 | ||||||||||
Other | Operating Segments | Impairment Charges | |||||||||||
Segment Reporting Information Assets [Abstract] | |||||||||||
Impairment of assets and other charges | 72 | 133 | |||||||||
Other | Operating Segments | Operation, Maintenance and Other | |||||||||||
Segment Reporting Information Assets [Abstract] | |||||||||||
Total income (loss) from continuing operations before income taxes | 71 | 42 | |||||||||
Other | Operating Segments | Depreciation and amortization | |||||||||||
Segment Reporting Information Assets [Abstract] | |||||||||||
Total income (loss) from continuing operations before income taxes | 17 | ||||||||||
Other | Operating Segments | Litigation Expense | |||||||||||
Segment Reporting Information Assets [Abstract] | |||||||||||
Total income (loss) from continuing operations before income taxes | 25 | ||||||||||
Other | Operating Segments | Gain (Loss) on Disposition of Assets | |||||||||||
Segment Reporting Information Assets [Abstract] | |||||||||||
Total income (loss) from continuing operations before income taxes | 7 | ||||||||||
Other | Other | |||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Revenues | 122 | 113 | 99 | ||||||||
Interest expense | 778 | 643 | 657 | ||||||||
Depreciation and amortization | 236 | 236 | 207 | ||||||||
Equity in earnings (losses) of unconsolidated affiliates | 86 | 47 | 13 | ||||||||
Income tax expense (benefit) from continuing operations | (244) | (281) | (160) | ||||||||
Segment income (loss) | (737) | (641) | (418) | ||||||||
Capital expenditures | 1,139 | 828 | 1,483 | ||||||||
Segment assets | 9,571 | 10,567 | 9,571 | 10,567 | 10,314 | ||||||
Other | Other | Duke Energy Ohio | |||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Income tax expense (benefit) from continuing operations | (2) | (4) | (2) | ||||||||
Segment income (loss) | (8) | (15) | (6) | ||||||||
Segment assets | $ 14 | $ 29 | 14 | 29 | 32 | ||||||
Other | Eliminations | |||||||||||
Segment Reporting Information, Profit (Loss) [Abstract] | |||||||||||
Revenues | $ 92 | $ 84 | $ 73 |
Business Segments (Narrative) (
Business Segments (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2021 USD ($) | Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) Segment segment | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 7,351 | $ 7,842 | $ 6,564 | $ 7,011 | $ 6,117 | $ 6,834 | $ 5,638 | $ 6,032 | $ 28,768 | $ 24,621 | $ 23,366 |
Number of reportable segments | Segment | 2 | ||||||||||
Duke Energy Progress | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 6,753 | 5,780 | 5,422 | ||||||||
Number of reportable segments | segment | 1 | ||||||||||
Duke Energy Ohio | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 2,514 | $ 2,037 | $ 1,858 | ||||||||
Number of reportable segments | segment | 2 | ||||||||||
Revenues | Duke Energy Progress | Customer Concentration | One customer | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 684 |
Business Segments (Schedule of
Business Segments (Schedule of Revenue, By Products and Services) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 7,351 | $ 7,842 | $ 6,564 | $ 7,011 | $ 6,117 | $ 6,834 | $ 5,638 | $ 6,032 | $ 28,768 | $ 24,621 | $ 23,366 |
Electric Utilities and Infrastructure | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 25,990 | 22,570 | 21,687 | ||||||||
Gas Utilities and Infrastructure | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,748 | 2,022 | 1,653 | ||||||||
Total Reportable Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 28,738 | 24,592 | 23,340 | ||||||||
Retail Electric | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 22,036 | 19,410 | 18,898 | ||||||||
Retail Electric | Electric Utilities and Infrastructure | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 22,036 | 19,410 | 18,898 | ||||||||
Wholesale Electric | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,882 | 2,216 | 1,878 | ||||||||
Wholesale Electric | Electric Utilities and Infrastructure | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,882 | 2,216 | 1,878 | ||||||||
Retail Natural Gas | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,535 | 2,025 | 1,691 | ||||||||
Retail Natural Gas | Gas Utilities and Infrastructure | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,535 | 2,025 | 1,691 | ||||||||
Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,411 | 1,064 | 1,001 | ||||||||
Other | Electric Utilities and Infrastructure | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,106 | 977 | 944 | ||||||||
Other | Gas Utilities and Infrastructure | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 305 | 87 | 57 | ||||||||
Operating Segments | Electric Utilities and Infrastructure | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 26,024 | 22,603 | 21,720 | ||||||||
Operating Segments | Gas Utilities and Infrastructure | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,840 | 2,112 | 1,748 | ||||||||
Operating Segments | Total Reportable Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 28,864 | $ 24,715 | $ 23,468 |
Regulatory Matters (Schedule of
Regulatory Matters (Schedule of Regulatory Assets and Liabilities) (Details) - USD ($) $ in Millions | Jan. 31, 2023 | Dec. 31, 2022 | Aug. 31, 2022 | Jul. 31, 2022 | May 31, 2022 | Apr. 30, 2022 | Dec. 31, 2021 |
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | $ 18,130 | $ 14,637 | |||||
Less: current portion | 3,485 | 2,150 | |||||
Total noncurrent regulatory assets | 14,645 | 12,487 | |||||
Total regulatory liabilities | 15,048 | 17,363 | |||||
Less: current portion | 1,466 | 1,211 | |||||
Total noncurrent regulatory liabilities | 13,582 | 16,152 | |||||
Net regulatory liability related to income taxes | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory liabilities | 6,462 | 7,199 | |||||
Costs of removal | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory liabilities | 5,151 | 6,150 | |||||
AROs – nuclear and other | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory liabilities | 1,038 | 2,053 | |||||
Hedge cost deferrals | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory liabilities | 683 | 364 | |||||
Accrued pension and OPEB | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory liabilities | 211 | 213 | |||||
DOE Settlement | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory liabilities | 154 | ||||||
Provision for rate refunds | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory liabilities | 78 | 274 | |||||
Amounts to be refunded to customers | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory liabilities | 45 | ||||||
Other | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory liabilities | 1,226 | 1,110 | |||||
AROs – coal ash | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 3,205 | 3,408 | |||||
AROs – nuclear and other | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 945 | 684 | |||||
Deferred Fuel Costs | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 3,866 | 1,253 | |||||
Accrued pension and OPEB | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 2,336 | 2,017 | |||||
Storm cost securitized balance, net | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 940 | 991 | |||||
Nuclear asset securitized balance, net | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 881 | 937 | |||||
Debt fair value adjustment | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 829 | 884 | |||||
Storm cost deferrals | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 666 | 213 | |||||
Hedge cost deferrals | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 378 | 348 | |||||
Post-in-service carrying costs (PISCC) and deferred operating expenses | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 342 | 356 | |||||
Retired generation facilities | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 316 | 357 | |||||
Deferred asset – Lee and Harris COLA | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 288 | 317 | |||||
Advanced metering infrastructure (AMI) | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 283 | 311 | |||||
Customer connect project | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 271 | 242 | |||||
Costs of removal regulatory asset | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 221 | 107 | |||||
Vacation accrual | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 222 | 221 | |||||
Incremental COVID-19 expenses | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 210 | 87 | |||||
CEP deferral | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 190 | 161 | |||||
Demand side management (DSM)/Energy efficiency (EE) | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 189 | 235 | |||||
Derivatives – natural gas supply contracts | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 168 | 139 | |||||
NCEMPA deferrals | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 157 | 165 | |||||
Nuclear deferral | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 154 | 120 | |||||
Deferred pipeline integrity costs | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 121 | 108 | |||||
COR settlement | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 120 | 123 | |||||
Deferred coal ash handling system costs | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 92 | 90 | |||||
Qualifying facility contract buyouts | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 81 | 94 | |||||
Amounts due from customers | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 57 | 85 | |||||
Propane caverns | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 26 | ||||||
Deferred severance charges | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 21 | 54 | |||||
Manufactured gas plant (MGP) | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 104 | ||||||
Other | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 555 | 426 | |||||
Progress Energy | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 8,979 | 6,939 | |||||
Less: current portion | 1,833 | 1,030 | |||||
Total noncurrent regulatory assets | 7,146 | 5,909 | |||||
Total regulatory liabilities | 5,329 | 6,044 | |||||
Less: current portion | 576 | 478 | |||||
Total noncurrent regulatory liabilities | 4,753 | 5,566 | |||||
Progress Energy | Net regulatory liability related to income taxes | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory liabilities | 2,192 | 2,394 | |||||
Progress Energy | Costs of removal | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory liabilities | 2,269 | 2,955 | |||||
Progress Energy | Hedge cost deferrals | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory liabilities | 252 | 155 | |||||
Progress Energy | DOE Settlement | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory liabilities | 154 | ||||||
Progress Energy | Provision for rate refunds | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory liabilities | 28 | 87 | |||||
Progress Energy | Other | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory liabilities | 434 | 453 | |||||
Progress Energy | AROs – coal ash | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 1,429 | 1,399 | |||||
Progress Energy | AROs – nuclear and other | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 884 | 620 | |||||
Progress Energy | Deferred Fuel Costs | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 2,060 | 718 | |||||
Progress Energy | Accrued pension and OPEB | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 759 | 725 | |||||
Progress Energy | Storm cost securitized balance, net | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 720 | 759 | |||||
Progress Energy | Nuclear asset securitized balance, net | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 881 | 937 | |||||
Progress Energy | Storm cost deferrals | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 559 | 189 | |||||
Progress Energy | Hedge cost deferrals | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 128 | 137 | |||||
Progress Energy | Post-in-service carrying costs (PISCC) and deferred operating expenses | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 42 | 47 | |||||
Progress Energy | Retired generation facilities | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 243 | 265 | |||||
Progress Energy | Deferred asset – Lee and Harris COLA | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 21 | 21 | |||||
Progress Energy | Advanced metering infrastructure (AMI) | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 111 | 130 | |||||
Progress Energy | Customer connect project | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 136 | 124 | |||||
Progress Energy | Costs of removal regulatory asset | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 221 | 107 | |||||
Progress Energy | Vacation accrual | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 43 | 42 | |||||
Progress Energy | Incremental COVID-19 expenses | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 78 | 28 | |||||
Progress Energy | Demand side management (DSM)/Energy efficiency (EE) | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 188 | 230 | |||||
Progress Energy | NCEMPA deferrals | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 157 | 165 | |||||
Progress Energy | Nuclear deferral | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 64 | 42 | |||||
Progress Energy | COR settlement | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 32 | 32 | |||||
Progress Energy | Deferred coal ash handling system costs | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 25 | 23 | |||||
Progress Energy | Qualifying facility contract buyouts | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 81 | 94 | |||||
Progress Energy | Deferred severance charges | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 7 | 18 | |||||
Progress Energy | Other | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 110 | 87 | |||||
Duke Energy Carolinas | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 5,388 | 3,479 | |||||
Less: current portion | 1,095 | 544 | |||||
Total noncurrent regulatory assets | 4,293 | 2,935 | |||||
Total regulatory liabilities | 6,313 | 7,685 | |||||
Less: current portion | 530 | 487 | |||||
Total noncurrent regulatory liabilities | 5,783 | 7,198 | |||||
Duke Energy Carolinas | Net regulatory liability related to income taxes | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory liabilities | 2,475 | 2,785 | |||||
Duke Energy Carolinas | Costs of removal | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory liabilities | 1,769 | 2,009 | |||||
Duke Energy Carolinas | AROs – nuclear and other | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory liabilities | 1,038 | 2,053 | |||||
Duke Energy Carolinas | Hedge cost deferrals | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory liabilities | 350 | 209 | |||||
Duke Energy Carolinas | Accrued pension and OPEB | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory liabilities | 44 | 44 | |||||
Duke Energy Carolinas | Provision for rate refunds | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory liabilities | 50 | 124 | |||||
Duke Energy Carolinas | Other | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory liabilities | 587 | 461 | |||||
Duke Energy Carolinas | AROs – coal ash | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 1,391 | 1,227 | |||||
Duke Energy Carolinas | Deferred Fuel Costs | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 1,614 | 339 | |||||
Duke Energy Carolinas | Deferred Fuel Costs | NCUC | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | $ 327 | ||||||
Duke Energy Carolinas | Deferred Fuel Costs | PSCSC | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | $ 79 | ||||||
Duke Energy Carolinas | Accrued pension and OPEB | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 614 | 365 | |||||
Duke Energy Carolinas | Storm cost securitized balance, net | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 220 | 232 | |||||
Duke Energy Carolinas | Storm cost deferrals | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 93 | 22 | |||||
Duke Energy Carolinas | Hedge cost deferrals | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 228 | 171 | |||||
Duke Energy Carolinas | Post-in-service carrying costs (PISCC) and deferred operating expenses | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 30 | 31 | |||||
Duke Energy Carolinas | Retired generation facilities | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 39 | 54 | |||||
Duke Energy Carolinas | Deferred asset – Lee and Harris COLA | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 267 | 296 | |||||
Duke Energy Carolinas | Advanced metering infrastructure (AMI) | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 139 | 140 | |||||
Duke Energy Carolinas | Customer connect project | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 62 | 66 | |||||
Duke Energy Carolinas | Vacation accrual | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 84 | 83 | |||||
Duke Energy Carolinas | Incremental COVID-19 expenses | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 127 | 51 | |||||
Duke Energy Carolinas | Nuclear deferral | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 90 | 78 | |||||
Duke Energy Carolinas | COR settlement | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 88 | 91 | |||||
Duke Energy Carolinas | Deferred coal ash handling system costs | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 67 | 67 | |||||
Duke Energy Carolinas | Other | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 235 | 166 | |||||
Duke Energy Progress | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 5,414 | 4,651 | |||||
Less: current portion | 690 | 533 | |||||
Total noncurrent regulatory assets | 4,724 | 4,118 | |||||
Total regulatory liabilities | 4,452 | 5,249 | |||||
Less: current portion | 332 | 381 | |||||
Total noncurrent regulatory liabilities | 4,120 | 4,868 | |||||
Duke Energy Progress | Net regulatory liability related to income taxes | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory liabilities | 1,559 | 1,695 | |||||
Duke Energy Progress | Costs of removal | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory liabilities | 2,269 | 2,955 | |||||
Duke Energy Progress | Hedge cost deferrals | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory liabilities | 252 | 155 | |||||
Duke Energy Progress | Provision for rate refunds | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory liabilities | 28 | 87 | |||||
Duke Energy Progress | Other | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory liabilities | 344 | 357 | |||||
Duke Energy Progress | AROs – coal ash | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 1,418 | 1,389 | |||||
Duke Energy Progress | AROs – nuclear and other | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 869 | 613 | |||||
Duke Energy Progress | Deferred Fuel Costs | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 705 | 303 | |||||
Duke Energy Progress | Deferred Fuel Costs | NCUC | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | $ 251 | ||||||
Duke Energy Progress | Deferred Fuel Costs | PSCSC | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | $ 44 | ||||||
Duke Energy Progress | Accrued pension and OPEB | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 417 | 351 | |||||
Duke Energy Progress | Storm cost securitized balance, net | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 720 | 759 | |||||
Duke Energy Progress | Storm cost deferrals | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 234 | 170 | |||||
Duke Energy Progress | Hedge cost deferrals | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 55 | 60 | |||||
Duke Energy Progress | Post-in-service carrying costs (PISCC) and deferred operating expenses | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 42 | 47 | |||||
Duke Energy Progress | Retired generation facilities | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 149 | 171 | |||||
Duke Energy Progress | Deferred asset – Lee and Harris COLA | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 21 | 21 | |||||
Duke Energy Progress | Advanced metering infrastructure (AMI) | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 81 | 92 | |||||
Duke Energy Progress | Customer connect project | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 54 | 57 | |||||
Duke Energy Progress | Vacation accrual | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 43 | 42 | |||||
Duke Energy Progress | Incremental COVID-19 expenses | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 78 | 28 | |||||
Duke Energy Progress | Demand side management (DSM)/Energy efficiency (EE) | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 180 | 218 | |||||
Duke Energy Progress | NCEMPA deferrals | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 157 | 165 | |||||
Duke Energy Progress | Nuclear deferral | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 64 | 42 | |||||
Duke Energy Progress | COR settlement | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 32 | 32 | |||||
Duke Energy Progress | Deferred coal ash handling system costs | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 25 | 23 | |||||
Duke Energy Progress | Other | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 70 | 68 | |||||
Duke Energy Florida | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 3,565 | 2,288 | |||||
Less: current portion | 1,143 | 497 | |||||
Total noncurrent regulatory assets | 2,422 | 1,791 | |||||
Total regulatory liabilities | 877 | 796 | |||||
Less: current portion | 244 | 98 | |||||
Total noncurrent regulatory liabilities | 633 | 698 | |||||
Duke Energy Florida | Net regulatory liability related to income taxes | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory liabilities | 633 | 699 | |||||
Duke Energy Florida | DOE Settlement | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory liabilities | 154 | ||||||
Duke Energy Florida | Other | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory liabilities | 90 | 97 | |||||
Duke Energy Florida | AROs – coal ash | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 11 | 10 | |||||
Duke Energy Florida | AROs – nuclear and other | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 15 | 7 | |||||
Duke Energy Florida | Deferred Fuel Costs | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 1,355 | 415 | |||||
Duke Energy Florida | Deferred Fuel Costs | FPSC | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 1,200 | ||||||
Duke Energy Florida | Deferred Fuel Costs | FPSC | Subsequent Event | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | $ 795 | ||||||
Duke Energy Florida | Accrued pension and OPEB | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 342 | 374 | |||||
Duke Energy Florida | Nuclear asset securitized balance, net | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 881 | 937 | |||||
Duke Energy Florida | Storm cost deferrals | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 325 | 19 | |||||
Duke Energy Florida | Hedge cost deferrals | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 73 | 77 | |||||
Duke Energy Florida | Retired generation facilities | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 94 | 94 | |||||
Duke Energy Florida | Advanced metering infrastructure (AMI) | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 30 | 38 | |||||
Duke Energy Florida | Customer connect project | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 82 | 67 | |||||
Duke Energy Florida | Costs of removal regulatory asset | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 221 | 107 | |||||
Duke Energy Florida | Qualifying facility contract buyouts | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 81 | 94 | |||||
Duke Energy Florida | Other | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 55 | 49 | |||||
Duke Energy Ohio | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 684 | 707 | |||||
Less: current portion | 103 | 72 | |||||
Total noncurrent regulatory assets | 581 | 635 | |||||
Total regulatory liabilities | 633 | 801 | |||||
Less: current portion | 99 | 62 | |||||
Total noncurrent regulatory liabilities | 534 | 739 | |||||
Duke Energy Ohio | Net regulatory liability related to income taxes | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory liabilities | 496 | 602 | |||||
Duke Energy Ohio | Costs of removal | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory liabilities | 9 | 39 | |||||
Duke Energy Ohio | Accrued pension and OPEB | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory liabilities | 21 | 21 | |||||
Duke Energy Ohio | Provision for rate refunds | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory liabilities | 61 | ||||||
Duke Energy Ohio | Other | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory liabilities | 107 | 78 | |||||
Duke Energy Ohio | AROs – coal ash | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 33 | ||||||
Duke Energy Ohio | Deferred Fuel Costs | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 54 | 38 | |||||
Duke Energy Ohio | Accrued pension and OPEB | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 129 | 133 | |||||
Duke Energy Ohio | Storm cost deferrals | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 14 | 2 | |||||
Duke Energy Ohio | Hedge cost deferrals | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 2 | 5 | |||||
Duke Energy Ohio | Post-in-service carrying costs (PISCC) and deferred operating expenses | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 15 | 16 | |||||
Duke Energy Ohio | Advanced metering infrastructure (AMI) | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 18 | 24 | |||||
Duke Energy Ohio | Customer connect project | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 54 | 41 | |||||
Duke Energy Ohio | CEP deferral | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 190 | 161 | |||||
Duke Energy Ohio | Deferred pipeline integrity costs | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 28 | 24 | |||||
Duke Energy Ohio | Propane caverns | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 26 | ||||||
Duke Energy Ohio | Manufactured gas plant (MGP) | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 104 | ||||||
Duke Energy Ohio | Other | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 154 | 126 | |||||
Duke Energy Indiana | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 1,124 | 1,555 | |||||
Less: current portion | 249 | 277 | |||||
Total noncurrent regulatory assets | 875 | 1,278 | |||||
Total regulatory liabilities | 1,641 | 1,692 | |||||
Less: current portion | 187 | 127 | |||||
Total noncurrent regulatory liabilities | 1,454 | 1,565 | |||||
Duke Energy Indiana | Net regulatory liability related to income taxes | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory liabilities | 840 | 908 | |||||
Duke Energy Indiana | Costs of removal | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory liabilities | 531 | 575 | |||||
Duke Energy Indiana | Hedge cost deferrals | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory liabilities | 81 | ||||||
Duke Energy Indiana | Accrued pension and OPEB | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory liabilities | 104 | 113 | |||||
Duke Energy Indiana | Other | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory liabilities | 85 | 96 | |||||
Duke Energy Indiana | AROs – coal ash | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 385 | 749 | |||||
Duke Energy Indiana | Deferred Fuel Costs | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 138 | 158 | |||||
Duke Energy Indiana | Accrued pension and OPEB | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 214 | 222 | |||||
Duke Energy Indiana | Hedge cost deferrals | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 20 | 35 | |||||
Duke Energy Indiana | Post-in-service carrying costs (PISCC) and deferred operating expenses | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 255 | 262 | |||||
Duke Energy Indiana | Retired generation facilities | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 34 | 38 | |||||
Duke Energy Indiana | Advanced metering infrastructure (AMI) | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 15 | 17 | |||||
Duke Energy Indiana | Customer connect project | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 19 | 11 | |||||
Duke Energy Indiana | Other | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 44 | 63 | |||||
Piedmont | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 511 | 457 | |||||
Less: current portion | 119 | 141 | |||||
Total noncurrent regulatory assets | 392 | 316 | |||||
Total regulatory liabilities | 1,098 | 1,114 | |||||
Less: current portion | 74 | 56 | |||||
Total noncurrent regulatory liabilities | 1,024 | 1,058 | |||||
Piedmont | Net regulatory liability related to income taxes | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory liabilities | 459 | 510 | |||||
Piedmont | Costs of removal | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory liabilities | 573 | 572 | |||||
Piedmont | Other | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory liabilities | 66 | 32 | |||||
Piedmont | AROs – nuclear and other | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 27 | 22 | |||||
Piedmont | Accrued pension and OPEB | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 119 | 82 | |||||
Piedmont | Vacation accrual | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 12 | 12 | |||||
Piedmont | Derivatives – natural gas supply contracts | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 168 | 139 | |||||
Piedmont | Deferred pipeline integrity costs | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 93 | 84 | |||||
Piedmont | Amounts due from customers | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | 57 | 85 | |||||
Piedmont | Other | |||||||
Regulatory Assets Liabilities [Line Items] | |||||||
Total regulatory assets | $ 35 | $ 33 |
Regulatory Matters (Duke Energy
Regulatory Matters (Duke Energy Narrative) (Details) customer in Thousands, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||
Oct. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 30, 2022 | Sep. 30, 2022 customer | Aug. 05, 2022 USD ($) | Oct. 13, 2021 | |
Public Utilities, General Disclosures [Line Items] | ||||||||
Capital expenditures | $ 11,419 | $ 9,752 | $ 10,421 | |||||
Regulatory assets | $ 18,130 | 14,637 | ||||||
Storm Cost Securitization Legislation | NCUC | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Reduction in CO2 emissions (as a percent) | 70% | |||||||
Solar storage as long term purchase agreements (as a percent) | 45% | |||||||
Duke Energy Ohio | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Limit of total capital (as a percent) | 30% | |||||||
Capital expenditures | $ 850 | 848 | $ 834 | |||||
Regulatory assets | $ 684 | 707 | ||||||
Duke Energy Kentucky | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Required minimum equity capital structure (as a percent) | 35% | |||||||
Duke Energy Carolinas and Duke Energy Progress | Natural Disasters and Other Casualty Events | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Number of customers impacted | customer | 950 | |||||||
Duke Energy Carolinas and Duke Energy Progress | Natural Disasters and Other Casualty Events | Minimum | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Storm costs incurred | $ 100 | |||||||
Capital expenditures | 9 | |||||||
Regulatory assets | 83 | |||||||
Duke Energy Progress | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Regulatory assets | $ 5,414 | 4,651 | ||||||
Duke Energy Progress | Storm Cost Securitization Legislation | PSCSC | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Deferred storm costs | $ 223 | |||||||
Duke Energy Progress | Natural Disasters and Other Casualty Events | Minimum | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Regulatory assets | 43 | |||||||
Duke Energy Carolinas | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Regulatory assets | $ 5,388 | $ 3,479 | ||||||
Duke Energy Carolinas | Natural Disasters and Other Casualty Events | Minimum | ||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||
Regulatory assets | $ 40 |
Regulatory Matters (Duke Ener_2
Regulatory Matters (Duke Energy Carolinas Narrative) (Details) $ in Millions | 7 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||||||
Oct. 06, 2022 | Sep. 27, 2021 contention | Jul. 28, 2021 | Jun. 07, 2021 | Jun. 06, 2021 | Dec. 31, 2025 USD ($) | Dec. 31, 2026 USD ($) | May 31, 2027 | May 31, 2026 USD ($) | Jan. 18, 2026 USD ($) | May 31, 2025 USD ($) | Jan. 18, 2025 USD ($) | May 31, 2024 USD ($) | Jan. 18, 2024 USD ($) | Dec. 31, 2022 | |
Nuclear Regulatory Commission | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Operating license extension (in years) | 20 years | ||||||||||||||
Oconee Nuclear Station Subsequent License Renewal | Duke Energy Carolinas | Nuclear Regulatory Commission | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Comment period (in years) | 60 days | ||||||||||||||
Number of contentions | contention | 3 | ||||||||||||||
Oconee Nuclear Station Subsequent License Renewal | Duke Energy Carolinas | Oconee | Nuclear Regulatory Commission | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Operating license extension (in years) | 20 years | ||||||||||||||
Operating license (in years) | 80 years | 60 years | |||||||||||||
2022 North Carolina Rate Case | Duke Energy Carolinas | NCUC | Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Requested rate increase (decrease) | $ 823 | $ 150 | $ 172 | ||||||||||||
Requested return on equity, percentage | 15.70% | ||||||||||||||
2022 North Carolina Rate Case | Duke Energy Carolinas | NCUC | Subsequent Event | Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Requested rate increase (decrease) | $ 501 | ||||||||||||||
2022 North Carolina Rate Case | Duke Energy Progress | NCUC | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Proposed rate period (in years) | 3 years | ||||||||||||||
2022 North Carolina Rate Case | Duke Energy Progress | NCUC | Forecast | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Requested rate increase (decrease) | $ 615 | $ 138 | $ 151 | $ 326 | |||||||||||
Requested return on equity, percentage | 16% |
Regulatory Matters (Duke Ener_3
Regulatory Matters (Duke Energy Progress Narrative) (Details) - USD ($) $ in Millions | 7 Months Ended | 12 Months Ended | |||||||||
Oct. 06, 2022 | Sep. 01, 2022 | Jun. 16, 2022 | Oct. 16, 2020 | Dec. 31, 2025 | May 31, 2027 | May 31, 2026 | May 31, 2025 | May 31, 2024 | Dec. 31, 2022 | Dec. 31, 2021 | |
Public Utilities, General Disclosures [Line Items] | |||||||||||
Other, estimated useful life, in years | 15 years | 14 years | |||||||||
Duke Energy Progress | PSCSC | 2022 South Carolina Rate Case | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Approved rate increase (decrease) amount by state commission | $ 52 | ||||||||||
Duke Energy Progress | PSCSC | 2022 South Carolina Rate Case, Retail Rate Case | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Deferred compliance costs period (in years) | 33 months | ||||||||||
Approved return on equity, percentage | 9.60% | ||||||||||
Approved rate increase (decrease) amount by state commission | $ 36 | ||||||||||
Duke Energy Progress | PSCSC | 2022 South Carolina Rate Case, Retail Rate Case | Equity | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Approved return on equity, percentage | 52.43% | ||||||||||
Duke Energy Progress | PSCSC | 2022 South Carolina Rate Case, Retail Rate Case | Debt | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Approved return on equity, percentage | 47.57% | ||||||||||
Duke Energy Progress | PSCSC | 2022 South Carolina Rate Case, Coal Ash Basin Closure Costs | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Deferred compliance costs period (in years) | 7 years | ||||||||||
Deferred costs not recovering | $ 50 | ||||||||||
Duke Energy Progress | NCUC | 2022 North Carolina Rate Case | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Proposed rate period (in years) | 3 years | ||||||||||
Duke Energy Progress | NCUC | 2022 North Carolina Rate Case | Forecast | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Requested rate increase (decrease) | $ 615 | $ 138 | $ 151 | $ 326 | |||||||
Requested return on equity, percentage | 16% | ||||||||||
Duke Energy Progress | FERC | FERC Return on Equity Complaint, NCEMC | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Approved return on equity, percentage | 10% | 11% |
Regulatory Matters (Duke Ener_4
Regulatory Matters (Duke Energy Florida Narrative) (Details) - Duke Energy Florida | 12 Months Ended | ||||||||||||
Oct. 17, 2022 USD ($) | Oct. 04, 2022 USD ($) | Jun. 15, 2022 USD ($) | Jan. 14, 2021 USD ($) | Jul. 01, 2020 USD ($) plant MW | Dec. 31, 2025 USD ($) | Dec. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Sep. 28, 2022 outage | Sep. 27, 2022 USD ($) | Apr. 11, 2022 USD ($) | May 04, 2021 USD ($) | |
Solar Plant | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Estimated cost of generation facilities to be built | $ 1,000,000,000 | ||||||||||||
FPSC | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Number of solar plants petition for approval | plant | 10 | ||||||||||||
Solar generation capacity plants (in MW) | MW | 750 | ||||||||||||
FPSC | Natural Disasters and Other Casualty Events | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Deferred storm coats | $ 353,000,000 | ||||||||||||
Number of outages | outage | 1,100,000 | ||||||||||||
Storm reserves | 132,000,000 | $ 107,000,000 | |||||||||||
Expected recovery payments to be received | $ 442,000,000 | ||||||||||||
2021 Settlement | FPSC | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Approved capital structure, percentage | 53% | ||||||||||||
Approved debt structure, percentage | 47% | ||||||||||||
Public utilities, basis points, increase | 0.25% | ||||||||||||
Contract asset, noncurrent | $ 154,000,000 | $ 173,000,000 | $ 173,000,000 | ||||||||||
Proceeds from legal settlements | $ 180,000,000 | ||||||||||||
Future investments in new cost | $ 1,000,000,000 | ||||||||||||
Requested rate increase (decrease) | $ (56,000,000) | ||||||||||||
2021 Settlement | FPSC | US Treasury Securities | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Public utilities, basis points, increase | 0.50% | ||||||||||||
2021 Settlement | FPSC | Minimum | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Approved return on equity percentage (as a percent) | 8.85% | ||||||||||||
2021 Settlement | FPSC | Minimum | US Treasury Securities | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Approved return on equity percentage (as a percent) | 9.85% | ||||||||||||
2021 Settlement | FPSC | Maximum | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Approved return on equity percentage (as a percent) | 10.85% | ||||||||||||
2021 Settlement | FPSC | Maximum | US Treasury Securities | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Approved return on equity percentage (as a percent) | 10.10% | ||||||||||||
2021 Settlement | FPSC | Weighted Average | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Approved return on equity percentage (as a percent) | 9.85% | ||||||||||||
2021 Settlement | FPSC | Subsequent Event | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Approved rate increase (decrease) amount by state commission | $ 79,000,000 | $ 49,000,000 | $ 67,000,000 | ||||||||||
Storm Protection Plan | FPSC | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Investment in transmission and distribution | $ 7,000,000,000 | ||||||||||||
Cost reduction to transmission loop | $ 80,000,000 | ||||||||||||
Cost reduction period (in years) | 10 years |
Regulatory Matters (Duke Ener_5
Regulatory Matters (Duke Energy Ohio Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 01, 2022 USD ($) | Sep. 19, 2022 USD ($) | Jul. 14, 2022 USD ($) | May 19, 2022 USD ($) | Oct. 01, 2021 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2021 USD ($) | Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) site | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Apr. 27, 2022 USD ($) | |
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Revenues | $ 7,351 | $ 7,842 | $ 6,564 | $ 7,011 | $ 6,117 | $ 6,834 | $ 5,638 | $ 6,032 | $ 28,768 | $ 24,621 | $ 23,366 | ||||||
Operation, maintenance and other | 5,734 | 5,703 | 5,502 | ||||||||||||||
Income tax expense (benefit) from continuing operations | 300 | 268 | (169) | ||||||||||||||
Public utilities, property, plant and equipment, net | 111,748 | 105,536 | 111,748 | 105,536 | |||||||||||||
Asset impairment charges | 434 | 353 | 978 | ||||||||||||||
Duke Energy Ohio | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Revenues | 2,514 | 2,037 | 1,858 | ||||||||||||||
Operation, maintenance and other | 523 | 479 | 463 | ||||||||||||||
Income tax expense (benefit) from continuing operations | (21) | 30 | $ 43 | ||||||||||||||
Impairment (reversal) of assets and other charges | (10) | 25 | |||||||||||||||
Public utilities, property, plant and equipment, net | 9,247 | $ 8,625 | 9,247 | 8,625 | |||||||||||||
Asset impairment charges | (10) | 25 | |||||||||||||||
Duke Energy Ohio | Duke Energy Ohio Electric Base Rate Case | Public Utilities Commission Of Ohio | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Requested rate increase (decrease) | $ 55 | ||||||||||||||||
Requested return on equity, percentage | 10.30% | ||||||||||||||||
Requested rate increase (decrease), percent | 3.30% | ||||||||||||||||
Approved rate increase (decrease) amount by state commission | $ 23 | ||||||||||||||||
Approved return on equity, percentage | 9.50% | ||||||||||||||||
Duke Energy Ohio | Duke Energy Ohio Electric Base Rate Case | Public Utilities Commission Of Ohio | Minimum | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Requested rate increase (decrease) | $ 2 | ||||||||||||||||
Requested return on equity, percentage | 8.84% | ||||||||||||||||
Duke Energy Ohio | Duke Energy Ohio Electric Base Rate Case | Public Utilities Commission Of Ohio | Maximum | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Requested rate increase (decrease) | $ 15 | ||||||||||||||||
Requested return on equity, percentage | 9.85% | ||||||||||||||||
Duke Energy Ohio | Natural Gas Pipeline Extension | Ohio Power Siting Board | Minimum | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Estimated capital cost excluding AFUDC | $ 170 | $ 170 | |||||||||||||||
Duke Energy Ohio | MGP Cost Recovery - 2009 Through 2012 | Public Utilities Commission Of Ohio | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Number of environmental remediation sites | site | 2 | ||||||||||||||||
Duke Energy Ohio | MGP Cost Recovery - 2013 Through 2019 | Public Utilities Commission Of Ohio | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Revenues | $ 15 | ||||||||||||||||
Operation, maintenance and other | 58 | ||||||||||||||||
Income tax expense (benefit) from continuing operations | (72) | ||||||||||||||||
Duke Energy Ohio | Propane caverns | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Impairment (reversal) of assets and other charges | (12) | ||||||||||||||||
Public utilities, property, plant and equipment, net | $ 7 | ||||||||||||||||
Asset impairment charges | $ 19 | ||||||||||||||||
Duke Energy Ohio | Duke Energy Ohio Gas Base Rate Case | Public Utilities Commission Of Ohio | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Requested rate increase (decrease) | $ 49 | ||||||||||||||||
Requested return on equity, percentage | 10.30% | ||||||||||||||||
Requested rate increase (decrease), percent | 5.60% | ||||||||||||||||
Duke Energy Ohio | Duke Energy Ohio Gas Base Rate Case | Public Utilities Commission Of Ohio | Minimum | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Requested rate increase (decrease) | $ 24 | ||||||||||||||||
Requested return on equity, percentage | 9.03% | ||||||||||||||||
Duke Energy Ohio | Duke Energy Ohio Gas Base Rate Case | Public Utilities Commission Of Ohio | Maximum | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Requested rate increase (decrease) | $ 36 | ||||||||||||||||
Requested return on equity, percentage | 10.04% | ||||||||||||||||
Equity ratio (as a percent) | 52% | ||||||||||||||||
Duke Energy Ohio | Duke Energy Kentucky Electric Base Rate Case | KPSC | |||||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||||
Requested rate increase (decrease) | $ 75 | ||||||||||||||||
Requested return on equity, percentage | 10.35% | ||||||||||||||||
Requested rate increase (decrease), percent | 17.80% |
Regulatory Matters (Duke Ener_6
Regulatory Matters (Duke Energy Ohio - Exit Obligation Rollforward) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Public Utilities, General Disclosures [Line Items] | ||
Regulatory assets | $ 18,130 | $ 14,637 |
Restructuring Reserve [Roll Forward] | ||
Balance, beginning of period | 39 | 11 |
Cash Reductions | (8) | (8) |
Balance, end of period | 64 | 39 |
Duke Energy Ohio | ||
Public Utilities, General Disclosures [Line Items] | ||
Regulatory assets | $ 684 | $ 707 |
Regulatory Matters (Duke Ener_7
Regulatory Matters (Duke Energy Indiana Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||
Jun. 29, 2020 | Dec. 04, 2019 | Jul. 02, 2019 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 15, 2022 | |
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Revenues | $ 7,351,000,000 | $ 7,842,000,000 | $ 6,564,000,000 | $ 7,011,000,000 | $ 6,117,000,000 | $ 6,834,000,000 | $ 5,638,000,000 | $ 6,032,000,000 | $ 28,768,000,000 | $ 24,621,000,000 | $ 23,366,000,000 | ||||
Asset impairment charges | 434,000,000 | 353,000,000 | 978,000,000 | ||||||||||||
Duke Energy Indiana | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Revenues | 3,922,000,000 | 3,174,000,000 | $ 2,795,000,000 | ||||||||||||
Asset impairment charges | 388,000,000 | 9,000,000 | |||||||||||||
Duke Energy Indiana | Indiana Utility Regulatory Commission | Indiana Rate Case 2019 | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Requested rate increase (decrease) | $ 395,000,000 | ||||||||||||||
Requested rate increase (decrease), percentage, net of tax | 15.60% | ||||||||||||||
Requested rate increase (decrease), amended, amount | $ 396,000,000 | ||||||||||||||
Approved rate increase (decrease) amount by state commission | $ 146,000,000 | ||||||||||||||
Disclosure of rate matters, rate base | $ 10,200,000,000 | $ 10,200,000,000 | |||||||||||||
Public utilities, disclosure of rate matters, rate base reduction due to depreciation methodology, percent | 50% | ||||||||||||||
Public utilities, disclosure of rate matters, rate base reduction due to approved return on equity, percent | 20% | ||||||||||||||
Approved return on equity percentage (as a percent) | 9.70% | ||||||||||||||
Requested return on equity, percentage | 10.40% | ||||||||||||||
Public utilities, disclosure of rate matters, rate base reduction due to earnings adjustments, percent | 20% | ||||||||||||||
Public utilities, disclosure of rate matters, reduction of rate base | $ 200,000,000 | ||||||||||||||
Public utilities, approved return on equity, step two estimated (as a percent) | 25% | ||||||||||||||
Public utilities, approved return on equity, step one estimated percentage | 75% | ||||||||||||||
Impairment of assets and other charges | 211,000,000 | ||||||||||||||
Revenues | 46,000,000 | ||||||||||||||
Duke Energy Indiana | Indiana Utility Regulatory Commission | TDSIG 2.0 | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Future investments in new cost | $ 2,000,000,000 | ||||||||||||||
Duke Energy Indiana | Indiana Utility Regulatory Commission | Indiana Coal Ash Recovery | |||||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||||
Asset impairment charges | $ 175,000,000 |
Regulatory Matters (Piedmont Na
Regulatory Matters (Piedmont Narrative) (Details) - Piedmont - USD ($) $ in Millions | 1 Months Ended | |||
Oct. 10, 2022 | Sep. 15, 2022 | Apr. 01, 2022 | Oct. 31, 2022 | |
2022 South Carolina Rate Case | PSCSC | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Requested rate increase (decrease) | $ 7 | |||
Requested rate increase (decrease), percentage, net of tax | 3.40% | |||
Approved return on equity percentage (as a percent) | 9.30% | |||
Approved capital structure, percentage | 52.20% | |||
Approved debt structure, percentage | 47.80% | |||
Approved rate decrease amount by state commission | $ 1 | |||
Tennessee Annual Review Mechanism | TPUC | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Approved return on equity percentage (as a percent) | 9.80% |
Regulatory Matters (Other Regul
Regulatory Matters (Other Regulatory Matters Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Feb. 28, 2021 | |
Public Utilities, General Disclosures [Line Items] | ||||
Equity in losses of unconsolidated affiliates | $ (113) | $ (62) | $ 2,005 | |
Other current liabilities | 2,167 | 2,423 | ||
Asset retirement obligations | $ 773 | $ 647 | ||
Atlantic Coast Pipeline (ACP) | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Joint owner ownership percentage | 47% | |||
Atlantic Coast Pipeline (ACP) | Atlantic Coast Pipeline (ACP) | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Equity in losses of unconsolidated affiliates | $ 2,100 | |||
Other current liabilities | $ 59 | |||
Other liabilities, noncurrent | 47 | |||
Atlantic Coast Pipeline (ACP) | Atlantic Coast Pipeline (ACP) | Current Liabilities | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Guarantor obligations settled | $ 855 | |||
Asset retirement obligations | $ 106 |
Regulatory Matters (Schedule _2
Regulatory Matters (Schedule of Net Carrying Value Of Facilities) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2034 asset | Dec. 31, 2022 USD ($) MW | Dec. 31, 2021 USD ($) | |
Public Utilities, General Disclosures [Line Items] | |||
Remaining net book value | $ 111,748 | $ 105,536 | |
Generating facilities planned for retirement | |||
Public Utilities, General Disclosures [Line Items] | |||
Capacity (in MW) | MW | 9,146 | ||
Remaining net book value | $ 6,293 | ||
Duke Energy Carolinas | |||
Public Utilities, General Disclosures [Line Items] | |||
Remaining net book value | $ 35,981 | 34,122 | |
Duke Energy Carolinas | Allen Steam Station Unit 1 | Generating facilities planned for retirement | |||
Public Utilities, General Disclosures [Line Items] | |||
Capacity (in MW) | MW | 167 | ||
Remaining net book value | $ 10 | ||
Duke Energy Carolinas | Allen Steam Station Unit 5 | Generating facilities planned for retirement | |||
Public Utilities, General Disclosures [Line Items] | |||
Capacity (in MW) | MW | 259 | ||
Remaining net book value | $ 233 | ||
Duke Energy Carolinas | Cliffside Unit 5 | Generating facilities planned for retirement | |||
Public Utilities, General Disclosures [Line Items] | |||
Capacity (in MW) | MW | 546 | ||
Remaining net book value | $ 344 | ||
Duke Energy Carolinas | Marshall Units 1 And 2 | Generating facilities planned for retirement | |||
Public Utilities, General Disclosures [Line Items] | |||
Capacity (in MW) | MW | 760 | ||
Remaining net book value | $ 428 | ||
Duke Energy Progress | |||
Public Utilities, General Disclosures [Line Items] | |||
Remaining net book value | $ 24,674 | 23,657 | |
Duke Energy Progress | Mayo Unit 1 | Generating facilities planned for retirement | |||
Public Utilities, General Disclosures [Line Items] | |||
Capacity (in MW) | MW | 713 | ||
Remaining net book value | $ 639 | ||
Duke Energy Progress | Roxboro Units 3-4 | Generating facilities planned for retirement | |||
Public Utilities, General Disclosures [Line Items] | |||
Capacity (in MW) | MW | 1,409 | ||
Remaining net book value | $ 425 | ||
Duke Energy Florida | |||
Public Utilities, General Disclosures [Line Items] | |||
Remaining net book value | $ 19,563 | 18,046 | |
Duke Energy Florida | Crystal River Units 4 and 5 | Generating facilities planned for retirement | |||
Public Utilities, General Disclosures [Line Items] | |||
Capacity (in MW) | MW | 1,442 | ||
Remaining net book value | $ 1,549 | ||
Duke Energy Florida | Crystal River Units 4 and 5 | Generating facilities planned for retirement | Forecast | |||
Public Utilities, General Disclosures [Line Items] | |||
Facilities retiring ahead of schedule | asset | 2 | ||
Facilities retiring ahead of schedule, years ahead | 8 years | ||
Duke Energy Florida | Crystal River Units 4-5 | Generating facilities planned for retirement | |||
Public Utilities, General Disclosures [Line Items] | |||
Accelerated depreciation | 200 | ||
Duke Energy Indiana | |||
Public Utilities, General Disclosures [Line Items] | |||
Remaining net book value | $ 12,100 | $ 11,760 | |
Duke Energy Indiana | Gibson Units 1 - 5 | Generating facilities planned for retirement | |||
Public Utilities, General Disclosures [Line Items] | |||
Capacity (in MW) | MW | 2,845 | ||
Remaining net book value | $ 2,043 | ||
Duke Energy Indiana | Cayuga Units 1 - 2 | Generating facilities planned for retirement | |||
Public Utilities, General Disclosures [Line Items] | |||
Capacity (in MW) | MW | 1,005 | ||
Remaining net book value | $ 622 |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Jun. 16, 2021 people | Jun. 30, 2022 USD ($) | Apr. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) case reactor | Dec. 31, 2021 USD ($) | Jun. 18, 2018 USD ($) | |
Loss Contingencies [Line Items] | ||||||
Number of licensed nuclear reactors | reactor | 96 | |||||
Insured public liability limit per nuclear incident | $ 13,700 | |||||
Excess nuclear liability program coverage | 13,200 | |||||
Pro rata assessment for each reactor owned for each incident exceeding public liability insurance | 138 | |||||
Annual payment limit to pro rata assessments | 20.5 | |||||
Industry aggregate limit | 3,200 | |||||
Sublimit for non-nuclear terrorist events | 1,800 | |||||
Sublimit property damage losses | 1,500 | |||||
Additional nuclear accident limit | $ 1,250 | |||||
Insurance coverage percentage initial weeks | 100% | |||||
Accidental outage insurance coverage initial weeks | 365 days | |||||
Insurance coverage percentage additional weeks | 80% | |||||
Accidental outage insurance coverage additional weeks | 770 days | |||||
Weeks of sublimits for accidental outage coverage | 728 days | |||||
Sublimit accidental outage recovery | $ 328 | |||||
Maximum magnitude of retroactive premiums | 10 | |||||
Maximum period for retroactive premium assessment (in years) | 6 years | |||||
Texas Storm Uri Tort Litigation | Pending Litigation | ||||||
Loss Contingencies [Line Items] | ||||||
Loss contingency, pending claims, number | case | 5 | |||||
Duke Energy Carolinas | ||||||
Loss Contingencies [Line Items] | ||||||
Primary nuclear liability program coverage | $ 450 | |||||
Max retroactive premium assessments | $ 151 | |||||
Duke Energy Carolinas | Catawba | ||||||
Loss Contingencies [Line Items] | ||||||
Number of licensed nuclear reactors | reactor | 2 | |||||
Dedicated additional nuclear accident limit | $ 1,250 | |||||
Additional Non-nuclear accident limit | 750 | |||||
Accidental outage insurance coverage policy limit | $ 490 | |||||
Potential obligation percentage | 100% | |||||
Duke Energy Carolinas | McGuire | ||||||
Loss Contingencies [Line Items] | ||||||
Number of licensed nuclear reactors | reactor | 2 | |||||
Duke Energy Carolinas | Oconee | ||||||
Loss Contingencies [Line Items] | ||||||
Number of licensed nuclear reactors | reactor | 3 | |||||
Additional Non-nuclear accident limit | $ 750 | |||||
Duke Energy Carolinas | Ruben Villano, et al. v. Duke Energy Carolinas, LLC | Pending Litigation | ||||||
Loss Contingencies [Line Items] | ||||||
Number of individuals | people | 9 | |||||
Number of survivors | people | 4 | |||||
Number of deceased individuals | people | 5 | |||||
Duke Energy Carolinas | Asbestos Issue | ||||||
Loss Contingencies [Line Items] | ||||||
Asbestos-related injuries and damages reserves | 457 | $ 501 | ||||
Loss contingency, receivable, noncurrent | 595 | $ 644 | ||||
Duke Energy Progress | ||||||
Loss Contingencies [Line Items] | ||||||
Primary nuclear liability program coverage | 450 | |||||
Max retroactive premium assessments | $ 93 | |||||
Duke Energy Progress | Harris | ||||||
Loss Contingencies [Line Items] | ||||||
Number of licensed nuclear reactors | reactor | 1 | |||||
Duke Energy Progress | Robinson | ||||||
Loss Contingencies [Line Items] | ||||||
Number of licensed nuclear reactors | reactor | 1 | |||||
Duke Energy Progress | Brunswick | ||||||
Loss Contingencies [Line Items] | ||||||
Number of licensed nuclear reactors | reactor | 2 | |||||
Duke Energy Progress | Spent Nuclear Fuel Matters | ||||||
Loss Contingencies [Line Items] | ||||||
Damages sought | $ 100 | |||||
Amount awarded | $ 87 | |||||
Duke Energy Florida | ||||||
Loss Contingencies [Line Items] | ||||||
Primary nuclear liability program coverage | $ 100 | |||||
Max retroactive premium assessments | 1 | |||||
Duke Energy Florida | Crystal River Unit 3 | ||||||
Loss Contingencies [Line Items] | ||||||
Sublimit property damage losses | 50 | |||||
Duke Energy Florida | Spent Nuclear Fuel Matters | ||||||
Loss Contingencies [Line Items] | ||||||
Damages sought | $ 200 | |||||
Amount awarded | $ 180 | |||||
Duke Energy and Duke Energy Carolinas | ASU 2016-13 | ||||||
Loss Contingencies [Line Items] | ||||||
Premium receivable, allowance for credit loss | $ 12 |
Commitments and Contingencies_3
Commitments and Contingencies (Schedule of Environmental Loss Contingencies) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Loss Contingencies [Line Items] | ||
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration] | Other (includes amounts related to VIEs) | Other (includes amounts related to VIEs) |
Environmental reserves | ||
Loss Contingencies [Line Items] | ||
Reserves for Environmental Remediation | $ 84 | $ 88 |
Environmental reserves | Duke Energy Carolinas | ||
Loss Contingencies [Line Items] | ||
Reserves for Environmental Remediation | 22 | 19 |
Environmental reserves | Progress Energy | ||
Loss Contingencies [Line Items] | ||
Reserves for Environmental Remediation | 19 | 23 |
Environmental reserves | Duke Energy Progress | ||
Loss Contingencies [Line Items] | ||
Reserves for Environmental Remediation | 8 | 11 |
Environmental reserves | Duke Energy Florida | ||
Loss Contingencies [Line Items] | ||
Reserves for Environmental Remediation | 11 | 11 |
Environmental reserves | Duke Energy Ohio | ||
Loss Contingencies [Line Items] | ||
Reserves for Environmental Remediation | 33 | 34 |
Environmental reserves | Duke Energy Indiana | ||
Loss Contingencies [Line Items] | ||
Reserves for Environmental Remediation | 3 | 4 |
Environmental reserves | Piedmont | ||
Loss Contingencies [Line Items] | ||
Reserves for Environmental Remediation | $ 7 | $ 9 |
Commitments and Contingencies_4
Commitments and Contingencies (Purchased Power) (Details) - Purchased Power Contracts $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Duke Energy Progress | |
Unconditional Purchase Obligations [Abstract] | |
2023 | $ 22 |
2024 | 21 |
2025 | 22 |
2026 | 18 |
2027 | 19 |
Thereafter | 27 |
Total | $ 129 |
Duke Energy Progress | Minimum | |
Unconditional Purchase Obligations [Abstract] | |
Net plant output percent | 18% |
Duke Energy Progress | Maximum | |
Unconditional Purchase Obligations [Abstract] | |
Net plant output percent | 100% |
Duke Energy Florida | |
Unconditional Purchase Obligations [Abstract] | |
2023 | $ 300 |
2024 | 267 |
2025 | 91 |
Total | $ 658 |
Net plant output percent | 100% |
Duke Energy Ohio | |
Unconditional Purchase Obligations [Abstract] | |
2023 | $ 55 |
2024 | 36 |
Total | $ 91 |
Commitments and Contingencies_5
Commitments and Contingencies (Gas Supply Contracts) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Maximum | Pipeline and storage capacity contracts | |
Long-term Purchase Commitment [Line Items] | |
Long-term purchase commitment term (in years) | 20 years |
Maximum | Natural gas supply contracts fixed payment | |
Long-term Purchase Commitment [Line Items] | |
Long-term purchase commitment term (in years) | 4 years |
Maximum | Natural gas supply purchase commitments | |
Long-term Purchase Commitment [Line Items] | |
Long-term purchase commitment term (in years) | 9 years |
Duke Energy Ohio | Natural Gas Supply and Capacity Contracts | |
Long-term Purchase Commitment [Line Items] | |
2023 | $ 85 |
2024 | 101 |
2025 | 85 |
2026 | 56 |
2027 | 52 |
Thereafter | 616 |
Total | 995 |
Piedmont | Natural Gas Supply and Capacity Contracts | |
Long-term Purchase Commitment [Line Items] | |
2023 | 319 |
2024 | 313 |
2025 | 267 |
2026 | 213 |
2027 | 203 |
Thereafter | 587 |
Total | $ 1,902 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Lessee, Lease, Description [Line Items] | ||
Operating lease assets, cost basis | $ 163,839 | $ 154,496 |
Piedmont | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease assets, cost basis | 10,869 | 9,918 |
Construction and transportation of natural gas pipelines | Piedmont | ||
Lessee, Lease, Description [Line Items] | ||
Net investment in lease, current | 2 | 2 |
Duke Energy Carolinas | Construction and transportation of natural gas pipelines | Piedmont | ||
Lessee, Lease, Description [Line Items] | ||
Net investment in lease, noncurrent | $ 201 | $ 203 |
Leases (Lease Costs) (Details)
Leases (Lease Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Lessee, Lease, Description [Line Items] | ||
Operating lease expense | $ 229 | $ 245 |
Short-term lease expense | 4 | 5 |
Variable lease expense | 61 | 41 |
Finance lease expense | ||
Amortization of leased assets | 151 | 219 |
Interest on lease liabilities | 50 | 55 |
Total finance lease expense | 201 | 274 |
Total lease expense | 495 | 565 |
Duke Energy Carolinas | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease expense | 39 | 43 |
Variable lease expense | (1) | 17 |
Finance lease expense | ||
Amortization of leased assets | 6 | 5 |
Interest on lease liabilities | 32 | 33 |
Total finance lease expense | 38 | 38 |
Total lease expense | 76 | 98 |
Progress Energy | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease expense | 153 | 155 |
Short-term lease expense | 1 | 2 |
Variable lease expense | 60 | 22 |
Finance lease expense | ||
Amortization of leased assets | 61 | 37 |
Interest on lease liabilities | 49 | 48 |
Total finance lease expense | 110 | 85 |
Total lease expense | 324 | 264 |
Duke Energy Progress | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease expense | 83 | 83 |
Short-term lease expense | 1 | |
Variable lease expense | 37 | 10 |
Finance lease expense | ||
Amortization of leased assets | 41 | 18 |
Interest on lease liabilities | 45 | 42 |
Total finance lease expense | 86 | 60 |
Total lease expense | 206 | 154 |
Duke Energy Florida | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease expense | 70 | 72 |
Short-term lease expense | 1 | 1 |
Variable lease expense | 23 | 12 |
Finance lease expense | ||
Amortization of leased assets | 20 | 19 |
Interest on lease liabilities | 4 | 6 |
Total finance lease expense | 24 | 25 |
Total lease expense | 118 | 110 |
Duke Energy Ohio | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease expense | 10 | 11 |
Finance lease expense | ||
Total lease expense | 10 | 11 |
Duke Energy Indiana | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease expense | 19 | 18 |
Short-term lease expense | 2 | 2 |
Finance lease expense | ||
Amortization of leased assets | 1 | |
Interest on lease liabilities | 1 | |
Total finance lease expense | 1 | 1 |
Total lease expense | 22 | 21 |
Piedmont | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease expense | 6 | 7 |
Variable lease expense | 1 | 1 |
Finance lease expense | ||
Total lease expense | $ 7 | $ 8 |
Leases (Operating Lease Maturit
Leases (Operating Lease Maturities) (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Lessee, Operating Lease, Liability, Payment, Due | |
2023 | $ 225 |
2024 | 207 |
2025 | 175 |
2026 | 161 |
2027 | 134 |
Thereafter | 322 |
Total operating lease payments | 1,224 |
Less: present value discount | (169) |
Total operating lease liabilities | 1,055 |
Duke Energy Carolinas | |
Lessee, Operating Lease, Liability, Payment, Due | |
2023 | 23 |
2024 | 21 |
2025 | 14 |
2026 | 13 |
2027 | 9 |
Thereafter | 37 |
Total operating lease payments | 117 |
Less: present value discount | (20) |
Total operating lease liabilities | 97 |
Progress Energy | |
Lessee, Operating Lease, Liability, Payment, Due | |
2023 | 118 |
2024 | 110 |
2025 | 96 |
2026 | 99 |
2027 | 73 |
Thereafter | 253 |
Total operating lease payments | 749 |
Less: present value discount | (107) |
Total operating lease liabilities | 642 |
Duke Energy Progress | |
Lessee, Operating Lease, Liability, Payment, Due | |
2023 | 64 |
2024 | 56 |
2025 | 42 |
2026 | 45 |
2027 | 46 |
Thereafter | 209 |
Total operating lease payments | 462 |
Less: present value discount | (76) |
Total operating lease liabilities | 386 |
Duke Energy Florida | |
Lessee, Operating Lease, Liability, Payment, Due | |
2023 | 54 |
2024 | 54 |
2025 | 54 |
2026 | 54 |
2027 | 27 |
Thereafter | 44 |
Total operating lease payments | 287 |
Less: present value discount | (31) |
Total operating lease liabilities | 256 |
Duke Energy Ohio | |
Lessee, Operating Lease, Liability, Payment, Due | |
2023 | 2 |
2024 | 2 |
2025 | 2 |
2026 | 2 |
2027 | 2 |
Thereafter | 15 |
Total operating lease payments | 25 |
Less: present value discount | (7) |
Total operating lease liabilities | 18 |
Duke Energy Indiana | |
Lessee, Operating Lease, Liability, Payment, Due | |
2023 | 6 |
2024 | 5 |
2025 | 5 |
2026 | 4 |
2027 | 4 |
Thereafter | 45 |
Total operating lease payments | 69 |
Less: present value discount | (18) |
Total operating lease liabilities | 51 |
Piedmont | |
Lessee, Operating Lease, Liability, Payment, Due | |
2023 | 4 |
2024 | 4 |
2025 | 4 |
Thereafter | 1 |
Total operating lease payments | 13 |
Total operating lease liabilities | $ 13 |
Leases (Finance Lease Maturitie
Leases (Finance Lease Maturities) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Finance Lease, Liability, Payment, Due | ||
2023 | $ 198 | |
2024 | 143 | |
2025 | 76 | |
2026 | 77 | |
2027 | 74 | |
Thereafter | 584 | |
Total finance lease payments | 1,152 | |
Less: amounts representing interest | (388) | |
Total finance lease liabilities | 764 | $ 915 |
Duke Energy Carolinas | ||
Finance Lease, Liability, Payment, Due | ||
2023 | 38 | |
2024 | 38 | |
2025 | 38 | |
2026 | 38 | |
2027 | 38 | |
Thereafter | 427 | |
Total finance lease payments | 617 | |
Less: amounts representing interest | (333) | |
Total finance lease liabilities | 284 | 289 |
Progress Energy | ||
Finance Lease, Liability, Payment, Due | ||
2023 | 103 | |
2024 | 88 | |
2025 | 85 | |
2026 | 86 | |
2027 | 82 | |
Thereafter | 555 | |
Total finance lease payments | 999 | |
Less: amounts representing interest | (371) | |
Total finance lease liabilities | 628 | 690 |
Duke Energy Progress | ||
Finance Lease, Liability, Payment, Due | ||
2023 | 78 | |
2024 | 79 | |
2025 | 80 | |
2026 | 81 | |
2027 | 81 | |
Thereafter | 555 | |
Total finance lease payments | 954 | |
Less: amounts representing interest | (367) | |
Total finance lease liabilities | 587 | 629 |
Duke Energy Florida | ||
Finance Lease, Liability, Payment, Due | ||
2023 | 25 | |
2024 | 9 | |
2025 | 5 | |
2026 | 5 | |
2027 | 1 | |
Total finance lease payments | 45 | |
Less: amounts representing interest | (4) | |
Total finance lease liabilities | 41 | 61 |
Duke Energy Indiana | ||
Finance Lease, Liability, Payment, Due | ||
2023 | 1 | |
2024 | 1 | |
2025 | 1 | |
2026 | 1 | |
2027 | 1 | |
Thereafter | 23 | |
Total finance lease payments | 28 | |
Less: amounts representing interest | (19) | |
Total finance lease liabilities | $ 9 | $ 10 |
Leases (Supplemental Financial
Leases (Supplemental Financial Information) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Assets | ||
Operating lease right-of-use assets, net | $ 1,042 | $ 1,136 |
Net property, plant and equipment | 810 | 950 |
Total lease assets | 1,852 | 2,086 |
Current | ||
Operating | 179 | 184 |
Finance | 153 | 151 |
Noncurrent | ||
Operating | 876 | 940 |
Finance | 611 | 764 |
Total lease liabilities | 1,819 | 2,039 |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows from operating leases | 230 | 245 |
Operating cash flows from finance leases | 50 | 55 |
Financing cash flows from finance leases | 151 | 219 |
Lease assets obtained in exchange for new lease liabilities (non-cash) | ||
Operating | $ 111 | 182 |
Finance | $ 322 | |
Weighted average remaining lease term (years) | ||
Operating leases | 8 years | 8 years |
Finance leases | 10 years | 10 years |
Weighted-average discount rate | ||
Operating leases | 3.40% | 3.50% |
Finance leases | 7.70% | 7.30% |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Public utilities, property, plant and equipment, net | Public utilities, property, plant and equipment, net |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Current Liabilities: Other | Current Liabilities: Other |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Current maturities of long-term debt | Current maturities of long-term debt |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Long-Term Debt | Long-Term Debt |
Duke Energy Carolinas | ||
Assets | ||
Operating lease right-of-use assets, net | $ 78 | $ 92 |
Net property, plant and equipment | 284 | 302 |
Total lease assets | 362 | 394 |
Current | ||
Operating | 14 | 22 |
Finance | 7 | 6 |
Noncurrent | ||
Operating | 83 | 78 |
Finance | 277 | 283 |
Total lease liabilities | 381 | 389 |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows from operating leases | 24 | 25 |
Operating cash flows from finance leases | 32 | 33 |
Financing cash flows from finance leases | 6 | 5 |
Lease assets obtained in exchange for new lease liabilities (non-cash) | ||
Operating | $ 10 | $ 4 |
Weighted average remaining lease term (years) | ||
Operating leases | 10 years | 9 years |
Finance leases | 17 years | 18 years |
Weighted-average discount rate | ||
Operating leases | 3.80% | 3.50% |
Finance leases | 11.50% | 11.60% |
Progress Energy | ||
Assets | ||
Operating lease right-of-use assets, net | $ 628 | $ 691 |
Net property, plant and equipment | 674 | 729 |
Total lease assets | 1,302 | 1,420 |
Current | ||
Operating | 96 | 94 |
Finance | 57 | 61 |
Noncurrent | ||
Operating | 546 | 606 |
Finance | 571 | 629 |
Total lease liabilities | 1,270 | 1,390 |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows from operating leases | 118 | 117 |
Operating cash flows from finance leases | 49 | 48 |
Financing cash flows from finance leases | $ 61 | 37 |
Lease assets obtained in exchange for new lease liabilities (non-cash) | ||
Operating | 99 | |
Finance | $ 322 | |
Weighted average remaining lease term (years) | ||
Operating leases | 8 years | 8 years |
Finance leases | 12 years | 13 years |
Weighted-average discount rate | ||
Operating leases | 3.60% | 3.60% |
Finance leases | 9.10% | 9% |
Duke Energy Progress | ||
Assets | ||
Operating lease right-of-use assets, net | $ 370 | $ 389 |
Net property, plant and equipment | 590 | 627 |
Total lease assets | 960 | 1,016 |
Current | ||
Operating | 51 | 50 |
Finance | 35 | 41 |
Noncurrent | ||
Operating | 335 | 350 |
Finance | 552 | 588 |
Total lease liabilities | 973 | 1,029 |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows from operating leases | 63 | 62 |
Operating cash flows from finance leases | 45 | 42 |
Financing cash flows from finance leases | $ 41 | 18 |
Lease assets obtained in exchange for new lease liabilities (non-cash) | ||
Operating | 99 | |
Finance | $ 322 | |
Weighted average remaining lease term (years) | ||
Operating leases | 9 years | 10 years |
Finance leases | 12 years | 13 years |
Weighted-average discount rate | ||
Operating leases | 3.50% | 3.40% |
Finance leases | 9.10% | 9% |
Duke Energy Florida | ||
Assets | ||
Operating lease right-of-use assets, net | $ 258 | $ 302 |
Net property, plant and equipment | 84 | 102 |
Total lease assets | 342 | 404 |
Current | ||
Operating | 45 | 44 |
Finance | 22 | 20 |
Noncurrent | ||
Operating | 211 | 256 |
Finance | 19 | 41 |
Total lease liabilities | 297 | 361 |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows from operating leases | 55 | 55 |
Operating cash flows from finance leases | 4 | 6 |
Financing cash flows from finance leases | $ 20 | $ 19 |
Weighted average remaining lease term (years) | ||
Operating leases | 6 years | 7 years |
Finance leases | 12 years | 11 years |
Weighted-average discount rate | ||
Operating leases | 3.80% | 3.80% |
Finance leases | 8% | 8.20% |
Duke Energy Ohio | ||
Assets | ||
Operating lease right-of-use assets, net | $ 18 | $ 19 |
Total lease assets | 18 | 19 |
Current | ||
Operating | 1 | 1 |
Noncurrent | ||
Operating | 17 | 18 |
Total lease liabilities | 18 | 19 |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows from operating leases | $ 2 | $ 2 |
Weighted average remaining lease term (years) | ||
Operating leases | 15 years | 16 years |
Weighted-average discount rate | ||
Operating leases | 4.20% | 4.20% |
Duke Energy Indiana | ||
Assets | ||
Operating lease right-of-use assets, net | $ 49 | $ 53 |
Net property, plant and equipment | 6 | 7 |
Total lease assets | 55 | 60 |
Current | ||
Operating | 4 | 4 |
Noncurrent | ||
Operating | 47 | 50 |
Finance | 9 | 10 |
Total lease liabilities | 60 | 64 |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows from operating leases | 6 | 6 |
Operating cash flows from finance leases | $ 1 | |
Financing cash flows from finance leases | $ 1 | |
Weighted average remaining lease term (years) | ||
Operating leases | 15 years | 16 years |
Finance leases | 23 years | 24 years |
Weighted-average discount rate | ||
Operating leases | 4% | 4.10% |
Finance leases | 11.90% | 11.90% |
Piedmont | ||
Assets | ||
Operating lease right-of-use assets, net | $ 4 | $ 16 |
Total lease assets | 4 | 16 |
Current | ||
Operating | 5 | |
Noncurrent | ||
Operating | 13 | 14 |
Total lease liabilities | 13 | 19 |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows from operating leases | $ 4 | $ 5 |
Weighted average remaining lease term (years) | ||
Operating leases | 1 year | 4 years |
Weighted-average discount rate | ||
Operating leases | 3.30% | 3.60% |
Debt and Credit Facilities (Sum
Debt and Credit Facilities (Summary of Debt and Related Terms) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate (as a percent) | 4.09% | 3.50% |
Unsecured Debt | $ 29,585 | $ 24,564 |
Secured Debt | 5,632 | 5,584 |
First mortgage bonds | 32,645 | 31,026 |
Finance leases | 764 | 915 |
Tax exempt bonds | 1,331 | 360 |
Notes payable and commercial paper | 4,582 | 3,929 |
Fair value hedge carrying value adjustment | (5) | 4 |
Unamortized debt discount and premium, net | 1,016 | 1,119 |
Unamortized debt issuance costs | (383) | (362) |
Total debt | 75,167 | 67,139 |
Short-term notes payable and commercial paper | (3,952) | (3,304) |
Current maturities of long-term debt | (4,154) | (3,387) |
Total long-term debt | 67,061 | 60,448 |
Short term obligations classified as long-term debt | $ 937 | $ 937 |
Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate (as a percent) | 4.20% | 3.71% |
Secured Debt | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate (as a percent) | 4.11% | 2.50% |
First Mortgage Bonds | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate (as a percent) | 3.89% | 3.87% |
Finance Leases | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate (as a percent) | 7.90% | 5.81% |
Tax Exempt Bonds | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate (as a percent) | 3.84% | 0.65% |
Short term obligations classified as long-term debt | $ 312 | $ 312 |
Notes Payable And Commercial Paper | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate (as a percent) | 4.50% | 0.35% |
Short term obligations classified as long-term debt | $ 625 | $ 625 |
Weighted average days to maturity (in days) | 15 days | 15 days |
Parent Company | Purchase Accounting Adjustments | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | $ 27 | $ 29 |
Duke Energy Carolinas | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 1,150 | 1,150 |
Secured Debt | 1,317 | 1,094 |
First mortgage bonds | 11,306 | 10,507 |
Finance leases | 284 | 289 |
Money pool/intercompany borrowings | 1,533 | 526 |
Fair value hedge carrying value adjustment | 4 | |
Unamortized debt discount and premium, net | (21) | (21) |
Unamortized debt issuance costs | (70) | (67) |
Total debt | 15,499 | 13,482 |
Short-term money pool/intercompany borrowings | (1,233) | (226) |
Current maturities of long-term debt | (1,018) | (362) |
Total long-term debt | 13,248 | 12,894 |
Short term obligations classified as long-term debt | 300 | 300 |
Duke Energy Carolinas | Tax Exempt Bonds | ||
Debt Instrument [Line Items] | ||
Short term obligations classified as long-term debt | 0 | |
Progress Energy | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 2,600 | 2,250 |
Secured Debt | 2,383 | 2,397 |
First mortgage bonds | 16,350 | 15,450 |
Finance leases | 628 | 690 |
Tax exempt bonds | 500 | 48 |
Money pool/intercompany borrowings | 993 | 2,959 |
Unamortized debt discount and premium, net | (40) | (34) |
Unamortized debt issuance costs | (132) | (128) |
Total debt | 23,282 | 23,632 |
Short-term money pool/intercompany borrowings | (843) | (2,809) |
Current maturities of long-term debt | (697) | (1,082) |
Total long-term debt | 21,742 | 19,741 |
Duke Energy Progress | ||
Debt Instrument [Line Items] | ||
Secured Debt | 1,155 | 1,120 |
First mortgage bonds | 8,776 | 8,375 |
Finance leases | 587 | 629 |
Tax exempt bonds | 500 | 48 |
Money pool/intercompany borrowings | 389 | 322 |
Unamortized debt discount and premium, net | (23) | (19) |
Unamortized debt issuance costs | (59) | (54) |
Total debt | 11,325 | 10,421 |
Short-term money pool/intercompany borrowings | (238) | (172) |
Current maturities of long-term debt | (369) | (556) |
Total long-term debt | 10,718 | 9,693 |
Short term obligations classified as long-term debt | 150 | 150 |
Duke Energy Progress | Tax Exempt Bonds | ||
Debt Instrument [Line Items] | ||
Short term obligations classified as long-term debt | 0 | |
Duke Energy Florida | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 950 | 150 |
Secured Debt | 1,228 | 1,278 |
First mortgage bonds | 7,576 | 7,075 |
Finance leases | 41 | 61 |
Money pool/intercompany borrowings | 605 | 199 |
Unamortized debt discount and premium, net | (16) | (14) |
Unamortized debt issuance costs | (70) | (68) |
Total debt | 10,314 | 8,681 |
Short-term money pool/intercompany borrowings | (605) | (199) |
Current maturities of long-term debt | (328) | (76) |
Total long-term debt | 9,381 | 8,406 |
Duke Energy Florida | Purchase Accounting Adjustments | ||
Debt Instrument [Line Items] | ||
Finance leases | 164 | 256 |
Duke Energy Ohio | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 1,330 | 1,330 |
First mortgage bonds | 1,850 | 1,850 |
Tax exempt bonds | 77 | 27 |
Money pool/intercompany borrowings | 522 | 128 |
Unamortized debt discount and premium, net | (25) | (27) |
Unamortized debt issuance costs | (12) | (13) |
Total debt | 3,742 | 3,295 |
Short-term money pool/intercompany borrowings | (497) | (103) |
Current maturities of long-term debt | (475) | |
Total long-term debt | 2,770 | 3,192 |
Short term obligations classified as long-term debt | 52 | 52 |
Duke Energy Ohio | Tax Exempt Bonds | ||
Debt Instrument [Line Items] | ||
Short term obligations classified as long-term debt | 27 | 27 |
Duke Energy Indiana | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 697 | 700 |
First mortgage bonds | 3,138 | 3,219 |
Finance leases | 9 | 10 |
Tax exempt bonds | 352 | 285 |
Money pool/intercompany borrowings | 585 | 150 |
Unamortized debt discount and premium, net | (17) | (18) |
Unamortized debt issuance costs | (22) | (23) |
Total debt | 4,742 | 4,323 |
Short-term money pool/intercompany borrowings | (435) | |
Current maturities of long-term debt | (303) | (84) |
Total long-term debt | 4,004 | 4,239 |
Short term obligations classified as long-term debt | 435 | 435 |
Duke Energy Indiana | Tax Exempt Bonds | ||
Debt Instrument [Line Items] | ||
Short term obligations classified as long-term debt | 285 | 285 |
Piedmont | ||
Debt Instrument [Line Items] | ||
Unsecured Debt | 3,390 | 2,990 |
Money pool/intercompany borrowings | 514 | 518 |
Unamortized debt discount and premium, net | (9) | (6) |
Unamortized debt issuance costs | (18) | (16) |
Total debt | 3,877 | 3,486 |
Short-term money pool/intercompany borrowings | (514) | (518) |
Current maturities of long-term debt | (45) | 0 |
Total long-term debt | 3,318 | 2,968 |
Progress Energy | Purchase Accounting Adjustments | ||
Debt Instrument [Line Items] | ||
Unamortized debt discount and premium, net | 1,057 | 1,121 |
Piedmont | Purchase Accounting Adjustments | ||
Debt Instrument [Line Items] | ||
Unamortized debt discount and premium, net | $ 85 | $ 100 |
Debt and Credit Facilities (S_2
Debt and Credit Facilities (Summary of Current Maturities of Long-term Debt) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Current maturities of long-term debt | $ 4,154 | $ 3,387 |
Other | ||
Debt Instrument [Line Items] | ||
Current maturities of long-term debt | $ 854 | |
Duke Energy (Parent) | Debt Maturing April 2023, 2.875% Coupon | Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Interest Rate | 2.875% | |
Current maturities of long-term debt | $ 350 | |
Duke Energy (Parent) | Debt Maturing June 2023, 1.938% Coupon | Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.469% | |
Current maturities of long-term debt | $ 500 | |
Duke Energy (Parent) | Debt Maturing October 2023, 3.950% Coupon | Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.95% | |
Current maturities of long-term debt | $ 400 | |
Duke Energy Ohio | ||
Debt Instrument [Line Items] | ||
Current maturities of long-term debt | $ 475 | |
Duke Energy Ohio | Debt Maturing October 2023, 2.750% Coupon | Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Interest Rate | 4.272% | |
Current maturities of long-term debt | $ 150 | |
Duke Energy Ohio | Debt Maturing September 2023, 3.800% Coupon | First Mortgage Bonds | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.80% | |
Current maturities of long-term debt | $ 300 | |
Duke Energy Indiana | ||
Debt Instrument [Line Items] | ||
Current maturities of long-term debt | $ 303 | 84 |
Duke Energy Indiana | Debt Maturing October 2023, -% Coupon | Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Interest Rate | 4.118% | |
Current maturities of long-term debt | $ 300 | |
Duke Energy Carolinas | ||
Debt Instrument [Line Items] | ||
Current maturities of long-term debt | $ 1,018 | 362 |
Duke Energy Carolinas | Debt Maturing March 2023, 2.500% Coupon | First Mortgage Bonds | ||
Debt Instrument [Line Items] | ||
Interest Rate | 2.50% | |
Current maturities of long-term debt | $ 500 | |
Duke Energy Carolinas | Debt Maturing March 2023, 3.050% Coupon | First Mortgage Bonds | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.05% | |
Current maturities of long-term debt | $ 500 | |
Duke Energy Progress | ||
Debt Instrument [Line Items] | ||
Current maturities of long-term debt | $ 369 | $ 556 |
Duke Energy Progress | Debt Maturing September 2023, 3.375% Coupon | First Mortgage Bonds | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.375% | |
Current maturities of long-term debt | $ 300 |
Debt and Credit Facilities (Ann
Debt and Credit Facilities (Annual Maturities) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2023 | $ 4,154 | |
2024 | 3,216 | |
2025 | 4,322 | |
2026 | 2,682 | |
2027 | 3,203 | |
Thereafter | 52,999 | |
Total long-term debt, including current maturities | 70,576 | |
Current maturities of long-term debt | 4,154 | $ 3,387 |
Unamortized debt discount and premium, net | (1,170) | (1,250) |
Purchase Accounting Adjustments | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Unamortized debt discount and premium, net | 1,169 | |
Duke Energy Carolinas | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2023 | 1,018 | |
2024 | 19 | |
2025 | 491 | |
2026 | 621 | |
2027 | 323 | |
Thereafter | 11,884 | |
Total long-term debt, including current maturities | 14,356 | |
Current maturities of long-term debt | 1,018 | 362 |
Progress Energy | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2023 | 697 | |
2024 | 939 | |
2025 | 1,040 | |
2026 | 345 | |
2027 | 947 | |
Thereafter | 18,642 | |
Total long-term debt, including current maturities | 22,610 | |
Current maturities of long-term debt | 697 | 1,082 |
Duke Energy Progress | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2023 | 369 | |
2024 | 72 | |
2025 | 975 | |
2026 | 279 | |
2027 | 233 | |
Thereafter | 9,238 | |
Total long-term debt, including current maturities | 11,166 | |
Current maturities of long-term debt | 369 | 556 |
Duke Energy Florida | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2023 | 328 | |
2024 | 867 | |
2025 | 65 | |
2026 | 66 | |
2027 | 714 | |
Thereafter | 7,753 | |
Total long-term debt, including current maturities | 9,793 | |
Current maturities of long-term debt | 328 | 76 |
Duke Energy Ohio | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2023 | 475 | |
2025 | 245 | |
2026 | 45 | |
2027 | 102 | |
Thereafter | 2,415 | |
Total long-term debt, including current maturities | 3,282 | |
Current maturities of long-term debt | 475 | |
Duke Energy Indiana | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2023 | 303 | |
2024 | 4 | |
2025 | 4 | |
2026 | 4 | |
2027 | 177 | |
Thereafter | 3,853 | |
Total long-term debt, including current maturities | 4,345 | |
Current maturities of long-term debt | 303 | 84 |
Piedmont | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2023 | 45 | |
2024 | 40 | |
2025 | 205 | |
2026 | 40 | |
2027 | 300 | |
Thereafter | 2,760 | |
Total long-term debt, including current maturities | 3,390 | |
Current maturities of long-term debt | $ 45 | $ 0 |
Duke Energy (Parent) | Debt Maturing April 2023, 2.875% Coupon | Unsecured Debt | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Interest Rate | 2.875% | |
Current maturities of long-term debt | $ 350 | |
Duke Energy (Parent) | Debt Maturing June 2023, 1.938% Coupon | Unsecured Debt | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Interest Rate | 3.469% | |
Current maturities of long-term debt | $ 500 |
Debt and Credit Facilities (Sho
Debt and Credit Facilities (Short Term Obligations Classified As Long Term) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Short term obligations classified as long-term debt | $ 937 | $ 937 |
Tax Exempt Bonds | ||
Debt Instrument [Line Items] | ||
Short term obligations classified as long-term debt | 312 | 312 |
Commercial Paper | ||
Debt Instrument [Line Items] | ||
Short term obligations classified as long-term debt | 625 | 625 |
Duke Energy Carolinas | ||
Debt Instrument [Line Items] | ||
Short term obligations classified as long-term debt | 300 | 300 |
Duke Energy Carolinas | Tax Exempt Bonds | ||
Debt Instrument [Line Items] | ||
Short term obligations classified as long-term debt | 0 | |
Duke Energy Carolinas | Commercial Paper | ||
Debt Instrument [Line Items] | ||
Short term obligations classified as long-term debt | 300 | 300 |
Duke Energy Progress | ||
Debt Instrument [Line Items] | ||
Short term obligations classified as long-term debt | 150 | 150 |
Duke Energy Progress | Tax Exempt Bonds | ||
Debt Instrument [Line Items] | ||
Short term obligations classified as long-term debt | 0 | |
Duke Energy Progress | Commercial Paper | ||
Debt Instrument [Line Items] | ||
Short term obligations classified as long-term debt | 150 | 150 |
Duke Energy Ohio | ||
Debt Instrument [Line Items] | ||
Short term obligations classified as long-term debt | 52 | 52 |
Duke Energy Ohio | Tax Exempt Bonds | ||
Debt Instrument [Line Items] | ||
Short term obligations classified as long-term debt | 27 | 27 |
Duke Energy Ohio | Commercial Paper | ||
Debt Instrument [Line Items] | ||
Short term obligations classified as long-term debt | 25 | 25 |
Duke Energy Indiana | ||
Debt Instrument [Line Items] | ||
Short term obligations classified as long-term debt | 435 | 435 |
Duke Energy Indiana | Tax Exempt Bonds | ||
Debt Instrument [Line Items] | ||
Short term obligations classified as long-term debt | 285 | 285 |
Duke Energy Indiana | Commercial Paper | ||
Debt Instrument [Line Items] | ||
Short term obligations classified as long-term debt | $ 150 | $ 150 |
Debt and Credit Facilities (S_3
Debt and Credit Facilities (Summary of Debt Issuances) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Debt issuances | $ 9,186,000,000 | $ 8,107,000,000 | |
Repayments of long-term debt | $ 4,396,000,000 | $ 5,294,000,000 | $ 4,506,000,000 |
May 2022 Notes Due May 2052 | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Interest Rate | 5.05% | ||
Debt issuances | $ 400,000,000 | ||
June 2022 Notes Due June 2028 | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Interest Rate | 4.75% | ||
Debt issuances | $ 645,000,000 | ||
June 2022 Notes Due June 2034 | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Interest Rate | 5.306% | ||
Debt issuances | $ 537,000,000 | ||
August 2022 Notes Due March 2028 | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Interest Rate | 4.30% | ||
Debt issuances | $ 900,000,000 | ||
August 2022 Notes Due August 2032 | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Interest Rate | 4.50% | ||
Debt issuances | $ 1,150,000,000 | ||
August 2022 Notes Due August 2052 | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Interest Rate | 5% | ||
Debt issuances | $ 1,150,000,000 | ||
December 2022 Notes Due December 2025 | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Interest Rate | 5% | ||
Debt issuances | $ 500,000,000 | ||
December 2022 Notes Due December 2027 | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Interest Rate | 5% | ||
Debt issuances | $ 500,000,000 | ||
March 2022 Notes Due 2032 | First Mortgage Bonds | |||
Debt Instrument [Line Items] | |||
Interest Rate | 2.85% | ||
Debt issuances | $ 500,000,000 | ||
March 2022 Notes Due March 2052 | First Mortgage Bonds | |||
Debt Instrument [Line Items] | |||
Interest Rate | 3.55% | ||
Debt issuances | $ 650,000,000 | ||
March 2022 Notes Due April 2032 | First Mortgage Bonds | |||
Debt Instrument [Line Items] | |||
Interest Rate | 3.40% | ||
Debt issuances | $ 500,000,000 | ||
March 2022 Notes Due April 2052 | First Mortgage Bonds | |||
Debt Instrument [Line Items] | |||
Interest Rate | 4% | ||
Debt issuances | $ 400,000,000 | ||
November 2022 Notes Due November 2052 | First Mortgage Bonds | |||
Debt Instrument [Line Items] | |||
Interest Rate | 5.95% | ||
Debt issuances | $ 500,000,000 | ||
June 2022 Notes Due September 2030 | Tax Exempt Bonds | |||
Debt Instrument [Line Items] | |||
Interest Rate | 4% | ||
Debt issuances | $ 168,000,000 | ||
June 2022 Notes Due November 2039 | Tax Exempt Bonds | |||
Debt Instrument [Line Items] | |||
Interest Rate | 4.25% | ||
Debt issuances | $ 234,000,000 | ||
September 2022 Notes Due September 2036 | Tax Exempt Bonds | |||
Debt Instrument [Line Items] | |||
Interest Rate | 3.30% | ||
Debt issuances | $ 200,000,000 | ||
September 2022 Notes Due September 2030 (1) | Tax Exempt Bonds | |||
Debt Instrument [Line Items] | |||
Interest Rate | 3.70% | ||
Debt issuances | $ 210,000,000 | ||
September 2022 Notes Due September 2030 (2) | Tax Exempt Bonds | |||
Debt Instrument [Line Items] | |||
Interest Rate | 4% | ||
Debt issuances | $ 42,000,000 | ||
June 2022 Notes Due June 2028 And 2034 | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Interest Rate | 3.10% | ||
Debt issuances | $ 600,000,000 | ||
Repayments of long-term debt | 500,000,000 | ||
March 2021 Notes Due March 2031 | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Interest Rate | 2.50% | ||
Debt issuances | $ 350,000,000 | ||
June 2021 Notes Due June 2023 | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Interest Rate | 0.299% | ||
Debt issuances | $ 500,000,000 | ||
June 2021 Notes Due June 2031 | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Interest Rate | 2.55% | ||
Debt issuances | $ 1,000,000,000 | ||
June 2021 Notes Due June 2041 | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Interest Rate | 3.30% | ||
Debt issuances | $ 750,000,000 | ||
June 2021 Notes Due June 2051 | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Interest Rate | 3.50% | ||
Debt issuances | $ 750,000,000 | ||
September 2021 Notes Due January 2082 | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Interest Rate | 3.25% | ||
Debt issuances | $ 500,000,000 | ||
Repayments of long-term debt | $ 500,000,000 | ||
Interest rate reset period (in years) | 5 years | ||
November 2021 Notes Due July 2031 | Secured Debt | |||
Debt Instrument [Line Items] | |||
Interest Rate | 1.679% | ||
Debt issuances | $ 100,000,000 | ||
November 2021 Notes Due July 2041 | Secured Debt | |||
Debt Instrument [Line Items] | |||
Interest Rate | 2.617% | ||
Debt issuances | $ 137,000,000 | ||
November 2021 Notes Due July 2028 | Secured Debt | |||
Debt Instrument [Line Items] | |||
Interest Rate | 1.295% | ||
Debt issuances | $ 221,000,000 | ||
November 2021 Notes Due July 2037 | Secured Debt | |||
Debt Instrument [Line Items] | |||
Interest Rate | 2.387% | ||
Debt issuances | $ 352,000,000 | ||
November 2021 Notes Due July 2041 (2) | Secured Debt | |||
Debt Instrument [Line Items] | |||
Interest Rate | 2.799% | ||
Debt issuances | $ 197,000,000 | ||
April 2021 Notes Due April 2031 | First Mortgage Bonds | |||
Debt Instrument [Line Items] | |||
Interest Rate | 2.55% | ||
Debt issuances | $ 550,000,000 | ||
April 2021 Notes Due April 2051 | First Mortgage Bonds | |||
Debt Instrument [Line Items] | |||
Interest Rate | 3.45% | ||
Debt issuances | $ 450,000,000 | ||
August 2021 Notes Due August 2031 | First Mortgage Bonds | |||
Debt Instrument [Line Items] | |||
Interest Rate | 2% | ||
Debt issuances | $ 650,000,000 | ||
August 2021 Notes Due August 2051 | First Mortgage Bonds | |||
Debt Instrument [Line Items] | |||
Interest Rate | 2.90% | ||
Debt issuances | $ 450,000,000 | ||
December 2021 Notes Due December 2031 | First Mortgage Bonds | |||
Debt Instrument [Line Items] | |||
Interest Rate | 2.40% | ||
Debt issuances | $ 650,000,000 | ||
December 2021 Notes Due December 2051 | First Mortgage Bonds | |||
Debt Instrument [Line Items] | |||
Interest Rate | 3% | ||
Debt issuances | $ 500,000,000 | ||
Parent Company | |||
Debt Instrument [Line Items] | |||
Debt issuances | 5,784,000,000 | 3,500,000,000 | |
Duke Energy (Parent) | |||
Debt Instrument [Line Items] | |||
Repayments of long-term debt | 1,750,000,000 | ||
Duke Energy (Parent) | June 2022 Notes Due June 2028 | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Debt issuances | 645,000,000 | ||
Duke Energy (Parent) | June 2022 Notes Due June 2034 | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Debt issuances | 537,000,000 | ||
Duke Energy (Parent) | August 2022 Notes Due March 2028 | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Debt issuances | 900,000,000 | ||
Duke Energy (Parent) | August 2022 Notes Due August 2032 | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Debt issuances | 1,150,000,000 | ||
Duke Energy (Parent) | August 2022 Notes Due August 2052 | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Debt issuances | 1,150,000,000 | ||
Duke Energy (Parent) | December 2022 Notes Due December 2025 | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Debt issuances | 500,000,000 | ||
Duke Energy (Parent) | December 2022 Notes Due December 2027 | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Debt issuances | 500,000,000 | ||
Duke Energy (Parent) | June 2022 Notes Due September 2030 | Tax Exempt Bonds | |||
Debt Instrument [Line Items] | |||
Debt issuances | 168,000,000 | ||
Duke Energy (Parent) | June 2022 Notes Due November 2039 | Tax Exempt Bonds | |||
Debt Instrument [Line Items] | |||
Debt issuances | 234,000,000 | ||
Duke Energy (Parent) | June 2021 Notes Due June 2023 | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Debt issuances | 500,000,000 | ||
Duke Energy (Parent) | June 2021 Notes Due June 2031 | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Debt issuances | 1,000,000,000 | ||
Duke Energy (Parent) | June 2021 Notes Due June 2041 | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Debt issuances | 750,000,000 | ||
Duke Energy (Parent) | June 2021 Notes Due June 2051 | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Debt issuances | 750,000,000 | ||
Duke Energy (Parent) | September 2021 Notes Due January 2082 | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Debt issuances | 500,000,000 | ||
Duke Energy Carolinas | |||
Debt Instrument [Line Items] | |||
Debt issuances | 1,150,000,000 | 1,237,000,000 | |
Repayments of long-term debt | 436,000,000 | 617,000,000 | 813,000,000 |
Duke Energy Carolinas | March 2022 Notes Due 2032 | First Mortgage Bonds | |||
Debt Instrument [Line Items] | |||
Debt issuances | 500,000,000 | ||
Duke Energy Carolinas | March 2022 Notes Due March 2052 | First Mortgage Bonds | |||
Debt Instrument [Line Items] | |||
Debt issuances | 650,000,000 | ||
Duke Energy Carolinas | November 2021 Notes Due July 2031 | Secured Debt | |||
Debt Instrument [Line Items] | |||
Debt issuances | 100,000,000 | ||
Duke Energy Carolinas | November 2021 Notes Due July 2041 | Secured Debt | |||
Debt Instrument [Line Items] | |||
Debt issuances | 137,000,000 | ||
Duke Energy Carolinas | April 2021 Notes Due April 2031 | First Mortgage Bonds | |||
Debt Instrument [Line Items] | |||
Debt issuances | 550,000,000 | ||
Duke Energy Carolinas | April 2021 Notes Due April 2051 | First Mortgage Bonds | |||
Debt Instrument [Line Items] | |||
Debt issuances | 450,000,000 | ||
Duke Energy Carolinas | Bonds Maturing June 2021, 3.900% Coupon | First Mortgage Bonds | |||
Debt Instrument [Line Items] | |||
Repayments of long-term debt | 500,000,000 | ||
Duke Energy Progress | |||
Debt Instrument [Line Items] | |||
Debt issuances | 1,352,000,000 | 1,870,000,000 | |
Repayments of long-term debt | 645,000,000 | 1,308,000,000 | 1,085,000,000 |
Duke Energy Progress | First Mortgage Bonds | |||
Debt Instrument [Line Items] | |||
Repayments of long-term debt | 600,000,000 | ||
Duke Energy Progress | March 2022 Notes Due April 2032 | First Mortgage Bonds | |||
Debt Instrument [Line Items] | |||
Debt issuances | 500,000,000 | ||
Duke Energy Progress | March 2022 Notes Due April 2052 | First Mortgage Bonds | |||
Debt Instrument [Line Items] | |||
Debt issuances | 400,000,000 | ||
Duke Energy Progress | September 2022 Notes Due September 2036 | Tax Exempt Bonds | |||
Debt Instrument [Line Items] | |||
Debt issuances | 200,000,000 | ||
Duke Energy Progress | September 2022 Notes Due September 2030 (1) | Tax Exempt Bonds | |||
Debt Instrument [Line Items] | |||
Debt issuances | 210,000,000 | ||
Duke Energy Progress | September 2022 Notes Due September 2030 (2) | Tax Exempt Bonds | |||
Debt Instrument [Line Items] | |||
Debt issuances | 42,000,000 | ||
Duke Energy Progress | November 2021 Notes Due July 2028 | Secured Debt | |||
Debt Instrument [Line Items] | |||
Debt issuances | 221,000,000 | ||
Duke Energy Progress | November 2021 Notes Due July 2037 | Secured Debt | |||
Debt Instrument [Line Items] | |||
Debt issuances | 352,000,000 | ||
Duke Energy Progress | November 2021 Notes Due July 2041 (2) | Secured Debt | |||
Debt Instrument [Line Items] | |||
Debt issuances | 197,000,000 | ||
Duke Energy Progress | August 2021 Notes Due August 2031 | First Mortgage Bonds | |||
Debt Instrument [Line Items] | |||
Debt issuances | 650,000,000 | ||
Duke Energy Progress | August 2021 Notes Due August 2051 | First Mortgage Bonds | |||
Debt Instrument [Line Items] | |||
Debt issuances | 450,000,000 | ||
Duke Energy Florida | |||
Debt Instrument [Line Items] | |||
Debt issuances | 500,000,000 | 1,150,000,000 | |
Repayments of long-term debt | 77,000,000 | 575,000,000 | 572,000,000 |
Duke Energy Florida | November 2022 Notes Due November 2052 | First Mortgage Bonds | |||
Debt Instrument [Line Items] | |||
Debt issuances | 500,000,000 | ||
Duke Energy Florida | December 2021 Notes Due December 2031 | First Mortgage Bonds | |||
Debt Instrument [Line Items] | |||
Debt issuances | 650,000,000 | ||
Duke Energy Florida | December 2021 Notes Due December 2051 | First Mortgage Bonds | |||
Debt Instrument [Line Items] | |||
Debt issuances | 500,000,000 | ||
Piedmont | |||
Debt Instrument [Line Items] | |||
Debt issuances | 400,000,000 | 350,000,000 | |
Repayments of long-term debt | 160,000,000 | ||
Piedmont | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Repayments of long-term debt | 160,000,000 | ||
Piedmont | May 2022 Notes Due May 2052 | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Debt issuances | 400,000,000 | ||
Piedmont | March 2021 Notes Due March 2031 | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Debt issuances | 350,000,000 | ||
Duke Energy Ohio | |||
Debt Instrument [Line Items] | |||
Repayments of long-term debt | 50,000,000 | ||
Duke Energy Indiana | |||
Debt Instrument [Line Items] | |||
Repayments of long-term debt | $ 84,000,000 | $ 70,000,000 | $ 513,000,000 |
Debt and Credit Facilities (Nar
Debt and Credit Facilities (Narrative) (Details) | 1 Months Ended | 12 Months Ended | ||||||||
Mar. 09, 2022 USD ($) | Jan. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2022 | Dec. 31, 2022 USD ($) | Dec. 31, 2022 EUR (€) | Oct. 31, 2022 USD ($) | Mar. 31, 2022 USD ($) | Mar. 01, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Debt Instrument [Line Items] | ||||||||||
Debt issuances | $ 9,186,000,000 | $ 9,186,000,000 | $ 8,107,000,000 | |||||||
Demand notes, maximum amount available for sale | 4,000,000,000 | 4,000,000,000 | ||||||||
Demand notes, maximum amount outstanding | 2,000,000,000 | 2,000,000,000 | ||||||||
Principal amount of demand notes | 897,000,000 | 897,000,000 | 1,066,000,000 | |||||||
Current maturities of long-term debt | 4,154,000,000 | 4,154,000,000 | 3,387,000,000 | |||||||
Other loans outstanding against cash surrender value of life insurance policies | 852,000,000 | 852,000,000 | 819,000,000 | |||||||
Other Loans | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Current maturities of long-term debt | 131,000,000 | 131,000,000 | ||||||||
Duke Energy Ohio | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Current maturities of long-term debt | 475,000,000 | 475,000,000 | ||||||||
Duke Energy Indiana | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Current maturities of long-term debt | 303,000,000 | 303,000,000 | 84,000,000 | |||||||
Duke Energy Progress | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt issuances | 1,352,000,000 | 1,352,000,000 | 1,870,000,000 | |||||||
Current maturities of long-term debt | 369,000,000 | 369,000,000 | 556,000,000 | |||||||
Other loans outstanding against cash surrender value of life insurance policies | 33,000,000 | 33,000,000 | 34,000,000 | |||||||
Progress Energy | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Current maturities of long-term debt | 697,000,000 | 697,000,000 | 1,082,000,000 | |||||||
Duke Energy Carolinas | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt issuances | 1,150,000,000 | 1,150,000,000 | 1,237,000,000 | |||||||
Current maturities of long-term debt | 1,018,000,000 | 1,018,000,000 | 362,000,000 | |||||||
Duke Energy Florida | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt issuances | 500,000,000 | 500,000,000 | 1,150,000,000 | |||||||
Current maturities of long-term debt | 328,000,000 | 328,000,000 | 76,000,000 | |||||||
Piedmont | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt issuances | 400,000,000 | 400,000,000 | 350,000,000 | |||||||
Current maturities of long-term debt | $ 45,000,000 | $ 45,000,000 | $ 0 | |||||||
Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt to total capitalization percentage, for each borrower | 0.65 | 0.65 | 0.65 | |||||||
Maximum | Duke Energy Ohio | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt to total capitalization percentage, for each borrower | 0.65 | 0.65 | 0.65 | |||||||
Maximum | Duke Energy Indiana | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt to total capitalization percentage, for each borrower | 0.65 | 0.65 | 0.65 | |||||||
Maximum | Duke Energy Progress | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt to total capitalization percentage, for each borrower | 0.65 | 0.65 | 0.65 | |||||||
Maximum | Progress Energy | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt to total capitalization percentage, for each borrower | 0.65 | 0.65 | 0.65 | |||||||
Maximum | Duke Energy Carolinas | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt to total capitalization percentage, for each borrower | 0.65 | 0.65 | 0.65 | |||||||
Maximum | Duke Energy Florida | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt to total capitalization percentage, for each borrower | 0.65 | 0.65 | 0.65 | |||||||
Maximum | Piedmont | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt to total capitalization percentage, for each borrower | 0.70 | 0.70 | 0.70 | |||||||
First Mortgage Bonds | Duke Energy Carolinas | Subsequent Event | January 2023 Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt issuances | $ 1,800,000,000 | |||||||||
Proceeds from issuance of debt | 1,000,000,000 | |||||||||
First Mortgage Bonds | Duke Energy Carolinas | Subsequent Event | January 2023 Notes At 4.95% | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt issuances | $ 900,000,000 | |||||||||
Term (in years) | 10 years | |||||||||
Interest Rate | 4.95% | |||||||||
First Mortgage Bonds | Duke Energy Carolinas | Subsequent Event | January 2023 Notes At 5.35% | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt issuances | $ 900,000,000 | |||||||||
Term (in years) | 30 years | |||||||||
Interest Rate | 5.35% | |||||||||
Unsecured Debt | June 2022 Notes Due 2034 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt issuances | € | € 500,000,000 | |||||||||
Interest Rate | 3.85% | 3.85% | 3.85% | |||||||
Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Facility size | $ 9,000,000,000 | $ 9,000,000,000 | $ 9,000,000,000 | $ 8,000,000,000 | ||||||
Revolving Credit Facility | Duke Energy Ohio | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Facility size | 900,000,000 | 900,000,000 | ||||||||
Revolving Credit Facility | Duke Energy Indiana | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Facility size | 1,050,000,000 | 1,050,000,000 | ||||||||
Revolving Credit Facility | Duke Energy Progress | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Facility size | 800,000,000 | 800,000,000 | ||||||||
Revolving Credit Facility | Duke Energy Carolinas | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Facility size | 1,925,000,000 | 1,925,000,000 | ||||||||
Revolving Credit Facility | Duke Energy Florida | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Facility size | 1,150,000,000 | 1,150,000,000 | ||||||||
Revolving Credit Facility | Piedmont | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Facility size | 800,000,000 | $ 800,000,000 | ||||||||
Revolving Credit Facility | Line of Credit | Progress Energy | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Facility size | $ 2,500,000,000 | |||||||||
Revolving Credit Facility | Line of Credit | Duke Energy Florida | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Facility size | $ 800,000,000 | |||||||||
Revolving Credit Facility | Line of Credit | Duke Energy (Parent) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Facility size | $ 1,400,000,000 | |||||||||
Extension period (in years) | 2 years | |||||||||
Repayments of debt | $ 400,000,000 | |||||||||
June 2017 Three Year Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Term (in years) | 3 years | 3 years |
Debt and Credit Facilities (Sch
Debt and Credit Facilities (Schedule of Line of Credit Facilities) (Details) - USD ($) | Dec. 31, 2022 | Mar. 31, 2022 | Mar. 01, 2022 | Dec. 31, 2021 |
Line of Credit Facility [Line Items] | ||||
Tax-exempt bonds | $ (1,331,000,000) | $ (360,000,000) | ||
Duke Energy Progress | ||||
Line of Credit Facility [Line Items] | ||||
Tax-exempt bonds | (500,000,000) | (48,000,000) | ||
Duke Energy Ohio | ||||
Line of Credit Facility [Line Items] | ||||
Tax-exempt bonds | (77,000,000) | (27,000,000) | ||
Duke Energy Indiana | ||||
Line of Credit Facility [Line Items] | ||||
Tax-exempt bonds | (352,000,000) | $ (285,000,000) | ||
Revolving Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Facility size | 9,000,000,000 | $ 9,000,000,000 | $ 8,000,000,000 | |
Commercial paper | (3,685,000,000) | |||
Outstanding letters of credit | (40,000,000) | |||
Tax-exempt bonds | (81,000,000) | |||
Available capacity | 5,194,000,000 | |||
Revolving Credit Facility | Parent Company | ||||
Line of Credit Facility [Line Items] | ||||
Facility size | 2,375,000,000 | |||
Commercial paper | 463,000,000 | |||
Outstanding letters of credit | (27,000,000) | |||
Available capacity | 2,811,000,000 | |||
Revolving Credit Facility | Duke Energy Carolinas | ||||
Line of Credit Facility [Line Items] | ||||
Facility size | 1,925,000,000 | |||
Commercial paper | (1,533,000,000) | |||
Outstanding letters of credit | (4,000,000) | |||
Available capacity | 388,000,000 | |||
Revolving Credit Facility | Duke Energy Progress | ||||
Line of Credit Facility [Line Items] | ||||
Facility size | 800,000,000 | |||
Commercial paper | (389,000,000) | |||
Outstanding letters of credit | (2,000,000) | |||
Available capacity | 409,000,000 | |||
Revolving Credit Facility | Duke Energy Florida | ||||
Line of Credit Facility [Line Items] | ||||
Facility size | 1,150,000,000 | |||
Commercial paper | (605,000,000) | |||
Outstanding letters of credit | (7,000,000) | |||
Available capacity | 538,000,000 | |||
Revolving Credit Facility | Duke Energy Ohio | ||||
Line of Credit Facility [Line Items] | ||||
Facility size | 900,000,000 | |||
Commercial paper | (522,000,000) | |||
Available capacity | 378,000,000 | |||
Revolving Credit Facility | Duke Energy Indiana | ||||
Line of Credit Facility [Line Items] | ||||
Facility size | 1,050,000,000 | |||
Commercial paper | (585,000,000) | |||
Tax-exempt bonds | (81,000,000) | |||
Available capacity | 384,000,000 | |||
Revolving Credit Facility | Piedmont | ||||
Line of Credit Facility [Line Items] | ||||
Facility size | 800,000,000 | |||
Commercial paper | (514,000,000) | |||
Available capacity | 286,000,000 | |||
Proceeds Loaned To Subsidiary Registrants | Revolving Credit Facility | Parent Company | ||||
Line of Credit Facility [Line Items] | ||||
Commercial paper | $ (625,000,000) |
Guarantees and Indemnificatio_2
Guarantees and Indemnifications (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2022 | Feb. 28, 2021 | Jul. 31, 2020 | Jan. 01, 2020 | Oct. 31, 2017 | |
Guarantor Obligations [Line Items] | ||||||
Unused letters of credit | $ 35 | |||||
Noncurrent Liabilities | ||||||
Guarantor Obligations [Line Items] | ||||||
Face value of guarantees | $ 3 | 2 | ||||
Letters of credit | ||||||
Guarantor Obligations [Line Items] | ||||||
Maximum potential amount of future payments associated with guarantees | 667 | |||||
ACP | ||||||
Guarantor Obligations [Line Items] | ||||||
Maximum borrowing capacity | $ 1,900 | $ 3,400 | ||||
ACP | Atlantic Coast Pipeline (ACP) | ||||||
Guarantor Obligations [Line Items] | ||||||
Off-balance sheet, credit loss, liability | $ 95 | |||||
ACP | Current Liabilities | Atlantic Coast Pipeline (ACP) | ||||||
Guarantor Obligations [Line Items] | ||||||
Guarantor obligations settled | $ 855 | |||||
Atlantic Coast Pipeline (ACP) | Current Liabilities | Atlantic Coast Pipeline (ACP) | ||||||
Guarantor Obligations [Line Items] | ||||||
Guarantor obligations settled | $ 855 | |||||
Performance guarantee | Customers and other third parties | ||||||
Guarantor Obligations [Line Items] | ||||||
Maximum potential amount of future payments associated with guarantees | 33 | |||||
Performance guarantee | Spectra Capital | ||||||
Guarantor Obligations [Line Items] | ||||||
Maximum potential amount of future payments associated with guarantees | $ 40 | |||||
Financial guarantee | ACP | ||||||
Guarantor Obligations [Line Items] | ||||||
Maximum potential amount of future payments associated with guarantees | $ 860 | |||||
Maximum exposure percentage | 47% |
Joint Ownership of Generating_3
Joint Ownership of Generating and Transmission Facilities (Schedule Joint Ownership of Generating and Transmission Facilities) (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Duke Energy Carolinas | Catawba (units 1 and 2) | |
Jointly Owned Utility Plant Interests [Line Items] | |
Ownership interest | 19.25% |
Property, plant, and equipment | $ 1,047 |
Accumulated depreciation | 546 |
Construction work in progress | $ 32 |
Duke Energy Carolinas | W.S. Lee CC | |
Jointly Owned Utility Plant Interests [Line Items] | |
Ownership interest | 87.27% |
Property, plant, and equipment | $ 613 |
Accumulated depreciation | 86 |
Construction work in progress | $ 48 |
Duke Energy Indiana | Gibson (unit 5) | |
Jointly Owned Utility Plant Interests [Line Items] | |
Ownership interest | 50.05% |
Property, plant, and equipment | $ 450 |
Accumulated depreciation | 241 |
Construction work in progress | $ 2 |
Duke Energy Indiana | Vermillion | |
Jointly Owned Utility Plant Interests [Line Items] | |
Ownership interest | 62.50% |
Property, plant, and equipment | $ 182 |
Accumulated depreciation | 113 |
Construction work in progress | 1 |
Duke Energy Indiana | Transmission and local facilities | |
Jointly Owned Utility Plant Interests [Line Items] | |
Property, plant, and equipment | 6,718 |
Accumulated depreciation | 1,510 |
Construction work in progress | $ 157 |
Asset Retirement Obligations (R
Asset Retirement Obligations (Recorded on the Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Asset Retirement Obligation [Line Items] | |||
Total asset retirement obligation | $ 12,728 | $ 12,600 | $ 12,854 |
Less: Current portion | 773 | 647 | |
Total noncurrent asset retirement obligation | 11,955 | 11,953 | |
Decommissioning of nuclear power facilities | |||
Asset Retirement Obligation [Line Items] | |||
Total asset retirement obligation | 7,261 | ||
Closure of ash impoundments | |||
Asset Retirement Obligation [Line Items] | |||
Total asset retirement obligation | 5,176 | ||
Other | |||
Asset Retirement Obligation [Line Items] | |||
Total asset retirement obligation | 291 | ||
Duke Energy Carolinas | |||
Asset Retirement Obligation [Line Items] | |||
Total asset retirement obligation | 5,382 | 5,301 | 5,350 |
Less: Current portion | 261 | 249 | |
Total noncurrent asset retirement obligation | 5,121 | 5,052 | |
Duke Energy Carolinas | Decommissioning of nuclear power facilities | |||
Asset Retirement Obligation [Line Items] | |||
Total asset retirement obligation | 3,009 | ||
Duke Energy Carolinas | Closure of ash impoundments | |||
Asset Retirement Obligation [Line Items] | |||
Total asset retirement obligation | 2,309 | ||
Duke Energy Carolinas | Other | |||
Asset Retirement Obligation [Line Items] | |||
Total asset retirement obligation | 64 | ||
Progress Energy | |||
Asset Retirement Obligation [Line Items] | |||
Total asset retirement obligation | 6,181 | 6,112 | 6,149 |
Less: Current portion | 289 | 275 | |
Total noncurrent asset retirement obligation | 5,892 | 5,837 | |
Progress Energy | Decommissioning of nuclear power facilities | |||
Asset Retirement Obligation [Line Items] | |||
Total asset retirement obligation | 4,217 | ||
Progress Energy | Closure of ash impoundments | |||
Asset Retirement Obligation [Line Items] | |||
Total asset retirement obligation | 1,862 | ||
Progress Energy | Other | |||
Asset Retirement Obligation [Line Items] | |||
Total asset retirement obligation | 102 | ||
Duke Energy Progress | |||
Asset Retirement Obligation [Line Items] | |||
Total asset retirement obligation | 5,823 | 5,675 | 5,635 |
Less: Current portion | 288 | 274 | |
Total noncurrent asset retirement obligation | 5,535 | 5,401 | |
Duke Energy Progress | Decommissioning of nuclear power facilities | |||
Asset Retirement Obligation [Line Items] | |||
Total asset retirement obligation | 3,948 | ||
Duke Energy Progress | Closure of ash impoundments | |||
Asset Retirement Obligation [Line Items] | |||
Total asset retirement obligation | 1,833 | ||
Duke Energy Progress | Other | |||
Asset Retirement Obligation [Line Items] | |||
Total asset retirement obligation | 42 | ||
Duke Energy Florida | |||
Asset Retirement Obligation [Line Items] | |||
Total asset retirement obligation | 358 | 437 | 514 |
Less: Current portion | 1 | 1 | |
Total noncurrent asset retirement obligation | 357 | 436 | |
Duke Energy Florida | Decommissioning of nuclear power facilities | |||
Asset Retirement Obligation [Line Items] | |||
Total asset retirement obligation | 270 | ||
Duke Energy Florida | Closure of ash impoundments | |||
Asset Retirement Obligation [Line Items] | |||
Total asset retirement obligation | 29 | ||
Duke Energy Florida | Other | |||
Asset Retirement Obligation [Line Items] | |||
Total asset retirement obligation | 59 | ||
Duke Energy Ohio | |||
Asset Retirement Obligation [Line Items] | |||
Total asset retirement obligation | 154 | 136 | 111 |
Less: Current portion | 17 | 13 | |
Total noncurrent asset retirement obligation | 137 | 123 | |
Duke Energy Ohio | Closure of ash impoundments | |||
Asset Retirement Obligation [Line Items] | |||
Total asset retirement obligation | 95 | ||
Duke Energy Ohio | Other | |||
Asset Retirement Obligation [Line Items] | |||
Total asset retirement obligation | 59 | ||
Duke Energy Indiana | |||
Asset Retirement Obligation [Line Items] | |||
Total asset retirement obligation | 951 | 987 | 1,176 |
Less: Current portion | 207 | 110 | |
Total noncurrent asset retirement obligation | 744 | 877 | |
Duke Energy Indiana | Closure of ash impoundments | |||
Asset Retirement Obligation [Line Items] | |||
Total asset retirement obligation | 911 | ||
Duke Energy Indiana | Other | |||
Asset Retirement Obligation [Line Items] | |||
Total asset retirement obligation | 40 | ||
Piedmont | |||
Asset Retirement Obligation [Line Items] | |||
Total asset retirement obligation | 26 | 22 | $ 20 |
Total noncurrent asset retirement obligation | 26 | $ 22 | |
Piedmont | Other | |||
Asset Retirement Obligation [Line Items] | |||
Total asset retirement obligation | $ 26 |
Asset Retirement Obligations (N
Asset Retirement Obligations (NDTF Information) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
NDTF Information [Abstract] | ||
Annual funding requirement | $ 10 | |
Decommissioning costs | 9,105 | |
Legally restricted NDTF investments, fair value | 7,466 | $ 8,933 |
Duke Energy Carolinas | ||
NDTF Information [Abstract] | ||
Decommissioning costs | 4,365 | |
Legally restricted NDTF investments, fair value | 4,208 | 5,068 |
Duke Energy Progress | ||
NDTF Information [Abstract] | ||
Annual funding requirement | 10 | |
Decommissioning costs | 4,181 | |
Legally restricted NDTF investments, fair value | 3,258 | $ 3,865 |
Duke Energy Florida | ||
NDTF Information [Abstract] | ||
Decommissioning costs | $ 559 |
Asset Retirement Obligations _2
Asset Retirement Obligations (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Nuclear Regulatory Commission | |
Asset Retirement Obligation [Line Items] | |
Operating license extension (in years) | 20 years |
Asset Retirement Obligations _3
Asset Retirement Obligations (Rollforward) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Asset Retirement Obligation [Line Items] | ||
Beginning Balance | $ 12,600 | $ 12,854 |
Accretion expense | 501 | 504 |
Liabilities settled | (680) | (613) |
Liabilities incurred in the current year | 22 | 14 |
Revisions in estimates of cash flows | 285 | (159) |
Ending Balance | 12,728 | 12,600 |
Duke Energy Carolinas | ||
Asset Retirement Obligation [Line Items] | ||
Beginning Balance | 5,301 | 5,350 |
Accretion expense | 242 | 242 |
Liabilities settled | (234) | (210) |
Liabilities incurred in the current year | 8 | |
Revisions in estimates of cash flows | 73 | (89) |
Ending Balance | 5,382 | 5,301 |
Progress Energy | ||
Asset Retirement Obligation [Line Items] | ||
Beginning Balance | 6,112 | 6,149 |
Accretion expense | 229 | 229 |
Liabilities settled | (334) | (324) |
Liabilities incurred in the current year | 18 | 6 |
Revisions in estimates of cash flows | 156 | 52 |
Ending Balance | 6,181 | 6,112 |
Duke Energy Progress | ||
Asset Retirement Obligation [Line Items] | ||
Beginning Balance | 5,675 | 5,635 |
Accretion expense | 215 | 212 |
Liabilities settled | (228) | (214) |
Revisions in estimates of cash flows | 161 | 42 |
Ending Balance | 5,823 | 5,675 |
Duke Energy Florida | ||
Asset Retirement Obligation [Line Items] | ||
Beginning Balance | 437 | 514 |
Accretion expense | 14 | 17 |
Liabilities settled | (106) | (110) |
Liabilities incurred in the current year | 18 | 6 |
Revisions in estimates of cash flows | (5) | 10 |
Ending Balance | 358 | 437 |
Duke Energy Ohio | ||
Asset Retirement Obligation [Line Items] | ||
Beginning Balance | 136 | 111 |
Accretion expense | 6 | 4 |
Liabilities settled | (13) | (3) |
Revisions in estimates of cash flows | 25 | 24 |
Ending Balance | 154 | 136 |
Duke Energy Indiana | ||
Asset Retirement Obligation [Line Items] | ||
Beginning Balance | 987 | 1,176 |
Accretion expense | 30 | 35 |
Liabilities settled | (98) | (77) |
Liabilities incurred in the current year | 5 | |
Revisions in estimates of cash flows | 27 | (147) |
Ending Balance | 951 | 987 |
Piedmont | ||
Asset Retirement Obligation [Line Items] | ||
Beginning Balance | 22 | 20 |
Accretion expense | 1 | 1 |
Revisions in estimates of cash flows | 3 | 1 |
Ending Balance | $ 26 | $ 22 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Schedule Of Property, Plant and Equipment) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Public Utilities, Property, Plant and Equipment, Net [Abstract] | |||
Equipment, estimated useful life, years | 13 years | 13 years | |
Land | $ 2,232 | $ 2,145 | |
Other buildings and improvements | 6,090 | 5,276 | |
Equipment | 2,959 | 2,659 | |
Construction in process | 7,381 | 5,979 | |
Total property, plant and equipment | 163,839 | 154,496 | |
Facilities to be retired, net | 9 | 144 | |
Total net property, plant and equipment | $ 111,748 | $ 105,536 | |
Other, estimated useful life, in years | 15 years | 14 years | |
Finance leases, gross | $ 816 | $ 958 | |
Accumulated amortization of finance leases | 7 | 9 | |
Capitalized Interest Costs [Abstract] | |||
Capitalized interest | 118 | 66 | $ 96 |
Nuclear fuel | |||
Public Utilities, Property, Plant and Equipment, Net [Abstract] | |||
Nuclear fuel | 3,081 | 3,181 | |
Accumulated depreciation and amortization | (1,683) | (1,799) | |
Regulated | |||
Public Utilities, Property, Plant and Equipment, Net [Abstract] | |||
Accumulated depreciation and amortization | $ (50,544) | $ (47,611) | |
Regulated | Electric generation, distribution and transmission | |||
Public Utilities, Property, Plant and Equipment, Net [Abstract] | |||
Equipment, estimated useful life, years | 39 years | 40 years | |
Plant - transmission and distribution | $ 126,016 | $ 120,855 | |
Regulated | Natural gas transmission and distribution | |||
Public Utilities, Property, Plant and Equipment, Net [Abstract] | |||
Equipment, estimated useful life, years | 56 years | 54 years | |
Plant - transmission and distribution | $ 13,174 | $ 12,079 | |
Regulated | Other buildings and improvements | |||
Public Utilities, Property, Plant and Equipment, Net [Abstract] | |||
Equipment, estimated useful life, years | 40 years | 37 years | |
Other buildings and improvements | $ 2,537 | $ 1,921 | |
Nonregulated | |||
Public Utilities, Property, Plant and Equipment, Net [Abstract] | |||
Accumulated depreciation and amortization | (1,556) | (1,493) | |
Accumulated amortization of finance leases | $ 1 | $ 1 | |
Nonregulated | Other buildings and improvements | |||
Public Utilities, Property, Plant and Equipment, Net [Abstract] | |||
Equipment, estimated useful life, years | 10 years | 11 years | |
Other buildings and improvements | $ 369 | $ 401 | |
Duke Energy Carolinas | |||
Public Utilities, Property, Plant and Equipment, Net [Abstract] | |||
Land | 565 | 543 | |
Other buildings and improvements | 1,368 | 1,323 | |
Equipment | 710 | 614 | |
Construction in process | 2,671 | 2,078 | |
Total property, plant and equipment | 54,650 | 51,874 | |
Facilities to be retired, net | 0 | 102 | |
Total net property, plant and equipment | 35,981 | 34,122 | |
Finance leases, gross | 335 | 335 | |
Accumulated amortization of finance leases | 51 | 33 | |
Capitalized Interest Costs [Abstract] | |||
Capitalized interest | 50 | 29 | 28 |
Duke Energy Carolinas | Nuclear fuel | |||
Public Utilities, Property, Plant and Equipment, Net [Abstract] | |||
Nuclear fuel | 1,723 | 1,856 | |
Accumulated depreciation and amortization | (934) | (1,064) | |
Duke Energy Carolinas | Regulated | |||
Public Utilities, Property, Plant and Equipment, Net [Abstract] | |||
Accumulated depreciation and amortization | (18,669) | (17,854) | |
Duke Energy Carolinas | Regulated | Electric generation, distribution and transmission | |||
Public Utilities, Property, Plant and Equipment, Net [Abstract] | |||
Plant - transmission and distribution | 46,640 | 44,910 | |
Duke Energy Carolinas | Regulated | Other buildings and improvements | |||
Public Utilities, Property, Plant and Equipment, Net [Abstract] | |||
Other buildings and improvements | 973 | 550 | |
Progress Energy | |||
Public Utilities, Property, Plant and Equipment, Net [Abstract] | |||
Land | 993 | 957 | |
Other buildings and improvements | 1,943 | 1,563 | |
Equipment | 936 | 791 | |
Construction in process | 3,073 | 2,297 | |
Total property, plant and equipment | 64,822 | 60,894 | |
Facilities to be retired, net | 26 | ||
Total net property, plant and equipment | 44,238 | 41,706 | |
Finance leases, gross | 674 | 729 | |
Accumulated amortization of finance leases | 233 | 178 | |
Capitalized Interest Costs [Abstract] | |||
Capitalized interest | 26 | 20 | 17 |
Progress Energy | Nuclear fuel | |||
Public Utilities, Property, Plant and Equipment, Net [Abstract] | |||
Nuclear fuel | 1,358 | 1,325 | |
Accumulated depreciation and amortization | (749) | (735) | |
Progress Energy | Regulated | |||
Public Utilities, Property, Plant and Equipment, Net [Abstract] | |||
Accumulated depreciation and amortization | (20,584) | (19,214) | |
Progress Energy | Regulated | Electric generation, distribution and transmission | |||
Public Utilities, Property, Plant and Equipment, Net [Abstract] | |||
Plant - transmission and distribution | 55,872 | 53,447 | |
Progress Energy | Regulated | Other buildings and improvements | |||
Public Utilities, Property, Plant and Equipment, Net [Abstract] | |||
Other buildings and improvements | 647 | 514 | |
Duke Energy Progress | |||
Public Utilities, Property, Plant and Equipment, Net [Abstract] | |||
Land | 496 | 482 | |
Other buildings and improvements | 1,460 | 1,115 | |
Equipment | 567 | 497 | |
Construction in process | 1,317 | 954 | |
Total property, plant and equipment | 38,875 | 37,018 | |
Facilities to be retired, net | 26 | ||
Total net property, plant and equipment | 24,674 | 23,657 | |
Finance leases, gross | 590 | 627 | |
Accumulated amortization of finance leases | 81 | 45 | |
Capitalized Interest Costs [Abstract] | |||
Capitalized interest | 19 | 14 | 12 |
Duke Energy Progress | Nuclear fuel | |||
Public Utilities, Property, Plant and Equipment, Net [Abstract] | |||
Nuclear fuel | 1,358 | 1,325 | |
Accumulated depreciation and amortization | (749) | (735) | |
Duke Energy Progress | Regulated | |||
Public Utilities, Property, Plant and Equipment, Net [Abstract] | |||
Accumulated depreciation and amortization | (14,201) | (13,387) | |
Duke Energy Progress | Regulated | Electric generation, distribution and transmission | |||
Public Utilities, Property, Plant and Equipment, Net [Abstract] | |||
Plant - transmission and distribution | 33,336 | 32,417 | |
Duke Energy Progress | Regulated | Other buildings and improvements | |||
Public Utilities, Property, Plant and Equipment, Net [Abstract] | |||
Other buildings and improvements | 341 | 228 | |
Duke Energy Florida | |||
Public Utilities, Property, Plant and Equipment, Net [Abstract] | |||
Land | 497 | 475 | |
Other buildings and improvements | 476 | 437 | |
Equipment | 369 | 294 | |
Construction in process | 1,756 | 1,343 | |
Total property, plant and equipment | 25,940 | 23,865 | |
Total net property, plant and equipment | 19,563 | 18,046 | |
Finance leases, gross | 84 | 102 | |
Accumulated amortization of finance leases | 152 | 133 | |
Capitalized Interest Costs [Abstract] | |||
Capitalized interest | 7 | 6 | 5 |
Duke Energy Florida | Regulated | |||
Public Utilities, Property, Plant and Equipment, Net [Abstract] | |||
Accumulated depreciation and amortization | (6,377) | (5,819) | |
Duke Energy Florida | Regulated | Electric generation, distribution and transmission | |||
Public Utilities, Property, Plant and Equipment, Net [Abstract] | |||
Plant - transmission and distribution | 22,536 | 21,030 | |
Duke Energy Florida | Regulated | Other buildings and improvements | |||
Public Utilities, Property, Plant and Equipment, Net [Abstract] | |||
Other buildings and improvements | 306 | 286 | |
Duke Energy Ohio | |||
Public Utilities, Property, Plant and Equipment, Net [Abstract] | |||
Land | 230 | 219 | |
Other buildings and improvements | 380 | 287 | |
Equipment | 441 | 403 | |
Construction in process | 375 | 515 | |
Total property, plant and equipment | 12,497 | 11,725 | |
Facilities to be retired, net | 6 | ||
Total net property, plant and equipment | 9,247 | 8,625 | |
Capitalized Interest Costs [Abstract] | |||
Capitalized interest | 14 | 20 | 26 |
Duke Energy Ohio | Regulated | |||
Public Utilities, Property, Plant and Equipment, Net [Abstract] | |||
Accumulated depreciation and amortization | (3,250) | (3,106) | |
Duke Energy Ohio | Regulated | Electric generation, distribution and transmission | |||
Public Utilities, Property, Plant and Equipment, Net [Abstract] | |||
Plant - transmission and distribution | 6,900 | 6,573 | |
Duke Energy Ohio | Regulated | Natural gas transmission and distribution | |||
Public Utilities, Property, Plant and Equipment, Net [Abstract] | |||
Plant - transmission and distribution | 3,773 | 3,347 | |
Duke Energy Ohio | Regulated | Other buildings and improvements | |||
Public Utilities, Property, Plant and Equipment, Net [Abstract] | |||
Other buildings and improvements | 398 | 381 | |
Duke Energy Indiana | |||
Public Utilities, Property, Plant and Equipment, Net [Abstract] | |||
Land | 124 | 122 | |
Other buildings and improvements | 320 | 253 | |
Equipment | 356 | 262 | |
Construction in process | 381 | 460 | |
Total property, plant and equipment | 18,121 | 17,343 | |
Total net property, plant and equipment | 12,100 | 11,760 | |
Finance leases, gross | 10 | 10 | |
Accumulated amortization of finance leases | 4 | 3 | |
Capitalized Interest Costs [Abstract] | |||
PISCC Amortization | (17) | ||
Capitalized interest | 3 | 10 | |
Duke Energy Indiana | PISCC Amortization | |||
Capitalized Interest Costs [Abstract] | |||
PISCC Amortization | 24 | ||
Duke Energy Indiana | Debt Component | |||
Capitalized Interest Costs [Abstract] | |||
Capitalized interest | 7 | ||
Duke Energy Indiana | Regulated | |||
Public Utilities, Property, Plant and Equipment, Net [Abstract] | |||
Accumulated depreciation and amortization | (6,021) | (5,583) | |
Duke Energy Indiana | Regulated | Electric generation, distribution and transmission | |||
Public Utilities, Property, Plant and Equipment, Net [Abstract] | |||
Plant - transmission and distribution | 16,604 | 15,925 | |
Duke Energy Indiana | Regulated | Other buildings and improvements | |||
Public Utilities, Property, Plant and Equipment, Net [Abstract] | |||
Other buildings and improvements | 336 | 321 | |
Piedmont | |||
Public Utilities, Property, Plant and Equipment, Net [Abstract] | |||
Land | 295 | 279 | |
Other buildings and improvements | 387 | 368 | |
Equipment | 125 | 122 | |
Construction in process | 478 | 262 | |
Total property, plant and equipment | 10,869 | 9,918 | |
Facilities to be retired, net | 9 | 11 | |
Total net property, plant and equipment | 8,797 | 8,030 | |
Capitalized Interest Costs [Abstract] | |||
Capitalized interest | 4 | 9 | $ 8 |
Piedmont | Regulated | |||
Public Utilities, Property, Plant and Equipment, Net [Abstract] | |||
Accumulated depreciation and amortization | (2,081) | (1,899) | |
Piedmont | Regulated | Natural gas transmission and distribution | |||
Public Utilities, Property, Plant and Equipment, Net [Abstract] | |||
Plant - transmission and distribution | 9,401 | 8,732 | |
Piedmont | Regulated | Other buildings and improvements | |||
Public Utilities, Property, Plant and Equipment, Net [Abstract] | |||
Other buildings and improvements | $ 183 | $ 155 |
Property, Plant and Equipment_3
Property, Plant and Equipment (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Property, Plant and Equipment [Line Items] | |
Charges related to reduction in physical workspace | $ 192 |
Impairment of assets and other charges | |
Property, Plant and Equipment [Line Items] | |
Charges related to reduction in physical workspace | 133 |
Operation, maintenance and other | |
Property, Plant and Equipment [Line Items] | |
Charges related to reduction in physical workspace | 42 |
Depreciation and amortization | |
Property, Plant and Equipment [Line Items] | |
Charges related to reduction in physical workspace | $ 17 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill [Line Items] | ||
Goodwill | $ 19,303,000,000 | $ 19,303,000,000 |
Goodwill accumulated impairment loss | 0 | 0 |
Impairment charges | 0 | |
Electric Utilities and Infrastructure | ||
Goodwill [Line Items] | ||
Goodwill | 17,400,000,000 | 17,400,000,000 |
Gas Utilities and Infrastructure | ||
Goodwill [Line Items] | ||
Goodwill | 1,900,000,000 | 1,900,000,000 |
Duke Energy Ohio | ||
Goodwill [Line Items] | ||
Goodwill | 920,000,000 | 920,000,000 |
Goodwill accumulated impairment loss | 216,000,000 | 216,000,000 |
Duke Energy Ohio | Electric Utilities and Infrastructure | ||
Goodwill [Line Items] | ||
Goodwill | 596,000,000 | 596,000,000 |
Duke Energy Ohio | Gas Utilities and Infrastructure | ||
Goodwill [Line Items] | ||
Goodwill | 324,000,000 | 324,000,000 |
Progress Energy | ||
Goodwill [Line Items] | ||
Goodwill | 3,655,000,000 | 3,655,000,000 |
Progress Energy | Electric Utilities and Infrastructure | ||
Goodwill [Line Items] | ||
Goodwill accumulated impairment loss | 0 | |
Piedmont | ||
Goodwill [Line Items] | ||
Goodwill | 49,000,000 | $ 49,000,000 |
Piedmont | Gas Utilities and Infrastructure | ||
Goodwill [Line Items] | ||
Goodwill accumulated impairment loss | $ 0 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Schedule of Intangible Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross carrying amount | $ 273 | $ 264 |
Accumulated amortization | (8) | (28) |
Total intangible assets, net | 265 | 236 |
Emission allowances | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross carrying amount | 8 | 8 |
Renewable energy certificates | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross carrying amount | 210 | 204 |
Natural gas, coal and power contracts | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross carrying amount | 24 | |
Accumulated amortization | (24) | |
Other | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross carrying amount | 55 | 28 |
Accumulated amortization | (8) | (4) |
Duke Energy Carolinas | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross carrying amount | 84 | 73 |
Total intangible assets, net | 84 | 73 |
Duke Energy Carolinas | Renewable energy certificates | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross carrying amount | 84 | 73 |
Progress Energy | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross carrying amount | 133 | 136 |
Accumulated amortization | (1) | |
Total intangible assets, net | 132 | 136 |
Progress Energy | Emission allowances | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross carrying amount | 5 | 5 |
Progress Energy | Renewable energy certificates | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross carrying amount | 124 | 131 |
Progress Energy | Other | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross carrying amount | 4 | |
Accumulated amortization | (1) | |
Duke Energy Progress | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross carrying amount | 127 | 133 |
Total intangible assets, net | 127 | 133 |
Duke Energy Progress | Emission allowances | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross carrying amount | 2 | 2 |
Duke Energy Progress | Renewable energy certificates | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross carrying amount | 124 | 131 |
Duke Energy Progress | Other | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross carrying amount | 1 | |
Duke Energy Florida | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross carrying amount | 6 | 3 |
Accumulated amortization | (1) | |
Total intangible assets, net | 5 | 3 |
Duke Energy Florida | Emission allowances | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross carrying amount | 3 | 3 |
Duke Energy Florida | Other | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross carrying amount | 3 | |
Accumulated amortization | (1) | |
Duke Energy Ohio | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross carrying amount | 2 | |
Total intangible assets, net | 2 | |
Duke Energy Ohio | Renewable energy certificates | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross carrying amount | 2 | |
Duke Energy Indiana | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross carrying amount | 2 | 26 |
Accumulated amortization | (24) | |
Total intangible assets, net | 2 | 2 |
Duke Energy Indiana | Emission allowances | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross carrying amount | 2 | 2 |
Duke Energy Indiana | Natural gas, coal and power contracts | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross carrying amount | 24 | |
Accumulated amortization | $ (24) | |
Piedmont | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross carrying amount | 22 | |
Accumulated amortization | (2) | |
Total intangible assets, net | 20 | |
Piedmont | Other | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross carrying amount | 22 | |
Accumulated amortization | $ (2) |
Investments in Unconsolidated_3
Investments in Unconsolidated Affiliates (Investments in Equity Method Unconsolidated Affiliates) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investments In Unconsolidated Affiliates [Line Items] | |||
Investments | $ 455 | $ 457 | |
Equity in earnings (losses) of unconsolidated affiliates | 113 | 62 | $ (2,005) |
Electric Utilities and Infrastructure | |||
Investments In Unconsolidated Affiliates [Line Items] | |||
Investments | 99 | 104 | |
Equity in earnings (losses) of unconsolidated affiliates | 7 | 7 | (1) |
Gas Utilities and Infrastructure | |||
Investments In Unconsolidated Affiliates [Line Items] | |||
Investments | 240 | 231 | |
Equity in earnings (losses) of unconsolidated affiliates | 21 | 8 | (2,017) |
Other | |||
Investments In Unconsolidated Affiliates [Line Items] | |||
Investments | 116 | 122 | |
Equity in earnings (losses) of unconsolidated affiliates | $ 85 | $ 47 | $ 13 |
Investments in Unconsolidated_4
Investments in Unconsolidated Affiliates (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investments In Unconsolidated Affiliates [Line Items] | |||
Distributions from equity investments | $ 111 | $ 56 | $ 34 |
Distributions from equity investments, return of capital | $ 6 | 14 | 23 |
Electric Utilities and Infrastructure | DATC | |||
Investments In Unconsolidated Affiliates [Line Items] | |||
Ownership interest | 50% | ||
Electric Utilities and Infrastructure | Pioneer | |||
Investments In Unconsolidated Affiliates [Line Items] | |||
Ownership interest | 50% | ||
Gas Utilities and Infrastructure | Sabal Trail | |||
Investments In Unconsolidated Affiliates [Line Items] | |||
Ownership interest | 7.50% | ||
Gas Utilities and Infrastructure | ACP | |||
Investments In Unconsolidated Affiliates [Line Items] | |||
Ownership interest | 47% | ||
Gas Utilities and Infrastructure | SustainRNG | |||
Investments In Unconsolidated Affiliates [Line Items] | |||
Ownership interest | 29.68% | ||
Gas Utilities and Infrastructure | Sustain T&W | |||
Investments In Unconsolidated Affiliates [Line Items] | |||
Ownership interest | 70% | ||
Gas Utilities and Infrastructure | Sustain Liberty | |||
Investments In Unconsolidated Affiliates [Line Items] | |||
Ownership interest | 70% | ||
Other | NMC | |||
Investments In Unconsolidated Affiliates [Line Items] | |||
Ownership interest | 17.50% | ||
Board representation and voting rights, ownership percentage | 25% | ||
Piedmont | |||
Investments In Unconsolidated Affiliates [Line Items] | |||
Distributions from equity investments | $ 31 | 8 | 2 |
Distributions from equity investments, return of capital | $ 2 | $ 2 | |
Piedmont | Gas Utilities and Infrastructure | Cardinal | |||
Investments In Unconsolidated Affiliates [Line Items] | |||
Ownership interest | 21.49% | ||
Piedmont | Gas Utilities and Infrastructure | Pine Needle | |||
Investments In Unconsolidated Affiliates [Line Items] | |||
Ownership interest | 45% | ||
Piedmont | Gas Utilities and Infrastructure | Hardy Storage | |||
Investments In Unconsolidated Affiliates [Line Items] | |||
Ownership interest | 50% |
Investments in Unconsolidated_5
Investments in Unconsolidated Affiliates (Significant Subsidiaries) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investments In Unconsolidated Affiliates [Line Items] | |||||||||||
Current assets | $ 13,222 | $ 9,940 | $ 13,222 | $ 9,940 | |||||||
Noncurrent assets | 53,116 | 54,111 | 53,116 | 54,111 | |||||||
Current liabilities | 18,873 | 15,931 | 18,873 | 15,931 | |||||||
Noncurrent liabilities | 40,299 | 42,072 | 40,299 | 42,072 | |||||||
Membership interests | 2,531 | 1,840 | 2,531 | 1,840 | |||||||
Operating loss | 1,194 | $ 2,056 | $ 1,448 | $ 1,314 | 1,110 | $ 1,726 | $ 1,198 | $ 1,466 | 6,012 | 5,500 | $ 4,571 |
Net income (loss) | $ (658) | $ 1,413 | $ 880 | $ 820 | $ 664 | $ 1,276 | $ 698 | $ 941 | 2,455 | 3,579 | 1,082 |
Net loss attributable to Duke Energy | $ 2,550 | $ 3,908 | 1,377 | ||||||||
Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||||||||||
Investments In Unconsolidated Affiliates [Line Items] | |||||||||||
Operating loss | (4,612) | ||||||||||
Net income (loss) | (4,512) | ||||||||||
Net loss attributable to Duke Energy | $ (2,121) |
Related Party Transactions (Oth
Related Party Transactions (Other Revenue and Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Duke Energy Carolinas | Corporate governance and shared service expenses | Affiliated entity | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | $ 838 | $ 894 | $ 753 |
Duke Energy Carolinas | Indemnification coverages | Affiliated entity | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 28 | 24 | 20 |
Duke Energy Carolinas | Joint Dispatch Agreement (JDA) revenue | Duke Energy Progress | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 600 | 207 | 114 |
Related party transaction, other revenues from transactions with related party | 109 | 41 | 25 |
Duke Energy Carolinas | Intercompany natural gas transactions | Affiliated entity | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 12 | 11 | 15 |
Progress Energy | Corporate governance and shared service expenses | Affiliated entity | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 818 | 856 | 715 |
Progress Energy | Indemnification coverages | Affiliated entity | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 43 | 41 | 36 |
Progress Energy | Joint Dispatch Agreement (JDA) revenue | Duke Energy Carolinas | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 109 | 41 | 25 |
Related party transaction, other revenues from transactions with related party | 600 | 207 | 114 |
Progress Energy | Intercompany natural gas transactions | Affiliated entity | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 76 | 75 | 75 |
Duke Energy Progress | Corporate governance and shared service expenses | Affiliated entity | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 469 | 504 | 420 |
Duke Energy Progress | Indemnification coverages | Affiliated entity | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 20 | 19 | 17 |
Duke Energy Progress | Joint Dispatch Agreement (JDA) revenue | Duke Energy Carolinas | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 109 | 41 | 25 |
Related party transaction, other revenues from transactions with related party | 600 | 207 | 114 |
Duke Energy Progress | Intercompany natural gas transactions | Affiliated entity | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 76 | 75 | 75 |
Duke Energy Florida | Corporate governance and shared service expenses | Affiliated entity | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 349 | 352 | 295 |
Duke Energy Florida | Indemnification coverages | Affiliated entity | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 23 | 22 | 19 |
Duke Energy Ohio | Corporate governance and shared service expenses | Affiliated entity | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 334 | 329 | 326 |
Duke Energy Ohio | Indemnification coverages | Affiliated entity | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 5 | 4 | 4 |
Duke Energy Indiana | Corporate governance and shared service expenses | Affiliated entity | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 447 | 409 | 401 |
Duke Energy Indiana | Indemnification coverages | Affiliated entity | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 8 | 8 | 8 |
Piedmont | Corporate governance and shared service expenses | Affiliated entity | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 155 | 139 | 140 |
Piedmont | Indemnification coverages | Affiliated entity | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 3 | 3 | 3 |
Piedmont | Intercompany natural gas transactions | Affiliated entity | |||
Related Party Transaction [Line Items] | |||
Related party transaction, other revenues from transactions with related party | 88 | 86 | 90 |
Piedmont | Natural gas storage and transportation costs | Affiliated entity | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | $ 23 | $ 22 | $ 23 |
Related Party Transactions (Int
Related Party Transactions (Intercompany Income Taxes) (Details) - Affiliated entity - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Duke Energy Carolinas | ||
Related Party Transaction [Line Items] | ||
Intercompany income tax payable | $ 37 | $ 62 |
Progress Energy | ||
Related Party Transaction [Line Items] | ||
Intercompany income tax receivable | 95 | |
Duke Energy Progress | ||
Related Party Transaction [Line Items] | ||
Intercompany income tax receivable | 36 | |
Intercompany income tax payable | 84 | |
Duke Energy Florida | ||
Related Party Transaction [Line Items] | ||
Intercompany income tax receivable | 17 | 40 |
Duke Energy Ohio | ||
Related Party Transaction [Line Items] | ||
Intercompany income tax receivable | 19 | |
Intercompany income tax payable | 17 | |
Duke Energy Indiana | ||
Related Party Transaction [Line Items] | ||
Intercompany income tax payable | 18 | 10 |
Piedmont | ||
Related Party Transaction [Line Items] | ||
Intercompany income tax payable | $ 38 | $ 27 |
Derivatives and Hedging (Notion
Derivatives and Hedging (Notional Amounts of Derivative Instruments) (Details) Mcf in Millions, $ in Millions | 12 Months Ended | |
Dec. 31, 2022 USD ($) GWh Mcf | Dec. 31, 2021 USD ($) GWh Mcf | |
Interest Rate Contracts | ||
Derivative [Line Items] | ||
Pay Notional | $ 3,479 | $ 3,592 |
Interest Rate Contracts | Designated contracts | Cash flow hedges | ||
Derivative [Line Items] | ||
Pay Notional | 500 | 2,415 |
Interest Rate Contracts | Undesignated contracts | ||
Derivative [Line Items] | ||
Pay Notional | $ 2,979 | $ 1,177 |
Commodity contracts | Electricity (GWh) | ||
Derivative [Line Items] | ||
Notional amount, energy measure, in gigawatt-hours | GWh | 14,086 | 12,369 |
Commodity contracts | Natural gas (millions of Dth) | ||
Derivative [Line Items] | ||
Notional amount, volume in millions of dekatherms | Mcf | 909 | 823 |
Duke Energy Carolinas | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Pay Notional | $ 1,250 | $ 350 |
Duke Energy Carolinas | Interest Rate Contracts | Undesignated contracts | ||
Derivative [Line Items] | ||
Pay Notional | $ 1,250 | $ 350 |
Duke Energy Carolinas | Commodity contracts | Natural gas (millions of Dth) | ||
Derivative [Line Items] | ||
Notional amount, volume in millions of dekatherms | Mcf | 307 | 264 |
Progress Energy | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Pay Notional | $ 800 | $ 500 |
Progress Energy | Interest Rate Contracts | Undesignated contracts | ||
Derivative [Line Items] | ||
Pay Notional | $ 800 | $ 500 |
Progress Energy | Commodity contracts | Natural gas (millions of Dth) | ||
Derivative [Line Items] | ||
Notional amount, volume in millions of dekatherms | Mcf | 292 | 215 |
Duke Energy Progress | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Pay Notional | $ 500 | $ 500 |
Duke Energy Progress | Interest Rate Contracts | Undesignated contracts | ||
Derivative [Line Items] | ||
Pay Notional | $ 500 | $ 500 |
Duke Energy Progress | Commodity contracts | Natural gas (millions of Dth) | ||
Derivative [Line Items] | ||
Notional amount, volume in millions of dekatherms | Mcf | 292 | 215 |
Duke Energy Florida | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Pay Notional | $ 300 | |
Duke Energy Florida | Interest Rate Contracts | Undesignated contracts | ||
Derivative [Line Items] | ||
Pay Notional | 300 | |
Duke Energy Ohio | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Pay Notional | 27 | $ 27 |
Duke Energy Ohio | Interest Rate Contracts | Undesignated contracts | ||
Derivative [Line Items] | ||
Pay Notional | $ 27 | $ 27 |
Duke Energy Ohio | Commodity contracts | Electricity (GWh) | ||
Derivative [Line Items] | ||
Notional amount, energy measure, in gigawatt-hours | GWh | 1,820 | 1,681 |
Duke Energy Indiana | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Pay Notional | $ 300 | $ 300 |
Duke Energy Indiana | Interest Rate Contracts | Undesignated contracts | ||
Derivative [Line Items] | ||
Pay Notional | $ 300 | $ 300 |
Duke Energy Indiana | Commodity contracts | Electricity (GWh) | ||
Derivative [Line Items] | ||
Notional amount, energy measure, in gigawatt-hours | GWh | 12,266 | 10,688 |
Duke Energy Indiana | Commodity contracts | Natural gas (millions of Dth) | ||
Derivative [Line Items] | ||
Notional amount, volume in millions of dekatherms | Mcf | 11 | 8 |
Piedmont | Commodity contracts | Natural gas (millions of Dth) | ||
Derivative [Line Items] | ||
Notional amount, volume in millions of dekatherms | Mcf | 299 | 336 |
Derivatives and Hedging (Foreig
Derivatives and Hedging (Foreign Exchange Risk) (Details) - Foreign Currency Contracts - Designated contracts € in Millions, $ in Millions | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Dec. 31, 2022 EUR (€) | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Pay Notional | $ 1,182 | |
Receive notional | € | € 1,100 | |
Fair value gain (loss) | (5) | |
Senior Notes, 3.10% Due June 2028 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Pay Notional | $ 645 | |
Pay Rate | 4.75% | 4.75% |
Receive notional | € | € 600 | |
Rate | 0.0310 | 0.0310 |
Fair value gain (loss) | $ (3) | |
Senior Notes, 3.85% Due June 2034 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Pay Notional | $ 537 | |
Pay Rate | 5.31% | 5.31% |
Receive notional | € | € 500 | |
Rate | 0.0385 | 0.0385 |
Fair value gain (loss) | $ (2) |
Derivatives and Hedging (Locati
Derivatives and Hedging (Location and Fair Value Amounts of Derivatives Reflected in the Consolidated Balance Sheets) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | $ 836 | $ 320 |
Location and fair value amounts of derivatives liabilities | 437 | 328 |
Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 594 | 204 |
Noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 242 | 116 |
Current Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives liabilities | 193 | 157 |
Noncurrent Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives liabilities | 244 | 171 |
Commodity Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 478 | 312 |
Location and fair value amounts of derivatives liabilities | 377 | 204 |
Interest Rate Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 358 | 8 |
Location and fair value amounts of derivatives liabilities | 2 | 124 |
Foreign Currency Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives liabilities | 58 | |
Designated as Hedging Instruments | Interest Rate Contracts | Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 101 | 3 |
Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 3 | |
Designated as Hedging Instruments | Interest Rate Contracts | Current Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives liabilities | 75 | |
Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives liabilities | 21 | |
Designated as Hedging Instruments | Foreign Currency Contracts | Current Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives liabilities | 18 | |
Designated as Hedging Instruments | Foreign Currency Contracts | Noncurrent Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives liabilities | 40 | |
Not Designated as Hedging Instruments | Commodity Contracts | Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 265 | 199 |
Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 213 | 113 |
Not Designated as Hedging Instruments | Commodity Contracts | Current Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives liabilities | 175 | 72 |
Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives liabilities | 202 | 132 |
Not Designated as Hedging Instruments | Interest Rate Contracts | Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 228 | 2 |
Not Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 29 | |
Not Designated as Hedging Instruments | Interest Rate Contracts | Current Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives liabilities | 10 | |
Not Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives liabilities | 2 | 18 |
Duke Energy Carolinas | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 330 | 162 |
Location and fair value amounts of derivatives liabilities | 127 | 35 |
Duke Energy Carolinas | Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 226 | 99 |
Duke Energy Carolinas | Noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 104 | 63 |
Duke Energy Carolinas | Current Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives liabilities | 96 | 26 |
Duke Energy Carolinas | Noncurrent Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives liabilities | 31 | 9 |
Duke Energy Carolinas | Commodity Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 236 | 162 |
Location and fair value amounts of derivatives liabilities | 127 | 27 |
Duke Energy Carolinas | Interest Rate Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 94 | |
Location and fair value amounts of derivatives liabilities | 8 | |
Duke Energy Carolinas | Not Designated as Hedging Instruments | Commodity Contracts | Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 132 | 99 |
Duke Energy Carolinas | Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 104 | 63 |
Duke Energy Carolinas | Not Designated as Hedging Instruments | Commodity Contracts | Current Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives liabilities | 96 | 18 |
Duke Energy Carolinas | Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives liabilities | 31 | 9 |
Duke Energy Carolinas | Not Designated as Hedging Instruments | Interest Rate Contracts | Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 94 | |
Duke Energy Carolinas | Not Designated as Hedging Instruments | Interest Rate Contracts | Current Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives liabilities | 8 | |
Progress Energy | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 248 | 124 |
Location and fair value amounts of derivatives liabilities | 66 | 24 |
Progress Energy | Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 140 | 74 |
Progress Energy | Noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 108 | 50 |
Progress Energy | Current Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives liabilities | 36 | 19 |
Progress Energy | Noncurrent Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives liabilities | 30 | 5 |
Progress Energy | Commodity Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 207 | 122 |
Location and fair value amounts of derivatives liabilities | 66 | 24 |
Progress Energy | Interest Rate Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 41 | 2 |
Progress Energy | Not Designated as Hedging Instruments | Commodity Contracts | Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 99 | 72 |
Progress Energy | Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 108 | 50 |
Progress Energy | Not Designated as Hedging Instruments | Commodity Contracts | Current Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives liabilities | 36 | 19 |
Progress Energy | Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives liabilities | 30 | 5 |
Progress Energy | Not Designated as Hedging Instruments | Interest Rate Contracts | Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 41 | 2 |
Duke Energy Progress | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 230 | 124 |
Location and fair value amounts of derivatives liabilities | 48 | 10 |
Duke Energy Progress | Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 122 | 74 |
Duke Energy Progress | Noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 108 | 50 |
Duke Energy Progress | Current Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives liabilities | 18 | 5 |
Duke Energy Progress | Noncurrent Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives liabilities | 30 | 5 |
Duke Energy Progress | Commodity Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 207 | 122 |
Location and fair value amounts of derivatives liabilities | 48 | 10 |
Duke Energy Progress | Interest Rate Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 23 | 2 |
Duke Energy Progress | Not Designated as Hedging Instruments | Commodity Contracts | Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 99 | 72 |
Duke Energy Progress | Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 108 | 50 |
Duke Energy Progress | Not Designated as Hedging Instruments | Commodity Contracts | Current Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives liabilities | 18 | 5 |
Duke Energy Progress | Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives liabilities | 30 | 5 |
Duke Energy Progress | Not Designated as Hedging Instruments | Interest Rate Contracts | Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 23 | 2 |
Duke Energy Florida | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 17 | |
Location and fair value amounts of derivatives liabilities | 19 | 14 |
Duke Energy Florida | Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 17 | |
Duke Energy Florida | Current Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives liabilities | 19 | 14 |
Duke Energy Florida | Commodity Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives liabilities | 19 | 14 |
Duke Energy Florida | Interest Rate Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 17 | |
Duke Energy Florida | Not Designated as Hedging Instruments | Commodity Contracts | Current Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives liabilities | 19 | 14 |
Duke Energy Florida | Not Designated as Hedging Instruments | Interest Rate Contracts | Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 17 | |
Duke Energy Ohio | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 5 | 2 |
Location and fair value amounts of derivatives liabilities | 2 | 5 |
Duke Energy Ohio | Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 5 | 2 |
Duke Energy Ohio | Current Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives liabilities | 1 | |
Duke Energy Ohio | Noncurrent Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives liabilities | 2 | 4 |
Duke Energy Ohio | Commodity Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 5 | 2 |
Duke Energy Ohio | Interest Rate Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives liabilities | 2 | 5 |
Duke Energy Ohio | Not Designated as Hedging Instruments | Commodity Contracts | Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 5 | 2 |
Duke Energy Ohio | Not Designated as Hedging Instruments | Interest Rate Contracts | Current Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives liabilities | 1 | |
Duke Energy Ohio | Not Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives liabilities | 2 | 4 |
Duke Energy Indiana | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 110 | 23 |
Location and fair value amounts of derivatives liabilities | 16 | 27 |
Duke Energy Indiana | Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 110 | 23 |
Duke Energy Indiana | Current Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives liabilities | 16 | 13 |
Duke Energy Indiana | Noncurrent Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives liabilities | 14 | |
Duke Energy Indiana | Commodity Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 29 | 23 |
Location and fair value amounts of derivatives liabilities | 16 | 13 |
Duke Energy Indiana | Interest Rate Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 81 | |
Location and fair value amounts of derivatives liabilities | 14 | |
Duke Energy Indiana | Not Designated as Hedging Instruments | Commodity Contracts | Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 29 | 23 |
Duke Energy Indiana | Not Designated as Hedging Instruments | Commodity Contracts | Current Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives liabilities | 16 | 13 |
Duke Energy Indiana | Not Designated as Hedging Instruments | Interest Rate Contracts | Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 81 | |
Duke Energy Indiana | Not Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives liabilities | 14 | |
Piedmont | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 3 | |
Location and fair value amounts of derivatives liabilities | 168 | 139 |
Piedmont | Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 3 | |
Piedmont | Current Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives liabilities | 27 | 21 |
Piedmont | Noncurrent Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives liabilities | 141 | 118 |
Piedmont | Commodity Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 3 | |
Location and fair value amounts of derivatives liabilities | 168 | 139 |
Piedmont | Not Designated as Hedging Instruments | Commodity Contracts | Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts recognized | 3 | |
Piedmont | Not Designated as Hedging Instruments | Commodity Contracts | Current Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives liabilities | 27 | 21 |
Piedmont | Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives liabilities | $ 141 | $ 118 |
Derivatives and Hedging (Schedu
Derivatives and Hedging (Schedule of Offsetting Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | $ 836 | $ 320 |
Net amounts presented in Current Assets: Other | 530 | 179 |
Net amounts presented in Other Noncurrent Assets: Other | 145 | 93 |
Current Assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 594 | 204 |
Gross amounts offset | $ (64) | $ (25) |
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Current Assets: Other | Current Assets: Other |
Noncurrent assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | $ 242 | $ 116 |
Gross amounts offset | $ (97) | $ (23) |
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other (including amounts related to VIEs) | Other (including amounts related to VIEs) |
Duke Energy Carolinas | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | $ 330 | $ 162 |
Net amounts presented in Current Assets: Other | 193 | 83 |
Net amounts presented in Other Noncurrent Assets: Other | 64 | 48 |
Duke Energy Carolinas | Current Assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 226 | 99 |
Gross amounts offset | (33) | (16) |
Duke Energy Carolinas | Noncurrent assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 104 | 63 |
Gross amounts offset | (40) | (15) |
Progress Energy | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 248 | 124 |
Net amounts presented in Current Assets: Other | 110 | 65 |
Net amounts presented in Other Noncurrent Assets: Other | 51 | 42 |
Progress Energy | Current Assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 140 | 74 |
Gross amounts offset | (30) | (9) |
Progress Energy | Noncurrent assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 108 | 50 |
Gross amounts offset | (57) | (8) |
Duke Energy Progress | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 230 | 124 |
Net amounts presented in Current Assets: Other | 92 | 65 |
Net amounts presented in Other Noncurrent Assets: Other | 51 | 42 |
Duke Energy Progress | Current Assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 122 | 74 |
Gross amounts offset | (30) | (9) |
Duke Energy Progress | Noncurrent assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 108 | 50 |
Gross amounts offset | (57) | (8) |
Duke Energy Florida | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 17 | |
Net amounts presented in Current Assets: Other | 17 | |
Duke Energy Florida | Current Assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 17 | |
Duke Energy Ohio | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 5 | 2 |
Net amounts presented in Current Assets: Other | 5 | 2 |
Duke Energy Ohio | Current Assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 5 | 2 |
Duke Energy Indiana | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 110 | 23 |
Net amounts presented in Current Assets: Other | 110 | 23 |
Duke Energy Indiana | Current Assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | $ 110 | 23 |
Piedmont | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 3 | |
Net amounts presented in Current Assets: Other | 3 | |
Piedmont | Current Assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | $ 3 |
Derivatives and Hedging (Sche_2
Derivatives and Hedging (Schedule of Offsetting Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | $ 437 | $ 328 |
Net amounts presented in Current Liabilities: Other | 144 | 146 |
Net amounts presented in Other Noncurrent Liabilities: Other | 185 | 159 |
Current liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 193 | 157 |
Gross amounts offset | $ (49) | $ (11) |
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] | Current Liabilities: Other | Current Liabilities: Other |
Noncurrent Liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | $ 244 | $ 171 |
Gross amounts offset | $ (59) | $ (12) |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other (includes amounts related to VIEs) | Other (includes amounts related to VIEs) |
Duke Energy Carolinas | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | $ 127 | $ 35 |
Net amounts presented in Current Liabilities: Other | 81 | 20 |
Net amounts presented in Other Noncurrent Liabilities: Other | 2 | 1 |
Duke Energy Carolinas | Current liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 96 | 26 |
Gross amounts offset | (15) | (6) |
Duke Energy Carolinas | Noncurrent Liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 31 | 9 |
Gross amounts offset | (29) | (8) |
Progress Energy | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 66 | 24 |
Net amounts presented in Current Liabilities: Other | 18 | 14 |
Progress Energy | Current liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 36 | 19 |
Gross amounts offset | (18) | (5) |
Progress Energy | Noncurrent Liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 30 | 5 |
Gross amounts offset | (30) | (5) |
Duke Energy Progress | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 48 | 10 |
Duke Energy Progress | Current liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 18 | 5 |
Gross amounts offset | (18) | (5) |
Duke Energy Progress | Noncurrent Liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 30 | 5 |
Gross amounts offset | (30) | (5) |
Duke Energy Florida | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 19 | 14 |
Net amounts presented in Current Liabilities: Other | 19 | 14 |
Duke Energy Florida | Current liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 19 | 14 |
Duke Energy Ohio | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 2 | 5 |
Net amounts presented in Current Liabilities: Other | 1 | |
Net amounts presented in Other Noncurrent Liabilities: Other | 2 | 4 |
Duke Energy Ohio | Current liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 1 | |
Duke Energy Ohio | Noncurrent Liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 2 | 4 |
Duke Energy Indiana | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 16 | 27 |
Net amounts presented in Current Liabilities: Other | 13 | |
Net amounts presented in Other Noncurrent Liabilities: Other | 14 | |
Duke Energy Indiana | Current liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 16 | 13 |
Gross amounts offset | (16) | |
Duke Energy Indiana | Noncurrent Liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 14 | |
Piedmont | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 168 | 139 |
Net amounts presented in Current Liabilities: Other | 27 | 21 |
Net amounts presented in Other Noncurrent Liabilities: Other | 141 | 118 |
Piedmont | Current liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 27 | 21 |
Piedmont | Noncurrent Liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | $ 141 | $ 118 |
Derivatives and Hedging (Deriva
Derivatives and Hedging (Derivative Instruments with Credit-Risk Related Contingent Features and Cash Collateral) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Information Regarding Derivative Instruments That Contain Credit-Risk Related Contingent Features | ||
Aggregate fair value of derivatives in a net liability position | $ 141 | $ 32 |
Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered | 141 | 32 |
Duke Energy Carolinas | ||
Schedule of Information Regarding Derivative Instruments That Contain Credit-Risk Related Contingent Features | ||
Aggregate fair value of derivatives in a net liability position | 86 | 18 |
Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered | 86 | 18 |
Progress Energy | ||
Schedule of Information Regarding Derivative Instruments That Contain Credit-Risk Related Contingent Features | ||
Aggregate fair value of derivatives in a net liability position | 55 | 14 |
Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered | 55 | 14 |
Duke Energy Progress | ||
Schedule of Information Regarding Derivative Instruments That Contain Credit-Risk Related Contingent Features | ||
Aggregate fair value of derivatives in a net liability position | 48 | 10 |
Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered | 48 | 10 |
Duke Energy Florida | ||
Schedule of Information Regarding Derivative Instruments That Contain Credit-Risk Related Contingent Features | ||
Aggregate fair value of derivatives in a net liability position | 7 | 4 |
Additional cash collateral or letters of credit in the event credit risk-related contingent features were triggered | $ 7 | $ 4 |
Investments in Debt and Equit_3
Investments in Debt and Equity Securities (Estimated Fair Value of Investments in Debt and Equity Securities) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale | ||
Estimated Fair Value | $ 2,815 | |
Total Investments | ||
Unrealized Holding Gains | 3,682 | $ 5,033 |
Unrealized Holding Losses | 395 | 66 |
Estimated Fair Value | 9,051 | 10,893 |
NDTF | ||
Equity Securities, FV-NI | ||
Gross Unrealized Holding Gains | 3,658 | 4,905 |
Gross Unrealized Holding Losses | 105 | 43 |
Estimated Fair Value | 5,871 | 7,350 |
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 2,550 | 2,891 |
Total Investments | ||
Unrealized Holding Gains | 3,661 | 4,992 |
Unrealized Holding Losses | 359 | 63 |
Estimated Fair Value | 8,636 | 10,401 |
NDTF | Cash and cash equivalents | ||
Available-for-sale Securities | ||
Cash and cash equivalents | 215 | 160 |
NDTF | Corporate debt securities | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 1 | 39 |
Gross Unrealized Holding Losses | 85 | 6 |
Estimated Fair Value | 641 | 829 |
NDTF | Municipal bonds | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 14 | |
Gross Unrealized Holding Losses | 39 | 1 |
Estimated Fair Value | 330 | 314 |
NDTF | U.S. government bonds | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 2 | 31 |
Gross Unrealized Holding Losses | 112 | 12 |
Estimated Fair Value | 1,423 | 1,568 |
NDTF | Other debt securities | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 3 | |
Gross Unrealized Holding Losses | 18 | 1 |
Estimated Fair Value | 156 | 180 |
Other Investments | ||
Equity Securities, FV-NI | ||
Gross Unrealized Holding Gains | 21 | 36 |
Gross Unrealized Holding Losses | 16 | |
Estimated Fair Value | 128 | 156 |
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 265 | 300 |
Total Investments | ||
Unrealized Holding Gains | 21 | 41 |
Unrealized Holding Losses | 36 | 3 |
Estimated Fair Value | 415 | 492 |
Other Investments | Cash and cash equivalents | ||
Available-for-sale Securities | ||
Cash and cash equivalents | 22 | 36 |
Other Investments | Corporate debt securities | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 2 | |
Gross Unrealized Holding Losses | 12 | 1 |
Estimated Fair Value | 84 | 119 |
Other Investments | Municipal bonds | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 3 | |
Gross Unrealized Holding Losses | 3 | 1 |
Estimated Fair Value | 78 | 80 |
Other Investments | U.S. government bonds | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Losses | 2 | |
Estimated Fair Value | 62 | 56 |
Other Investments | Other debt securities | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Losses | 3 | 1 |
Estimated Fair Value | 41 | 45 |
Duke Energy Carolinas | ||
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 1,298 | |
Duke Energy Carolinas | NDTF | ||
Equity Securities, FV-NI | ||
Gross Unrealized Holding Gains | 2,147 | 2,887 |
Gross Unrealized Holding Losses | 51 | 19 |
Estimated Fair Value | 3,367 | 4,265 |
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 1,298 | 1,441 |
Total Investments | ||
Unrealized Holding Gains | 2,149 | 2,932 |
Unrealized Holding Losses | 192 | 27 |
Estimated Fair Value | 4,782 | 5,759 |
Duke Energy Carolinas | NDTF | Cash and cash equivalents | ||
Available-for-sale Securities | ||
Cash and cash equivalents | 117 | 53 |
Duke Energy Carolinas | NDTF | Corporate debt securities | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 1 | 24 |
Gross Unrealized Holding Losses | 62 | 4 |
Estimated Fair Value | 401 | 506 |
Duke Energy Carolinas | NDTF | Municipal bonds | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 2 | |
Gross Unrealized Holding Losses | 10 | |
Estimated Fair Value | 64 | 48 |
Duke Energy Carolinas | NDTF | U.S. government bonds | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 1 | 16 |
Gross Unrealized Holding Losses | 51 | 3 |
Estimated Fair Value | 685 | 712 |
Duke Energy Carolinas | NDTF | Other debt securities | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 0 | 3 |
Gross Unrealized Holding Losses | 18 | 1 |
Estimated Fair Value | 148 | 175 |
Progress Energy | ||
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 1,277 | |
Total Investments | ||
Unrealized Holding Gains | 1,512 | 2,062 |
Unrealized Holding Losses | 167 | 36 |
Estimated Fair Value | 3,890 | 4,688 |
Progress Energy | NDTF | ||
Equity Securities, FV-NI | ||
Gross Unrealized Holding Gains | 1,511 | 2,018 |
Gross Unrealized Holding Losses | 54 | 24 |
Estimated Fair Value | 2,504 | 3,085 |
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 1,252 | 1,450 |
Total Investments | ||
Unrealized Holding Gains | 1,512 | 2,060 |
Unrealized Holding Losses | 167 | 36 |
Estimated Fair Value | 3,854 | 4,642 |
Progress Energy | NDTF | Cash and cash equivalents | ||
Available-for-sale Securities | ||
Cash and cash equivalents | 98 | 107 |
Progress Energy | NDTF | Corporate debt securities | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 15 | |
Gross Unrealized Holding Losses | 23 | 2 |
Estimated Fair Value | 240 | 323 |
Progress Energy | NDTF | Municipal bonds | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 12 | |
Gross Unrealized Holding Losses | 29 | 1 |
Estimated Fair Value | 266 | 266 |
Progress Energy | NDTF | U.S. government bonds | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 1 | 15 |
Gross Unrealized Holding Losses | 61 | 9 |
Estimated Fair Value | 738 | 856 |
Progress Energy | NDTF | Other debt securities | ||
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 8 | 5 |
Progress Energy | Other Investments | ||
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 25 | 26 |
Total Investments | ||
Unrealized Holding Gains | 2 | |
Estimated Fair Value | 36 | 46 |
Progress Energy | Other Investments | Cash and cash equivalents | ||
Available-for-sale Securities | ||
Cash and cash equivalents | 11 | 20 |
Progress Energy | Other Investments | Municipal bonds | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 2 | |
Estimated Fair Value | 25 | 26 |
Duke Energy Progress | ||
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 963 | |
Total Investments | ||
Unrealized Holding Gains | 1,432 | 1,957 |
Unrealized Holding Losses | 142 | 29 |
Estimated Fair Value | 3,439 | 4,105 |
Duke Energy Progress | NDTF | ||
Equity Securities, FV-NI | ||
Gross Unrealized Holding Gains | 1,431 | 1,915 |
Gross Unrealized Holding Losses | 54 | 23 |
Estimated Fair Value | 2,411 | 2,970 |
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 963 | 1,025 |
Total Investments | ||
Unrealized Holding Gains | 1,432 | 1,957 |
Unrealized Holding Losses | 142 | 29 |
Estimated Fair Value | 3,430 | 4,089 |
Duke Energy Progress | NDTF | Cash and cash equivalents | ||
Available-for-sale Securities | ||
Cash and cash equivalents | 56 | 94 |
Duke Energy Progress | NDTF | Corporate debt securities | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 15 | |
Gross Unrealized Holding Losses | 22 | 2 |
Estimated Fair Value | 230 | 282 |
Duke Energy Progress | NDTF | Municipal bonds | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 12 | |
Gross Unrealized Holding Losses | 29 | 1 |
Estimated Fair Value | 266 | 266 |
Duke Energy Progress | NDTF | U.S. government bonds | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 1 | 15 |
Gross Unrealized Holding Losses | 37 | 3 |
Estimated Fair Value | 460 | 472 |
Duke Energy Progress | NDTF | Other debt securities | ||
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 7 | 5 |
Duke Energy Progress | Other Investments | ||
Total Investments | ||
Estimated Fair Value | 9 | 16 |
Duke Energy Progress | Other Investments | Cash and cash equivalents | ||
Available-for-sale Securities | ||
Cash and cash equivalents | 9 | 16 |
Duke Energy Florida | ||
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 314 | |
Total Investments | ||
Unrealized Holding Gains | 80 | 105 |
Unrealized Holding Losses | 25 | 7 |
Estimated Fair Value | 450 | 582 |
Duke Energy Florida | NDTF | ||
Equity Securities, FV-NI | ||
Gross Unrealized Holding Gains | 80 | 103 |
Gross Unrealized Holding Losses | 1 | |
Estimated Fair Value | 93 | 115 |
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 289 | 425 |
Total Investments | ||
Unrealized Holding Gains | 80 | 103 |
Unrealized Holding Losses | 25 | 7 |
Estimated Fair Value | 424 | 553 |
Duke Energy Florida | NDTF | Cash and cash equivalents | ||
Available-for-sale Securities | ||
Cash and cash equivalents | 42 | 13 |
Duke Energy Florida | NDTF | Corporate debt securities | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Losses | 1 | |
Estimated Fair Value | 10 | 41 |
Duke Energy Florida | NDTF | U.S. government bonds | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Losses | 24 | 6 |
Estimated Fair Value | 278 | 384 |
Duke Energy Florida | NDTF | Other debt securities | ||
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 1 | |
Duke Energy Florida | Other Investments | ||
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 25 | 26 |
Total Investments | ||
Unrealized Holding Gains | 2 | |
Estimated Fair Value | 26 | 29 |
Duke Energy Florida | Other Investments | Cash and cash equivalents | ||
Available-for-sale Securities | ||
Cash and cash equivalents | 1 | 3 |
Duke Energy Florida | Other Investments | Municipal bonds | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 2 | |
Estimated Fair Value | 25 | 26 |
Duke Energy Indiana | ||
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 60 | |
Total Investments | ||
Unrealized Holding Gains | 2 | 7 |
Unrealized Holding Losses | 20 | 1 |
Estimated Fair Value | 140 | 161 |
Duke Energy Indiana | Other Investments | ||
Available-for-sale Securities | ||
Cash and cash equivalents | 1 | |
Equity Securities, FV-NI | ||
Gross Unrealized Holding Gains | 2 | 6 |
Gross Unrealized Holding Losses | 16 | |
Estimated Fair Value | 79 | 97 |
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 60 | 64 |
Duke Energy Indiana | Other Investments | Corporate debt securities | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Losses | 1 | |
Estimated Fair Value | 8 | 6 |
Duke Energy Indiana | Other Investments | Municipal bonds | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 1 | |
Gross Unrealized Holding Losses | 3 | 1 |
Estimated Fair Value | 45 | 46 |
Duke Energy Indiana | Other Investments | U.S. government bonds | ||
Debt Securities, Available-for-sale | ||
Estimated Fair Value | $ 7 | $ 12 |
Investments in Debt and Equit_4
Investments in Debt and Equity Securities (Maturities) (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Due in one year or less | $ 137 |
Due after one through five years | 807 |
Due after five through 10 years | 469 |
Due after 10 years | 1,402 |
Total | 2,815 |
Duke Energy Carolinas | |
Debt Securities, Available-for-sale [Line Items] | |
Due in one year or less | 7 |
Due after one through five years | 287 |
Due after five through 10 years | 230 |
Due after 10 years | 774 |
Total | 1,298 |
Progress Energy | |
Debt Securities, Available-for-sale [Line Items] | |
Due in one year or less | 89 |
Due after one through five years | 443 |
Due after five through 10 years | 193 |
Due after 10 years | 552 |
Total | 1,277 |
Duke Energy Progress | |
Debt Securities, Available-for-sale [Line Items] | |
Due in one year or less | 24 |
Due after one through five years | 244 |
Due after five through 10 years | 178 |
Due after 10 years | 517 |
Total | 963 |
Duke Energy Florida | |
Debt Securities, Available-for-sale [Line Items] | |
Due in one year or less | 65 |
Due after one through five years | 199 |
Due after five through 10 years | 15 |
Due after 10 years | 35 |
Total | 314 |
Duke Energy Indiana | |
Debt Securities, Available-for-sale [Line Items] | |
Due in one year or less | 8 |
Due after one through five years | 22 |
Due after five through 10 years | 6 |
Due after 10 years | 24 |
Total | $ 60 |
Investments in Debt and Equit_5
Investments in Debt and Equity Securities (Realized Gains and Losses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
FV-NI: | |||
Realized gains | $ 201 | $ 724 | $ 366 |
Realized losses | 316 | 141 | 174 |
AFS: | |||
Realized gains | 28 | 56 | 96 |
Realized losses | 151 | 54 | 51 |
Duke Energy Carolinas | |||
FV-NI: | |||
Realized gains | 124 | 440 | 64 |
Realized losses | 177 | 96 | 99 |
AFS: | |||
Realized gains | 22 | 38 | 60 |
Realized losses | 86 | 37 | 37 |
Progress Energy | |||
FV-NI: | |||
Realized gains | 77 | 284 | 302 |
Realized losses | 139 | 45 | 75 |
AFS: | |||
Realized gains | 6 | 16 | 24 |
Realized losses | 48 | 14 | 13 |
Duke Energy Progress | |||
FV-NI: | |||
Realized gains | 76 | 283 | 52 |
Realized losses | 136 | 44 | 59 |
AFS: | |||
Realized gains | 6 | 15 | 24 |
Realized losses | 44 | 13 | 13 |
Duke Energy Florida | |||
FV-NI: | |||
Realized gains | 1 | 1 | 250 |
Realized losses | 3 | 1 | $ 16 |
AFS: | |||
Realized gains | 1 | ||
Realized losses | $ 4 | $ 1 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Measurement Amounts for Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other (including amounts related to VIEs) | Other (including amounts related to VIEs) |
Debt securities, available-for-sale | $ 2,815 | |
Derivative assets | 836 | $ 320 |
Total assets | 9,887 | 11,213 |
Derivative liabilities | $ (437) | (327) |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other (includes amounts related to VIEs) | |
Net assets (liabilities) | $ 9,450 | 10,886 |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 1 | 3 |
Total assets | 7,030 | 8,667 |
Derivative liabilities | (16) | (13) |
Net assets (liabilities) | 7,014 | 8,654 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 801 | 293 |
Total assets | 2,781 | 2,472 |
Derivative liabilities | (421) | (314) |
Net assets (liabilities) | 2,360 | 2,158 |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 34 | 24 |
Total assets | 34 | 24 |
Net assets (liabilities) | 34 | 24 |
Not Categorized | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 42 | 50 |
Net assets (liabilities) | 42 | 50 |
NDTF | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 215 | 160 |
Equity securities, FV-NI | 5,871 | 7,350 |
Debt securities, available-for-sale | 2,550 | 2,891 |
NDTF | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 215 | 160 |
Debt securities, available-for-sale | 780 | 967 |
NDTF | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 1,770 | 1,924 |
NDTF equity securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities, FV-NI | 5,871 | 7,350 |
NDTF equity securities | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities, FV-NI | 5,829 | 7,300 |
NDTF equity securities | Not Categorized | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities, FV-NI | 42 | 50 |
Other Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities, FV-NI | 128 | 156 |
Debt securities, available-for-sale | 265 | 300 |
Other Investments | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities, FV-NI | 128 | 156 |
Debt securities, available-for-sale | 55 | 45 |
Other Investments | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 210 | 255 |
Other cash and cash equivalents | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 22 | 36 |
Other cash and cash equivalents | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 22 | 36 |
Duke Energy Carolinas | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 1,298 | |
Derivative assets | 330 | 162 |
Total assets | 5,112 | 5,921 |
Derivative liabilities | (127) | (35) |
Net assets (liabilities) | 4,985 | 5,886 |
Duke Energy Carolinas | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 3,765 | 4,607 |
Net assets (liabilities) | 3,765 | 4,607 |
Duke Energy Carolinas | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 330 | 162 |
Total assets | 1,305 | 1,264 |
Derivative liabilities | (127) | (35) |
Net assets (liabilities) | 1,178 | 1,229 |
Duke Energy Carolinas | Not Categorized | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 42 | 50 |
Net assets (liabilities) | 42 | 50 |
Duke Energy Carolinas | NDTF | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 117 | 53 |
Equity securities, FV-NI | 3,367 | 4,265 |
Debt securities, available-for-sale | 1,298 | 1,441 |
Duke Energy Carolinas | NDTF | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 117 | 53 |
Equity securities, FV-NI | 4,215 | |
Debt securities, available-for-sale | 323 | 339 |
Duke Energy Carolinas | NDTF | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 975 | 1,102 |
Duke Energy Carolinas | NDTF | Not Categorized | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities, FV-NI | 50 | |
Duke Energy Carolinas | NDTF equity securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities, FV-NI | 3,367 | |
Duke Energy Carolinas | NDTF equity securities | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities, FV-NI | 3,325 | |
Duke Energy Carolinas | NDTF equity securities | Not Categorized | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities, FV-NI | 42 | |
Progress Energy | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 1,277 | |
Derivative assets | 248 | 124 |
Total assets | 4,138 | 4,812 |
Derivative liabilities | (66) | (24) |
Net assets (liabilities) | 4,072 | 4,788 |
Progress Energy | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 3,070 | 3,840 |
Net assets (liabilities) | 3,070 | 3,840 |
Progress Energy | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 248 | 124 |
Total assets | 1,068 | 972 |
Derivative liabilities | (66) | (24) |
Net assets (liabilities) | 1,002 | 948 |
Progress Energy | NDTF | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 98 | 107 |
Equity securities, FV-NI | 2,504 | 3,085 |
Debt securities, available-for-sale | 1,252 | 1,450 |
Progress Energy | NDTF | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 98 | 107 |
Debt securities, available-for-sale | 457 | 628 |
Progress Energy | NDTF | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 795 | 822 |
Progress Energy | NDTF equity securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities, FV-NI | 2,504 | 3,085 |
Progress Energy | NDTF equity securities | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities, FV-NI | 2,504 | 3,085 |
Progress Energy | Other Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 25 | 26 |
Progress Energy | Other Investments | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 25 | 26 |
Progress Energy | Other cash and cash equivalents | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 11 | 20 |
Progress Energy | Other cash and cash equivalents | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 11 | 20 |
Duke Energy Progress | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 963 | |
Derivative assets | 230 | 124 |
Total assets | 3,669 | 4,229 |
Derivative liabilities | (48) | (10) |
Net assets (liabilities) | 3,621 | 4,219 |
Duke Energy Progress | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 2,701 | 3,369 |
Net assets (liabilities) | 2,701 | 3,369 |
Duke Energy Progress | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 230 | 124 |
Total assets | 968 | 860 |
Derivative liabilities | (48) | (10) |
Net assets (liabilities) | 920 | 850 |
Duke Energy Progress | NDTF | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 56 | 94 |
Equity securities, FV-NI | 2,411 | 2,970 |
Debt securities, available-for-sale | 963 | 1,025 |
Duke Energy Progress | NDTF | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 56 | 94 |
Debt securities, available-for-sale | 225 | 289 |
Duke Energy Progress | NDTF | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 738 | 736 |
Duke Energy Progress | NDTF equity securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities, FV-NI | 2,411 | 2,970 |
Duke Energy Progress | NDTF equity securities | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities, FV-NI | 2,411 | 2,970 |
Duke Energy Progress | Other cash and cash equivalents | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 9 | 16 |
Duke Energy Progress | Other cash and cash equivalents | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 9 | 16 |
Duke Energy Florida | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 314 | |
Derivative assets | 17 | |
Total assets | 467 | 582 |
Derivative liabilities | (19) | (14) |
Net assets (liabilities) | 448 | 568 |
Duke Energy Florida | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 368 | 470 |
Net assets (liabilities) | 368 | 470 |
Duke Energy Florida | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 17 | |
Total assets | 99 | 112 |
Derivative liabilities | (19) | (14) |
Net assets (liabilities) | 80 | 98 |
Duke Energy Florida | NDTF | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 42 | 13 |
Equity securities, FV-NI | 93 | 115 |
Debt securities, available-for-sale | 289 | 425 |
Duke Energy Florida | NDTF | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 42 | 13 |
Debt securities, available-for-sale | 232 | 339 |
Duke Energy Florida | NDTF | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 57 | 86 |
Duke Energy Florida | NDTF equity securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities, FV-NI | 93 | 115 |
Duke Energy Florida | NDTF equity securities | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities, FV-NI | 93 | 115 |
Duke Energy Florida | Other Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 25 | 26 |
Duke Energy Florida | Other Investments | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 25 | 26 |
Duke Energy Florida | Other cash and cash equivalents | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 1 | 3 |
Duke Energy Florida | Other cash and cash equivalents | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 1 | 3 |
Duke Energy Indiana | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 60 | |
Derivative assets | 110 | 23 |
Total assets | 250 | 184 |
Derivative liabilities | (16) | (27) |
Net assets (liabilities) | 234 | 157 |
Duke Energy Indiana | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 1 | |
Total assets | 80 | 98 |
Derivative liabilities | (16) | (13) |
Net assets (liabilities) | 64 | 85 |
Duke Energy Indiana | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 81 | |
Total assets | 141 | 64 |
Derivative liabilities | (14) | |
Net assets (liabilities) | 141 | 50 |
Duke Energy Indiana | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 29 | 22 |
Total assets | 29 | 22 |
Net assets (liabilities) | 29 | 22 |
Duke Energy Indiana | Other Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities, FV-NI | 79 | 97 |
Debt securities, available-for-sale | 60 | 64 |
Duke Energy Indiana | Other Investments | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities, FV-NI | 79 | 97 |
Duke Energy Indiana | Other Investments | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 60 | 64 |
Duke Energy Indiana | Other cash and cash equivalents | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 1 | |
Duke Energy Indiana | Other cash and cash equivalents | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 1 | |
Piedmont | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 3 | |
Derivative liabilities | (168) | (139) |
Net assets (liabilities) | (168) | (136) |
Piedmont | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 3 | |
Net assets (liabilities) | 3 | |
Piedmont | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | (168) | |
Net assets (liabilities) | $ (168) | |
Piedmont | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | (139) | |
Net assets (liabilities) | $ (139) |
Fair Value Measurements (Reconc
Fair Value Measurements (Reconciliation of Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Unobservable Inputs) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Derivatives (net) | ||
Balance at beginning of period | $ 24 | $ 8 |
Purchases | 78 | 21 |
Settlements | (36) | (20) |
Total gains (losses) included on the Consolidated Balance Sheet | (32) | 15 |
Ending balance | 34 | 24 |
Duke Energy Indiana | ||
Derivatives (net) | ||
Balance at beginning of period | 22 | 6 |
Purchases | 74 | 18 |
Settlements | (32) | (16) |
Total gains (losses) included on the Consolidated Balance Sheet | (35) | 14 |
Ending balance | $ 29 | $ 22 |
Fair Value Measurements (Quanti
Fair Value Measurements (Quantitative Level 3 Fair Value Disclosure) (Details) $ in Millions | Dec. 31, 2022 USD ($) $ / MWh | Dec. 31, 2021 USD ($) $ / MWh | Dec. 31, 2020 USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Net derivative asset (liability) | $ | $ 34 | $ 24 | $ 8 |
Duke Energy Ohio | FTR price – per MWh | RTO auction pricing | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Net derivative asset (liability) | $ | $ 5 | $ 2 | |
Duke Energy Ohio | FTR price – per MWh | Minimum | RTO auction pricing | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Input measurement (in usd per MWh and usd per MMBtu) | 0.89 | 0.06 | |
Duke Energy Ohio | FTR price – per MWh | Maximum | RTO auction pricing | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Input measurement (in usd per MWh and usd per MMBtu) | 6.25 | 1.79 | |
Duke Energy Ohio | FTR price – per MWh | Weighted Average | RTO auction pricing | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Input measurement (in usd per MWh and usd per MMBtu) | 3.35 | 0.96 | |
Duke Energy Indiana | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Net derivative asset (liability) | $ | $ 29 | $ 22 | $ 6 |
Duke Energy Indiana | FTR price – per MWh | RTO auction pricing | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Net derivative asset (liability) | $ | $ 29 | $ 22 | |
Duke Energy Indiana | FTR price – per MWh | Minimum | RTO auction pricing | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Input measurement (in usd per MWh and usd per MMBtu) | 0.09 | (1.18) | |
Duke Energy Indiana | FTR price – per MWh | Maximum | RTO auction pricing | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Input measurement (in usd per MWh and usd per MMBtu) | 21.79 | 13.11 | |
Duke Energy Indiana | FTR price – per MWh | Weighted Average | RTO auction pricing | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Input measurement (in usd per MWh and usd per MMBtu) | 2.74 | 2.68 |
Fair Value Measurements (Other
Fair Value Measurements (Other Fair Value Disclosures) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt | $ 71,215 | $ 63,835 |
Long-term debt, fair value | 63,454 | 69,683 |
Unamortized debt discount and premium, net | 1,170 | 1,250 |
Duke Energy Carolinas | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt | 14,266 | 13,275 |
Long-term debt, fair value | 12,943 | 15,101 |
Progress Energy | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt | 22,439 | 20,823 |
Long-term debt, fair value | 20,467 | 23,751 |
Duke Energy Progress | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt | 11,087 | 10,249 |
Long-term debt, fair value | 9,689 | 11,252 |
Duke Energy Florida | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt | 9,709 | 8,482 |
Long-term debt, fair value | 8,991 | 9,772 |
Duke Energy Ohio | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt | 3,245 | 3,193 |
Long-term debt, fair value | 2,927 | 3,570 |
Duke Energy Indiana | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt | 4,307 | 4,323 |
Long-term debt, fair value | 3,913 | 5,067 |
Piedmont | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt | 3,363 | 2,968 |
Long-term debt, fair value | $ 2,940 | $ 3,278 |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Feb. 28, 2021 | |
Consolidated VIEs | |||||
Variable Interest Entity [Line Items] | |||||
Financial support | $ 0 | $ 0 | $ 0 | ||
ACP | Current Liabilities | Atlantic Coast Pipeline (ACP) | |||||
Variable Interest Entity [Line Items] | |||||
Guarantor obligations settled | $ 855,000,000 | ||||
Atlantic Coast Pipeline (ACP) | Current Liabilities | Atlantic Coast Pipeline (ACP) | |||||
Variable Interest Entity [Line Items] | |||||
Guarantor obligations settled | $ 855,000,000 | ||||
Atlantic Coast Pipeline (ACP) | Duke Energy (Parent) | |||||
Variable Interest Entity [Line Items] | |||||
Ownership interest | 47% | ||||
Repayments of debt | $ 855,000,000 | ||||
CRC | |||||
Variable Interest Entity [Line Items] | |||||
Variation in credit losses | 10% | ||||
Variation in discount rates | 20% | ||||
CRC | Consolidated VIEs | |||||
Variable Interest Entity [Line Items] | |||||
Percent of proceeds received as cash | 75% | ||||
Percent of proceeds received as subordinated note | 25% | ||||
Minimum Equity Balance required by Cinergy Receivables | $ 3,000,000 | ||||
CRC | Duke Energy Ohio | Non-consolidated VIEs | |||||
Variable Interest Entity [Line Items] | |||||
Fixed interest rate added to LIBOR to compute variable rate | 1% | ||||
DECNCSF | Duke Energy Carolinas | Consolidated VIEs | |||||
Variable Interest Entity [Line Items] | |||||
Proceeds from issuance of senior secured bonds | $ 237,000,000 | ||||
DEPNCSF | Duke Energy Progress | Consolidated VIEs | |||||
Variable Interest Entity [Line Items] | |||||
Proceeds from issuance of senior secured bonds | $ 770,000,000 |
Variable Interest Entities (Sch
Variable Interest Entities (Schedule of Accounts Receivable Securitizations) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Variable Interest Entity [Line Items] | ||
Long-Term Debt | $ 67,061 | $ 60,448 |
Duke Energy Carolinas | ||
Variable Interest Entity [Line Items] | ||
Long-Term Debt | 12,948 | 12,595 |
Duke Energy Progress | ||
Variable Interest Entity [Line Items] | ||
Long-Term Debt | 10,568 | 9,543 |
Duke Energy Florida | ||
Variable Interest Entity [Line Items] | ||
Long-Term Debt | 9,381 | 8,406 |
CRC | Consolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Facility size | 350 | |
Long-Term Debt | 350 | 350 |
Restricted Receivables | 917 | 587 |
DERF | Duke Energy Carolinas | Consolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Facility size | 500 | |
Long-Term Debt | 471 | 475 |
Restricted Receivables | 928 | 844 |
DEPR | Duke Energy Progress | Consolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Facility size | 400 | |
Long-Term Debt | 400 | 350 |
Restricted Receivables | 793 | 574 |
DEFR | Duke Energy Florida | Consolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Facility size | 250 | |
Long-Term Debt | 250 | 250 |
Restricted Receivables | $ 490 | $ 427 |
Variable Interest Entities (Con
Variable Interest Entities (Consolidated VIEs) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Variable Interest Entity [Line Items] | ||
Regulatory Assets: Current | $ 3,485 | $ 2,150 |
Current Assets: Other | 1,067 | 584 |
Other Assets, Noncurrent | 3,400 | 3,632 |
Other Noncurrent Assets: Regulatory assets | 14,645 | 12,487 |
Current Liabilities: Other | 2,167 | 2,423 |
Current maturities of long-term debt | 4,154 | 3,387 |
Long-Term Debt | 67,061 | 60,448 |
Duke Energy Florida | ||
Variable Interest Entity [Line Items] | ||
Regulatory Assets: Current | 1,143 | 497 |
Current Assets: Other | 108 | 80 |
Other Assets, Noncurrent | 372 | 399 |
Other Noncurrent Assets: Regulatory assets | 2,422 | 1,791 |
Current Liabilities: Other | 363 | 408 |
Current maturities of long-term debt | 328 | 76 |
Long-Term Debt | 9,381 | 8,406 |
Duke Energy Carolinas | ||
Variable Interest Entity [Line Items] | ||
Regulatory Assets: Current | 1,095 | 544 |
Current Assets: Other | 216 | 95 |
Other Assets, Noncurrent | 1,036 | 1,248 |
Other Noncurrent Assets: Regulatory assets | 4,293 | 2,935 |
Current Liabilities: Other | 580 | 546 |
Current maturities of long-term debt | 1,018 | 362 |
Long-Term Debt | 12,948 | 12,595 |
Duke Energy Progress | ||
Variable Interest Entity [Line Items] | ||
Regulatory Assets: Current | 690 | 533 |
Current Assets: Other | 174 | 83 |
Other Assets, Noncurrent | 650 | 792 |
Other Noncurrent Assets: Regulatory assets | 4,724 | 4,118 |
Current Liabilities: Other | 384 | 448 |
Current maturities of long-term debt | 369 | 556 |
Long-Term Debt | 10,568 | 9,543 |
DEFPF | Duke Energy Florida | Consolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Receivables of VIEs | 6 | 5 |
Regulatory Assets: Current | 55 | 54 |
Current Assets: Other | 41 | 39 |
Other Noncurrent Assets: Regulatory assets | 826 | 883 |
Current Liabilities: Other | 9 | 9 |
Current maturities of long-term debt | 56 | 56 |
Long-Term Debt | 890 | 946 |
DECNCSF | Duke Energy Carolinas | Consolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Regulatory Assets: Current | 12 | 12 |
Current Assets: Other | 8 | |
Other Assets, Noncurrent | 1 | 1 |
Other Noncurrent Assets: Regulatory assets | 208 | 220 |
Current Liabilities: Other | 3 | 1 |
Current maturities of long-term debt | 10 | 5 |
Long-Term Debt | 219 | 228 |
DEPNCSF | Duke Energy Progress | Consolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Regulatory Assets: Current | 39 | 39 |
Current Assets: Other | 29 | |
Other Assets, Noncurrent | 2 | 4 |
Other Noncurrent Assets: Regulatory assets | 681 | 720 |
Current Liabilities: Other | 8 | 2 |
Current maturities of long-term debt | 34 | 15 |
Long-Term Debt | $ 714 | $ 747 |
Variable Interest Entities (S_2
Variable Interest Entities (Schedule of Non-Consolidated VIEs) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Variable Interest Entity [Line Items] | |||
Investments in equity method unconsolidated affiliates | $ 455 | $ 457 | |
Other noncurrent assets | 3,400 | 3,632 | |
Total Assets | 178,086 | 169,587 | $ 162,388 |
Other current liabilities | 2,167 | 2,423 | |
Other noncurrent liabilities | 1,502 | 1,348 | |
Duke Energy Ohio | |||
Variable Interest Entity [Line Items] | |||
Receivables from affiliated companies | 247 | 122 | |
Other noncurrent assets | 71 | 84 | |
Total Assets | 11,506 | 10,774 | $ 10,025 |
Other current liabilities | 74 | 82 | |
Other noncurrent liabilities | 96 | 101 | |
Duke Energy Ohio | Non-consolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Receivables from affiliated companies | 198 | 79 | |
Total Assets | 198 | 79 | |
Net (liabilities) assets | 198 | 79 | |
Duke Energy Indiana | |||
Variable Interest Entity [Line Items] | |||
Receivables from affiliated companies | 298 | 98 | |
Other noncurrent assets | 254 | 296 | |
Total Assets | 14,654 | 14,488 | |
Other current liabilities | 161 | 105 | |
Other noncurrent liabilities | 65 | 44 | |
Duke Energy Indiana | Non-consolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Receivables from affiliated companies | 317 | 97 | |
Total Assets | 317 | 97 | |
Net (liabilities) assets | 317 | 97 | |
Pipeline Investments | Non-consolidated VIEs | |||
Variable Interest Entity [Line Items] | |||
Investments in equity method unconsolidated affiliates | 43 | 15 | |
Other noncurrent assets | 45 | 61 | |
Total Assets | 88 | 76 | |
Other current liabilities | 59 | 47 | |
Other noncurrent liabilities | 47 | 54 | |
Total liabilities | 106 | 101 | |
Net (liabilities) assets | $ (18) | $ (25) |
Variable Interest Entities (Fai
Variable Interest Entities (Fair Value Assumptions) (Details) - CRC - Non-consolidated VIEs | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Duke Energy Ohio | ||
Variable Interest Entity [Line Items] | ||
Anticipated credit loss ratio | 0.50% | 0.50% |
Discount rate | 2.70% | 1.10% |
Receivable turnover rate | 13.50% | 13.50% |
Duke Energy Indiana | ||
Variable Interest Entity [Line Items] | ||
Anticipated credit loss ratio | 0.30% | 0.30% |
Discount rate | 2.70% | 1.10% |
Receivable turnover rate | 11.30% | 11.30% |
Variable Interest Entities (Rec
Variable Interest Entities (Receivables Sold) (Details) - CRC - Non-consolidated VIEs - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Duke Energy Ohio | ||
Variable Interest Entity [Line Items] | ||
Receivables sold | $ 423 | $ 269 |
Less: Retained interests | 198 | 79 |
Net receivables sold | 225 | 190 |
Duke Energy Indiana | ||
Variable Interest Entity [Line Items] | ||
Receivables sold | 508 | 328 |
Less: Retained interests | 317 | 97 |
Net receivables sold | $ 191 | $ 231 |
Variable Interest Entities (Sal
Variable Interest Entities (Sales and Cash Flows) (Details) - Non-consolidated VIEs - CRC - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Duke Energy Ohio | |||
Variable Interest Entity [Line Items] | |||
Receivables sold | $ 2,562 | $ 2,023 | $ 1,905 |
Loss recognized on sale | 18 | 10 | 10 |
Cash proceeds from receivables sold | 2,424 | 2,018 | 1,875 |
Collection fees received | 1 | 1 | 1 |
Return received on retained interests | 10 | 4 | 4 |
Duke Energy Indiana | |||
Variable Interest Entity [Line Items] | |||
Receivables sold | 3,744 | 2,909 | 2,631 |
Loss recognized on sale | 26 | 13 | 12 |
Cash proceeds from receivables sold | 3,498 | 2,909 | 2,586 |
Collection fees received | 2 | 1 | 1 |
Return received on retained interests | $ 15 | $ 6 | $ 5 |
Revenue (Remaining Performance
Revenue (Remaining Performance Obligations) (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Progress Energy | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 184 |
Progress Energy | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 61 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Progress Energy | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 66 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Progress Energy | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 7 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Progress Energy | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 7 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Progress Energy | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 7 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Progress Energy | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 36 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Duke Energy Progress | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 16 |
Duke Energy Progress | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 8 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Duke Energy Progress | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 8 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Duke Energy Progress | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Duke Energy Progress | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Duke Energy Progress | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Duke Energy Progress | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Duke Energy Florida | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 168 |
Duke Energy Florida | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 53 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Duke Energy Florida | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 58 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Duke Energy Florida | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 7 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Duke Energy Florida | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 7 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Duke Energy Florida | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 7 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Duke Energy Florida | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 36 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Duke Energy Indiana | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 71 |
Duke Energy Indiana | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 11 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Duke Energy Indiana | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 16 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Duke Energy Indiana | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 17 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Duke Energy Indiana | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 15 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Duke Energy Indiana | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 7 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Duke Energy Indiana | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 5 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Piedmont | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 532 |
Piedmont | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 68 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Piedmont | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 62 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Piedmont | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 61 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Piedmont | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 51 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Piedmont | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 49 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Piedmont | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 241 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue (Disaggregation of Reve
Revenue (Disaggregation of Revenue) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | $ 28,675 | $ 24,486 | $ 23,253 | ||||||||
Revenue from sources other than contracts with customers | 93 | 135 | 113 | ||||||||
Total operating revenues | $ 7,351 | $ 7,842 | $ 6,564 | $ 7,011 | $ 6,117 | $ 6,834 | $ 5,638 | $ 6,032 | 28,768 | 24,621 | 23,366 |
Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total operating revenues | 1,411 | 1,064 | 1,001 | ||||||||
Electric Utilities and Infrastructure | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 25,888 | 22,474 | 21,637 | ||||||||
Total operating revenues | 25,990 | 22,570 | 21,687 | ||||||||
Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 11,377 | 10,097 | 9,806 | ||||||||
Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 7,356 | 6,375 | 6,194 | ||||||||
Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 3,504 | 2,924 | 2,859 | ||||||||
Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 2,856 | 2,199 | 1,864 | ||||||||
Electric Utilities and Infrastructure | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 795 | 879 | 914 | ||||||||
Total operating revenues | 1,106 | 977 | 944 | ||||||||
Gas Utilities and Infrastructure | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 2,757 | 1,983 | 1,590 | ||||||||
Total operating revenues | 2,748 | 2,022 | 1,653 | ||||||||
Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Residential | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 1,462 | 1,131 | 930 | ||||||||
Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 765 | 561 | 446 | ||||||||
Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Industrial | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 170 | 158 | 127 | ||||||||
Gas Utilities and Infrastructure | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 360 | 133 | 87 | ||||||||
Total operating revenues | 305 | 87 | 57 | ||||||||
Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 30 | 29 | 26 | ||||||||
Total operating revenues | 30 | 29 | 26 | ||||||||
Duke Energy Carolinas | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 7,855 | 7,145 | 7,028 | ||||||||
Revenue from sources other than contracts with customers | 2 | (43) | (13) | ||||||||
Total operating revenues | 7,857 | 7,102 | 7,015 | ||||||||
Duke Energy Carolinas | Electric Utilities and Infrastructure | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 7,855 | 7,145 | 7,028 | ||||||||
Duke Energy Carolinas | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 3,275 | 3,054 | 2,997 | ||||||||
Duke Energy Carolinas | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 2,396 | 2,210 | 2,233 | ||||||||
Duke Energy Carolinas | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 1,251 | 1,145 | 1,137 | ||||||||
Duke Energy Carolinas | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 561 | 472 | 380 | ||||||||
Duke Energy Carolinas | Electric Utilities and Infrastructure | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 372 | 264 | 281 | ||||||||
Progress Energy | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 13,082 | 10,962 | 10,521 | ||||||||
Revenue from sources other than contracts with customers | 43 | 95 | 106 | ||||||||
Total operating revenues | 13,125 | 11,057 | 10,627 | ||||||||
Progress Energy | Electric Utilities and Infrastructure | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 13,082 | 10,962 | 10,521 | ||||||||
Progress Energy | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 5,812 | 5,084 | 5,017 | ||||||||
Progress Energy | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 3,396 | 2,883 | 2,779 | ||||||||
Progress Energy | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 1,095 | 894 | 901 | ||||||||
Progress Energy | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 1,785 | 1,385 | 1,228 | ||||||||
Progress Energy | Electric Utilities and Infrastructure | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 994 | 716 | 596 | ||||||||
Duke Energy Progress | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 6,742 | 5,719 | 5,348 | ||||||||
Revenue from sources other than contracts with customers | 11 | 61 | 74 | ||||||||
Total operating revenues | 6,753 | 5,780 | 5,422 | ||||||||
Duke Energy Progress | Electric Utilities and Infrastructure | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 6,742 | 5,719 | 5,348 | ||||||||
Duke Energy Progress | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 2,378 | 2,156 | 2,059 | ||||||||
Duke Energy Progress | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 1,480 | 1,378 | 1,312 | ||||||||
Duke Energy Progress | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 770 | 634 | 649 | ||||||||
Duke Energy Progress | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 1,346 | 1,164 | 1,034 | ||||||||
Duke Energy Progress | Electric Utilities and Infrastructure | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 768 | 387 | 294 | ||||||||
Duke Energy Florida | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 6,340 | 5,243 | 5,173 | ||||||||
Revenue from sources other than contracts with customers | 13 | 16 | 15 | ||||||||
Total operating revenues | 6,353 | 5,259 | 5,188 | ||||||||
Duke Energy Florida | Electric Utilities and Infrastructure | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 6,340 | 5,243 | 5,173 | ||||||||
Duke Energy Florida | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 3,434 | 2,928 | 2,958 | ||||||||
Duke Energy Florida | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 1,916 | 1,505 | 1,467 | ||||||||
Duke Energy Florida | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 325 | 260 | 252 | ||||||||
Duke Energy Florida | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 439 | 221 | 194 | ||||||||
Duke Energy Florida | Electric Utilities and Infrastructure | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 226 | 329 | 302 | ||||||||
Duke Energy Ohio | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 2,486 | 2,026 | 1,870 | ||||||||
Revenue from sources other than contracts with customers | 28 | 11 | (12) | ||||||||
Total operating revenues | 2,514 | 2,037 | 1,858 | ||||||||
Duke Energy Ohio | Electric Utilities and Infrastructure | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 1,769 | 1,481 | 1,419 | ||||||||
Duke Energy Ohio | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 862 | 767 | 726 | ||||||||
Duke Energy Ohio | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 517 | 440 | 442 | ||||||||
Duke Energy Ohio | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 202 | 135 | 137 | ||||||||
Duke Energy Ohio | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 127 | 56 | 32 | ||||||||
Duke Energy Ohio | Electric Utilities and Infrastructure | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 61 | 83 | 82 | ||||||||
Duke Energy Ohio | Gas Utilities and Infrastructure | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 717 | 545 | 451 | ||||||||
Duke Energy Ohio | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Residential | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 488 | 354 | 300 | ||||||||
Duke Energy Ohio | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 180 | 143 | 117 | ||||||||
Duke Energy Ohio | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Industrial | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 24 | 20 | 17 | ||||||||
Duke Energy Ohio | Gas Utilities and Infrastructure | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 25 | 28 | 17 | ||||||||
Duke Energy Indiana | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 3,837 | 3,134 | 2,783 | ||||||||
Revenue from sources other than contracts with customers | 85 | 40 | 12 | ||||||||
Total operating revenues | 3,922 | 3,174 | 2,795 | ||||||||
Duke Energy Indiana | Electric Utilities and Infrastructure | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 3,837 | 3,134 | 2,783 | ||||||||
Duke Energy Indiana | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 1,430 | 1,188 | 1,064 | ||||||||
Duke Energy Indiana | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 1,049 | 825 | 740 | ||||||||
Duke Energy Indiana | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 956 | 750 | 683 | ||||||||
Duke Energy Indiana | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 383 | 285 | 224 | ||||||||
Duke Energy Indiana | Electric Utilities and Infrastructure | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 19 | 86 | 72 | ||||||||
Piedmont | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 2,068 | 1,469 | 1,173 | ||||||||
Revenue from sources other than contracts with customers | 56 | 100 | 124 | ||||||||
Total operating revenues | 2,124 | 1,569 | 1,297 | ||||||||
Piedmont | Gas Utilities and Infrastructure | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 2,068 | 1,469 | 1,173 | ||||||||
Piedmont | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Residential | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 974 | 777 | 630 | ||||||||
Piedmont | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 585 | 418 | 329 | ||||||||
Piedmont | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Industrial | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 144 | 137 | 110 | ||||||||
Piedmont | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Power Generation | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | 94 | 92 | 34 | ||||||||
Piedmont | Gas Utilities and Infrastructure | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from contracts with customers | $ 271 | $ 45 | $ 70 |
Revenue (Reserve for Credit Los
Revenue (Reserve for Credit Losses for Trade and Other Receivables) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | $ 121 | $ 146 | $ 76 |
Cumulative Change in Accounting Principle | 216 | 121 | 146 |
Write-Offs | (158) | (58) | (58) |
Credit Loss Expense | 160 | 53 | 75 |
Other Adjustments | 93 | (20) | 48 |
Ending balance | 216 | 121 | 146 |
Duke Energy Carolinas | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 42 | 23 | 10 |
Cumulative Change in Accounting Principle | 68 | 42 | 23 |
Write-Offs | (73) | (21) | (13) |
Credit Loss Expense | 40 | 27 | 13 |
Other Adjustments | 59 | 13 | 12 |
Ending balance | 68 | 42 | 23 |
Progress Energy | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 36 | 37 | 16 |
Cumulative Change in Accounting Principle | 81 | 36 | 37 |
Write-Offs | (70) | (25) | (23) |
Credit Loss Expense | 72 | 25 | 29 |
Other Adjustments | 43 | (1) | 13 |
Ending balance | 81 | 36 | 37 |
Duke Energy Progress | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 21 | 23 | 8 |
Cumulative Change in Accounting Principle | 44 | 21 | 23 |
Write-Offs | (36) | (12) | (8) |
Credit Loss Expense | 17 | 11 | 9 |
Other Adjustments | 42 | (1) | 13 |
Ending balance | 44 | 21 | 23 |
Duke Energy Florida | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 16 | 14 | 7 |
Cumulative Change in Accounting Principle | 36 | 16 | 14 |
Write-Offs | (34) | (13) | (14) |
Credit Loss Expense | 55 | 14 | 20 |
Other Adjustments | (1) | 1 | |
Ending balance | 36 | 16 | 14 |
Duke Energy Ohio | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 4 | 4 | 4 |
Cumulative Change in Accounting Principle | 6 | 4 | 4 |
Credit Loss Expense | 2 | ||
Ending balance | 6 | 4 | 4 |
Duke Energy Indiana | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 3 | 3 | 3 |
Cumulative Change in Accounting Principle | 4 | 3 | 3 |
Credit Loss Expense | 1 | ||
Ending balance | 4 | 3 | 3 |
Piedmont | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 15 | 12 | 6 |
Cumulative Change in Accounting Principle | 14 | 15 | 12 |
Write-Offs | (12) | (9) | (6) |
Credit Loss Expense | 11 | 7 | 11 |
Other Adjustments | 5 | ||
Ending balance | $ 14 | $ 15 | 12 |
Cumulative Change in Accounting Principle | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 5 | ||
Cumulative Change in Accounting Principle | |||
Cumulative Change in Accounting Principle | Duke Energy Carolinas | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 1 | ||
Cumulative Change in Accounting Principle | |||
Cumulative Change in Accounting Principle | Progress Energy | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 2 | ||
Cumulative Change in Accounting Principle | |||
Cumulative Change in Accounting Principle | Duke Energy Progress | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 1 | ||
Cumulative Change in Accounting Principle | |||
Cumulative Change in Accounting Principle | Duke Energy Florida | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 1 | ||
Cumulative Change in Accounting Principle | |||
Cumulative Change in Accounting Principle | Piedmont | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | $ 1 | ||
Cumulative Change in Accounting Principle |
Revenue (Aging of Trade Receiva
Revenue (Aging of Trade Receivables) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Unbilled receivables | $ 1,457 | $ 922 |
Current | 2,347 | 1,941 |
Deferred Payment Arrangements | 160 | 115 |
Trade and Other Receivables | 4,631 | 3,643 |
1 - 30 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 261 | 288 |
30-60 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 123 | 98 |
60-90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 74 | 118 |
91+ days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 209 | 161 |
Duke Energy Carolinas | ||
Financing Receivable, Past Due [Line Items] | ||
Unbilled receivables | 486 | 316 |
Current | 577 | 592 |
Deferred Payment Arrangements | 57 | 55 |
Trade and Other Receivables | 1,334 | 1,186 |
Duke Energy Carolinas | 1 - 30 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 96 | 77 |
Duke Energy Carolinas | 30-60 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 23 | 30 |
Duke Energy Carolinas | 60-90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 25 | 32 |
Duke Energy Carolinas | 91+ days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 70 | 84 |
Progress Energy | ||
Financing Receivable, Past Due [Line Items] | ||
Unbilled receivables | 355 | 266 |
Current | 1,059 | 716 |
Deferred Payment Arrangements | 62 | 45 |
Trade and Other Receivables | 1,689 | 1,289 |
Progress Energy | 1 - 30 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 60 | 128 |
Progress Energy | 30-60 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 61 | 49 |
Progress Energy | 60-90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 18 | 48 |
Progress Energy | 91+ days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 74 | 37 |
Duke Energy Progress | ||
Financing Receivable, Past Due [Line Items] | ||
Unbilled receivables | 232 | 193 |
Current | 637 | 405 |
Deferred Payment Arrangements | 35 | 22 |
Trade and Other Receivables | 1,004 | 722 |
Duke Energy Progress | 1 - 30 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 15 | 44 |
Duke Energy Progress | 30-60 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 49 | 21 |
Duke Energy Progress | 60-90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 9 | 28 |
Duke Energy Progress | 91+ days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 27 | 9 |
Duke Energy Florida | ||
Financing Receivable, Past Due [Line Items] | ||
Unbilled receivables | 123 | 73 |
Current | 417 | 311 |
Deferred Payment Arrangements | 27 | 23 |
Trade and Other Receivables | 680 | 565 |
Duke Energy Florida | 1 - 30 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 45 | 82 |
Duke Energy Florida | 30-60 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 12 | 28 |
Duke Energy Florida | 60-90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 9 | 20 |
Duke Energy Florida | 91+ days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 47 | 28 |
Duke Energy Ohio | ||
Financing Receivable, Past Due [Line Items] | ||
Unbilled receivables | 20 | 4 |
Current | 15 | 42 |
Deferred Payment Arrangements | 4 | 2 |
Trade and Other Receivables | 79 | 100 |
Duke Energy Ohio | 1 - 30 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 5 | 4 |
Duke Energy Ohio | 30-60 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 6 | 1 |
Duke Energy Ohio | 60-90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 3 | 23 |
Duke Energy Ohio | 91+ days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 26 | 24 |
Duke Energy Indiana | ||
Financing Receivable, Past Due [Line Items] | ||
Unbilled receivables | 28 | 27 |
Current | 52 | 50 |
Trade and Other Receivables | 116 | 103 |
Duke Energy Indiana | 1 - 30 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 17 | 5 |
Duke Energy Indiana | 30-60 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 2 | 10 |
Duke Energy Indiana | 60-90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 11 | 5 |
Duke Energy Indiana | 91+ days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 6 | 6 |
Piedmont | ||
Financing Receivable, Past Due [Line Items] | ||
Unbilled receivables | 160 | 106 |
Current | 265 | 202 |
Deferred Payment Arrangements | 1 | 4 |
Trade and Other Receivables | 450 | 333 |
Piedmont | 1 - 30 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 15 | 12 |
Piedmont | 30-60 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 3 | 2 |
Piedmont | 60-90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 2 | 4 |
Piedmont | 91+ days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | $ 4 | $ 3 |
Revenue (Unbilled Revenues) (De
Revenue (Unbilled Revenues) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unbilled receivables | $ 1,457 | $ 922 |
Duke Energy Carolinas | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unbilled receivables | 486 | 316 |
Progress Energy | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unbilled receivables | 355 | 266 |
Duke Energy Progress | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unbilled receivables | 232 | 193 |
Duke Energy Florida | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unbilled receivables | 123 | 73 |
Duke Energy Ohio | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unbilled receivables | 20 | 4 |
Duke Energy Ohio | CRC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unbilled receivables | 148 | 82 |
Duke Energy Indiana | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unbilled receivables | 28 | 27 |
Duke Energy Indiana | CRC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unbilled receivables | 260 | 121 |
Piedmont | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unbilled receivables | $ 160 | $ 106 |
Stockholders' Equity (Earnings
Stockholders' Equity (Earnings Per Share Data) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Sep. 16, 2024 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Class of Stock [Line Items] | ||||||||||||
Net Income available to Duke Energy common stockholders | $ (650) | $ 1,383 | $ 893 | $ 818 | $ 732 | $ 1,366 | $ 751 | $ 953 | $ 2,444 | $ 3,802 | $ 1,270 | |
Net income from discontinued operations attributable to Duke Energy Corporation | (1,215) | 200 | 289 | |||||||||
Accumulated preferred stock dividends adjustment | 1 | |||||||||||
Less: Impact of participating securities | 2 | 3 | 2 | |||||||||
Income from continuing operations available to Duke Energy common stockholders | 3,657 | 3,599 | 980 | |||||||||
(Loss) Income from discontinued operations, net of tax | (1,293) | 3 | (18) | (15) | (36) | (57) | (25) | (26) | (1,323) | (144) | (7) | |
Loss From Discontinued Operations, net of tax | $ 1,293 | $ (3) | $ 18 | $ 15 | $ 36 | $ 57 | $ 25 | $ 26 | 1,323 | 144 | 7 | |
Add: Net loss attributable to noncontrolling interest included in discontinued operations | $ 108 | $ 344 | $ 296 | |||||||||
Weighted average common shares outstanding – basic (in shares) | 770 | 769 | 737 | |||||||||
Equity forwards (in shares) | 1 | |||||||||||
Weighted average common shares outstanding – diluted (in shares) | 770 | 769 | 738 | |||||||||
EPS from continuing operations available to Duke Energy common stockholders | ||||||||||||
Basic (usd per share) | $ 0.80 | $ 1.78 | $ 1.11 | $ 1.06 | $ 0.86 | $ 1.69 | $ 0.90 | $ 1.22 | $ 4.74 | $ 4.68 | $ 1.33 | |
Diluted (usd per share) | 0.80 | $ 1.78 | $ 1.11 | $ 1.06 | $ 0.86 | $ 1.69 | $ 0.90 | $ 1.22 | 4.74 | 4.68 | 1.33 | |
(Loss) Earnings Per Share from discontinued operations attributable to Duke Energy common stockholders | ||||||||||||
Basic (usd per share) | (1.57) | 0.26 | 0.39 | |||||||||
Diluted (usd per share) | $ (1.57) | $ 0.26 | $ 0.39 | |||||||||
Potentially dilutive items excluded from the calculation (in shares) | 2 | 2 | 2 | |||||||||
Dividends declared per share (usd per share) | $ 3.98 | $ 3.90 | $ 3.82 | |||||||||
Series A Preferred Stock | ||||||||||||
(Loss) Earnings Per Share from discontinued operations attributable to Duke Energy common stockholders | ||||||||||||
Dividends declared on preferred stock (usd per share) | $ 1.437 | 1.437 | 1.437 | |||||||||
Cumulative annual dividend rate (as a percent) | 5.75% | |||||||||||
Liquidation preference per share (in usd per share) | 25 | $ 25 | ||||||||||
Series B Preferred Stock | ||||||||||||
(Loss) Earnings Per Share from discontinued operations attributable to Duke Energy common stockholders | ||||||||||||
Dividends declared on preferred stock (usd per share) | $ 48.750 | $ 48.750 | $ 49.292 | |||||||||
Cumulative annual dividend rate (as a percent) | 4.875% | |||||||||||
Liquidation preference per share (in usd per share) | $ 1,000 | $ 1,000 | ||||||||||
Series B Preferred Stock | Forecast | ||||||||||||
(Loss) Earnings Per Share from discontinued operations attributable to Duke Energy common stockholders | ||||||||||||
Cumulative annual dividend rate (as a percent) | 3.388% |
Stockholders' Equity (Common St
Stockholders' Equity (Common Stock) (Details) - USD ($) $ / shares in Units, $ in Billions | 1 Months Ended | ||
Nov. 30, 2022 | Jun. 15, 2024 | Dec. 31, 2022 | |
Equity [Abstract] | |||
Maximum value of shares to be issued under ATM program | $ 1.5 | ||
Class of Stock [Line Items] | |||
Maximum value of shares to be issued under ATM program | $ 1.5 | ||
Forecast | |||
Class of Stock [Line Items] | |||
Redemption price (in usd per share) | $ 25 | ||
Series A Preferred Stock | |||
Class of Stock [Line Items] | |||
Redemption price (in usd per share) | $ 25.50 | ||
Liquidation preference per share (in usd per share) | 25 | ||
Series B Preferred Stock | |||
Class of Stock [Line Items] | |||
Redemption price (in usd per share) | 1,020 | ||
Liquidation preference per share (in usd per share) | $ 1,000 |
Severance (Narrative) (Details)
Severance (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Restructuring Cost and Reserve [Line Items] | |||
Regulatory assets | $ 18,130 | $ 14,637 | |
Duke Energy Carolinas | |||
Restructuring Cost and Reserve [Line Items] | |||
Regulatory assets | 5,388 | 3,479 | |
Duke Energy Carolinas | Employee Severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Regulatory assets | $ 65 | ||
Duke Energy Progress | |||
Restructuring Cost and Reserve [Line Items] | |||
Regulatory assets | $ 5,414 | $ 4,651 | |
Duke Energy Progress | Employee Severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Regulatory assets | $ 33 |
Severance (Expenses) (Details)
Severance (Expenses) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) employee | Dec. 31, 2021 USD ($) employee | Dec. 31, 2020 USD ($) employee | |
Restructuring Cost and Reserve [Line Items] | |||
Number of eligible employees | employee | 233 | 290 | 30 |
Severance expense | $ 65 | $ 69 | $ (85) |
Amortization of deferred severance charges | 33 | 33 | |
Severance charges adjustments | (19) | (3) | (6) |
Unamortized deferred severance | (86) | ||
Duke Energy Carolinas | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance expense | 40 | 33 | (58) |
Amortization of deferred severance charges | 22 | 22 | |
Severance charges adjustments | (6) | (2) | (2) |
Unamortized deferred severance | (57) | ||
Progress Energy | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance expense | 20 | 26 | (28) |
Amortization of deferred severance charges | 11 | 11 | |
Severance charges adjustments | (8) | (3) | |
Unamortized deferred severance | (29) | ||
Duke Energy Progress | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance expense | 17 | 20 | (31) |
Amortization of deferred severance charges | 11 | 11 | |
Severance charges adjustments | (4) | (2) | |
Unamortized deferred severance | (29) | ||
Duke Energy Florida | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance expense | 3 | 6 | 3 |
Severance charges adjustments | (4) | ||
Duke Energy Ohio | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance expense | 1 | 2 | |
Severance charges adjustments | (1) | ||
Duke Energy Indiana | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance expense | 2 | 3 | 0 |
Severance charges adjustments | (2) | (1) | |
Piedmont | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance expense | 2 | $ 2 | $ 0 |
Severance charges adjustments | $ (1) |
Severance (Rollforward) (Detail
Severance (Rollforward) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Reserve [Roll Forward] | ||
Balance, beginning of period | $ 39 | $ 11 |
Provision/Adjustments | 33 | 36 |
Cash Reductions | (8) | (8) |
Balance, end of period | 64 | 39 |
Duke Energy Carolinas | ||
Restructuring Reserve [Roll Forward] | ||
Balance, beginning of period | 2 | 2 |
Provision/Adjustments | 14 | 1 |
Cash Reductions | (1) | (1) |
Balance, end of period | 15 | 2 |
Progress Energy | ||
Restructuring Reserve [Roll Forward] | ||
Balance, beginning of period | 2 | 3 |
Provision/Adjustments | 4 | 1 |
Cash Reductions | (2) | |
Balance, end of period | 6 | 2 |
Duke Energy Progress | ||
Restructuring Reserve [Roll Forward] | ||
Balance, beginning of period | 1 | 1 |
Provision/Adjustments | 3 | 1 |
Cash Reductions | (1) | |
Balance, end of period | 4 | 1 |
Duke Energy Florida | ||
Restructuring Reserve [Roll Forward] | ||
Balance, beginning of period | 1 | 2 |
Provision/Adjustments | 1 | |
Cash Reductions | 0 | (1) |
Balance, end of period | 2 | 1 |
Duke Energy Indiana | ||
Restructuring Reserve [Roll Forward] | ||
Balance, beginning of period | 1 | |
Cash Reductions | $ (1) | |
Piedmont | ||
Restructuring Reserve [Roll Forward] | ||
Provision/Adjustments | 1 | |
Balance, end of period | $ 1 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for awards to employees and outside directors (in shares) | 10 | ||
RSU awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total grant date fair value of shares vested | $ 49 | $ 45 | $ 43 |
Unrecognized compensation cost | $ 34 | ||
Unrecognized compensation cost, period of recognition (in years) | 23 months | ||
RSU awards | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 3 years | ||
Performance awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 3 years | ||
Total grant date fair value of shares vested | $ 25 | $ 25 | |
Unrecognized compensation cost | $ 22 | ||
Unrecognized compensation cost, period of recognition (in years) | 22 months | ||
Risk free interest rate | 1.78% | ||
Expected volatility rate | 26.80% | ||
Performance awards | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percent | 200% | ||
Performance awards | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percent | 0% |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule of Stock-Based Compensation Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total expense recognized | $ 74 | $ 64 | $ 61 |
Pretax stock-based compensation cost | 100 | 88 | 84 |
Stock-based compensation costs capitalized | 5 | 5 | 5 |
Stock-based compensation expense | 95 | 83 | 79 |
Tax benefit associated with stock-based compensation expense | 21 | 19 | 18 |
RSU awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Pretax stock-based compensation cost | 58 | 49 | 46 |
Performance awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Pretax stock-based compensation cost | 42 | 39 | 38 |
Duke Energy Carolinas | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total expense recognized | 27 | 23 | 22 |
Progress Energy | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total expense recognized | 27 | 24 | 23 |
Duke Energy Progress | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total expense recognized | 17 | 15 | 15 |
Duke Energy Florida | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total expense recognized | 10 | 9 | 9 |
Duke Energy Ohio | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total expense recognized | 5 | 5 | 4 |
Duke Energy Indiana | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total expense recognized | 7 | 6 | 6 |
Piedmont | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total expense recognized | $ 4 | $ 3 | $ 3 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of Stock Awards Outstanding) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
RSU awards | |||
Schedule Of Shares Awarded [Abstract] | |||
Shares granted (in thousands) | 654 | 673 | 498 |
Fair value (in millions) | $ 64 | $ 59 | $ 50 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Outstanding at beginning of period (in shares) | 1,043 | ||
Granted (in shares) | 654 | 673 | 498 |
Vested (in shares) | (527) | ||
Forfeited (in shares) | (73) | ||
Outstanding at end of period (in shares) | 1,097 | 1,043 | |
Stock awards expected to vest (in shares) | 1,056 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Weighted average fair value at beginning of period (usd per share) | $ 92 | ||
Granted (usd per share) | 98 | ||
Vested (usd per share) | 93 | ||
Forfeited (usd per share) | 94 | ||
Weighted average fair value at end of period (usd per share) | 95 | $ 92 | |
Weighted average fair value of awards expected to vest (usd per share) | $ 95 | ||
Performance awards | |||
Schedule Of Shares Awarded [Abstract] | |||
Shares granted (in thousands) | 408 | 380 | 319 |
Fair value (in millions) | $ 40 | $ 33 | $ 34 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Outstanding at beginning of period (in shares) | 952 | ||
Granted (in shares) | 408 | 380 | 319 |
Vested (in shares) | (297) | ||
Forfeited (in shares) | (30) | ||
Outstanding at end of period (in shares) | 1,033 | 952 | |
Stock awards expected to vest (in shares) | 1,006 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Weighted average fair value at beginning of period (usd per share) | $ 93 | ||
Granted (usd per share) | 99 | ||
Vested (usd per share) | 86 | ||
Forfeited (usd per share) | 96 | ||
Weighted average fair value at end of period (usd per share) | 97 | $ 93 | |
Weighted average fair value of awards expected to vest (usd per share) | $ 97 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2023 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Maximum years of participation (in years) | 35 years | |||
Vesting period (in years) | 3 years | |||
Other Nonoperating Income (Expense) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual return on plan assets | $ 24 | |||
Duke Energy Retirement Cash Balance Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement charge | 117 | |||
Duke Energy Retirement Cash Balance Plan | Other Nonoperating Income (Expense) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement charge | 22 | |||
Regulatory Assets, Noncurrent | Noncurrent assets | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement charge | $ 95 | |||
Master Trust | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target allocation | 100% | |||
Fair value of securities on loan | $ 390 | $ 542 | ||
Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | 58 | |||
Pension Plan | Qualified Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual return on plan assets | $ (1,547) | 513 | ||
Average remaining service period (in years) | 13 years | |||
Projected benefit obligation | $ 6,358 | 8,207 | $ 8,634 | |
Accumulated Benefit Obligation at measurement date | 6,324 | 8,144 | ||
Employer contributions | 58 | |||
Benefits paid | $ 753 | $ 615 | ||
Expected long-term rate of return on plan assets | 6.50% | 6.50% | 6.85% | |
Pension Plan | Nonqualified Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Projected benefit obligation | $ 232 | |||
Accumulated Benefit Obligation at measurement date | 232 | |||
Employer contributions | 24 | |||
Benefits paid | $ 24 | |||
Pension Plan | Master Trust | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Master trust allocation percentage | 98% | |||
Expected long-term rate of return on plan assets | 6.50% | |||
Other Post-Retirement Benefit Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual return on plan assets | $ (31) | $ 15 | ||
Average remaining service period (in years) | 7 years | |||
Projected benefit obligation | $ 437 | 625 | $ 709 | |
Employer contributions | 39 | |||
Benefits paid | $ 68 | $ 73 | ||
Expected long-term rate of return on plan assets | 6.50% | 6.50% | 6.85% | |
Other Post-Retirement Benefit Plans | Master Trust | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Master trust allocation percentage | 2% | |||
Expected long-term rate of return on plan assets | 8.25% | |||
Target allocation | 100% | |||
Duke Energy Progress | Duke Energy Retirement Cash Balance Plan | Other Nonoperating Income (Expense) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement charge | $ 5 | |||
Duke Energy Progress | Regulatory Assets, Noncurrent | Noncurrent assets | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement charge | 16 | |||
Duke Energy Progress | Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | 8 | |||
Duke Energy Progress | Pension Plan | Qualified Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual return on plan assets | $ (240) | $ 79 | ||
Average remaining service period (in years) | 13 years | |||
Projected benefit obligation | $ 909 | 1,153 | $ 1,193 | |
Employer contributions | 8 | |||
Benefits paid | 101 | 80 | ||
Duke Energy Progress | Pension Plan | Nonqualified Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Projected benefit obligation | 24 | |||
Accumulated Benefit Obligation at measurement date | 24 | |||
Employer contributions | 3 | |||
Benefits paid | $ 3 | |||
Duke Energy Progress | Other Post-Retirement Benefit Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Average remaining service period (in years) | 5 years | |||
Projected benefit obligation | $ 95 | 147 | 166 | |
Employer contributions | 11 | |||
Benefits paid | 13 | 16 | ||
Duke Energy Ohio | Duke Energy Retirement Cash Balance Plan | Other Nonoperating Income (Expense) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement charge | 5 | |||
Duke Energy Ohio | Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | 3 | |||
Duke Energy Ohio | Pension Plan | Qualified Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual return on plan assets | $ (68) | 26 | ||
Average remaining service period (in years) | 15 years | |||
Projected benefit obligation | $ 333 | 450 | 502 | |
Accumulated Benefit Obligation at measurement date | 327 | 439 | ||
Employer contributions | 3 | |||
Benefits paid | 50 | 50 | ||
Duke Energy Ohio | Pension Plan | Nonqualified Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Projected benefit obligation | 3 | |||
Accumulated Benefit Obligation at measurement date | 3 | |||
Duke Energy Ohio | Other Post-Retirement Benefit Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual return on plan assets | $ (2) | 1 | ||
Average remaining service period (in years) | 6 years | |||
Projected benefit obligation | $ 20 | 25 | 27 | |
Employer contributions | 3 | |||
Benefits paid | 4 | 3 | ||
Progress Energy | Duke Energy Retirement Cash Balance Plan | Other Nonoperating Income (Expense) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement charge | 5 | |||
Progress Energy | Regulatory Assets, Noncurrent | Noncurrent assets | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement charge | 23 | |||
Progress Energy | Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | 13 | |||
Progress Energy | Pension Plan | Qualified Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual return on plan assets | $ (506) | 169 | ||
Average remaining service period (in years) | 14 years | |||
Projected benefit obligation | $ 1,975 | 2,560 | 2,715 | |
Accumulated Benefit Obligation at measurement date | 1,959 | 2,529 | ||
Employer contributions | 13 | |||
Benefits paid | 184 | 161 | ||
Progress Energy | Pension Plan | Nonqualified Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Projected benefit obligation | 78 | |||
Accumulated Benefit Obligation at measurement date | 78 | |||
Employer contributions | 10 | |||
Benefits paid | $ 10 | |||
Progress Energy | Other Post-Retirement Benefit Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Average remaining service period (in years) | 5 years | |||
Projected benefit obligation | $ 168 | 263 | 299 | |
Employer contributions | 23 | |||
Benefits paid | $ 26 | 29 | ||
Duke Energy Florida | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value evaluation period (in years) | 5 years | |||
Duke Energy Florida | Duke Energy Retirement Cash Balance Plan | Other Nonoperating Income (Expense) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement charge | $ 1 | |||
Duke Energy Florida | Regulatory Assets, Noncurrent | Noncurrent assets | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement charge | 7 | |||
Duke Energy Florida | Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | 5 | |||
Duke Energy Florida | Pension Plan | Qualified Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual return on plan assets | $ (262) | 90 | ||
Average remaining service period (in years) | 15 years | |||
Projected benefit obligation | $ 1,055 | 1,392 | 1,507 | |
Accumulated Benefit Obligation at measurement date | 1,038 | 1,361 | ||
Employer contributions | 5 | |||
Benefits paid | 82 | 81 | ||
Duke Energy Florida | Pension Plan | Nonqualified Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Projected benefit obligation | 32 | |||
Accumulated Benefit Obligation at measurement date | 32 | |||
Employer contributions | 4 | |||
Benefits paid | $ 4 | |||
Duke Energy Florida | Other Post-Retirement Benefit Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Average remaining service period (in years) | 7 years | |||
Projected benefit obligation | $ 69 | 112 | 130 | |
Employer contributions | 11 | |||
Benefits paid | 13 | 13 | ||
Duke Energy Carolinas | Duke Energy Retirement Cash Balance Plan | Other Nonoperating Income (Expense) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement charge | 3 | |||
Duke Energy Carolinas | Regulatory Assets, Noncurrent | Noncurrent assets | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement charge | 35 | |||
Duke Energy Carolinas | Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | 15 | |||
Duke Energy Carolinas | Pension Plan | Qualified Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual return on plan assets | $ (411) | 132 | ||
Average remaining service period (in years) | 12 years | |||
Projected benefit obligation | $ 1,554 | 1,903 | 1,988 | |
Employer contributions | 15 | |||
Benefits paid | 159 | 148 | ||
Duke Energy Carolinas | Pension Plan | Nonqualified Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Projected benefit obligation | 10 | |||
Accumulated Benefit Obligation at measurement date | 10 | |||
Employer contributions | 1 | |||
Benefits paid | 1 | |||
Duke Energy Carolinas | Other Post-Retirement Benefit Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual return on plan assets | $ (19) | 9 | ||
Average remaining service period (in years) | 6 years | |||
Projected benefit obligation | $ 112 | 149 | 174 | |
Employer contributions | 3 | |||
Benefits paid | 16 | 19 | ||
Duke Energy Indiana | Regulatory Assets, Noncurrent | Noncurrent assets | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement charge | 8 | |||
Duke Energy Indiana | Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | 5 | |||
Duke Energy Indiana | Pension Plan | Qualified Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual return on plan assets | $ (107) | 37 | ||
Average remaining service period (in years) | 14 years | |||
Projected benefit obligation | $ 499 | 680 | 715 | |
Accumulated Benefit Obligation at measurement date | 495 | 672 | ||
Employer contributions | 5 | |||
Benefits paid | 66 | 52 | ||
Duke Energy Indiana | Pension Plan | Nonqualified Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Projected benefit obligation | 2 | |||
Accumulated Benefit Obligation at measurement date | $ 2 | |||
Duke Energy Indiana | Other Post-Retirement Benefit Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Average remaining service period (in years) | 6 years | |||
Projected benefit obligation | $ 30 | 54 | 61 | |
Employer contributions | 4 | |||
Benefits paid | $ 8 | 9 | ||
Piedmont | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Term (in years) | 3 years | |||
Piedmont | Duke Energy Retirement Cash Balance Plan | Other Nonoperating Income (Expense) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement charge | $ 6 | |||
Piedmont | Regulatory Assets, Noncurrent | Noncurrent assets | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement charge | 29 | |||
Piedmont | Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | 2 | |||
Piedmont | Pension Plan | Qualified Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual return on plan assets | $ (64) | 19 | ||
Average remaining service period (in years) | 9 years | |||
Projected benefit obligation | $ 170 | 273 | 293 | |
Accumulated Benefit Obligation at measurement date | 170 | |||
Employer contributions | 2 | |||
Benefits paid | 69 | 28 | ||
Piedmont | Pension Plan | Nonqualified Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Projected benefit obligation | 3 | |||
Accumulated Benefit Obligation at measurement date | 3 | |||
Piedmont | Other Post-Retirement Benefit Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Actual return on plan assets | $ (7) | 3 | ||
Average remaining service period (in years) | 6 years | |||
Projected benefit obligation | $ 21 | 27 | $ 30 | |
Employer contributions | 1 | |||
Benefits paid | $ 2 | $ 2 | ||
Liability Hedging Assets | Pension Plan | Master Trust | Subsequent Event | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target allocation | 35% | |||
Liability Hedging Assets | Other Post-Retirement Benefit Plans | Master Trust | Subsequent Event | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target allocation | 80% | |||
Return Seeking Assets | Pension Plan | Master Trust | Subsequent Event | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target allocation | 65% | |||
Return Seeking Assets | Other Post-Retirement Benefit Plans | Master Trust | Subsequent Event | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Target allocation | 20% | |||
Minimum | Pension Plan | Qualified Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected long-term rate of return on plan assets |
Employee Benefit Plans (Contrib
Employee Benefit Plans (Contributions to Defined Benefit Pension Plans) (Details) - Pension Plan $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Employer contributions | $ 58 |
Duke Energy Carolinas | |
Defined Benefit Plan Disclosure [Line Items] | |
Employer contributions | 15 |
Progress Energy | |
Defined Benefit Plan Disclosure [Line Items] | |
Employer contributions | 13 |
Duke Energy Progress | |
Defined Benefit Plan Disclosure [Line Items] | |
Employer contributions | 8 |
Duke Energy Florida | |
Defined Benefit Plan Disclosure [Line Items] | |
Employer contributions | 5 |
Duke Energy Ohio | |
Defined Benefit Plan Disclosure [Line Items] | |
Employer contributions | 3 |
Duke Energy Indiana | |
Defined Benefit Plan Disclosure [Line Items] | |
Employer contributions | 5 |
Piedmont | |
Defined Benefit Plan Disclosure [Line Items] | |
Employer contributions | $ 2 |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components of Net Periodic Pension Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pension Plan | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Amortization of regulatory asset | $ 3 | $ 3 | $ 4 |
Pension Plan | Qualified Plan | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | 152 | 176 | |
Service cost | 145 | 168 | 165 |
Interest cost | 249 | 220 | 269 |
Expected return on plan assets | (558) | (558) | (572) |
Amortization of prior service credit | 81 | 133 | 128 |
Amortization of prior service cost (credit) | (18) | (29) | (32) |
Amortization of settlement charges(c) | 18 | ||
Amortization of settlement charges | 32 | 9 | |
MRVA method change | 24 | ||
Net periodic costs | (38) | (49) | (24) |
Pension Plan | Duke Energy Carolinas | Qualified Plan | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | 48 | 56 | |
Service cost | 47 | 54 | 51 |
Interest cost | 59 | 51 | 62 |
Expected return on plan assets | (152) | (141) | (145) |
Amortization of prior service credit | 16 | 29 | 28 |
Amortization of prior service cost (credit) | (3) | (8) | (8) |
Amortization of settlement charges(c) | 9 | ||
Amortization of settlement charges | 9 | 5 | |
MRVA method change | 0 | ||
Net periodic costs | (23) | (8) | (3) |
Pension Plan | Progress Energy | Qualified Plan | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | 43 | 50 | |
Service cost | 40 | 48 | 48 |
Interest cost | 77 | 70 | 85 |
Expected return on plan assets | (183) | (187) | (190) |
Amortization of prior service credit | 23 | 38 | 41 |
Amortization of prior service cost (credit) | (2) | (3) | |
Amortization of settlement charges(c) | 7 | ||
Amortization of settlement charges | 8 | 2 | |
MRVA method change | 24 | ||
Net periodic costs | (8) | (29) | (12) |
Pension Plan | Duke Energy Progress | Qualified Plan | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | 25 | 29 | |
Service cost | 24 | 28 | 27 |
Interest cost | 35 | 30 | 38 |
Expected return on plan assets | (88) | (84) | (87) |
Amortization of prior service credit | 12 | 18 | 18 |
Amortization of prior service cost (credit) | (1) | (2) | |
Amortization of settlement charges(c) | 6 | ||
Amortization of settlement charges | 7 | 2 | |
MRVA method change | 0 | ||
Net periodic costs | (9) | (6) | |
Pension Plan | Duke Energy Florida | Qualified Plan | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | 17 | 21 | |
Service cost | 16 | 20 | 21 |
Interest cost | 41 | 39 | 46 |
Expected return on plan assets | (94) | (102) | (101) |
Amortization of prior service credit | 12 | 20 | 23 |
Amortization of prior service cost (credit) | (1) | (1) | |
Amortization of settlement charges(c) | 1 | ||
Amortization of settlement charges | 1 | 1 | |
MRVA method change | 24 | ||
Net periodic costs | 1 | (22) | (11) |
Pension Plan | Duke Energy Ohio | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Amortization of regulatory asset | 1 | 1 | 2 |
Pension Plan | Duke Energy Ohio | Qualified Plan | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | 4 | 5 | |
Service cost | 4 | 5 | 5 |
Interest cost | 13 | 13 | 15 |
Expected return on plan assets | (23) | (28) | (28) |
Amortization of prior service credit | 4 | 7 | 6 |
Amortization of prior service cost (credit) | (1) | ||
Amortization of settlement charges | 5 | ||
MRVA method change | 0 | ||
Net periodic costs | 3 | (4) | (2) |
Pension Plan | Duke Energy Indiana | Qualified Plan | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | 9 | 10 | |
Service cost | 8 | 9 | 9 |
Interest cost | 20 | 18 | 22 |
Expected return on plan assets | (37) | (40) | (42) |
Amortization of prior service credit | 9 | 13 | 12 |
Amortization of prior service cost (credit) | (2) | (2) | (2) |
Amortization of settlement charges(c) | 1 | ||
Amortization of settlement charges | 1 | ||
MRVA method change | 0 | ||
Net periodic costs | (1) | ||
Pension Plan | Piedmont | Qualified Plan | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | 5 | 6 | |
Service cost | 5 | 6 | 6 |
Interest cost | 8 | 7 | 9 |
Expected return on plan assets | (24) | (20) | (21) |
Amortization of prior service credit | 5 | 10 | 9 |
Amortization of prior service cost (credit) | (7) | (9) | (9) |
Amortization of settlement charges(c) | 1 | ||
Amortization of settlement charges | 7 | 1 | |
MRVA method change | 0 | ||
Net periodic costs | (6) | (5) | (5) |
Other Post-Retirement Benefit Plans | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | 3 | 4 | 4 |
Interest cost | 17 | 18 | 23 |
Expected return on plan assets | (10) | (11) | (13) |
Amortization of prior service credit | 2 | 2 | 2 |
Amortization of prior service cost (credit) | (8) | (13) | (14) |
Net periodic costs | 4 | 2 | |
Amortization of regulatory asset | 4 | 5 | 6 |
Other Post-Retirement Benefit Plans | Duke Energy Carolinas | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | 1 | 1 | 1 |
Interest cost | 4 | 4 | 5 |
Expected return on plan assets | (6) | (7) | (8) |
Amortization of prior service cost (credit) | (3) | (4) | (4) |
Net periodic costs | (4) | (6) | (6) |
Other Post-Retirement Benefit Plans | Progress Energy | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | 1 | 1 | |
Interest cost | 7 | 7 | 10 |
Amortization of prior service credit | 1 | 1 | 1 |
Amortization of prior service cost (credit) | (2) | (2) | (3) |
Net periodic costs | 6 | 7 | 9 |
Other Post-Retirement Benefit Plans | Duke Energy Progress | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Interest cost | 4 | 4 | 5 |
Amortization of prior service credit | 1 | ||
Amortization of prior service cost (credit) | (1) | (1) | (1) |
Net periodic costs | 4 | 3 | 4 |
Other Post-Retirement Benefit Plans | Duke Energy Florida | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Interest cost | 3 | 3 | 4 |
Amortization of prior service credit | 1 | 1 | 1 |
Amortization of prior service cost (credit) | (1) | (1) | (2) |
Net periodic costs | 3 | 3 | 3 |
Other Post-Retirement Benefit Plans | Duke Energy Ohio | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Interest cost | 1 | 1 | 1 |
Amortization of prior service cost (credit) | (1) | (1) | |
Net periodic costs | 1 | ||
Amortization of regulatory asset | 1 | 1 | 1 |
Other Post-Retirement Benefit Plans | Duke Energy Indiana | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | 1 | 1 | |
Interest cost | 1 | 1 | 2 |
Amortization of prior service credit | 4 | 4 | |
Amortization of prior service cost (credit) | (1) | (1) | |
Net periodic costs | 1 | 5 | 6 |
Other Post-Retirement Benefit Plans | Piedmont | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Interest cost | 1 | 1 | 1 |
Expected return on plan assets | (2) | (2) | (2) |
Amortization of prior service cost (credit) | (2) | (2) | (2) |
Net periodic costs | $ (3) | $ (3) | $ (3) |
Employee Benefit Plans (Amounts
Employee Benefit Plans (Amounts Recognized in Accumulated Other Comprehensive Income and Regulatory Assets and Liabilities) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Amounts Recognized in Accumulated Other Comprehensive Loss (Income) [Abstract] | ||||
Net amount recognized in accumulated other comprehensive income | [1] | $ 19 | $ (7) | $ (6) |
Progress Energy | ||||
Amounts Recognized in Accumulated Other Comprehensive Loss (Income) [Abstract] | ||||
Net amount recognized in accumulated other comprehensive income | (5) | (1) | $ 1 | |
Pension Plan | Qualified Plan | ||||
Amounts Recognized in Regulatory Assets and Liabilities [Abstract] | ||||
Regulatory assets, net increase (decrease) | 367 | (261) | ||
Amounts Recognized in Accumulated Other Comprehensive Loss (Income) [Abstract] | ||||
Deferred income tax expense | (7) | 1 | ||
Amortization of prior year actuarial gain | 37 | (8) | ||
Amortization of prior year service credit | 1 | |||
Net amount recognized in accumulated other comprehensive income | 30 | (6) | ||
Pension Plan | Duke Energy Carolinas | Qualified Plan | ||||
Amounts Recognized in Regulatory Assets and Liabilities [Abstract] | ||||
Regulatory assets, net increase (decrease) | 221 | (57) | ||
Pension Plan | Progress Energy | Qualified Plan | ||||
Amounts Recognized in Regulatory Assets and Liabilities [Abstract] | ||||
Regulatory assets, net increase (decrease) | 107 | (128) | ||
Amounts Recognized in Accumulated Other Comprehensive Loss (Income) [Abstract] | ||||
Deferred income tax expense | (1) | |||
Amortization of prior year actuarial gain | 2 | (1) | ||
Net amount recognized in accumulated other comprehensive income | 1 | (1) | ||
Pension Plan | Duke Energy Progress | Qualified Plan | ||||
Amounts Recognized in Regulatory Assets and Liabilities [Abstract] | ||||
Regulatory assets, net increase (decrease) | 101 | (31) | ||
Pension Plan | Duke Energy Florida | Qualified Plan | ||||
Amounts Recognized in Regulatory Assets and Liabilities [Abstract] | ||||
Regulatory assets, net increase (decrease) | 5 | (97) | ||
Pension Plan | Duke Energy Ohio | Qualified Plan | ||||
Amounts Recognized in Regulatory Assets and Liabilities [Abstract] | ||||
Regulatory assets, net increase (decrease) | (1) | (17) | ||
Pension Plan | Duke Energy Indiana | Qualified Plan | ||||
Amounts Recognized in Regulatory Assets and Liabilities [Abstract] | ||||
Regulatory assets, net increase (decrease) | (12) | (19) | ||
Pension Plan | Piedmont | Qualified Plan | ||||
Amounts Recognized in Regulatory Assets and Liabilities [Abstract] | ||||
Regulatory assets, net increase (decrease) | 9 | (5) | ||
Other Post-Retirement Benefit Plans | ||||
Amounts Recognized in Regulatory Assets and Liabilities [Abstract] | ||||
Regulatory assets, net increase (decrease) | (79) | (15) | ||
Regulatory liabilities, net increase (decrease) | 27 | 23 | ||
Amounts Recognized in Accumulated Other Comprehensive Loss (Income) [Abstract] | ||||
Amortization of prior year actuarial gain | 1 | |||
Amortization of prior year actuarial gain | (1) | |||
Net amount recognized in accumulated other comprehensive income | 1 | (1) | ||
Other Post-Retirement Benefit Plans | Duke Energy Carolinas | ||||
Amounts Recognized in Regulatory Assets and Liabilities [Abstract] | ||||
Regulatory liabilities, net increase (decrease) | 12 | |||
Other Post-Retirement Benefit Plans | Progress Energy | ||||
Amounts Recognized in Regulatory Assets and Liabilities [Abstract] | ||||
Regulatory assets, net increase (decrease) | (80) | (18) | ||
Other Post-Retirement Benefit Plans | Duke Energy Progress | ||||
Amounts Recognized in Regulatory Assets and Liabilities [Abstract] | ||||
Regulatory assets, net increase (decrease) | (45) | (9) | ||
Other Post-Retirement Benefit Plans | Duke Energy Florida | ||||
Amounts Recognized in Regulatory Assets and Liabilities [Abstract] | ||||
Regulatory assets, net increase (decrease) | (36) | (9) | ||
Other Post-Retirement Benefit Plans | Duke Energy Ohio | ||||
Amounts Recognized in Regulatory Assets and Liabilities [Abstract] | ||||
Regulatory assets, net increase (decrease) | 4 | |||
Regulatory liabilities, net increase (decrease) | 4 | |||
Other Post-Retirement Benefit Plans | Duke Energy Indiana | ||||
Amounts Recognized in Regulatory Assets and Liabilities [Abstract] | ||||
Regulatory assets, net increase (decrease) | (3) | (4) | ||
Regulatory liabilities, net increase (decrease) | 19 | 1 | ||
Other Post-Retirement Benefit Plans | Piedmont | ||||
Amounts Recognized in Regulatory Assets and Liabilities [Abstract] | ||||
Regulatory liabilities, net increase (decrease) | $ (5) | $ 2 | ||
[1]Net of income tax expense of approximately $52 million for the year ended December 31, 2022, and income tax benefit of approximately $17 million and $35 million for the years ended December 31, 2021, and 2020, respectively. |
Employee Benefit Plans (Project
Employee Benefit Plans (Projected Benefit Obligations Reconciliation of Funded Status to Net Amount Recognized) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pension Plan | |||
Change in Fair Value of Plan Assets [Rollforward] | |||
Employer contributions | $ 58 | ||
Pension Plan | Duke Energy Carolinas | |||
Change in Fair Value of Plan Assets [Rollforward] | |||
Employer contributions | 15 | ||
Pension Plan | Progress Energy | |||
Change in Fair Value of Plan Assets [Rollforward] | |||
Employer contributions | 13 | ||
Pension Plan | Duke Energy Progress | |||
Change in Fair Value of Plan Assets [Rollforward] | |||
Employer contributions | 8 | ||
Pension Plan | Duke Energy Florida | |||
Change in Fair Value of Plan Assets [Rollforward] | |||
Employer contributions | 5 | ||
Pension Plan | Duke Energy Ohio | |||
Change in Fair Value of Plan Assets [Rollforward] | |||
Employer contributions | 3 | ||
Pension Plan | Duke Energy Indiana | |||
Change in Fair Value of Plan Assets [Rollforward] | |||
Employer contributions | 5 | ||
Pension Plan | Piedmont | |||
Change in Fair Value of Plan Assets [Rollforward] | |||
Employer contributions | 2 | ||
Pension Plan | Qualified Plan | |||
Change in Projected Benefit Obligation [Rollforward] | |||
Obligation at prior measurement date | 8,207 | $ 8,634 | |
Service cost | 145 | 168 | $ 165 |
Interest cost | 249 | 220 | 269 |
Actuarial gain | (1,490) | (200) | |
Benefits paid | (753) | (615) | |
Obligation at measurement date | 6,358 | 8,207 | 8,634 |
Accumulated Benefit Obligation at measurement date | 6,324 | 8,144 | |
Change in Fair Value of Plan Assets [Rollforward] | |||
Plan assets at prior measurement date | 9,235 | 9,337 | |
Employer contributions | 58 | ||
Actual return on plan assets | (1,547) | 513 | |
Benefits paid | (753) | (615) | |
Plan assets at measurement date | 6,993 | 9,235 | 9,337 |
Funded status of plan | 635 | 1,028 | |
Pension Plan | Qualified Plan | Duke Energy Carolinas | |||
Change in Projected Benefit Obligation [Rollforward] | |||
Obligation at prior measurement date | 1,903 | 1,988 | |
Service cost | 47 | 54 | 51 |
Interest cost | 59 | 51 | 62 |
Actuarial gain | (301) | (42) | |
Benefits paid | (159) | (148) | |
Transfers | 5 | ||
Obligation at measurement date | 1,554 | 1,903 | 1,988 |
Accumulated Benefit Obligation at measurement date | 1,556 | 1,904 | |
Change in Fair Value of Plan Assets [Rollforward] | |||
Plan assets at prior measurement date | 2,365 | 2,381 | |
Employer contributions | 15 | ||
Actual return on plan assets | (411) | 132 | |
Benefits paid | (159) | (148) | |
Transfers | 5 | ||
Plan assets at measurement date | 1,815 | 2,365 | 2,381 |
Funded status of plan | 261 | 462 | |
Pension Plan | Qualified Plan | Progress Energy | |||
Change in Projected Benefit Obligation [Rollforward] | |||
Obligation at prior measurement date | 2,560 | 2,715 | |
Service cost | 40 | 48 | 48 |
Interest cost | 77 | 70 | 85 |
Actuarial gain | (513) | (108) | |
Benefits paid | (184) | (161) | |
Transfers | (5) | (4) | |
Obligation at measurement date | 1,975 | 2,560 | 2,715 |
Accumulated Benefit Obligation at measurement date | 1,959 | 2,529 | |
Change in Fair Value of Plan Assets [Rollforward] | |||
Plan assets at prior measurement date | 3,053 | 3,049 | |
Employer contributions | 13 | ||
Actual return on plan assets | (506) | 169 | |
Benefits paid | (184) | (161) | |
Transfers | (5) | (4) | |
Plan assets at measurement date | 2,371 | 3,053 | 3,049 |
Funded status of plan | 396 | 493 | |
Pension Plan | Qualified Plan | Duke Energy Progress | |||
Change in Projected Benefit Obligation [Rollforward] | |||
Obligation at prior measurement date | 1,153 | 1,193 | |
Service cost | 24 | 28 | 27 |
Interest cost | 35 | 30 | 38 |
Actuarial gain | (197) | (18) | |
Benefits paid | (101) | (80) | |
Transfers | (5) | ||
Obligation at measurement date | 909 | 1,153 | 1,193 |
Accumulated Benefit Obligation at measurement date | 910 | 1,154 | |
Change in Fair Value of Plan Assets [Rollforward] | |||
Plan assets at prior measurement date | 1,421 | 1,422 | |
Employer contributions | 8 | ||
Actual return on plan assets | (240) | 79 | |
Benefits paid | (101) | (80) | |
Transfers | (5) | ||
Plan assets at measurement date | 1,083 | 1,421 | 1,422 |
Funded status of plan | 174 | 268 | |
Pension Plan | Qualified Plan | Duke Energy Florida | |||
Change in Projected Benefit Obligation [Rollforward] | |||
Obligation at prior measurement date | 1,392 | 1,507 | |
Service cost | 16 | 20 | 21 |
Interest cost | 41 | 39 | 46 |
Actuarial gain | (312) | (89) | |
Benefits paid | (82) | (81) | |
Transfers | (4) | ||
Obligation at measurement date | 1,055 | 1,392 | 1,507 |
Accumulated Benefit Obligation at measurement date | 1,038 | 1,361 | |
Change in Fair Value of Plan Assets [Rollforward] | |||
Plan assets at prior measurement date | 1,610 | 1,605 | |
Employer contributions | 5 | ||
Actual return on plan assets | (262) | 90 | |
Benefits paid | (82) | (81) | |
Transfers | (4) | ||
Plan assets at measurement date | 1,271 | 1,610 | 1,605 |
Funded status of plan | 216 | 218 | |
Pension Plan | Qualified Plan | Duke Energy Ohio | |||
Change in Projected Benefit Obligation [Rollforward] | |||
Obligation at prior measurement date | 450 | 502 | |
Service cost | 4 | 5 | 5 |
Interest cost | 13 | 13 | 15 |
Actuarial gain | (84) | (10) | |
Benefits paid | (50) | (50) | |
Transfers | (10) | ||
Obligation at measurement date | 333 | 450 | 502 |
Accumulated Benefit Obligation at measurement date | 327 | 439 | |
Change in Fair Value of Plan Assets [Rollforward] | |||
Plan assets at prior measurement date | 438 | 472 | |
Employer contributions | 3 | ||
Actual return on plan assets | (68) | 26 | |
Benefits paid | (50) | (50) | |
Transfers | (10) | ||
Plan assets at measurement date | 323 | 438 | 472 |
Funded status of plan | (10) | (12) | |
Pension Plan | Qualified Plan | Duke Energy Indiana | |||
Change in Projected Benefit Obligation [Rollforward] | |||
Obligation at prior measurement date | 680 | 715 | |
Service cost | 8 | 9 | 9 |
Interest cost | 20 | 18 | 22 |
Actuarial gain | (143) | (10) | |
Benefits paid | (66) | (52) | |
Obligation at measurement date | 499 | 680 | 715 |
Accumulated Benefit Obligation at measurement date | 495 | 672 | |
Change in Fair Value of Plan Assets [Rollforward] | |||
Plan assets at prior measurement date | 669 | 684 | |
Employer contributions | 5 | ||
Actual return on plan assets | (107) | 37 | |
Benefits paid | (66) | (52) | |
Plan assets at measurement date | 501 | 669 | 684 |
Funded status of plan | 2 | (11) | |
Pension Plan | Qualified Plan | Piedmont | |||
Change in Projected Benefit Obligation [Rollforward] | |||
Obligation at prior measurement date | 273 | 293 | |
Service cost | 5 | 6 | 6 |
Interest cost | 8 | 7 | 9 |
Actuarial gain | (47) | (5) | |
Benefits paid | (69) | (28) | |
Obligation at measurement date | 170 | 273 | 293 |
Accumulated Benefit Obligation at measurement date | 274 | ||
Accumulated Benefit Obligation at measurement date | 170 | ||
Change in Fair Value of Plan Assets [Rollforward] | |||
Plan assets at prior measurement date | 334 | 343 | |
Employer contributions | 2 | ||
Actual return on plan assets | (64) | 19 | |
Benefits paid | (69) | (28) | |
Plan assets at measurement date | 203 | 334 | 343 |
Funded status of plan | 33 | 61 | |
Other Post-Retirement Benefit Plans | |||
Change in Projected Benefit Obligation [Rollforward] | |||
Obligation at prior measurement date | 625 | 709 | |
Service cost | 3 | 4 | 4 |
Interest cost | 17 | 18 | 23 |
Plan participants' contributions | 11 | 14 | |
Actuarial gain | (80) | (47) | |
Plan amendments | (71) | ||
Benefits paid | (68) | (73) | |
Obligation at measurement date | 437 | 625 | 709 |
Change in Fair Value of Plan Assets [Rollforward] | |||
Plan assets at prior measurement date | 211 | 237 | |
Employer contributions | 39 | ||
Actual return on plan assets | (31) | 15 | |
Benefits paid | (68) | (73) | |
Plan participants' contributions | 11 | 14 | |
Employer contributions | 18 | ||
Plan assets at measurement date | 162 | 211 | 237 |
Funded status of plan | (275) | (414) | |
Other Post-Retirement Benefit Plans | Duke Energy Carolinas | |||
Change in Projected Benefit Obligation [Rollforward] | |||
Obligation at prior measurement date | 149 | 174 | |
Service cost | 1 | 1 | 1 |
Interest cost | 4 | 4 | 5 |
Plan participants' contributions | 2 | 3 | |
Actuarial gain | (17) | (14) | |
Plan amendments | (11) | ||
Benefits paid | (16) | (19) | |
Obligation at measurement date | 112 | 149 | 174 |
Change in Fair Value of Plan Assets [Rollforward] | |||
Plan assets at prior measurement date | 135 | 139 | |
Employer contributions | 3 | ||
Actual return on plan assets | (19) | 9 | |
Benefits paid | (16) | (19) | |
Plan participants' contributions | 2 | 3 | |
Employer contributions | 3 | ||
Plan assets at measurement date | 105 | 135 | 139 |
Funded status of plan | (7) | (14) | |
Other Post-Retirement Benefit Plans | Progress Energy | |||
Change in Projected Benefit Obligation [Rollforward] | |||
Obligation at prior measurement date | 263 | 299 | |
Service cost | 1 | 1 | |
Interest cost | 7 | 7 | 10 |
Plan participants' contributions | 4 | 5 | |
Actuarial gain | (43) | (20) | |
Plan amendments | (37) | ||
Benefits paid | (26) | (29) | |
Obligation at measurement date | 168 | 263 | 299 |
Change in Fair Value of Plan Assets [Rollforward] | |||
Plan assets at prior measurement date | (1) | (1) | |
Employer contributions | 23 | ||
Benefits paid | (26) | (29) | |
Plan participants' contributions | 4 | 5 | |
Employer contributions | 24 | ||
Plan assets at measurement date | (1) | (1) | |
Funded status of plan | (168) | (264) | |
Other Post-Retirement Benefit Plans | Duke Energy Progress | |||
Change in Projected Benefit Obligation [Rollforward] | |||
Obligation at prior measurement date | 147 | 166 | |
Interest cost | 4 | 4 | 5 |
Plan participants' contributions | 2 | 3 | |
Actuarial gain | (27) | (10) | |
Plan amendments | (18) | ||
Benefits paid | (13) | (16) | |
Obligation at measurement date | 95 | 147 | 166 |
Change in Fair Value of Plan Assets [Rollforward] | |||
Plan assets at prior measurement date | (2) | (2) | |
Employer contributions | 11 | ||
Benefits paid | (13) | (16) | |
Plan participants' contributions | 2 | 3 | |
Employer contributions | 13 | ||
Plan assets at measurement date | (2) | (2) | (2) |
Funded status of plan | (97) | (149) | |
Other Post-Retirement Benefit Plans | Duke Energy Florida | |||
Change in Projected Benefit Obligation [Rollforward] | |||
Obligation at prior measurement date | 112 | 130 | |
Interest cost | 3 | 3 | 4 |
Plan participants' contributions | 2 | 2 | |
Actuarial gain | (16) | (10) | |
Plan amendments | (19) | ||
Benefits paid | (13) | (13) | |
Obligation at measurement date | 69 | 112 | 130 |
Change in Fair Value of Plan Assets [Rollforward] | |||
Plan assets at prior measurement date | (2) | (1) | |
Employer contributions | 11 | ||
Benefits paid | (13) | (13) | |
Plan participants' contributions | 2 | 2 | |
Employer contributions | 10 | ||
Plan assets at measurement date | (2) | (2) | (1) |
Funded status of plan | (71) | (114) | |
Other Post-Retirement Benefit Plans | Duke Energy Ohio | |||
Change in Projected Benefit Obligation [Rollforward] | |||
Obligation at prior measurement date | 25 | 27 | |
Interest cost | 1 | 1 | 1 |
Plan participants' contributions | 1 | 1 | |
Actuarial gain | (3) | (1) | |
Benefits paid | (4) | (3) | |
Obligation at measurement date | 20 | 25 | 27 |
Change in Fair Value of Plan Assets [Rollforward] | |||
Plan assets at prior measurement date | 9 | 9 | |
Employer contributions | 3 | ||
Actual return on plan assets | (2) | 1 | |
Benefits paid | (4) | (3) | |
Plan participants' contributions | 1 | 1 | |
Employer contributions | 1 | ||
Plan assets at measurement date | 7 | 9 | 9 |
Funded status of plan | (13) | (16) | |
Other Post-Retirement Benefit Plans | Duke Energy Indiana | |||
Change in Projected Benefit Obligation [Rollforward] | |||
Obligation at prior measurement date | 54 | 61 | |
Service cost | 1 | 1 | |
Interest cost | 1 | 1 | 2 |
Plan participants' contributions | 1 | 2 | |
Actuarial gain | (1) | (2) | |
Plan amendments | (17) | ||
Benefits paid | (8) | (9) | |
Obligation at measurement date | 30 | 54 | 61 |
Change in Fair Value of Plan Assets [Rollforward] | |||
Plan assets at prior measurement date | 6 | 7 | |
Employer contributions | 4 | ||
Benefits paid | (8) | (9) | |
Plan participants' contributions | 1 | 2 | |
Employer contributions | 6 | ||
Plan assets at measurement date | 3 | 6 | 7 |
Funded status of plan | (27) | (48) | |
Other Post-Retirement Benefit Plans | Piedmont | |||
Change in Projected Benefit Obligation [Rollforward] | |||
Obligation at prior measurement date | 27 | 30 | |
Interest cost | 1 | 1 | 1 |
Actuarial gain | (5) | (2) | |
Benefits paid | (2) | (2) | |
Obligation at measurement date | 21 | 27 | 30 |
Change in Fair Value of Plan Assets [Rollforward] | |||
Plan assets at prior measurement date | 39 | 37 | |
Employer contributions | 1 | ||
Actual return on plan assets | (7) | 3 | |
Benefits paid | (2) | (2) | |
Employer contributions | 1 | ||
Plan assets at measurement date | 31 | 39 | $ 37 |
Funded status of plan | $ 10 | $ 12 |
Employee Benefit Plans (Amoun_2
Employee Benefit Plans (Amounts Recognized in Consolidated Balance Sheets) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Amounts Recognized in Consolidated Balance Sheets [Abstract] | ||
Noncurrent pension liability | $ 832 | $ 855 |
Regulatory assets | 18,130 | 14,637 |
Regulatory liabilities | 15,048 | 17,363 |
Duke Energy Carolinas | ||
Amounts Recognized in Consolidated Balance Sheets [Abstract] | ||
Noncurrent pension liability | 38 | 50 |
Regulatory assets | 5,388 | 3,479 |
Regulatory liabilities | 6,313 | 7,685 |
Progress Energy | ||
Amounts Recognized in Consolidated Balance Sheets [Abstract] | ||
Noncurrent pension liability | 292 | 417 |
Regulatory assets | 8,979 | 6,939 |
Regulatory liabilities | 5,329 | 6,044 |
Duke Energy Progress | ||
Amounts Recognized in Consolidated Balance Sheets [Abstract] | ||
Noncurrent pension liability | 160 | 221 |
Regulatory assets | 5,414 | 4,651 |
Regulatory liabilities | 4,452 | 5,249 |
Duke Energy Florida | ||
Amounts Recognized in Consolidated Balance Sheets [Abstract] | ||
Noncurrent pension liability | 111 | 166 |
Regulatory assets | 3,565 | 2,288 |
Regulatory liabilities | 877 | 796 |
Duke Energy Ohio | ||
Amounts Recognized in Consolidated Balance Sheets [Abstract] | ||
Noncurrent pension liability | 90 | 109 |
Regulatory assets | 684 | 707 |
Regulatory liabilities | 633 | 801 |
Duke Energy Indiana | ||
Amounts Recognized in Consolidated Balance Sheets [Abstract] | ||
Noncurrent pension liability | 122 | 167 |
Regulatory assets | 1,124 | 1,555 |
Regulatory liabilities | 1,641 | 1,692 |
Piedmont | ||
Amounts Recognized in Consolidated Balance Sheets [Abstract] | ||
Noncurrent pension liability | 7 | 7 |
Regulatory assets | 511 | 457 |
Regulatory liabilities | 1,098 | 1,114 |
Pension Plan | Qualified Plan | ||
Amounts Recognized in Consolidated Balance Sheets [Abstract] | ||
Prefunded pension | 885 | 1,071 |
Noncurrent pension liability | 250 | 43 |
Net amount recognized | (635) | (1,028) |
Regulatory assets | 2,016 | 1,649 |
Accumulated other comprehensive (income) loss | ||
Deferred income tax asset | (27) | (20) |
Prior service credit | (1) | (1) |
Net actuarial loss (gain) | 129 | 92 |
Net amount recognized in accumulated other comprehensive income (loss) | 101 | 71 |
Pension Plan | Duke Energy Carolinas | Qualified Plan | ||
Amounts Recognized in Consolidated Balance Sheets [Abstract] | ||
Prefunded pension | 261 | 462 |
Net amount recognized | (261) | (462) |
Regulatory assets | 545 | 324 |
Pension Plan | Progress Energy | Qualified Plan | ||
Amounts Recognized in Consolidated Balance Sheets [Abstract] | ||
Prefunded pension | 396 | 494 |
Noncurrent pension liability | 1 | |
Net amount recognized | (396) | (493) |
Regulatory assets | 670 | 563 |
Accumulated other comprehensive (income) loss | ||
Deferred income tax asset | (1) | |
Net actuarial loss (gain) | 3 | 1 |
Net amount recognized in accumulated other comprehensive income (loss) | 2 | 1 |
Pension Plan | Duke Energy Progress | Qualified Plan | ||
Amounts Recognized in Consolidated Balance Sheets [Abstract] | ||
Prefunded pension | 174 | 268 |
Net amount recognized | (174) | (268) |
Regulatory assets | 353 | 252 |
Pension Plan | Duke Energy Florida | Qualified Plan | ||
Amounts Recognized in Consolidated Balance Sheets [Abstract] | ||
Prefunded pension | 216 | 219 |
Noncurrent pension liability | 1 | |
Net amount recognized | (216) | (218) |
Regulatory assets | 316 | 311 |
Pension Plan | Duke Energy Ohio | Qualified Plan | ||
Amounts Recognized in Consolidated Balance Sheets [Abstract] | ||
Prefunded pension | 62 | 74 |
Noncurrent pension liability | 72 | 86 |
Net amount recognized | 10 | 12 |
Regulatory assets | 92 | 93 |
Pension Plan | Duke Energy Indiana | Qualified Plan | ||
Amounts Recognized in Consolidated Balance Sheets [Abstract] | ||
Prefunded pension | 90 | 100 |
Noncurrent pension liability | 88 | 111 |
Net amount recognized | (2) | 11 |
Regulatory assets | 178 | 190 |
Pension Plan | Piedmont | Qualified Plan | ||
Amounts Recognized in Consolidated Balance Sheets [Abstract] | ||
Prefunded pension | 33 | 61 |
Net amount recognized | (33) | (61) |
Regulatory assets | 84 | 75 |
Other Post-Retirement Benefit Plans | ||
Amounts Recognized in Consolidated Balance Sheets [Abstract] | ||
Prefunded pension | 12 | |
Current pension liability | 9 | 9 |
Noncurrent pension liability | 266 | 417 |
Net amount recognized | 275 | 414 |
Regulatory assets | 50 | 129 |
Regulatory liabilities | 189 | 162 |
Accumulated other comprehensive (income) loss | ||
Deferred income tax liability | 3 | 3 |
Prior service credit | (1) | (1) |
Net actuarial loss (gain) | (13) | (14) |
Net amount recognized in accumulated other comprehensive income (loss) | (11) | (12) |
Other Post-Retirement Benefit Plans | Duke Energy Carolinas | ||
Amounts Recognized in Consolidated Balance Sheets [Abstract] | ||
Noncurrent pension liability | 7 | 14 |
Net amount recognized | 7 | 14 |
Regulatory liabilities | 44 | 44 |
Other Post-Retirement Benefit Plans | Progress Energy | ||
Amounts Recognized in Consolidated Balance Sheets [Abstract] | ||
Current pension liability | 5 | 5 |
Noncurrent pension liability | 163 | 259 |
Net amount recognized | 168 | 264 |
Regulatory assets | 46 | 126 |
Other Post-Retirement Benefit Plans | Duke Energy Progress | ||
Amounts Recognized in Consolidated Balance Sheets [Abstract] | ||
Current pension liability | 3 | 3 |
Noncurrent pension liability | 94 | 146 |
Net amount recognized | 97 | 149 |
Regulatory assets | 34 | 79 |
Other Post-Retirement Benefit Plans | Duke Energy Florida | ||
Amounts Recognized in Consolidated Balance Sheets [Abstract] | ||
Current pension liability | 2 | 2 |
Noncurrent pension liability | 69 | 112 |
Net amount recognized | 71 | 114 |
Regulatory assets | 11 | 47 |
Other Post-Retirement Benefit Plans | Duke Energy Ohio | ||
Amounts Recognized in Consolidated Balance Sheets [Abstract] | ||
Prefunded pension | 1 | 1 |
Current pension liability | 2 | 1 |
Noncurrent pension liability | 12 | 16 |
Net amount recognized | 13 | 16 |
Regulatory assets | 4 | 4 |
Regulatory liabilities | 21 | 21 |
Other Post-Retirement Benefit Plans | Duke Energy Indiana | ||
Amounts Recognized in Consolidated Balance Sheets [Abstract] | ||
Noncurrent pension liability | 27 | 48 |
Net amount recognized | 27 | 48 |
Regulatory assets | 25 | 28 |
Regulatory liabilities | 82 | 63 |
Other Post-Retirement Benefit Plans | Piedmont | ||
Amounts Recognized in Consolidated Balance Sheets [Abstract] | ||
Prefunded pension | 10 | 12 |
Net amount recognized | $ (10) | (12) |
Regulatory liabilities | $ 5 |
Employee Benefit Plans (Informa
Employee Benefit Plans (Information For Plans with Accumulated Benefit Obligation in Excess of Plan Assets) (Details) - Pension Plan - Qualified Plan - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Information For Plans With Accumulated Benefit Obligation In Excess Of Plan Assets [Abstract] | ||
Projected benefit obligation | $ 3,323 | |
Accumulated benefit obligation | 3,288 | |
Fair value of plan assets | 3,073 | |
Duke Energy Ohio | ||
Information For Plans With Accumulated Benefit Obligation In Excess Of Plan Assets [Abstract] | ||
Projected benefit obligation | 103 | $ 153 |
Accumulated benefit obligation | 99 | 143 |
Fair value of plan assets | 31 | 67 |
Duke Energy Indiana | ||
Information For Plans With Accumulated Benefit Obligation In Excess Of Plan Assets [Abstract] | ||
Projected benefit obligation | 198 | 284 |
Accumulated benefit obligation | 193 | 275 |
Fair value of plan assets | $ 110 | $ 173 |
Employee Benefit Plans (Assumpt
Employee Benefit Plans (Assumptions Used For Pension Benefits Accounting) (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pension Plan | Qualified Plan | |||
Benefit Obligations [Abstract] | |||
Discount rate | 5.60% | 2.90% | 2.60% |
Interest crediting rate | 4.35% | 4% | 4% |
Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 2.60% | 3.30% | |
Interest crediting rate | 4% | 4% | 4% |
Expected long-term rate of return on plan assets | 6.50% | 6.50% | 6.85% |
Pension Plan | Minimum | Qualified Plan | |||
Benefit Obligations [Abstract] | |||
Salary increase | 3.50% | 3.50% | 3.50% |
Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 2.90% | ||
Salary increase | 3.50% | 3.50% | 3.50% |
Expected long-term rate of return on plan assets | |||
Pension Plan | Maximum | Qualified Plan | |||
Benefit Obligations [Abstract] | |||
Salary increase | 4% | 4% | 4% |
Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 5.70% | ||
Salary increase | 4% | 4% | 4% |
Other Post-Retirement Benefit Plans | |||
Benefit Obligations [Abstract] | |||
Discount rate | 5.60% | 2.90% | 2.60% |
Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 2.90% | 2.60% | 3.30% |
Expected long-term rate of return on plan assets | 6.50% | 6.50% | 6.85% |
Employee Benefit Plans (Assumed
Employee Benefit Plans (Assumed Health Care Cost Trend Rates) (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | ||
Health care cost trend rate assumed for next year | 6.50% | 6.25% |
Rate to which the cost trend is assumed to decline (the ultimate trend rate) | 4.75% | 4.75% |
Employee Benefit Plans (Expecte
Employee Benefit Plans (Expected Benefit Payments) (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Pension Plan | Qualified Plan | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2023 | $ 661 |
2024 | 635 |
2025 | 629 |
2026 | 607 |
2027 | 592 |
2028-2032 | 2,581 |
Pension Plan | Duke Energy Carolinas | Qualified Plan | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2023 | 186 |
2024 | 176 |
2025 | 174 |
2026 | 164 |
2027 | 156 |
2028-2032 | 628 |
Pension Plan | Progress Energy | Qualified Plan | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2023 | 183 |
2024 | 180 |
2025 | 183 |
2026 | 180 |
2027 | 177 |
2028-2032 | 804 |
Pension Plan | Duke Energy Progress | Qualified Plan | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2023 | 99 |
2024 | 95 |
2025 | 97 |
2026 | 91 |
2027 | 89 |
2028-2032 | 372 |
Pension Plan | Duke Energy Florida | Qualified Plan | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2023 | 83 |
2024 | 84 |
2025 | 85 |
2026 | 87 |
2027 | 87 |
2028-2032 | 427 |
Pension Plan | Duke Energy Ohio | Qualified Plan | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2023 | 32 |
2024 | 31 |
2025 | 31 |
2026 | 30 |
2027 | 29 |
2028-2032 | 135 |
Pension Plan | Duke Energy Indiana | Qualified Plan | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2023 | 45 |
2024 | 45 |
2025 | 44 |
2026 | 44 |
2027 | 43 |
2028-2032 | 205 |
Pension Plan | Piedmont | Qualified Plan | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2023 | 19 |
2024 | 18 |
2025 | 16 |
2026 | 16 |
2027 | 15 |
2028-2032 | 71 |
Other Post-Retirement Benefit Plans | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2023 | 68 |
2024 | 49 |
2025 | 45 |
2026 | 41 |
2027 | 38 |
2028-2032 | 158 |
Other Post-Retirement Benefit Plans | Duke Energy Carolinas | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2023 | 16 |
2024 | 13 |
2025 | 12 |
2026 | 11 |
2027 | 10 |
2028-2032 | 41 |
Other Post-Retirement Benefit Plans | Progress Energy | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2023 | 25 |
2024 | 18 |
2025 | 16 |
2026 | 15 |
2027 | 14 |
2028-2032 | 61 |
Other Post-Retirement Benefit Plans | Duke Energy Progress | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2023 | 14 |
2024 | 10 |
2025 | 9 |
2026 | 9 |
2027 | 8 |
2028-2032 | 36 |
Other Post-Retirement Benefit Plans | Duke Energy Florida | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2023 | 11 |
2024 | 7 |
2025 | 7 |
2026 | 6 |
2027 | 6 |
2028-2032 | 25 |
Other Post-Retirement Benefit Plans | Duke Energy Ohio | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2023 | 3 |
2024 | 3 |
2025 | 2 |
2026 | 2 |
2027 | 2 |
2028-2032 | 8 |
Other Post-Retirement Benefit Plans | Duke Energy Indiana | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2023 | 7 |
2024 | 4 |
2025 | 3 |
2026 | 3 |
2027 | 3 |
2028-2032 | 9 |
Other Post-Retirement Benefit Plans | Piedmont | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2023 | 2 |
2024 | 2 |
2025 | 2 |
2026 | 2 |
2027 | 2 |
2028-2032 | $ 9 |
Employee Benefit Plans (Target
Employee Benefit Plans (Target and Actual Asset Allocations) (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Master Trust | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 100% | |
Actual asset allocation | 100% | 100% |
Master Trust | Other Post-Retirement Benefit Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 100% | |
Actual asset allocation | 100% | 100% |
Master Trust | Global equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 45% | |
Actual asset allocation | 49% | 24% |
Master Trust | Global equity securities | Other Post-Retirement Benefit Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 14% | |
Actual asset allocation | 14% | 24% |
Master Trust | Global private equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 2% | |
Actual asset allocation | 2% | 1% |
Master Trust | Global private equity securities | Other Post-Retirement Benefit Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 1% | |
Actual asset allocation | 1% | |
Master Trust | Debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 35% | |
Actual asset allocation | 30% | 62% |
Master Trust | Debt securities | Other Post-Retirement Benefit Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 80% | |
Actual asset allocation | 80% | 62% |
Master Trust | Return seeking debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 7% | |
Actual asset allocation | 7% | 4% |
Master Trust | Return seeking debt securities | Other Post-Retirement Benefit Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 2% | |
Actual asset allocation | 2% | 4% |
Master Trust | Hedge funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 4% | |
Actual asset allocation | 6% | 3% |
Master Trust | Hedge funds | Other Post-Retirement Benefit Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 1% | |
Actual asset allocation | 2% | 3% |
Master Trust | Real estate and cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 7% | |
Actual asset allocation | 6% | 6% |
Master Trust | Real estate and cash | Other Post-Retirement Benefit Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 2% | |
Actual asset allocation | 2% | 6% |
OPEB | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 100% | |
Actual asset allocation | 100% | 100% |
OPEB | U.S. equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 30% | |
Actual asset allocation | 12% | 19% |
OPEB | Non-U.S. equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 5% | |
Actual asset allocation | 5% | 5% |
OPEB | Debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 45% | |
Actual asset allocation | 11% | 18% |
OPEB | Real estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 1% | |
Actual asset allocation | 3% | 3% |
OPEB | Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation | 19% | |
Actual asset allocation | 69% | 55% |
Employee Benefit Plans (Fair Va
Employee Benefit Plans (Fair Value Measurements of Plan Assets - Master Retirement Trust) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets | $ 62 | $ 95 |
Master Trust | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets | 7,073 | 9,352 |
Master Trust | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets | 2,065 | 2,975 |
Master Trust | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets | 4,711 | 6,038 |
Master Trust | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets | 62 | 95 |
Master Trust | Not Categorized | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets | 235 | 244 |
Master Trust | Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets | 2,234 | 2,575 |
Master Trust | Equity securities | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets | 2,014 | 2,547 |
Master Trust | Equity securities | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets | 194 | |
Master Trust | Equity securities | Not Categorized | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets | 26 | 28 |
Master Trust | Corporate debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets | 2,944 | 4,189 |
Master Trust | Corporate debt securities | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets | 2,944 | 4,189 |
Master Trust | Short-term investment funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets | 193 | 382 |
Master Trust | Short-term investment funds | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets | 1 | 272 |
Master Trust | Short-term investment funds | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets | 192 | 110 |
Master Trust | Partnership interests | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets | 62 | 95 |
Master Trust | Partnership interests | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets | 62 | 95 |
Master Trust | Hedge funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets | 209 | 216 |
Master Trust | Hedge funds | Not Categorized | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets | 209 | 216 |
Master Trust | U.S. government bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets | 1,254 | 1,618 |
Master Trust | U.S. government bonds | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets | 1,254 | 1,618 |
Master Trust | Governments bonds – foreign | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets | 112 | 78 |
Master Trust | Governments bonds – foreign | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets | 112 | 78 |
Master Trust | Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets | 45 | 144 |
Master Trust | Cash | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets | 45 | 144 |
Master Trust | Government and commercial mortgage backed securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets | 6 | 2 |
Master Trust | Government and commercial mortgage backed securities | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets | 6 | 2 |
Master Trust | Net pending transactions and other investments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets | 14 | 53 |
Master Trust | Net pending transactions and other investments | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets | 5 | 12 |
Master Trust | Net pending transactions and other investments | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets | 9 | 41 |
OPEB | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets | 33 | 45 |
OPEB | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets | 33 | 45 |
OPEB | Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets | 12 | 18 |
OPEB | Equity securities | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets | 12 | 18 |
OPEB | Real estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets | 2 | 2 |
OPEB | Real estate | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets | 2 | 2 |
OPEB | Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets | 11 | 14 |
OPEB | Cash and cash equivalents | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets | 11 | 14 |
OPEB | Debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets | 8 | 11 |
OPEB | Debt securities | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets | $ 8 | $ 11 |
Duke Energy Carolinas | Master Trust | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Allocated assets (as a percent) | 27% | 26% |
Progress Energy | Master Trust | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Allocated assets (as a percent) | 33% | 32% |
Duke Energy Progress | Master Trust | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Allocated assets (as a percent) | 15% | 15% |
Duke Energy Florida | Master Trust | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Allocated assets (as a percent) | 18% | 17% |
Duke Energy Ohio | Master Trust | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Allocated assets (as a percent) | 5% | 5% |
Duke Energy Indiana | Master Trust | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Allocated assets (as a percent) | 7% | 7% |
Piedmont | Master Trust | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Allocated assets (as a percent) | 3% | 4% |
Employee Benefit Plans (Reconci
Employee Benefit Plans (Reconciliation of Assets Measured at Fair Value on a Recurring Basis) (Details) - Level 3 - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Plan assets at prior measurement date | $ 95 | |
Sales | (18) | |
Total gains and other, net | (8) | |
Transfer of Level 3 assets from other classifications | (7) | $ 95 |
Plan assets at measurement date | $ 62 | $ 95 |
Employee Benefit Plans (Employe
Employee Benefit Plans (Employee Savings Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Matching contribution percentage | 100% | ||
Eligible pay percentage | 6% | ||
Additional contribution percentage for employees not participating in defined pension plans | 4% | ||
Employer contributions | $ 246 | $ 229 | $ 213 |
Vesting period (in years) | 3 years | ||
Duke Energy Carolinas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | $ 76 | 70 | 67 |
Progress Energy | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | 65 | 60 | 57 |
Duke Energy Progress | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | 43 | 39 | 38 |
Duke Energy Florida | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | 22 | 21 | 19 |
Duke Energy Ohio | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | 6 | 5 | 5 |
Duke Energy Indiana | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | 12 | 12 | 11 |
Piedmont | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | $ 13 | $ 11 | $ 13 |
Minimum | Piedmont | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Additional contribution percentage for employees not participating in defined pension plans | 3% | ||
Maximum | Piedmont | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Additional contribution percentage for employees not participating in defined pension plans | 5% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Income Tax Disclosure [Line Items] | |||
Refund of AMT credit carryforwards | $ 572 | ||
Deferred tax liabilities | $ 117 | ||
State | |||
Income Tax Disclosure [Line Items] | |||
Reduction in deferred tax liability | 490 | ||
Reduction of deferred tax assets | $ 25 | ||
AMT credit carryforwards | |||
Income Tax Disclosure [Line Items] | |||
Refund of AMT credit carryforwards | $ 572 | ||
Income tax interest income | $ 19 |
Income Taxes (Components of Inc
Income Taxes (Components of Income Tax Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current income taxes | |||
Federal | $ 1 | $ (2) | $ (281) |
State | (8) | 1 | (3) |
Foreign | 4 | 2 | 1 |
Total current income taxes | (3) | 1 | (283) |
Deferred income taxes | |||
Federal | 328 | 275 | 222 |
State | (14) | (98) | |
Total deferred income taxes | 314 | 275 | 124 |
ITC amortization | (11) | (8) | (10) |
Income tax expense from continuing operations | 300 | 268 | (169) |
Tax benefit from discontinued operations | (503) | (76) | (65) |
Total income tax (benefit) expense included in Consolidated Statements of Operations | (203) | 192 | (234) |
Net operating loss carry forward | 550 | 250 | 189 |
Duke Energy Income from Continuing Operations Before Income Taxes [Abstract] | |||
Domestic | 3,991 | 3,947 | 907 |
Foreign | 87 | 44 | 13 |
Income from continuing operations before income taxes | 4,078 | 3,991 | 920 |
Duke Energy Carolinas | |||
Current income taxes | |||
Federal | (71) | 241 | 314 |
State | (13) | 23 | 35 |
Total current income taxes | (84) | 264 | 349 |
Deferred income taxes | |||
Federal | 230 | (130) | (171) |
State | (16) | (79) | (86) |
Total deferred income taxes | 214 | (209) | (257) |
ITC amortization | (4) | (4) | (4) |
Income tax expense from continuing operations | 126 | 51 | 88 |
Total income tax (benefit) expense included in Consolidated Statements of Operations | 126 | 51 | 88 |
Net operating loss carry forward | 97 | 32 | 20 |
Duke Energy Income from Continuing Operations Before Income Taxes [Abstract] | |||
Income from continuing operations before income taxes | 1,726 | 1,387 | 1,044 |
Progress Energy | |||
Current income taxes | |||
Federal | (13) | (15) | 280 |
State | (3) | (4) | 29 |
Total current income taxes | (16) | (19) | 309 |
Deferred income taxes | |||
Federal | 310 | 203 | (167) |
State | 59 | 47 | (24) |
Total deferred income taxes | 369 | 250 | (191) |
ITC amortization | (5) | (4) | (5) |
Income tax expense from continuing operations | 348 | 227 | 113 |
Total income tax (benefit) expense included in Consolidated Statements of Operations | 348 | 227 | 113 |
Net operating loss carry forward | 128 | 95 | 39 |
Duke Energy Progress | |||
Current income taxes | |||
Federal | 37 | 113 | 181 |
State | 8 | 17 | |
Total current income taxes | 37 | 121 | 198 |
Deferred income taxes | |||
Federal | 118 | (16) | (180) |
State | 7 | (26) | (49) |
Total deferred income taxes | 125 | (42) | (229) |
ITC amortization | (4) | (4) | (5) |
Income tax expense from continuing operations | 158 | 75 | (36) |
Total income tax (benefit) expense included in Consolidated Statements of Operations | 158 | 75 | (36) |
Net operating loss carry forward | 9 | 14 | 3 |
Duke Energy Income from Continuing Operations Before Income Taxes [Abstract] | |||
Income from continuing operations before income taxes | 1,166 | 1,066 | 379 |
Duke Energy Florida | |||
Current income taxes | |||
Federal | (37) | (75) | 148 |
State | (23) | (17) | 24 |
Total current income taxes | (60) | (92) | 172 |
Deferred income taxes | |||
Federal | 201 | 202 | 1 |
State | 84 | 77 | 25 |
Total deferred income taxes | 285 | 279 | 26 |
Income tax expense from continuing operations | 225 | 187 | 198 |
Total income tax (benefit) expense included in Consolidated Statements of Operations | 225 | 187 | 198 |
Net operating loss carry forward | 111 | 64 | 30 |
Duke Energy Income from Continuing Operations Before Income Taxes [Abstract] | |||
Income from continuing operations before income taxes | 1,134 | 925 | 969 |
Duke Energy Ohio | |||
Current income taxes | |||
Federal | (2) | (8) | 10 |
State | 1 | (2) | 1 |
Total current income taxes | (1) | (10) | 11 |
Deferred income taxes | |||
Federal | (22) | 35 | 30 |
State | 3 | 5 | 2 |
Total deferred income taxes | (19) | 40 | 32 |
ITC amortization | (1) | ||
Income tax expense from continuing operations | (21) | 30 | 43 |
Total income tax (benefit) expense included in Consolidated Statements of Operations | (21) | 30 | 43 |
Net operating loss carry forward | 7 | 2 | |
Duke Energy Income from Continuing Operations Before Income Taxes [Abstract] | |||
Income from continuing operations before income taxes | 281 | 234 | 295 |
Duke Energy Indiana | |||
Current income taxes | |||
Federal | 38 | 65 | 48 |
State | 2 | 7 | 7 |
Total current income taxes | 40 | 72 | 55 |
Deferred income taxes | |||
Federal | (63) | 19 | 12 |
State | 16 | 17 | |
Total deferred income taxes | (63) | 35 | 29 |
ITC amortization | (1) | ||
Income tax expense from continuing operations | (24) | 107 | 84 |
Total income tax (benefit) expense included in Consolidated Statements of Operations | (24) | 107 | 84 |
Net operating loss carry forward | 13 | 8 | 8 |
Duke Energy Income from Continuing Operations Before Income Taxes [Abstract] | |||
Income from continuing operations before income taxes | 113 | 588 | 492 |
Piedmont | |||
Current income taxes | |||
Federal | 32 | 23 | (27) |
State | 2 | 3 | (8) |
Total current income taxes | 34 | 26 | (35) |
Deferred income taxes | |||
Federal | 12 | 17 | 60 |
State | (7) | (13) | (7) |
Total deferred income taxes | 5 | 4 | 53 |
Income tax expense from continuing operations | 39 | 30 | 18 |
Total income tax (benefit) expense included in Consolidated Statements of Operations | 39 | 30 | 18 |
Net operating loss carry forward | 12 | 3 | 11 |
Duke Energy Income from Continuing Operations Before Income Taxes [Abstract] | |||
Income from continuing operations before income taxes | $ 362 | $ 340 | $ 291 |
Income Taxes (Effective Tax Rat
Income Taxes (Effective Tax Rates) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of Income Tax Expense at the U.S. Federal Statutory Tax Rate to the Actual Tax Expense from Continuing Operations [Abstract] | ||||
Income tax expense, computed at the statutory rate of 21% | $ 856 | $ 838 | $ 193 | |
State income tax, net of federal income tax effect | (17) | 1 | (80) | |
Amortization of excess deferred income tax | (481) | (438) | (276) | |
AFUDC equity income | (41) | (34) | (48) | |
AFUDC equity depreciation | 36 | 35 | 103 | |
Other tax credits | (43) | (30) | (37) | |
Tax true up | (12) | |||
Valuation allowance | $ (85) | (85) | ||
Other items, net | (10) | (19) | (12) | |
Income tax expense from continuing operations | $ 300 | $ 268 | $ (169) | |
Effective tax rate | 7.40% | 6.70% | (18.40%) | |
Federal capital gain | $ 426 | |||
Duke Energy Carolinas | ||||
Reconciliation of Income Tax Expense at the U.S. Federal Statutory Tax Rate to the Actual Tax Expense from Continuing Operations [Abstract] | ||||
Income tax expense, computed at the statutory rate of 21% | $ 362 | $ 291 | $ 219 | |
State income tax, net of federal income tax effect | (23) | (44) | (40) | |
Amortization of excess deferred income tax | (195) | (184) | (82) | |
AFUDC equity income | (20) | (14) | (13) | |
AFUDC equity depreciation | 18 | 18 | 19 | |
Other tax credits | (12) | (12) | (13) | |
Tax true up | (3) | |||
Other items, net | (4) | (4) | 1 | |
Income tax expense from continuing operations | $ 126 | $ 51 | $ 88 | |
Effective tax rate | 7.30% | 3.70% | 8.40% | |
Progress Energy | ||||
Reconciliation of Income Tax Expense at the U.S. Federal Statutory Tax Rate to the Actual Tax Expense from Continuing Operations [Abstract] | ||||
Income tax expense, computed at the statutory rate of 21% | $ 457 | $ 384 | $ 243 | |
State income tax, net of federal income tax effect | 44 | 34 | 4 | |
Amortization of excess deferred income tax | (133) | (174) | (118) | |
AFUDC equity income | (14) | (11) | (9) | |
AFUDC equity depreciation | 12 | 10 | 10 | |
Other tax credits | (16) | (11) | (16) | |
Tax true up | 1 | |||
Other items, net | (2) | (5) | (2) | |
Income tax expense from continuing operations | $ 348 | $ 227 | $ 113 | |
Effective tax rate | 16% | 12.40% | 9.70% | |
Duke Energy Progress | ||||
Reconciliation of Income Tax Expense at the U.S. Federal Statutory Tax Rate to the Actual Tax Expense from Continuing Operations [Abstract] | ||||
Income tax expense, computed at the statutory rate of 21% | $ 245 | $ 224 | $ 80 | |
State income tax, net of federal income tax effect | 6 | (14) | (25) | |
Amortization of excess deferred income tax | (74) | (120) | (68) | |
AFUDC equity income | (11) | (7) | (6) | |
AFUDC equity depreciation | 6 | 5 | 5 | |
Other tax credits | (9) | (8) | (14) | |
Tax true up | (5) | |||
Other items, net | (5) | (5) | (3) | |
Income tax expense from continuing operations | $ 158 | $ 75 | $ (36) | |
Effective tax rate | 13.60% | 7% | (9.50%) | |
Duke Energy Florida | ||||
Reconciliation of Income Tax Expense at the U.S. Federal Statutory Tax Rate to the Actual Tax Expense from Continuing Operations [Abstract] | ||||
Income tax expense, computed at the statutory rate of 21% | $ 238 | $ 194 | $ 204 | |
State income tax, net of federal income tax effect | 48 | 47 | 39 | |
Amortization of excess deferred income tax | (59) | (54) | (49) | |
AFUDC equity income | (3) | (3) | (3) | |
AFUDC equity depreciation | 6 | 5 | 5 | |
Other tax credits | (7) | (3) | (2) | |
Tax true up | 5 | |||
Other items, net | 2 | 1 | (1) | |
Income tax expense from continuing operations | $ 225 | $ 187 | $ 198 | |
Effective tax rate | 19.80% | 20.20% | 20.40% | |
Duke Energy Ohio | ||||
Reconciliation of Income Tax Expense at the U.S. Federal Statutory Tax Rate to the Actual Tax Expense from Continuing Operations [Abstract] | ||||
Income tax expense, computed at the statutory rate of 21% | $ 59 | $ 49 | $ 62 | |
State income tax, net of federal income tax effect | 3 | 2 | 2 | |
Amortization of excess deferred income tax | (79) | (22) | (20) | |
AFUDC equity income | (1) | (2) | (2) | |
AFUDC equity depreciation | 1 | 2 | 1 | |
Other tax credits | (2) | (1) | (1) | |
Other items, net | (2) | 2 | 1 | |
Income tax expense from continuing operations | $ (21) | $ 30 | $ 43 | |
Effective tax rate | (7.50%) | 12.80% | 14.60% | |
Duke Energy Indiana | ||||
Reconciliation of Income Tax Expense at the U.S. Federal Statutory Tax Rate to the Actual Tax Expense from Continuing Operations [Abstract] | ||||
Income tax expense, computed at the statutory rate of 21% | $ 24 | $ 123 | $ 103 | |
State income tax, net of federal income tax effect | 2 | 18 | 19 | |
Amortization of excess deferred income tax | (48) | (34) | (36) | |
AFUDC equity income | (2) | (4) | (4) | |
AFUDC equity depreciation | 4 | 5 | 4 | |
Other tax credits | (3) | (2) | (3) | |
Tax true up | (1) | |||
Other items, net | (1) | 1 | 2 | |
Income tax expense from continuing operations | $ (24) | $ 107 | $ 84 | |
Effective tax rate | (21.20%) | 18.20% | 17.10% | |
Piedmont | ||||
Reconciliation of Income Tax Expense at the U.S. Federal Statutory Tax Rate to the Actual Tax Expense from Continuing Operations [Abstract] | ||||
Income tax expense, computed at the statutory rate of 21% | $ 76 | $ 71 | $ 61 | |
State income tax, net of federal income tax effect | (4) | (8) | (12) | |
Amortization of excess deferred income tax | (23) | (25) | (21) | |
AFUDC equity income | (2) | (4) | (10) | |
Other tax credits | (8) | (4) | (2) | |
Tax true up | 1 | |||
Other items, net | 1 | |||
Income tax expense from continuing operations | $ 39 | $ 30 | $ 18 | |
Effective tax rate | 10.80% | 8.80% | 6.20% |
Income Taxes (Deferred Income T
Income Taxes (Deferred Income Taxes) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred Tax Assets, Gross [Abstract] | ||
Deferred credits and other liabilities | $ 348 | $ 347 |
Lease obligations | 405 | 346 |
Deferred Tax Assets, Tax Deferred Expense (Benefits), Compensation and Benefits | 192 | 207 |
Progress Energy merger purchase accounting adjustments | 301 | 340 |
Tax credits and NOL carryforwards | 4,426 | 3,784 |
Other | 106 | 85 |
Valuation allowance | (519) | (518) |
Total deferred income tax assets | 5,259 | 4,591 |
Deferred Tax Liabilities, Gross [Abstract] | ||
Investments and other assets | (1,671) | (2,428) |
Accelerated depreciation rates | (11,478) | (10,391) |
Regulatory assets and deferred debits, net | (2,074) | (1,151) |
Total deferred income tax liabilities | (15,223) | (13,970) |
Net deferred income tax liabilities | (9,964) | (9,379) |
Components and Expiration Dates of Tax Credits and NOL Carryforwards [Abstract] | ||
Tax credits and NOL carryforwards | 4,426 | 3,784 |
Valuation allowance | 519 | 518 |
General Business Credits | ||
Deferred Tax Assets, Gross [Abstract] | ||
Tax credits and NOL carryforwards | 2,473 | |
Components and Expiration Dates of Tax Credits and NOL Carryforwards [Abstract] | ||
Tax credits and NOL carryforwards | 2,473 | |
NOL Carryforwards | Federal | ||
Deferred Tax Assets, Gross [Abstract] | ||
Tax credits and NOL carryforwards | 306 | |
Valuation allowance | (4) | |
Components and Expiration Dates of Tax Credits and NOL Carryforwards [Abstract] | ||
Tax credits and NOL carryforwards | 306 | |
Valuation allowance | 4 | |
NOL Carryforwards | State | ||
Deferred Tax Assets, Gross [Abstract] | ||
Tax credits and NOL carryforwards | 394 | |
Valuation allowance | (109) | |
Components and Expiration Dates of Tax Credits and NOL Carryforwards [Abstract] | ||
Tax credits and NOL carryforwards | 394 | |
Valuation allowance | 109 | |
NOL Carryforwards | Foreign | ||
Deferred Tax Assets, Gross [Abstract] | ||
Tax credits and NOL carryforwards | 12 | |
Valuation allowance | (12) | |
Components and Expiration Dates of Tax Credits and NOL Carryforwards [Abstract] | ||
Tax credits and NOL carryforwards | 12 | |
Valuation allowance | 12 | |
Charitable contribution carryforwards | ||
Deferred Tax Assets, Gross [Abstract] | ||
Tax credits and NOL carryforwards | 18 | |
Components and Expiration Dates of Tax Credits and NOL Carryforwards [Abstract] | ||
Tax credits and NOL carryforwards | 18 | |
Foreign Tax Credit | ||
Deferred Tax Assets, Gross [Abstract] | ||
Valuation allowance | (391) | |
Components and Expiration Dates of Tax Credits and NOL Carryforwards [Abstract] | ||
Valuation allowance | 391 | |
Foreign Tax Credit | Foreign | ||
Deferred Tax Assets, Gross [Abstract] | ||
Tax credits and NOL carryforwards | 1,223 | |
Components and Expiration Dates of Tax Credits and NOL Carryforwards [Abstract] | ||
Tax credits and NOL carryforwards | 1,223 | |
Duke Energy Carolinas | ||
Deferred Tax Assets, Gross [Abstract] | ||
Deferred credits and other liabilities | 170 | 121 |
Lease obligations | 89 | 91 |
Deferred Tax Assets, Tax Deferred Expense (Benefits), Compensation and Benefits | (1) | (36) |
Tax credits and NOL carryforwards | 444 | 349 |
Regulatory liabilities and deferred credits | 11 | |
Other | 18 | 12 |
Total deferred income tax assets | 720 | 548 |
Deferred Tax Liabilities, Gross [Abstract] | ||
Investments and other assets | (983) | (1,205) |
Accelerated depreciation rates | (3,410) | (2,977) |
Regulatory assets and deferred debits, net | (480) | |
Total deferred income tax liabilities | (4,873) | (4,182) |
Net deferred income tax liabilities | (4,153) | (3,634) |
Components and Expiration Dates of Tax Credits and NOL Carryforwards [Abstract] | ||
Tax credits and NOL carryforwards | 444 | 349 |
Progress Energy | ||
Deferred Tax Assets, Gross [Abstract] | ||
Deferred credits and other liabilities | 117 | 101 |
Lease obligations | 263 | 197 |
Deferred Tax Assets, Tax Deferred Expense (Benefits), Compensation and Benefits | 12 | 30 |
Tax credits and NOL carryforwards | 618 | 497 |
Other | 22 | 12 |
Total deferred income tax assets | 1,032 | 837 |
Deferred Tax Liabilities, Gross [Abstract] | ||
Investments and other assets | (521) | (742) |
Accelerated depreciation rates | (4,358) | (3,891) |
Regulatory assets and deferred debits, net | (1,300) | (768) |
Total deferred income tax liabilities | (6,179) | (5,401) |
Net deferred income tax liabilities | (5,147) | (4,564) |
Components and Expiration Dates of Tax Credits and NOL Carryforwards [Abstract] | ||
Tax credits and NOL carryforwards | 618 | 497 |
Duke Energy Progress | ||
Deferred Tax Assets, Gross [Abstract] | ||
Deferred credits and other liabilities | 33 | 60 |
Lease obligations | 197 | 121 |
Deferred Tax Assets, Tax Deferred Expense (Benefits), Compensation and Benefits | 18 | 17 |
Tax credits and NOL carryforwards | 167 | 160 |
Other | 12 | 7 |
Total deferred income tax assets | 427 | 365 |
Deferred Tax Liabilities, Gross [Abstract] | ||
Investments and other assets | (432) | (610) |
Accelerated depreciation rates | (1,844) | (1,546) |
Regulatory assets and deferred debits, net | (628) | (417) |
Total deferred income tax liabilities | (2,904) | (2,573) |
Net deferred income tax liabilities | (2,477) | (2,208) |
Components and Expiration Dates of Tax Credits and NOL Carryforwards [Abstract] | ||
Tax credits and NOL carryforwards | 167 | 160 |
Duke Energy Florida | ||
Deferred Tax Assets, Gross [Abstract] | ||
Deferred credits and other liabilities | 83 | 40 |
Lease obligations | 65 | 76 |
Deferred Tax Assets, Tax Deferred Expense (Benefits), Compensation and Benefits | (10) | 7 |
Tax credits and NOL carryforwards | 412 | 306 |
Other | 10 | 4 |
Total deferred income tax assets | 560 | 433 |
Deferred Tax Liabilities, Gross [Abstract] | ||
Investments and other assets | (102) | (135) |
Accelerated depreciation rates | (2,576) | (2,382) |
Regulatory assets and deferred debits, net | (671) | (350) |
Total deferred income tax liabilities | (3,349) | (2,867) |
Net deferred income tax liabilities | (2,789) | (2,434) |
Components and Expiration Dates of Tax Credits and NOL Carryforwards [Abstract] | ||
Tax credits and NOL carryforwards | 412 | 306 |
Duke Energy Ohio | ||
Deferred Tax Assets, Gross [Abstract] | ||
Deferred credits and other liabilities | 12 | 19 |
Lease obligations | 4 | 4 |
Deferred Tax Assets, Tax Deferred Expense (Benefits), Compensation and Benefits | 9 | 11 |
Tax credits and NOL carryforwards | 20 | 13 |
Regulatory liabilities and deferred credits | 3 | 16 |
Investments and other assets | 3 | 5 |
Other | 5 | 7 |
Total deferred income tax assets | 56 | 75 |
Deferred Tax Liabilities, Gross [Abstract] | ||
Accelerated depreciation rates | (1,192) | (1,125) |
Total deferred income tax liabilities | (1,192) | (1,125) |
Net deferred income tax liabilities | (1,136) | (1,050) |
Components and Expiration Dates of Tax Credits and NOL Carryforwards [Abstract] | ||
Tax credits and NOL carryforwards | 20 | 13 |
Duke Energy Indiana | ||
Deferred Tax Assets, Gross [Abstract] | ||
Deferred credits and other liabilities | 23 | 7 |
Lease obligations | 15 | 16 |
Deferred Tax Assets, Tax Deferred Expense (Benefits), Compensation and Benefits | 10 | 20 |
Tax credits and NOL carryforwards | 208 | 195 |
Regulatory liabilities and deferred credits | 61 | |
Investments and other assets | 6 | |
Other | 2 | 2 |
Total deferred income tax assets | 319 | 246 |
Deferred Tax Liabilities, Gross [Abstract] | ||
Investments and other assets | (12) | |
Accelerated depreciation rates | (1,606) | (1,496) |
Regulatory assets and deferred debits, net | (53) | |
Total deferred income tax liabilities | (1,618) | (1,549) |
Net deferred income tax liabilities | (1,299) | (1,303) |
Components and Expiration Dates of Tax Credits and NOL Carryforwards [Abstract] | ||
Tax credits and NOL carryforwards | 208 | 195 |
Piedmont | ||
Deferred Tax Assets, Gross [Abstract] | ||
Deferred credits and other liabilities | 24 | 18 |
Lease obligations | 3 | 4 |
Deferred Tax Assets, Tax Deferred Expense (Benefits), Compensation and Benefits | (2) | (8) |
Tax credits and NOL carryforwards | 37 | 29 |
Regulatory liabilities and deferred credits | 6 | |
Other | 9 | 8 |
Total deferred income tax assets | 71 | 57 |
Deferred Tax Liabilities, Gross [Abstract] | ||
Investments and other assets | (28) | (39) |
Accelerated depreciation rates | (892) | (833) |
Regulatory assets and deferred debits, net | (21) | |
Total deferred income tax liabilities | (941) | (872) |
Net deferred income tax liabilities | (870) | (815) |
Components and Expiration Dates of Tax Credits and NOL Carryforwards [Abstract] | ||
Tax credits and NOL carryforwards | $ 37 | $ 29 |
Income Taxes (Other Disclosures
Income Taxes (Other Disclosures) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||
Unrecognized tax benefits – January 1 | $ 51 | $ 125 | $ 126 | |
Gross decreases – tax positions in prior periods(a) | (86) | (2) | ||
Gross increases – current period tax positions | 14 | 12 | 4 | |
Reduction due to lapse of statute of limitations | (3) | |||
Total changes | 14 | (74) | (1) | |
Unrecognized tax benefits – December 31 | $ 51 | 65 | 51 | 125 |
Amount that if recognized, would affect the effective tax rate or regulatory liability | 59 | |||
Federal capital gain | 426 | |||
Duke Energy Carolinas | ||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||
Unrecognized tax benefits – January 1 | 13 | 10 | 8 | |
Gross increases – current period tax positions | 4 | 3 | 2 | |
Total changes | 4 | 3 | 2 | |
Unrecognized tax benefits – December 31 | 13 | 17 | 13 | 10 |
Amount that if recognized, would affect the effective tax rate or regulatory liability | 17 | |||
Progress Energy | ||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||
Unrecognized tax benefits – January 1 | 15 | 10 | 9 | |
Gross increases – current period tax positions | 4 | 5 | 1 | |
Total changes | 4 | 5 | 1 | |
Unrecognized tax benefits – December 31 | 15 | 19 | 15 | 10 |
Amount that if recognized, would affect the effective tax rate or regulatory liability | 18 | |||
Duke Energy Progress | ||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||
Unrecognized tax benefits – January 1 | 10 | 6 | 6 | |
Gross increases – current period tax positions | 3 | 4 | ||
Total changes | 3 | 4 | ||
Unrecognized tax benefits – December 31 | 10 | 13 | 10 | 6 |
Amount that if recognized, would affect the effective tax rate or regulatory liability | 13 | |||
Duke Energy Florida | ||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||
Unrecognized tax benefits – January 1 | 4 | 3 | 3 | |
Gross increases – current period tax positions | 1 | 1 | ||
Total changes | 1 | 1 | ||
Unrecognized tax benefits – December 31 | 4 | 5 | 4 | 3 |
Amount that if recognized, would affect the effective tax rate or regulatory liability | 5 | |||
Duke Energy Ohio | ||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||
Unrecognized tax benefits – January 1 | 1 | 1 | 1 | |
Unrecognized tax benefits – December 31 | 1 | 1 | 1 | 1 |
Amount that if recognized, would affect the effective tax rate or regulatory liability | 1 | |||
Duke Energy Indiana | ||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||
Unrecognized tax benefits – January 1 | 2 | 1 | 1 | |
Gross increases – current period tax positions | 1 | |||
Total changes | 1 | |||
Unrecognized tax benefits – December 31 | 2 | 2 | 2 | 1 |
Amount that if recognized, would affect the effective tax rate or regulatory liability | 2 | |||
Piedmont | ||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||
Unrecognized tax benefits – January 1 | 4 | 1 | 4 | |
Gross increases – current period tax positions | 5 | 3 | ||
Reduction due to lapse of statute of limitations | (3) | |||
Total changes | 5 | 3 | (3) | |
Unrecognized tax benefits – December 31 | $ 4 | 9 | $ 4 | $ 1 |
Amount that if recognized, would affect the effective tax rate or regulatory liability | $ 8 |
Other Income and Expenses, Ne_2
Other Income and Expenses, Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Component Of Other Income Expense Nonoperating [Line Items] | |||
Interest income | $ 27 | $ 13 | $ 30 |
AFUDC equity | 197 | 171 | 154 |
Post in-service equity returns | 34 | 39 | 27 |
Nonoperating income, other | 134 | 413 | 240 |
Other income and expense, net | 392 | 636 | 451 |
Duke Energy Carolinas | |||
Component Of Other Income Expense Nonoperating [Line Items] | |||
Interest income | 2 | 4 | 4 |
AFUDC equity | 98 | 65 | 62 |
Post in-service equity returns | 14 | 21 | 17 |
Nonoperating income, other | 107 | 180 | 94 |
Other income and expense, net | 221 | 270 | 177 |
Progress Energy | |||
Component Of Other Income Expense Nonoperating [Line Items] | |||
Interest income | 24 | 8 | 8 |
AFUDC equity | 68 | 51 | 42 |
Post in-service equity returns | 18 | 16 | 8 |
Nonoperating income, other | 71 | 140 | 71 |
Other income and expense, net | 181 | 215 | 129 |
Duke Energy Progress | |||
Component Of Other Income Expense Nonoperating [Line Items] | |||
Interest income | 4 | 6 | 2 |
AFUDC equity | 52 | 34 | 29 |
Post in-service equity returns | 18 | 16 | 8 |
Nonoperating income, other | 40 | 87 | 36 |
Other income and expense, net | 114 | 143 | 75 |
Duke Energy Florida | |||
Component Of Other Income Expense Nonoperating [Line Items] | |||
Interest income | 20 | 2 | 6 |
AFUDC equity | 16 | 16 | 12 |
Nonoperating income, other | 38 | 53 | 35 |
Other income and expense, net | 74 | 71 | 53 |
Duke Energy Ohio | |||
Component Of Other Income Expense Nonoperating [Line Items] | |||
Interest income | 11 | 4 | 4 |
AFUDC equity | 7 | 7 | 7 |
Post in-service equity returns | 1 | 1 | 1 |
Nonoperating income, other | 6 | 4 | |
Other income and expense, net | 19 | 18 | 16 |
Duke Energy Indiana | |||
Component Of Other Income Expense Nonoperating [Line Items] | |||
Interest income | 15 | 6 | 6 |
AFUDC equity | 13 | 27 | 23 |
Post in-service equity returns | 1 | 1 | 1 |
Nonoperating income, other | 7 | 8 | 7 |
Other income and expense, net | 36 | 42 | 37 |
Piedmont | |||
Component Of Other Income Expense Nonoperating [Line Items] | |||
Interest income | 19 | 19 | 17 |
AFUDC equity | 11 | 20 | 19 |
Nonoperating income, other | 16 | 16 | 15 |
Other income and expense, net | $ 46 | $ 55 | $ 51 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) (Schedule of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Operating revenues | $ 7,351 | $ 7,842 | $ 6,564 | $ 7,011 | $ 6,117 | $ 6,834 | $ 5,638 | $ 6,032 | $ 28,768 | $ 24,621 | $ 23,366 |
Operating income (loss) | 1,194 | 2,056 | 1,448 | 1,314 | 1,110 | 1,726 | 1,198 | 1,466 | 6,012 | 5,500 | 4,571 |
Income (loss) from continuing operations | 635 | 1,410 | 898 | 835 | 700 | 1,333 | 723 | 967 | 3,778 | 3,723 | 1,089 |
(Loss) Income from discontinued operations, net of tax | (1,293) | 3 | (18) | (15) | (36) | (57) | (25) | (26) | (1,323) | (144) | (7) |
Net income (loss) | (658) | 1,413 | 880 | 820 | 664 | 1,276 | 698 | 941 | 2,455 | 3,579 | 1,082 |
Net Income available to Duke Energy common stockholders | $ (650) | $ 1,383 | $ 893 | $ 818 | $ 732 | $ 1,366 | $ 751 | $ 953 | $ 2,444 | $ 3,802 | $ 1,270 |
Income (loss) from continuing operations attributable to Duke Energy Corporation common shareholders [Abstract] | |||||||||||
Basic (usd per share) | $ 0.80 | $ 1.78 | $ 1.11 | $ 1.06 | $ 0.86 | $ 1.69 | $ 0.90 | $ 1.22 | $ 4.74 | $ 4.68 | $ 1.33 |
Diluted (usd per share) | 0.80 | 1.78 | 1.11 | 1.06 | 0.86 | 1.69 | 0.90 | 1.22 | 4.74 | 4.68 | 1.33 |
Income (loss) from discontinued operations attributable to Duke Energy Corporation common shareholders [Abstract] | |||||||||||
Basic (usd per share) | (1.66) | 0.03 | 0.03 | 0.02 | 0.07 | 0.10 | 0.06 | 0.03 | (1.57) | 0.26 | 0.39 |
Diluted (usd per share) | (1.66) | 0.03 | 0.03 | 0.02 | 0.07 | 0.10 | 0.06 | 0.03 | (1.57) | 0.26 | 0.39 |
Net income available to Duke Energy Corporation common stockholders | |||||||||||
Basic (usd per share) | (0.86) | 1.81 | 1.14 | 1.08 | 0.93 | 1.79 | 0.96 | 1.25 | 3.17 | 4.94 | 1.72 |
Diluted (usd per share) | $ (0.86) | $ 1.81 | $ 1.14 | $ 1.08 | $ 0.93 | $ 1.79 | $ 0.96 | $ 1.25 | $ 3.17 | $ 4.94 | $ 1.72 |
Quarterly Financial Data (Una_4
Quarterly Financial Data (Unaudited) (Unusual or Infrequently Occurring Items) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |||
Impairment charges | $ (434) | $ (353) | $ (978) |
Severance Costs | $ (65) | $ (69) | $ 85 |