Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 30, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
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 Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 769,900,482 | |
Entity Central Index Key | 0001326160 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
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 Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0000030371 | |
Current Fiscal Year End Date | --12-31 | |
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 Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001094093 | |
Current Fiscal Year End Date | --12-31 | |
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 Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0000017797 | |
Current Fiscal Year End Date | --12-31 | |
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 Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0000037637 | |
Current Fiscal Year End Date | --12-31 | |
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 Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0000020290 | |
Current Fiscal Year End Date | --12-31 | |
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 Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0000081020 | |
Current Fiscal Year End Date | --12-31 | |
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 Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0000078460 | |
Current Fiscal Year End Date | --12-31 | |
Common Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, $0.001 par value | |
Trading Symbol | DUK | |
Security Exchange Name | NYSE | |
Junior Subordinated Debentures 5.625% Coupon Due September 2078 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 5.625% Junior Subordinated Debentures | |
Trading Symbol | DUKB | |
Security Exchange Name | NYSE | |
Depositary Share | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares | |
Trading Symbol | DUK PR A | |
Security Exchange Name | NYSE |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Operating Revenues | |||
Regulated electric | $ 5,933 | $ 5,219 | |
Regulated natural gas | 1,002 | 749 | |
Nonregulated electric and other | 197 | 182 | |
Total operating revenues | 7,132 | 6,150 | |
Operating Expenses | |||
Operation, maintenance and other | 1,630 | 1,402 | |
Depreciation and amortization | 1,320 | 1,226 | |
Property and other taxes | 392 | 353 | |
Impairment of assets and other charges | 215 | ||
Total operating expenses | 5,855 | 4,700 | |
Hide Row | 2 | ||
Operating Income | 1,279 | 1,450 | |
Other Income and Expenses | |||
Equity in earnings (losses) of unconsolidated affiliates | 25 | (17) | |
Other income and expenses, net | 89 | 127 | |
Total other income and expenses | 114 | 110 | |
Interest Expense | 587 | 535 | |
Income Before Income Taxes | 806 | 1,025 | |
Income Tax (Benefit) Expense | (14) | 84 | |
Net Income | 820 | 941 | |
Add: Net Loss Attributable to Noncontrolling Interests | 37 | 51 | |
Net Income Attributable to Duke Energy Corporation | 857 | 992 | |
Less: Preferred Dividends | 39 | 39 | |
Net Income Available to Duke Energy Corporation Common Stockholders | 818 | 953 | |
Other Comprehensive Income (Loss), net of tax | |||
Pension and OPEB adjustments | [1] | 2 | 2 |
Net unrealized (losses) gains on cash flow hedges | [1] | 113 | 29 |
Unrealized losses on available-for-sale securities | [1] | (13) | (8) |
Other Comprehensive Income, net of tax | [1] | 107 | 26 |
Comprehensive Income | 927 | 967 | |
Add: Comprehensive Loss Attributable to Noncontrolling Interests | (29) | (44) | |
Comprehensive Income Attributable to Duke Energy | $ 956 | $ 1,011 | |
Net income available to Duke Energy Corporation common stockholders | |||
Basic (in usd per share) | $ 1.08 | $ 1.25 | |
Diluted (in usd per share) | $ 1.08 | $ 1.25 | |
Weighted Average Shares Outstanding | |||
Basic (in shares) | 770 | 769 | |
Diluted (in shares) | 770 | 769 | |
Duke Energy Carolinas | |||
Operating Revenues | |||
Total operating revenues | $ 1,888 | $ 1,716 | |
Operating Expenses | |||
Fuel used in electric generation and purchased power/Cost of natural gas | 448 | 422 | |
Operation, maintenance and other | 512 | 441 | |
Depreciation and amortization | 379 | 359 | |
Property and other taxes | 93 | 83 | |
Impairment of assets and other charges | 3 | ||
Total operating expenses | 1,435 | 1,305 | |
Operating Income | 453 | 411 | |
Other Income and Expenses | |||
Total other income and expenses | 55 | 48 | |
Interest Expense | 141 | 124 | |
Income Before Income Taxes | 367 | 335 | |
Income Tax (Benefit) Expense | 27 | 23 | |
Net Income Attributable to Duke Energy Corporation | 340 | 312 | |
Other Comprehensive Income (Loss), net of tax | |||
Comprehensive Income Attributable to Duke Energy | 340 | 312 | |
Progress Energy | |||
Operating Revenues | |||
Total operating revenues | 2,992 | 2,505 | |
Operating Expenses | |||
Fuel used in electric generation and purchased power/Cost of natural gas | 1,064 | 795 | |
Operation, maintenance and other | 645 | 601 | |
Depreciation and amortization | 536 | 485 | |
Property and other taxes | 152 | 142 | |
Total operating expenses | 2,397 | 2,023 | |
Hide Row | 2 | ||
Operating Income | 597 | 482 | |
Other Income and Expenses | |||
Total other income and expenses | 35 | 43 | |
Interest Expense | 211 | 192 | |
Income Before Income Taxes | 421 | 333 | |
Income Tax (Benefit) Expense | 67 | 43 | |
Net Income | 354 | 290 | |
Other Comprehensive Income (Loss), net of tax | |||
Net unrealized (losses) gains on cash flow hedges | 1 | 1 | |
Unrealized losses on available-for-sale securities | (2) | (1) | |
Other Comprehensive Income, net of tax | (1) | ||
Comprehensive Income | 353 | 290 | |
Duke Energy Progress | |||
Operating Revenues | |||
Total operating revenues | 1,632 | 1,401 | |
Operating Expenses | |||
Fuel used in electric generation and purchased power/Cost of natural gas | 574 | 436 | |
Operation, maintenance and other | 391 | 357 | |
Depreciation and amortization | 306 | 285 | |
Property and other taxes | 49 | 49 | |
Total operating expenses | 1,320 | 1,127 | |
Hide Row | 1 | ||
Operating Income | 313 | 274 | |
Other Income and Expenses | |||
Total other income and expenses | 22 | 24 | |
Interest Expense | 85 | 69 | |
Income Before Income Taxes | 250 | 229 | |
Income Tax (Benefit) Expense | 35 | 19 | |
Net Income Attributable to Duke Energy Corporation | 215 | 210 | |
Other Comprehensive Income (Loss), net of tax | |||
Comprehensive Income Attributable to Duke Energy | 215 | 210 | |
Duke Energy Florida | |||
Operating Revenues | |||
Total operating revenues | 1,355 | 1,101 | |
Operating Expenses | |||
Fuel used in electric generation and purchased power/Cost of natural gas | 490 | 359 | |
Operation, maintenance and other | 249 | 242 | |
Depreciation and amortization | 231 | 200 | |
Property and other taxes | 103 | 93 | |
Total operating expenses | 1,073 | 894 | |
Hide Row | 1 | ||
Operating Income | 283 | 207 | |
Other Income and Expenses | |||
Total other income and expenses | 15 | 18 | |
Interest Expense | 84 | 80 | |
Income Before Income Taxes | 214 | 145 | |
Income Tax (Benefit) Expense | 43 | 28 | |
Net Income Attributable to Duke Energy Corporation | 171 | 117 | |
Other Comprehensive Income (Loss), net of tax | |||
Unrealized losses on available-for-sale securities | (1) | (1) | |
Other Comprehensive Income, net of tax | (1) | (1) | |
Comprehensive Income Attributable to Duke Energy | 170 | 116 | |
Duke Energy Ohio | |||
Operating Revenues | |||
Regulated electric | 412 | 363 | |
Regulated natural gas | 226 | 169 | |
Total operating revenues | 638 | 532 | |
Operating Expenses | |||
Operation, maintenance and other | 178 | 108 | |
Depreciation and amortization | 80 | 74 | |
Property and other taxes | 101 | 92 | |
Total operating expenses | 593 | 407 | |
Operating Income | 45 | 125 | |
Other Income and Expenses | |||
Total other income and expenses | 6 | 5 | |
Interest Expense | 30 | 25 | |
Income Before Income Taxes | 21 | 105 | |
Income Tax (Benefit) Expense | (56) | 14 | |
Net Income Attributable to Duke Energy Corporation | 77 | 91 | |
Other Comprehensive Income (Loss), net of tax | |||
Comprehensive Income Attributable to Duke Energy | 77 | 91 | |
Duke Energy Indiana | |||
Operating Revenues | |||
Total operating revenues | 822 | 745 | |
Operating Expenses | |||
Fuel used in electric generation and purchased power/Cost of natural gas | 319 | 217 | |
Operation, maintenance and other | 192 | 178 | |
Depreciation and amortization | 156 | 152 | |
Property and other taxes | 25 | 21 | |
Impairment of assets and other charges | 211 | ||
Total operating expenses | 903 | 568 | |
Operating Income | (81) | 177 | |
Other Income and Expenses | |||
Total other income and expenses | 10 | 9 | |
Interest Expense | 45 | 50 | |
Income Before Income Taxes | (116) | 136 | |
Income Tax (Benefit) Expense | (37) | 24 | |
Net Income Attributable to Duke Energy Corporation | (79) | 112 | |
Other Comprehensive Income (Loss), net of tax | |||
Comprehensive Income Attributable to Duke Energy | (79) | 112 | |
Piedmont | |||
Operating Revenues | |||
Total operating revenues | 805 | 606 | |
Operating Expenses | |||
Fuel used in electric generation and purchased power/Cost of natural gas | 374 | 225 | |
Operation, maintenance and other | 95 | 78 | |
Depreciation and amortization | 54 | 48 | |
Property and other taxes | 16 | 14 | |
Total operating expenses | 539 | 365 | |
Operating Income | 266 | 241 | |
Other Income and Expenses | |||
Equity in earnings (losses) of unconsolidated affiliates | 2 | 2 | |
Total other income and expenses | 13 | 17 | |
Interest Expense | 32 | 29 | |
Income Before Income Taxes | 247 | 229 | |
Income Tax (Benefit) Expense | 33 | 26 | |
Net Income Attributable to Duke Energy Corporation | 214 | 203 | |
Other Comprehensive Income (Loss), net of tax | |||
Comprehensive Income Attributable to Duke Energy | 214 | 203 | |
Fuel used in electric generation and purchased power | |||
Operating Expenses | |||
Fuel used in electric generation and purchased power/Cost of natural gas | 1,817 | 1,443 | |
Fuel used in electric generation and purchased power | Duke Energy Ohio | |||
Operating Expenses | |||
Fuel used in electric generation and purchased power/Cost of natural gas | 127 | 82 | |
Cost of natural gas | |||
Operating Expenses | |||
Fuel used in electric generation and purchased power/Cost of natural gas | 481 | 276 | |
Cost of natural gas | Duke Energy Ohio | |||
Operating Expenses | |||
Fuel used in electric generation and purchased power/Cost of natural gas | $ 107 | $ 51 | |
[1] | Net of income tax impacts of approximately $32 million and $8 million for the three months ended March 31, 2022, and 2021, respectively. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | |||
Net income (loss) | $ 820 | $ 941 | |
Other Comprehensive Income (Loss), net of tax | |||
Pension and OPEB adjustments | [1] | 2 | 2 |
Net unrealized gains on cash flow hedges | [1] | 113 | 29 |
Reclassification into earnings from cash flow hedges | [1] | 5 | 3 |
Unrealized losses on available-for-sale securities | [1] | (13) | (8) |
Other Comprehensive Income, net of tax | [1] | 107 | 26 |
Comprehensive Income | 927 | 967 | |
Add: Comprehensive Loss Attributable to Noncontrolling Interests | 29 | 44 | |
Comprehensive Income Attributable to Duke Energy | 956 | 1,011 | |
Less: Preferred Dividends | 39 | 39 | |
Comprehensive Income Available to Duke Energy Corporation Common Stockholders | $ 917 | $ 972 | |
[1] | Net of income tax impacts of approximately $32 million and $8 million for the three months ended March 31, 2022, and 2021, respectively. |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Other comprehensive income (loss), tax | $ 32 | $ 8 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Current Assets | ||
Cash and cash equivalents | $ 853 | $ 343 |
Receivables (net of allowance for doubtful accounts) | 1,148 | 1,173 |
Receivables of VIEs (net of allowance for doubtful accounts) | 2,590 | 2,437 |
Inventory | 3,171 | 3,199 |
Regulatory assets (includes amounts related to VIEs) | 2,334 | 2,150 |
Other (includes amounts related to VIEs) | 946 | 638 |
Total current assets | 11,042 | 9,940 |
Property, Plant and Equipment | ||
Cost | 163,700 | 161,819 |
Accumulated depreciation and amortization | (51,517) | (50,555) |
Facilities to be retired, net | 133 | 144 |
Net property, plant and equipment | 112,316 | 111,408 |
Other Noncurrent Assets | ||
Goodwill | 19,303 | 19,303 |
Regulatory assets (includes amounts related to VIEs) | 12,506 | 12,487 |
Nuclear decommissioning trust funds | 9,827 | 10,401 |
Operating lease right-of-use assets, net | 1,255 | 1,266 |
Investments in equity method unconsolidated affiliates | 976 | 970 |
Other (includes amounts related to VIEs) | 3,995 | 3,812 |
Total other noncurrent assets | 47,862 | 48,239 |
Total Assets | 171,220 | 169,587 |
Current Liabilities | ||
Accounts payable | 3,175 | 3,629 |
Notes payable and commercial paper | 3,262 | 3,304 |
Taxes accrued | 642 | 749 |
Interest accrued | 575 | 533 |
Current maturities of long-term debt (includes amounts related to VIEs) | 3,884 | 3,387 |
Asset retirement obligations | 648 | 647 |
Regulatory liabilities | 1,238 | 1,211 |
Other | 2,001 | 2,471 |
Total current liabilities | 15,425 | 15,931 |
Long-Term Debt (includes amounts related to VIEs) | 62,196 | 60,448 |
Other Noncurrent Liabilities | ||
Deferred income taxes | 9,673 | 9,379 |
Asset retirement obligations | 12,112 | 12,129 |
Regulatory liabilities | 16,037 | 16,152 |
Operating lease liabilities | 1,068 | 1,074 |
Accrued pension and other post-retirement benefit costs | 832 | 855 |
Investment tax credits | 831 | 833 |
Other (includes amounts related to VIEs) | 1,794 | 1,650 |
Total other noncurrent liabilities | 42,347 | 42,072 |
Commitments and Contingencies | ||
Equity | ||
Common stock | 1 | 1 |
Additional paid-in capital | 44,364 | 44,371 |
Retained earnings | 3,323 | 3,265 |
Accumulated other comprehensive loss | (204) | (303) |
Total Duke Energy Corporation stockholders' equity | 49,446 | 49,296 |
Noncontrolling interests | 1,806 | 1,840 |
Total equity | 51,252 | 51,136 |
Total Liabilities and Equity | 171,220 | 169,587 |
Variable Interest Entity | ||
Current Assets | ||
Regulatory assets (includes amounts related to VIEs) | 105 | 105 |
Other (includes amounts related to VIEs) | 249 | 256 |
Other Noncurrent Assets | ||
Regulatory assets (includes amounts related to VIEs) | 1,800 | 1,823 |
Other (includes amounts related to VIEs) | 111 | 92 |
Current Liabilities | ||
Current maturities of long-term debt (includes amounts related to VIEs) | 395 | 243 |
Long-Term Debt (includes amounts related to VIEs) | 4,687 | 4,854 |
Other Noncurrent Liabilities | ||
Other (includes amounts related to VIEs) | 360 | 319 |
Duke Energy Carolinas | ||
Current Assets | ||
Cash and cash equivalents | 4 | 7 |
Receivables (net of allowance for doubtful accounts) | 858 | 844 |
Receivables of VIEs (net of allowance for doubtful accounts) | 234 | 300 |
Receivables from affiliated companies | 134 | 190 |
Notes receivable from affiliated companies | 492 | |
Inventory | 1,040 | 1,026 |
Regulatory assets (includes amounts related to VIEs) | 652 | 544 |
Other (includes amounts related to VIEs) | 246 | 95 |
Total current assets | 3,660 | 3,006 |
Property, Plant and Equipment | ||
Cost | 52,423 | 51,874 |
Accumulated depreciation and amortization | (18,058) | (17,854) |
Facilities to be retired, net | 98 | 102 |
Net property, plant and equipment | 34,463 | 34,122 |
Other Noncurrent Assets | ||
Regulatory assets (includes amounts related to VIEs) | 3,085 | 2,935 |
Nuclear decommissioning trust funds | 5,441 | 5,759 |
Operating lease right-of-use assets, net | 87 | 92 |
Other (includes amounts related to VIEs) | 1,297 | 1,248 |
Total other noncurrent assets | 9,910 | 10,034 |
Total Assets | 48,033 | 47,162 |
Current Liabilities | ||
Accounts payable | 752 | 988 |
Accounts payable to affiliated companies | 267 | 266 |
Notes payable to affiliated companies | 226 | |
Taxes accrued | 124 | 274 |
Interest accrued | 140 | 125 |
Current maturities of long-term debt (includes amounts related to VIEs) | 1,367 | 362 |
Asset retirement obligations | 251 | 249 |
Regulatory liabilities | 465 | 487 |
Other | 442 | 546 |
Total current liabilities | 3,808 | 3,523 |
Long-Term Debt (includes amounts related to VIEs) | 12,803 | 12,595 |
Long-Term Debt Payable to Affiliated Companies | 300 | 318 |
Other Noncurrent Liabilities | ||
Deferred income taxes | 3,769 | 3,634 |
Asset retirement obligations | 5,067 | 5,052 |
Regulatory liabilities | 7,151 | 7,198 |
Operating lease liabilities | 74 | 78 |
Accrued pension and other post-retirement benefit costs | 48 | 50 |
Investment tax credits | 286 | 287 |
Other (includes amounts related to VIEs) | 545 | 536 |
Total other noncurrent liabilities | 16,940 | 16,835 |
Commitments and Contingencies | ||
Equity | ||
Member's equity | 14,188 | 13,897 |
Accumulated other comprehensive loss | (6) | (6) |
Member's Equity | 14,182 | 13,891 |
Total Liabilities and Equity | 48,033 | 47,162 |
Duke Energy Carolinas | Variable Interest Entity | ||
Current Assets | ||
Regulatory assets (includes amounts related to VIEs) | 12 | 12 |
Other (includes amounts related to VIEs) | 5 | 0 |
Other Noncurrent Assets | ||
Regulatory assets (includes amounts related to VIEs) | 217 | 220 |
Current Liabilities | ||
Current maturities of long-term debt (includes amounts related to VIEs) | 10 | 5 |
Long-Term Debt (includes amounts related to VIEs) | 722 | 703 |
Progress Energy | ||
Current Assets | ||
Cash and cash equivalents | 63 | 70 |
Receivables (net of allowance for doubtful accounts) | 1,166 | 1,006 |
Receivables of VIEs (net of allowance for doubtful accounts) | 286 | 247 |
Receivables from affiliated companies | 37 | 121 |
Notes receivable from affiliated companies | 237 | |
Inventory | 1,403 | 1,398 |
Regulatory assets (includes amounts related to VIEs) | 1,101 | 1,030 |
Other (includes amounts related to VIEs) | 319 | 125 |
Total current assets | 4,612 | 3,997 |
Property, Plant and Equipment | ||
Cost | 61,629 | 60,894 |
Accumulated depreciation and amortization | (19,702) | (19,214) |
Facilities to be retired, net | 24 | 26 |
Net property, plant and equipment | 41,951 | 41,706 |
Other Noncurrent Assets | ||
Goodwill | 3,655 | 3,655 |
Regulatory assets (includes amounts related to VIEs) | 6,024 | 5,909 |
Nuclear decommissioning trust funds | 4,385 | 4,642 |
Operating lease right-of-use assets, net | 701 | 691 |
Other (includes amounts related to VIEs) | 1,336 | 1,242 |
Total other noncurrent assets | 16,101 | 16,139 |
Total Assets | 62,664 | 61,842 |
Current Liabilities | ||
Accounts payable | 982 | 1,099 |
Accounts payable to affiliated companies | 364 | 506 |
Notes payable to affiliated companies | 377 | 2,809 |
Taxes accrued | 157 | 128 |
Interest accrued | 195 | 192 |
Current maturities of long-term debt (includes amounts related to VIEs) | 1,095 | 1,082 |
Asset retirement obligations | 268 | 275 |
Regulatory liabilities | 469 | 478 |
Other | 760 | 868 |
Total current liabilities | 4,667 | 7,437 |
Long-Term Debt (includes amounts related to VIEs) | 20,412 | 19,591 |
Long-Term Debt Payable to Affiliated Companies | 150 | 150 |
Other Noncurrent Liabilities | ||
Deferred income taxes | 4,702 | 4,564 |
Asset retirement obligations | 5,821 | 5,837 |
Regulatory liabilities | 5,671 | 5,566 |
Operating lease liabilities | 619 | 606 |
Accrued pension and other post-retirement benefit costs | 409 | 417 |
Other (includes amounts related to VIEs) | 531 | 526 |
Total other noncurrent liabilities | 17,753 | 17,516 |
Commitments and Contingencies | ||
Equity | ||
Additional paid-in capital | 9,149 | 9,149 |
Retained earnings | 10,543 | 8,007 |
Accumulated other comprehensive loss | (12) | (11) |
Total Duke Energy Corporation stockholders' equity | 19,680 | 17,145 |
Noncontrolling interests | 2 | 3 |
Total equity | 19,682 | 17,148 |
Total Liabilities and Equity | 62,664 | 61,842 |
Progress Energy | Variable Interest Entity | ||
Current Assets | ||
Regulatory assets (includes amounts related to VIEs) | 93 | |
Other (includes amounts related to VIEs) | 27 | 39 |
Other Noncurrent Assets | ||
Regulatory assets (includes amounts related to VIEs) | 1,583 | 1,603 |
Current Liabilities | ||
Current maturities of long-term debt (includes amounts related to VIEs) | 88 | 71 |
Long-Term Debt (includes amounts related to VIEs) | 2,246 | 2,293 |
Duke Energy Progress | ||
Current Assets | ||
Cash and cash equivalents | 42 | 35 |
Receivables (net of allowance for doubtful accounts) | 658 | 574 |
Receivables of VIEs (net of allowance for doubtful accounts) | 188 | 127 |
Receivables from affiliated companies | 20 | 65 |
Notes receivable from affiliated companies | 328 | |
Inventory | 940 | 921 |
Regulatory assets (includes amounts related to VIEs) | 595 | 533 |
Other (includes amounts related to VIEs) | 200 | 83 |
Total current assets | 2,971 | 2,338 |
Property, Plant and Equipment | ||
Cost | 37,361 | 37,018 |
Accumulated depreciation and amortization | (13,691) | (13,387) |
Facilities to be retired, net | 24 | 26 |
Net property, plant and equipment | 23,694 | 23,657 |
Other Noncurrent Assets | ||
Regulatory assets (includes amounts related to VIEs) | 4,124 | 4,118 |
Nuclear decommissioning trust funds | 3,872 | 4,089 |
Operating lease right-of-use assets, net | 410 | 389 |
Other (includes amounts related to VIEs) | 867 | 792 |
Total other noncurrent assets | 9,273 | 9,388 |
Total Assets | 35,938 | 35,383 |
Current Liabilities | ||
Accounts payable | 450 | 476 |
Accounts payable to affiliated companies | 260 | 310 |
Notes payable to affiliated companies | 172 | |
Taxes accrued | 77 | 163 |
Interest accrued | 76 | 96 |
Current maturities of long-term debt (includes amounts related to VIEs) | 568 | 556 |
Asset retirement obligations | 268 | 274 |
Regulatory liabilities | 378 | 381 |
Other | 400 | 448 |
Total current liabilities | 2,477 | 2,876 |
Long-Term Debt (includes amounts related to VIEs) | 10,396 | 9,543 |
Long-Term Debt Payable to Affiliated Companies | 150 | 150 |
Other Noncurrent Liabilities | ||
Deferred income taxes | 2,275 | 2,208 |
Asset retirement obligations | 5,411 | 5,401 |
Regulatory liabilities | 4,898 | 4,868 |
Operating lease liabilities | 372 | 350 |
Accrued pension and other post-retirement benefit costs | 218 | 221 |
Investment tax credits | 128 | 128 |
Other (includes amounts related to VIEs) | 96 | 87 |
Total other noncurrent liabilities | 13,398 | 13,263 |
Commitments and Contingencies | ||
Equity | ||
Member's Equity | 9,517 | 9,551 |
Total Liabilities and Equity | 35,938 | 35,383 |
Duke Energy Progress | Variable Interest Entity | ||
Current Assets | ||
Regulatory assets (includes amounts related to VIEs) | 39 | 39 |
Other (includes amounts related to VIEs) | 14 | |
Other Noncurrent Assets | ||
Regulatory assets (includes amounts related to VIEs) | 711 | 720 |
Current Liabilities | ||
Current maturities of long-term debt (includes amounts related to VIEs) | 32 | 15 |
Long-Term Debt (includes amounts related to VIEs) | 1,080 | 1,097 |
Duke Energy Florida | ||
Current Assets | ||
Cash and cash equivalents | 13 | 23 |
Receivables (net of allowance for doubtful accounts) | 508 | 432 |
Receivables of VIEs (net of allowance for doubtful accounts) | 97 | 117 |
Receivables from affiliated companies | 16 | 16 |
Inventory | 463 | 477 |
Regulatory assets (includes amounts related to VIEs) | 505 | 497 |
Other (includes amounts related to VIEs) | 79 | 80 |
Total current assets | 1,681 | 1,642 |
Property, Plant and Equipment | ||
Cost | 24,257 | 23,865 |
Accumulated depreciation and amortization | (6,003) | (5,819) |
Net property, plant and equipment | 18,254 | 18,046 |
Other Noncurrent Assets | ||
Regulatory assets (includes amounts related to VIEs) | 1,899 | 1,791 |
Nuclear decommissioning trust funds | 514 | 553 |
Operating lease right-of-use assets, net | 291 | 302 |
Other (includes amounts related to VIEs) | 418 | 399 |
Total other noncurrent assets | 3,122 | 3,045 |
Total Assets | 23,057 | 22,733 |
Current Liabilities | ||
Accounts payable | 532 | 623 |
Accounts payable to affiliated companies | 120 | 209 |
Notes payable to affiliated companies | 468 | 199 |
Taxes accrued | 96 | 51 |
Interest accrued | 84 | 68 |
Current maturities of long-term debt (includes amounts related to VIEs) | 77 | 76 |
Asset retirement obligations | 1 | 1 |
Regulatory liabilities | 91 | 98 |
Other | 349 | 408 |
Total current liabilities | 1,818 | 1,733 |
Long-Term Debt (includes amounts related to VIEs) | 8,374 | 8,406 |
Other Noncurrent Liabilities | ||
Deferred income taxes | 2,503 | 2,434 |
Asset retirement obligations | 411 | 436 |
Regulatory liabilities | 772 | 698 |
Operating lease liabilities | 247 | 256 |
Accrued pension and other post-retirement benefit costs | 161 | 166 |
Other (includes amounts related to VIEs) | 306 | 309 |
Total other noncurrent liabilities | 4,400 | 4,299 |
Commitments and Contingencies | ||
Equity | ||
Member's equity | 8,469 | 8,298 |
Accumulated other comprehensive loss | (4) | (3) |
Member's Equity | 8,465 | 8,295 |
Total Liabilities and Equity | 23,057 | 22,733 |
Duke Energy Florida | Variable Interest Entity | ||
Current Assets | ||
Regulatory assets (includes amounts related to VIEs) | 54 | 54 |
Other (includes amounts related to VIEs) | 13 | 39 |
Other Noncurrent Assets | ||
Regulatory assets (includes amounts related to VIEs) | 872 | 883 |
Current Liabilities | ||
Current maturities of long-term debt (includes amounts related to VIEs) | 56 | 56 |
Long-Term Debt (includes amounts related to VIEs) | 1,166 | 1,196 |
Duke Energy Ohio | ||
Current Assets | ||
Cash and cash equivalents | 15 | 13 |
Receivables of VIEs (net of allowance for doubtful accounts) | 101 | 96 |
Receivables from affiliated companies | 93 | 122 |
Notes receivable from affiliated companies | 15 | |
Inventory | 114 | 116 |
Regulatory assets (includes amounts related to VIEs) | 60 | 72 |
Other (includes amounts related to VIEs) | 23 | 57 |
Total current assets | 406 | 491 |
Property, Plant and Equipment | ||
Cost | 11,818 | 11,725 |
Accumulated depreciation and amortization | (3,102) | (3,106) |
Facilities to be retired, net | 6 | |
Net property, plant and equipment | 8,716 | 8,625 |
Other Noncurrent Assets | ||
Goodwill | 920 | 920 |
Regulatory assets (includes amounts related to VIEs) | 584 | 635 |
Operating lease right-of-use assets, net | 18 | 19 |
Other (includes amounts related to VIEs) | 87 | 84 |
Total other noncurrent assets | 1,609 | 1,658 |
Total Assets | 10,731 | 10,774 |
Current Liabilities | ||
Accounts payable | 379 | 348 |
Accounts payable to affiliated companies | 68 | 64 |
Notes payable to affiliated companies | 123 | 103 |
Taxes accrued | 219 | 275 |
Interest accrued | 32 | 30 |
Asset retirement obligations | 13 | 13 |
Regulatory liabilities | 67 | 62 |
Other | 73 | 82 |
Total current liabilities | 974 | 977 |
Long-Term Debt (includes amounts related to VIEs) | 3,168 | 3,168 |
Long-Term Debt Payable to Affiliated Companies | 25 | 25 |
Other Noncurrent Liabilities | ||
Deferred income taxes | 1,078 | 1,050 |
Asset retirement obligations | 124 | 123 |
Regulatory liabilities | 593 | 739 |
Operating lease liabilities | 18 | 18 |
Accrued pension and other post-retirement benefit costs | 109 | 109 |
Other (includes amounts related to VIEs) | 100 | 101 |
Total other noncurrent liabilities | 2,022 | 2,140 |
Commitments and Contingencies | ||
Equity | ||
Common stock | 762 | 762 |
Additional paid-in capital | 3,100 | 3,100 |
Retained earnings | 680 | 602 |
Total Duke Energy Corporation stockholders' equity | 4,542 | 4,464 |
Total Liabilities and Equity | 10,731 | 10,774 |
Duke Energy Indiana | ||
Current Assets | ||
Cash and cash equivalents | 19 | 6 |
Receivables of VIEs (net of allowance for doubtful accounts) | 83 | 100 |
Receivables from affiliated companies | 69 | 98 |
Notes receivable from affiliated companies | 20 | 134 |
Inventory | 430 | 418 |
Regulatory assets (includes amounts related to VIEs) | 301 | 277 |
Other (includes amounts related to VIEs) | 72 | 68 |
Total current assets | 994 | 1,101 |
Property, Plant and Equipment | ||
Cost | 17,494 | 17,343 |
Accumulated depreciation and amortization | (5,693) | (5,583) |
Net property, plant and equipment | 11,801 | 11,760 |
Other Noncurrent Assets | ||
Regulatory assets (includes amounts related to VIEs) | 1,077 | 1,278 |
Operating lease right-of-use assets, net | 52 | 53 |
Other (includes amounts related to VIEs) | 295 | 296 |
Total other noncurrent assets | 1,424 | 1,627 |
Total Assets | 14,219 | 14,488 |
Current Liabilities | ||
Accounts payable | 268 | 282 |
Accounts payable to affiliated companies | 187 | 221 |
Taxes accrued | 131 | 73 |
Interest accrued | 56 | 49 |
Current maturities of long-term debt (includes amounts related to VIEs) | 31 | 84 |
Asset retirement obligations | 115 | 110 |
Regulatory liabilities | 140 | 127 |
Other | 108 | 105 |
Total current liabilities | 1,036 | 1,051 |
Long-Term Debt (includes amounts related to VIEs) | 4,089 | 4,089 |
Long-Term Debt Payable to Affiliated Companies | 150 | 150 |
Other Noncurrent Liabilities | ||
Deferred income taxes | 1,234 | 1,303 |
Asset retirement obligations | 861 | 877 |
Regulatory liabilities | 1,557 | 1,565 |
Operating lease liabilities | 49 | 50 |
Accrued pension and other post-retirement benefit costs | 168 | 167 |
Investment tax credits | 177 | 177 |
Other (includes amounts related to VIEs) | 74 | 44 |
Total other noncurrent liabilities | 4,120 | 4,183 |
Commitments and Contingencies | ||
Equity | ||
Member's Equity | 4,824 | 5,015 |
Total Liabilities and Equity | 14,219 | 14,488 |
Piedmont | ||
Current Assets | ||
Receivables of VIEs (net of allowance for doubtful accounts) | 303 | 318 |
Receivables from affiliated companies | 13 | 11 |
Inventory | 51 | 109 |
Regulatory assets (includes amounts related to VIEs) | 133 | 141 |
Other (includes amounts related to VIEs) | 16 | 9 |
Total current assets | 516 | 588 |
Property, Plant and Equipment | ||
Cost | 10,110 | 9,918 |
Accumulated depreciation and amortization | (1,952) | (1,899) |
Facilities to be retired, net | 10 | 11 |
Net property, plant and equipment | 8,168 | 8,030 |
Other Noncurrent Assets | ||
Goodwill | 49 | 49 |
Regulatory assets (includes amounts related to VIEs) | 349 | 316 |
Operating lease right-of-use assets, net | 15 | 16 |
Investments in equity method unconsolidated affiliates | 97 | 95 |
Other (includes amounts related to VIEs) | 307 | 288 |
Total other noncurrent assets | 817 | 764 |
Total Assets | 9,501 | 9,382 |
Current Liabilities | ||
Accounts payable | 170 | 196 |
Accounts payable to affiliated companies | 52 | 40 |
Notes payable to affiliated companies | 360 | 518 |
Taxes accrued | 79 | 63 |
Interest accrued | 35 | 37 |
Regulatory liabilities | 98 | 56 |
Other | 73 | 81 |
Total current liabilities | 867 | 991 |
Long-Term Debt (includes amounts related to VIEs) | 2,969 | 2,968 |
Other Noncurrent Liabilities | ||
Deferred income taxes | 831 | 815 |
Asset retirement obligations | 22 | 22 |
Regulatory liabilities | 1,041 | 1,058 |
Operating lease liabilities | 13 | 14 |
Accrued pension and other post-retirement benefit costs | 7 | 7 |
Other (includes amounts related to VIEs) | 188 | 158 |
Total other noncurrent liabilities | 2,102 | 2,074 |
Commitments and Contingencies | ||
Equity | ||
Common stock | 1,635 | 1,635 |
Retained earnings | 1,928 | 1,714 |
Total Duke Energy Corporation stockholders' equity | 3,563 | 3,349 |
Total Liabilities and Equity | 9,501 | 9,382 |
Preferred stock, Series A | ||
Equity | ||
Preferred stock | 973 | 973 |
Preferred stock, Series B | ||
Equity | ||
Preferred stock | $ 989 | $ 989 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Allowance for doubtful accounts - receivables | $ 68 | $ 46 |
Regulatory assets (includes amounts related to VIEs) | 2,334 | 2,150 |
Current Assets: Other | 946 | 638 |
Regulatory assets (includes amounts related to VIEs) | 12,506 | 12,487 |
Other Noncurrent Assets: Other | 3,995 | 3,812 |
Current maturities of long-term debt (includes amounts related to VIEs) | 3,884 | 3,387 |
Long-Term Debt | 62,196 | 60,448 |
Other, noncurrent liabilities | $ 1,794 | $ 1,650 |
Common stock, par value (in 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 |
Preferred stock, Series A | ||
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 |
Preferred stock, Series B | ||
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 |
Variable Interest Entity | ||
Allowance for doubtful accounts - receivables of VIEs | $ 72 | $ 76 |
Regulatory assets (includes amounts related to VIEs) | 105 | 105 |
Current Assets: Other | 249 | 256 |
Regulatory assets (includes amounts related to VIEs) | 1,800 | 1,823 |
Other Noncurrent Assets: Other | 111 | 92 |
Current maturities of long-term debt (includes amounts related to VIEs) | 395 | 243 |
Long-Term Debt | 4,687 | 4,854 |
Other, noncurrent liabilities | 360 | 319 |
Duke Energy Carolinas | ||
Allowance for doubtful accounts - receivables | 22 | 1 |
Allowance for doubtful accounts - receivables of VIEs | 30 | 41 |
Regulatory assets (includes amounts related to VIEs) | 652 | 544 |
Current Assets: Other | 246 | 95 |
Regulatory assets (includes amounts related to VIEs) | 3,085 | 2,935 |
Other Noncurrent Assets: Other | 1,297 | 1,248 |
Current maturities of long-term debt (includes amounts related to VIEs) | 1,367 | 362 |
Long-Term Debt | 12,803 | 12,595 |
Other, noncurrent liabilities | 545 | 536 |
Duke Energy Carolinas | Variable Interest Entity | ||
Regulatory assets (includes amounts related to VIEs) | 12 | 12 |
Current Assets: Other | 5 | 0 |
Regulatory assets (includes amounts related to VIEs) | 217 | 220 |
Current maturities of long-term debt (includes amounts related to VIEs) | 10 | 5 |
Long-Term Debt | 722 | 703 |
Progress Energy | ||
Allowance for doubtful accounts - receivables | 11 | 11 |
Regulatory assets (includes amounts related to VIEs) | 1,101 | 1,030 |
Current Assets: Other | 319 | 125 |
Regulatory assets (includes amounts related to VIEs) | 6,024 | 5,909 |
Other Noncurrent Assets: Other | 1,336 | 1,242 |
Current maturities of long-term debt (includes amounts related to VIEs) | 1,095 | 1,082 |
Long-Term Debt | 20,412 | 19,591 |
Other, noncurrent liabilities | $ 531 | $ 526 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100 | 100 |
Common stock, shares outstanding (in shares) | 100 | 100 |
Progress Energy | Variable Interest Entity | ||
Allowance for doubtful accounts - receivables of VIEs | $ 40 | $ 25 |
Regulatory assets (includes amounts related to VIEs) | 93 | |
Current Assets: Other | 27 | 39 |
Regulatory assets (includes amounts related to VIEs) | 1,583 | 1,603 |
Current maturities of long-term debt (includes amounts related to VIEs) | 88 | 71 |
Long-Term Debt | 2,246 | 2,293 |
Duke Energy Progress | ||
Allowance for doubtful accounts - receivables | 4 | 4 |
Regulatory assets (includes amounts related to VIEs) | 595 | 533 |
Current Assets: Other | 200 | 83 |
Regulatory assets (includes amounts related to VIEs) | 4,124 | 4,118 |
Other Noncurrent Assets: Other | 867 | 792 |
Current maturities of long-term debt (includes amounts related to VIEs) | 568 | 556 |
Long-Term Debt | 10,396 | 9,543 |
Other, noncurrent liabilities | 96 | 87 |
Duke Energy Progress | Variable Interest Entity | ||
Allowance for doubtful accounts - receivables of VIEs | 27 | 17 |
Regulatory assets (includes amounts related to VIEs) | 39 | 39 |
Current Assets: Other | 14 | |
Regulatory assets (includes amounts related to VIEs) | 711 | 720 |
Current maturities of long-term debt (includes amounts related to VIEs) | 32 | 15 |
Long-Term Debt | 1,080 | 1,097 |
Duke Energy Florida | ||
Allowance for doubtful accounts - receivables | 8 | 8 |
Regulatory assets (includes amounts related to VIEs) | 505 | 497 |
Current Assets: Other | 79 | 80 |
Regulatory assets (includes amounts related to VIEs) | 1,899 | 1,791 |
Other Noncurrent Assets: Other | 418 | 399 |
Current maturities of long-term debt (includes amounts related to VIEs) | 77 | 76 |
Long-Term Debt | 8,374 | 8,406 |
Other, noncurrent liabilities | 306 | 309 |
Duke Energy Florida | Variable Interest Entity | ||
Allowance for doubtful accounts - receivables of VIEs | 13 | 8 |
Regulatory assets (includes amounts related to VIEs) | 54 | 54 |
Current Assets: Other | 13 | 39 |
Regulatory assets (includes amounts related to VIEs) | 872 | 883 |
Current maturities of long-term debt (includes amounts related to VIEs) | 56 | 56 |
Long-Term Debt | 1,166 | 1,196 |
Duke Energy Ohio | ||
Allowance for doubtful accounts - receivables | 4 | 4 |
Regulatory assets (includes amounts related to VIEs) | 60 | 72 |
Current Assets: Other | 23 | 57 |
Regulatory assets (includes amounts related to VIEs) | 584 | 635 |
Other Noncurrent Assets: Other | 87 | 84 |
Long-Term Debt | 3,168 | 3,168 |
Other, noncurrent liabilities | $ 100 | $ 101 |
Common stock, par value (in 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 |
Duke Energy Indiana | ||
Allowance for doubtful accounts - receivables | $ 3 | $ 3 |
Regulatory assets (includes amounts related to VIEs) | 301 | 277 |
Current Assets: Other | 72 | 68 |
Regulatory assets (includes amounts related to VIEs) | 1,077 | 1,278 |
Other Noncurrent Assets: Other | 295 | 296 |
Current maturities of long-term debt (includes amounts related to VIEs) | 31 | 84 |
Long-Term Debt | 4,089 | 4,089 |
Other, noncurrent liabilities | 74 | 44 |
Piedmont | ||
Allowance for doubtful accounts - receivables | 17 | 15 |
Regulatory assets (includes amounts related to VIEs) | 133 | 141 |
Current Assets: Other | 16 | 9 |
Regulatory assets (includes amounts related to VIEs) | 349 | 316 |
Other Noncurrent Assets: Other | 307 | 288 |
Long-Term Debt | 2,969 | 2,968 |
Other, noncurrent liabilities | $ 188 | $ 158 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares outstanding (in shares) | 100,000,000 | 100,000,000 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 820 | $ 941 |
Net income | 857 | 992 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion (including amortization of nuclear fuel) | 1,480 | 1,385 |
Equity in (earnings) losses of unconsolidated affiliates | (25) | 17 |
Equity component of AFUDC | (46) | (42) |
Impairment of assets and other charges | 215 | |
Deferred income taxes | (11) | 86 |
Payments for asset retirement obligations | (119) | (114) |
Provision for rate refunds | (31) | |
(Increase) decrease in | ||
Net realized and unrealized mark-to-market and hedging transactions | 215 | |
Receivables | 5 | 377 |
Inventory | 28 | 91 |
Other current assets | (327) | (47) |
Increase (decrease) in | ||
Accounts payable | (160) | (467) |
Taxes accrued | (90) | 104 |
Other current liabilities | (269) | (263) |
Other assets | (26) | 51 |
Other liabilities | 136 | (31) |
Net cash provided by operating activities | 1,795 | 2,088 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | (2,551) | (2,215) |
Contributions to equity method investments | (17) | |
Purchases of debt and equity securities | (1,516) | (1,584) |
Proceeds from sales and maturities of debt and equity securities | 1,530 | 1,601 |
Disbursements to canceled equity method investments | (855) | |
Other | (145) | (84) |
Net cash used in investing activities | (2,699) | (3,137) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from the issuance of long-term debt | 3,506 | 608 |
Proceeds from the issuance of common stock | 5 | |
Payments for the redemption of long-term debt | (1,215) | (76) |
Proceeds from the issuance of short-term debt with original maturities greater than 90 days | 50 | |
Payments for the redemption of short-term debt with original maturities greater than 90 days | (257) | (909) |
Notes payable and commercial paper | 213 | 2,046 |
Contributions from noncontrolling interests | 23 | 303 |
Dividends paid | (799) | (783) |
Other | (67) | (59) |
Net cash provided by financing activities | 1,404 | 1,185 |
Net increase in cash, cash equivalents and restricted cash | 500 | 136 |
Cash, cash equivalents and restricted cash at beginning of period | 520 | 556 |
Cash, cash equivalents and restricted cash at end of period | 1,020 | 692 |
Significant non-cash transactions: | ||
Accrued capital expenditures | 1,028 | 921 |
Duke Energy Carolinas | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | 340 | 312 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion (including amortization of nuclear fuel) | 447 | 428 |
Equity component of AFUDC | (22) | (16) |
Impairment of assets and other charges | 3 | |
Deferred income taxes | 44 | (8) |
Payments for asset retirement obligations | (35) | (35) |
Provision for rate refunds | (18) | |
(Increase) decrease in | ||
Net realized and unrealized mark-to-market and hedging transactions | 50 | |
Receivables | 77 | 156 |
Receivables from affiliated companies | 56 | 5 |
Inventory | (13) | (11) |
Other current assets | (230) | (48) |
Increase (decrease) in | ||
Accounts payable | (225) | (255) |
Accounts payable to affiliated companies | (17) | 7 |
Taxes accrued | (150) | 62 |
Other current liabilities | 56 | (77) |
Other assets | 6 | 43 |
Other liabilities | (44) | (17) |
Net cash provided by operating activities | 325 | 546 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | (717) | (622) |
Purchases of debt and equity securities | (1,008) | (1,128) |
Proceeds from sales and maturities of debt and equity securities | 1,008 | 1,128 |
Notes receivable from affiliated companies | (492) | |
Other | (54) | (43) |
Net cash used in investing activities | (1,263) | (665) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from the issuance of long-term debt | 1,217 | 142 |
Payments for the redemption of long-term debt | (1) | (33) |
Notes payable to affiliated companies | (226) | 2 |
Distributions to parent | (50) | |
Other | (1) | (1) |
Net cash provided by financing activities | 939 | 110 |
Net increase in cash, cash equivalents and restricted cash | 1 | (9) |
Cash, cash equivalents and restricted cash at beginning of period | 8 | 21 |
Cash, cash equivalents and restricted cash at end of period | 9 | 12 |
Significant non-cash transactions: | ||
Accrued capital expenditures | 352 | 268 |
Progress Energy | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | 354 | 290 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion (including amortization of nuclear fuel) | 625 | 575 |
Equity component of AFUDC | (12) | (13) |
Deferred income taxes | 72 | 79 |
Payments for asset retirement obligations | (68) | (69) |
Provision for rate refunds | (16) | |
(Increase) decrease in | ||
Net realized and unrealized mark-to-market and hedging transactions | 164 | 6 |
Receivables | (123) | 214 |
Receivables from affiliated companies | 102 | 81 |
Inventory | (5) | 39 |
Other current assets | (224) | (150) |
Increase (decrease) in | ||
Accounts payable | 26 | (69) |
Accounts payable to affiliated companies | (142) | 32 |
Taxes accrued | 30 | 23 |
Other current liabilities | (113) | (60) |
Other assets | (80) | (27) |
Other liabilities | 40 | (64) |
Net cash provided by operating activities | 630 | 887 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | (981) | (796) |
Purchases of debt and equity securities | (531) | (517) |
Proceeds from sales and maturities of debt and equity securities | 548 | 537 |
Notes receivable from affiliated companies | (237) | |
Other | (28) | (59) |
Net cash used in investing activities | (1,229) | (835) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from the issuance of long-term debt | 889 | 98 |
Payments for the redemption of long-term debt | (54) | (34) |
Notes payable to affiliated companies | (1) | (125) |
Dividends to parent | (250) | |
Other | (3) | (2) |
Net cash provided by financing activities | 581 | (63) |
Net increase in cash, cash equivalents and restricted cash | (18) | (11) |
Cash, cash equivalents and restricted cash at beginning of period | 113 | 200 |
Cash, cash equivalents and restricted cash at end of period | 95 | 189 |
Significant non-cash transactions: | ||
Accrued capital expenditures | 349 | 317 |
Duke Energy Progress | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | 215 | 210 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion (including amortization of nuclear fuel) | 350 | 331 |
Equity component of AFUDC | (7) | (8) |
Deferred income taxes | 19 | 6 |
Payments for asset retirement obligations | (41) | (46) |
Provision for rate refunds | (16) | |
(Increase) decrease in | ||
Net realized and unrealized mark-to-market and hedging transactions | 164 | 2 |
Receivables | (70) | 131 |
Receivables from affiliated companies | 63 | (20) |
Inventory | (19) | 29 |
Other current assets | (75) | (21) |
Increase (decrease) in | ||
Accounts payable | 18 | (62) |
Accounts payable to affiliated companies | (50) | 10 |
Taxes accrued | (85) | (12) |
Other current liabilities | (67) | (25) |
Other assets | (56) | (35) |
Other liabilities | 47 | (15) |
Net cash provided by operating activities | 390 | 475 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | (467) | (400) |
Purchases of debt and equity securities | (481) | (382) |
Proceeds from sales and maturities of debt and equity securities | 480 | 380 |
Notes receivable from affiliated companies | (328) | |
Other | (19) | (29) |
Net cash used in investing activities | (815) | (431) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from the issuance of long-term debt | 889 | 98 |
Payments for the redemption of long-term debt | (21) | (2) |
Notes payable to affiliated companies | (172) | (132) |
Distributions to parent | (250) | |
Other | (1) | (1) |
Net cash provided by financing activities | 445 | (37) |
Net increase in cash, cash equivalents and restricted cash | 20 | 7 |
Cash, cash equivalents and restricted cash at beginning of period | 39 | 39 |
Cash, cash equivalents and restricted cash at end of period | 59 | 46 |
Significant non-cash transactions: | ||
Accrued capital expenditures | 111 | 96 |
Duke Energy Florida | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | 171 | 117 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion (including amortization of nuclear fuel) | 273 | 243 |
Equity component of AFUDC | (5) | (4) |
Deferred income taxes | 52 | 74 |
Payments for asset retirement obligations | (28) | (24) |
(Increase) decrease in | ||
Net realized and unrealized mark-to-market and hedging transactions | 2 | |
Receivables | (54) | 83 |
Receivables from affiliated companies | (4) | |
Inventory | 14 | 10 |
Other current assets | (72) | (101) |
Increase (decrease) in | ||
Accounts payable | 9 | (7) |
Accounts payable to affiliated companies | (89) | 23 |
Taxes accrued | 45 | 3 |
Other current liabilities | (52) | (41) |
Other assets | (24) | 12 |
Other liabilities | (6) | (48) |
Net cash provided by operating activities | 234 | 338 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | (514) | (396) |
Purchases of debt and equity securities | (49) | (134) |
Proceeds from sales and maturities of debt and equity securities | 69 | 157 |
Other | (10) | (30) |
Net cash used in investing activities | (504) | (403) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Payments for the redemption of long-term debt | (34) | (33) |
Notes payable to affiliated companies | 269 | 83 |
Other | (1) | |
Net cash provided by financing activities | 234 | 50 |
Net increase in cash, cash equivalents and restricted cash | (36) | (15) |
Cash, cash equivalents and restricted cash at beginning of period | 62 | 50 |
Cash, cash equivalents and restricted cash at end of period | 26 | 35 |
Significant non-cash transactions: | ||
Accrued capital expenditures | 237 | 222 |
Duke Energy Ohio | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | 77 | 91 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion (including amortization of nuclear fuel) | 81 | 75 |
Equity component of AFUDC | (3) | (2) |
Deferred income taxes | (51) | 12 |
Provision for rate refunds | 5 | |
(Increase) decrease in | ||
Receivables | (5) | |
Receivables from affiliated companies | 15 | 5 |
Inventory | 2 | 2 |
Other current assets | 48 | (5) |
Increase (decrease) in | ||
Accounts payable | 88 | 8 |
Accounts payable to affiliated companies | (12) | |
Taxes accrued | (56) | (55) |
Other current liabilities | (89) | (8) |
Other assets | (17) | (16) |
Other liabilities | 74 | 1 |
Net cash provided by operating activities | 169 | 96 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | (210) | (220) |
Notes receivable from affiliated companies | 29 | 37 |
Other | (6) | (10) |
Net cash used in investing activities | (187) | (193) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Notes payable to affiliated companies | 21 | 101 |
Other | (1) | |
Net cash provided by financing activities | 20 | 101 |
Net increase in cash, cash equivalents and restricted cash | 2 | 4 |
Cash, cash equivalents and restricted cash at beginning of period | 13 | 14 |
Cash, cash equivalents and restricted cash at end of period | 15 | 18 |
Significant non-cash transactions: | ||
Accrued capital expenditures | 82 | 84 |
Duke Energy Indiana | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | (79) | 112 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion (including amortization of nuclear fuel) | 157 | 153 |
Equity component of AFUDC | (7) | (5) |
Impairment of assets and other charges | 211 | |
Deferred income taxes | (81) | (12) |
Payments for asset retirement obligations | (15) | (10) |
(Increase) decrease in | ||
Net realized and unrealized mark-to-market and hedging transactions | 1 | |
Receivables | 4 | (9) |
Receivables from affiliated companies | 12 | |
Inventory | (12) | 38 |
Other current assets | (22) | (23) |
Increase (decrease) in | ||
Accounts payable | 19 | 1 |
Accounts payable to affiliated companies | (22) | (16) |
Taxes accrued | 74 | 71 |
Other current liabilities | 14 | 20 |
Other assets | (10) | 3 |
Other liabilities | 50 | 12 |
Net cash provided by operating activities | 293 | 336 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | (212) | (186) |
Purchases of debt and equity securities | (16) | (5) |
Proceeds from sales and maturities of debt and equity securities | 13 | 4 |
Notes receivable from affiliated companies | (1) | |
Notes receivable from affiliated companies | 131 | |
Other | (17) | (7) |
Net cash used in investing activities | (101) | (195) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Payments for the redemption of long-term debt | (53) | |
Notes payable to affiliated companies | (131) | |
Distributions to parent | (125) | |
Other | (1) | |
Net cash provided by financing activities | (179) | (131) |
Net increase in cash, cash equivalents and restricted cash | 13 | 10 |
Cash, cash equivalents and restricted cash at beginning of period | 6 | 7 |
Cash, cash equivalents and restricted cash at end of period | 19 | 17 |
Significant non-cash transactions: | ||
Accrued capital expenditures | 82 | 74 |
Piedmont | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | 214 | 203 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion (including amortization of nuclear fuel) | 55 | 48 |
Equity in (earnings) losses of unconsolidated affiliates | (2) | (2) |
Equity component of AFUDC | (1) | (6) |
Deferred income taxes | (11) | (12) |
Provision for rate refunds | (2) | |
(Increase) decrease in | ||
Receivables | 15 | (8) |
Receivables from affiliated companies | (2) | |
Inventory | 58 | 31 |
Other current assets | 7 | 66 |
Increase (decrease) in | ||
Accounts payable | (16) | (63) |
Accounts payable to affiliated companies | 12 | (21) |
Taxes accrued | 16 | 45 |
Other current liabilities | 36 | (16) |
Other assets | (13) | 2 |
Other liabilities | (2) | |
Net cash provided by operating activities | 366 | 265 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | (199) | (200) |
Notes receivable from affiliated companies | (198) | |
Other | (8) | (8) |
Net cash used in investing activities | (207) | (406) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from the issuance of long-term debt | 347 | |
Notes payable to affiliated companies | (158) | (530) |
Other | (1) | |
Capital contributions from parent | 325 | |
Net cash provided by financing activities | (159) | 142 |
Net increase in cash, cash equivalents and restricted cash | 1 | |
Cash, cash equivalents and restricted cash at end of period | 1 | |
Significant non-cash transactions: | ||
Accrued capital expenditures | $ 87 | $ 106 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Millions | Total | Preferred Stock | Common Stockholders' Equity | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income, Net (Losses) Gains on Cash Flow Hedges | Accumulated Other Comprehensive (Loss) Income, Net Unrealized (Losses) Gains on Available-for-Sale-Securities | Accumulated Other Comprehensive (Loss) Income, Pension and OPEB Adjustments | Noncontrolling Interests | Duke Energy Carolinas | Duke Energy CarolinasMember's Equity | Duke Energy CarolinasAccumulated Other Comprehensive (Loss) Income, Net (Losses) Gains on Cash Flow Hedges | Progress Energy | Progress EnergyCommon Stockholders' Equity | Progress EnergyAdditional Paid-in Capital | Progress EnergyRetained Earnings | Progress EnergyAccumulated Other Comprehensive (Loss) Income, Net (Losses) Gains on Cash Flow Hedges | Progress EnergyAccumulated Other Comprehensive (Loss) Income, Net Unrealized (Losses) Gains on Available-for-Sale-Securities | Progress EnergyAccumulated Other Comprehensive (Loss) Income, Pension and OPEB Adjustments | Progress EnergyNoncontrolling Interests | Duke Energy Progress | Duke Energy ProgressMember's Equity | Duke Energy Florida | Duke Energy FloridaMember's Equity | Duke Energy FloridaAccumulated Other Comprehensive (Loss) Income, Net Unrealized (Losses) Gains on Available-for-Sale-Securities | Duke Energy Ohio | Duke Energy OhioCommon Stock | Duke Energy OhioAdditional Paid-in Capital | Duke Energy OhioRetained Earnings | Duke Energy Indiana | Duke Energy IndianaMember's Equity | Piedmont | PiedmontCommon Stock | PiedmontRetained Earnings | Common Stock | Common StockCommon Stockholders' Equity | Common StockCommon Stock | Common StockAdditional Paid-in Capital | ||
Beginning Balance at Dec. 31, 2020 | $ 49,184 | $ 1,962 | $ 47,964 | $ 43,767 | $ 2,471 | $ (167) | $ 6 | $ (76) | $ 1,220 | $ 16,241 | $ 16,237 | $ 9,143 | $ 7,109 | $ (5) | $ (2) | $ (8) | $ 4 | $ 1 | ||||||||||||||||||||||
Beginning Balance, in shares at Dec. 31, 2020 | 769,000,000 | |||||||||||||||||||||||||||||||||||||||
Beginning Balance (member's equity) at Dec. 31, 2020 | $ 13,154 | $ 13,161 | $ (7) | $ 9,260 | $ 7,558 | $ 7,560 | $ (2) | $ 4,783 | ||||||||||||||||||||||||||||||||
Beginning Balance (parent) at Dec. 31, 2020 | $ 3,935 | $ 762 | $ 2,776 | $ 397 | $ 2,715 | $ 1,310 | $ 1,405 | |||||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 902 | 953 | 953 | (51) | ||||||||||||||||||||||||||||||||||||
Net income (loss) | 992 | 312 | 312 | $ 210 | 210 | 117 | 117 | 91 | 91 | $ 112 | 112 | 203 | 203 | |||||||||||||||||||||||||||
Net income | 941 | 290 | 290 | 290 | ||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | 26 | [1] | 19 | 25 | (8) | 2 | 7 | 1 | (1) | (1) | (1) | |||||||||||||||||||||||||||||
Common stock issuances, including dividend reinvestment and employee benefits | $ (3) | $ (3) | $ (3) | |||||||||||||||||||||||||||||||||||||
Common stock dividends | (744) | (744) | (744) | |||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests, net of transaction costs | [2] | 300 | (3) | (3) | 303 | |||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest in subsidiaries | (7) | (7) | (1) | (1) | ||||||||||||||||||||||||||||||||||||
Other | 1 | 1 | (1) | 1 | ||||||||||||||||||||||||||||||||||||
Contribution from parent | 325 | 325 | ||||||||||||||||||||||||||||||||||||||
Ending Balance at Mar. 31, 2021 | 49,658 | 1,962 | 48,186 | 43,761 | 2,680 | (142) | (2) | (74) | 1,472 | 16,530 | 16,528 | 9,143 | 7,400 | (4) | (3) | (8) | 2 | $ 1 | ||||||||||||||||||||||
Ending Balance (member's equity) at Mar. 31, 2021 | 13,466 | 13,473 | (7) | 9,470 | 7,674 | 7,677 | (3) | 4,896 | ||||||||||||||||||||||||||||||||
Ending Balance, in shares at Mar. 31, 2021 | 769,000,000 | |||||||||||||||||||||||||||||||||||||||
Ending Balance (parent) at Mar. 31, 2021 | $ 4,026 | 762 | 2,776 | 488 | $ 3,243 | 1,635 | 1,608 | |||||||||||||||||||||||||||||||||
Beginning Balance at Dec. 31, 2021 | $ 51,136 | 1,962 | 49,296 | 44,371 | 3,265 | (232) | (2) | (69) | 1,840 | $ 17,148 | 17,145 | 9,149 | 8,007 | (2) | (2) | (7) | 3 | $ 1 | ||||||||||||||||||||||
Beginning Balance, in shares at Dec. 31, 2021 | 769,000,000 | 100 | 90,000,000 | 100,000,000 | 769,000,000 | |||||||||||||||||||||||||||||||||||
Beginning Balance (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 | ||||||||||||||||||||||||||||||
Beginning Balance (parent) at Dec. 31, 2021 | $ 49,296 | $ 17,145 | $ 4,464 | 762 | 3,100 | 602 | $ 3,349 | 1,635 | 1,714 | |||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 781 | 818 | 818 | (37) | ||||||||||||||||||||||||||||||||||||
Net income (loss) | 857 | 340 | 340 | 215 | 215 | 171 | 171 | 77 | 77 | (79) | (79) | $ 214 | 214 | |||||||||||||||||||||||||||
Net income | 820 | 354 | 354 | 354 | ||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | 107 | [1] | 99 | 110 | (13) | 2 | 8 | (1) | (1) | 1 | (2) | (1) | (1) | |||||||||||||||||||||||||||
Common stock issuances, including dividend reinvestment and employee benefits | $ (7) | $ (7) | $ 1 | $ (7) | ||||||||||||||||||||||||||||||||||||
Common stock dividends | (760) | (760) | (760) | (50) | (50) | (250) | (250) | (250) | (250) | (113) | ||||||||||||||||||||||||||||||
Equitization of certain notes payable to affiliates | 2,431 | 2,431 | 2,431 | |||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests, net of transaction costs | [2] | 23 | 23 | |||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest in subsidiaries | (28) | (28) | (1) | (1) | ||||||||||||||||||||||||||||||||||||
Other | 1 | 1 | 1 | 1 | 1 | 1 | $ 1 | 1 | 1 | |||||||||||||||||||||||||||||||
Ending Balance at Mar. 31, 2022 | $ 51,252 | $ 1,962 | $ 49,446 | $ 44,364 | $ 3,323 | $ (122) | $ (15) | $ (67) | $ 1,806 | $ 19,682 | $ 19,680 | $ 9,149 | $ 10,543 | $ (1) | $ (4) | $ (7) | $ 2 | $ 1 | ||||||||||||||||||||||
Ending Balance (member's equity) at Mar. 31, 2022 | $ 14,182 | $ 14,188 | $ (6) | $ 9,517 | $ 9,517 | $ 8,465 | $ 8,469 | $ (4) | $ 4,824 | $ 4,824 | ||||||||||||||||||||||||||||||
Ending Balance, in shares at Mar. 31, 2022 | 770,000,000 | 100 | 90,000,000 | 100,000,000 | 770,000,000 | |||||||||||||||||||||||||||||||||||
Ending Balance (parent) at Mar. 31, 2022 | $ 49,446 | $ 19,680 | $ 4,542 | $ 762 | $ 3,100 | $ 680 | $ 3,563 | $ 1,635 | $ 1,928 | |||||||||||||||||||||||||||||||
[1] | Net of income tax impacts of approximately $32 million and $8 million for the three months ended March 31, 2022, and 2021, respectively. | |||||||||||||||||||||||||||||||||||||||
[2] | Relates to tax equity financing activity in the Commercial Renewables segment. |
Organization and Basis of Prese
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Index to Combined Notes to Condensed Consolidated Financial Statements The unaudited notes to the Condensed Consolidated Financial Statements that follow are a combined presentation. The following list indicates the registrants to which the footnotes apply. Applicable Notes Registrant 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Duke Energy • • • • • • • • • • • • • • • Duke Energy Carolinas • • • • • • • • • • • • • • Progress Energy • • • • • • • • • • • • • • • Duke Energy Progress • • • • • • • • • • • • • • Duke Energy Florida • • • • • • • • • • • • • • Duke Energy Ohio • • • • • • • • • • • • • • Duke Energy Indiana • • • • • • • • • • • • • • Piedmont • • • • • • • • • • • • • Tables within the notes may not sum across due to (i) Progress Energy's consolidation of Duke Energy Progress, Duke Energy Florida and other subsidiaries that are not registrants and (ii) subsidiaries that are not registrants but included in the consolidated Duke Energy balances. BASIS OF PRESENTATION These Condensed Consolidated Financial Statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these Condensed Consolidated Financial Statements do not include all information and notes required by GAAP for annual financial statements and should be read in conjunction with the Consolidated Financial Statements in the Duke Energy Registrants’ combined Annual Report on Form 10-K for the year ended December 31, 2021. The information in these combined notes relates to each of the Duke Energy Registrants as noted in the Index to Combined Notes to Condensed Consolidated Financial Statements. However, none of the registrants make any representations as to information related solely to Duke Energy or the subsidiaries of Duke Energy other than itself. These Condensed Consolidated Financial Statements, in the opinion of the respective companies’ management, reflect all normal recurring adjustments necessary to fairly present the financial position and results of operations of each of the Duke Energy Registrants. Amounts reported in Duke Energy’s interim Condensed Consolidated Statements of Operations and each of the Subsidiary Registrants’ interim Condensed Consolidated Statements of Operations and Comprehensive Income are not necessarily indicative of amounts expected for the respective annual periods due to effects of seasonal temperature variations on energy consumption, regulatory rulings, timing of maintenance on electric generating units, changes in mark-to-market valuations, changing commodity prices and other factors. In preparing financial statements that conform to GAAP, management 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. BASIS OF CONSOLIDATION These Condensed 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 11 for additional information on VIEs. These Condensed Consolidated Financial Statements also reflect the Duke Energy Registrants’ proportionate share of certain jointly owned generation and transmission facilities. NONCONTROLLING INTEREST Duke Energy maintains a controlling financial interest in certain less than wholly owned 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 Condensed Consolidated Balance Sheets. Several operating agreements of Duke Energy's subsidiaries with noncontrolling interest are subject to allocations of earnings, tax attributes and cash flows in accordance with contractual agreements that vary throughout the lives of the subsidiaries. Therefore, Duke Energy and the other investors' (the owners) interests in the subsidiaries are not fixed, and the subsidiaries apply the Hypothetical Liquidation at Book Value (HLBV) method in allocating income or loss and other comprehensive income or loss (all measured on a pretax basis) to the owners. The HLBV method measures the amounts that each owner would hypothetically claim at each balance sheet reporting date, including tax benefits realized by the owners over the IRS recapture period, upon a hypothetical liquidation of the subsidiary at the net book value of its underlying assets. The change in the amount that each owner would hypothetically receive at the reporting date compared to the amount it would have received on the previous reporting date represents the amount of income or loss allocated to each owner for the reporting period. During September 2021, Duke Energy completed the initial minority interest investment in a portion of Duke Energy Indiana to an affiliate of GIC. GIC's ownership interest in Duke Energy Indiana represents a noncontrolling interest. See Note 2 for additional information on the sale. Other 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 . The following table presents allocated losses to noncontrolling interest for the three months ended March 31, 2022, and 2021. Three Months Ended March 31, (in millions) 2022 2021 Noncontrolling Interest Allocation of Income Allocated losses to noncontrolling tax equity members utilizing the HLBV method $ 24 $ 43 Allocated losses to noncontrolling members based on pro rata shares of ownership 13 8 Total Noncontrolling Interest Allocated Losses $ 37 $ 51 CASH, CASH EQUIVALENTS AND RESTRICTED CASH Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress and Duke Energy Florida have restricted cash balances related primarily to collateral assets, escrow deposits and VIEs. See Notes 9 and 11 for additional information. Restricted cash amounts are included in Other within Current Assets and Other Noncurrent Assets on the Condensed Consolidated Balance Sheets. The following table presents the components of cash, cash equivalents and restricted cash included in the Condensed Consolidated Balance Sheets. March 31, 2022 December 31, 2021 Duke Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Duke Energy Progress Energy Energy Energy Carolinas Energy Progress Florida Energy Carolinas Energy Progress Florida Current Assets Cash and cash equivalents $ 853 $ 4 $ 63 $ 42 $ 13 $ 343 $ 7 $ 70 $ 35 $ 23 Other 151 4 28 13 13 170 — 39 — 39 Other Noncurrent Assets Other 16 1 4 4 — 7 1 4 4 — Total cash, cash equivalents and restricted cash $ 1,020 $ 9 $ 95 $ 59 $ 26 $ 520 $ 8 $ 113 $ 39 $ 62 INVENTORY Provisions for inventory write-offs were not material at March 31, 2022, and December 31, 2021. The components of inventory are presented in the tables below. March 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 $ 2,455 $ 810 $ 1,089 $ 744 $ 345 $ 89 $ 320 $ 14 Coal 469 196 149 93 56 16 108 — Natural gas, oil and other fuel 247 34 165 103 62 9 2 37 Total inventory $ 3,171 $ 1,040 $ 1,403 $ 940 $ 463 $ 114 $ 430 $ 51 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 $ 2,397 $ 793 $ 1,067 $ 729 $ 338 $ 80 $ 311 $ 14 Coal 486 195 167 94 73 19 105 — Natural gas, oil and other fuel 316 38 164 98 66 17 2 95 Total inventory $ 3,199 $ 1,026 $ 1,398 $ 921 $ 477 $ 116 $ 418 $ 109 NEW ACCOUNTING STANDARDS No new accounting standards were adopted by the Duke Energy Registrants in 2022. |
Business Segments
Business Segments | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Business Segments | BUSINESS SEGMENTS Duke Energy Duke Energy's segment structure includes the following segments: Electric Utilities and Infrastructure, Gas Utilities and Infrastructure and Commercial Renewables. The Electric Utilities and Infrastructure segment primarily includes Duke Energy's regulated electric utilities in the Carolinas, Florida and the Midwest. On January 28, 2021, Duke Energy executed an agreement providing for an investment by an affiliate of GIC in Duke Energy Indiana in exchange for a 19.9% minority interest issued by Duke Energy Indiana Holdco, LLC, the holding company for Duke Energy Indiana. The transaction will be completed following two closings for an aggregate purchase price of approximately $2 billion. The first closing, which occurred on September 8, 2021, resulted in Duke Energy Indiana Holdco, LLC issuing 11.05% of its membership interests in exchange for approximately $1,025 million or 50% of the purchase price. Duke Energy retained indirect control of these assets, and, therefore, no gain or loss was recognized on the Condensed Consolidated Statements of Operations. Duke Energy has the discretion to determine the timing of the second closing, but it will occur no later than January 2023. At the second closing, Duke Energy will issue and sell additional membership interests such that GIC will own 19.9% of the membership interests for the remaining 50% of the purchase price. The Gas Utilities and Infrastructure 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. The Commercial Renewables segment is primarily comprised of nonregulated utility-scale wind and solar generation assets located throughout the U.S. Duke Energy continues to monitor recoverability of its renewable merchant plants located in the ERCOT West market and in the PJM West market due to fluctuating market pricing and long-term forecasted energy prices. The assets were not impaired as of March 31, 2022, because the carrying value of approximately $200 million continues to approximate the aggregate estimated future undiscounted cash flows. Duke Energy has a 51% ownership interest in these assets. A continued decline in energy market pricing or other factors unfavorably impacting the economics would likely result in a future impairment. 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, Duke Energy’s wholly owned captive insurance company, Bison, and Duke Energy's ownership interest in National Methanol Company. Business segment information is presented in the following tables. Segment assets presented exclude intercompany assets. Three Months Ended March 31, 2022 Electric Gas Total Utilities and Utilities and Commercial Reportable (in millions) Infrastructure Infrastructure Renewables Segments Other Eliminations Total Unaffiliated revenues $ 5,995 $ 1,009 $ 121 $ 7,125 $ 7 $ — $ 7,132 Intersegment revenues 7 23 — 30 23 (53) — Total revenues $ 6,002 $ 1,032 $ 121 $ 7,155 $ 30 $ (53) $ 7,132 Segment income (loss) (a) $ 723 $ 254 $ 11 $ 988 $ (170) $ — $ 818 Less: Noncontrolling interests 37 Add: Preferred stock dividend 39 Net Income $ 820 Segment assets $ 144,790 $ 15,170 $ 7,021 $ 166,981 $ 4,251 $ (12) $ 171,220 Three Months Ended March 31, 2021 Electric Gas Total Utilities and Utilities and Commercial Reportable (in millions) Infrastructure Infrastructure Renewables Segments Other Eliminations Total Unaffiliated revenues $ 5,273 $ 752 $ 119 $ 6,144 $ 6 $ — $ 6,150 Intersegment revenues 8 23 — 31 20 (51) — Total revenues $ 5,281 $ 775 $ 119 $ 6,175 $ 26 $ (51) $ 6,150 Segment income (loss) (b) $ 820 $ 245 $ 27 $ 1,092 $ (139) $ — $ 953 Less: Noncontrolling interests 51 Add: Preferred stock dividend 39 Net Income $ 941 (a) Electric Utilities and Infrastructure includes $211 million recorded within Impairment of assets and other charges, $46 million within Operating revenues and $22 million within Noncontrolling Interests related to the Duke Energy Supreme Court ruling on the Condensed Consolidated Statements of Operations. See Note 3 for additional information. (b) Commercial Renewables includes a $35 million loss related to Texas Storm Uri, of which $8 million is recorded within Nonregulated electric and other revenues, $2 million within Operation, maintenance and other, $29 million within Equity in earnings (losses) of unconsolidated affiliates and $12 million within Net Loss Attributable to Noncontrolling Interests on the Condensed Consolidated Statements of Operations. See Note 4 for additional information. G as Utilities and Infrastructure includes $6 million, recorded within Equity in earnings (losses) of unconsolidated affiliates on the Condensed Consolidated Statements of Operations, related to gas pipeline investments. Duke Energy Ohio Duke Energy Ohio has two reportable segments, Electric Utilities and Infrastructure and Gas Utilities and Infrastructure. The remainder of Duke Energy Ohio's operations is presented as Other. Three Months Ended March 31, 2022 Electric Gas Total Utilities and Utilities and Reportable (in millions) Infrastructure Infrastructure Segments Other Eliminations Total Total revenues $ 412 $ 226 $ 638 $ — $ — $ 638 Segment income/Net (loss) income $ 41 $ 38 $ 79 $ (2) $ — $ 77 Segment assets $ 7,101 $ 3,784 $ 10,885 $ 14 $ (168) $ 10,731 Three Months Ended March 31, 2021 Electric Gas Total Utilities and Utilities and Reportable (in millions) Infrastructure Infrastructure Segments Other Total Total revenues $ 363 $ 169 $ 532 $ — $ 532 Segment income/Net (loss) income $ 50 $ 43 $ 93 $ (2) $ 91 |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2022 | |
Regulated Operations [Abstract] | |
Regulatory Matters | REGULATORY MATTERS 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 HB 951 The NCUC is required by North Carolina House Bill 951 (HB 951) to adopt an initial Carbon Plan on or before December 31, 2022. The NCUC has directed Duke Energy Carolinas and Duke Energy Progress to file a proposed Carbon Plan on or before May 16, 2022. Duke Energy Carolinas and Duke Energy Progress cannot predict the outcome of this matter. On February 10, 2022, the NCUC adopted rules to govern the application and review process for the PBR authorized under HB 951. On April 5, 2022, the NCUC adopted rules to govern the securitization of 50% of the North Carolina retail portion of the remaining net book value of retiring coal plants pursuant to HB 951. The rules are constructive and consistent with the policy objectives of HB 951. Duke Energy Carolinas 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 purporting to challenge Duke Energy Carolinas’ environmental report (ER). In general, the proposed contentions claimed that the ER did not consider certain information regarding the environmental aspects of severe accidents caused by a hypothetical failure of the Jocassee Dam, and therefore did not satisfy the National Environmental Policy Act (NEPA) of 1969, as amended, or the NRC’s NEPA-implementing regulations. Duke Energy Carolinas filed its answer to the proposed contentions on October 22, 2021, and the Petitioners filed their reply to Duke Energy Carolinas’ answer on November 5, 2021. 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 Turkey Point SLR appeal and 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. While 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 revised environmental report providing information on environmental impacts during the SLR period prior to the rulemaking being completed. Duke Energy Carolinas is evaluating the two options to determine which is preferable for ONS. Although the NRC’s 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, though Duke Energy Carolinas cannot guaranty 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 this matter. Duke Energy Progress FERC Return on Equity Complaint On October 16, 2020, North Carolina Electric Membership Corporation (NCEMC) filed a complaint at the FERC against Duke Energy Progress pursuant to Section 206 of the Federal Power Act (FPA), alleging that the 11% stated return on equity (ROE) component in the demand formula rate in the Power Supply and Coordination Agreement between NCEMC and Duke Energy Progress is unjust and unreasonable. Under FPA Section 206, the earliest refund effective date that the FERC can establish is the date of the filing of the complaint. A series of responses and answers were filed at FERC. The complaint proceeding is currently held in abeyance until June 1, 2022, based on representations that the parties have reached an agreement in principle and need additional time to finalize the filing. Duke Energy Progress cannot predict the outcome of this matter. Duke Energy Florida 2021 Settlement Agreement On January 14, 2021, Duke Energy Florida filed a Settlement Agreement (the “2021 Settlement”) with the FPSC. The parties to the 2021 Settlement include Duke Energy Florida, the Office of Public Counsel (OPC), the Florida Industrial Power Users Group, White Springs Agricultural Chemicals, Inc. d/b/a PCS Phosphate and NUCOR Steel Florida, Inc. (collectively, the “Parties”). Pursuant to the 2021 Settlement, the Parties agreed to a base rate stay-out provision that expires year-end 2024; however, Duke Energy Florida is allowed an increase to its base rates of an incremental $67 million in 2022, $49 million in 2023 and $79 million in 2024, subject to adjustment in the event of tax reform during the years 2021, 2022 and 2023. The Parties also agreed to an ROE band of 8.85% to 10.85% with a midpoint of 9.85% based on a capital structure of 53% equity and 47% debt. The ROE band can be increased by 25 basis points if the average 30-year U.S. Treasury rate increases 50 basis points or more over a six-month period in which case the midpoint ROE would rise from 9.85% to 10.10%. Duke Energy Florida will also be able to retain the retail portion of the DOE award of approximately $173 million for spent nuclear fuel, which is expected to be received in 2022, in order to mitigate customer rates over the term of the 2021 Settlement. In return, Duke Energy Florida will be able to recognize the $173 million into earnings from 2022 through 2024. In addition to these terms, the 2021 Settlement contained provisions related to the accelerated depreciation of Crystal River Units 4-5, the approval of approximately $1 billion in future investments in new cost-effective solar power, the implementation of a new Electric Vehicle Charging Station Program and the deferral and recovery of costs in connection with the implementation of Duke Energy Florida’s Vision Florida program, which explores various emerging non-carbon emitting generation technology, distributed technologies and resiliency projects, among other things. The 2021 Settlement also resolved remaining unrecovered storm costs for Hurricane Michael and Hurricane Dorian. The FPSC approved the 2021 Settlement on May 4, 2021, issuing an order on June 4, 2021. Revised customer rates became effective January 1, 2022, with subsequent base rate increases effective January 1, 2023, and January 1, 2024. Clean Energy Connection On July 1, 2020, Duke Energy Florida petitioned the FPSC for approval of a voluntary solar program. The program consists of 10 new solar generating facilities with combined capacity of approximately 750 MW. The program allows participants to support cost-effective solar development in Florida by paying a subscription fee based on per kilowatt-subscriptions and receiving a credit on their bill based on the actual generation associated with their portion of the solar portfolio. The estimated cost of the 10 new solar generation facilities is approximately $1 billion over the next three years, and this investment will be included in base rates offset by the revenue from the subscription fees. The credits will be included for recovery in the fuel cost recovery clause. The FPSC approved the program in January 2021. On February 24, 2021, the League of United Latin American Citizens (LULAC) filed a notice of appeal of the FPSC’s order approving the Clean Energy Connection to the Supreme Court of Florida. LULAC's initial brief was filed on May 26, 2021, and Appellees' response briefs were filed on July 26, 2021. LULAC's reply brief was filed on September 24, 2021, and its request for oral argument was filed on September 28, 2021. The Supreme Court of Florida heard the oral argument on February 9, 2022. The FPSC approval order remains in effect pending the outcome of the appeal. Duke Energy Florida cannot predict the outcome of this matter. Storm Protection Plan On April 11, 2022, Duke Energy Florida filed a Storm Protection Plan for approval with the FPSC. The plan, which covers investments for the 2023-2032 time frame, reflects approxim ately $7 billion of capital inv estment in transmission and distribution meant to strengthen its infrastructure, reduce outage times associated with extreme weather events, reduce restoration costs and improve overall service reliability. The FPSC has scheduled a hearing to begin on August 2, 2022. Duke Energy Florida cannot predict the outcome of this matter. Duke Energy Ohio Duke Energy Ohio Electric Base Rate Case Duke Energy Ohio filed with the PUCO an electric distribution base rate case application on October 1, 2021, with supporting testimony filed on October 15, 2021, requesting an increase in electric distribution base rates of approximately $55 million and an ROE of 10.3%. This is an approximate 3.3% average increase in the customer's total bill across all customer classes. The drivers for this case are capital invested since Duke Energy Ohio's last electric distribution base rate case in 2017. Duke Energy Ohio is also seeking to adjust the caps on its Distribution Capital Investment Rider (DCI Rider). Duke Energy Ohio anticipates the PUCO will rule on the request in 2022. Duke Energy Ohio cannot predict the outcome of this matter. Energy Efficiency Cost Recovery In response to changes in Ohio law that eliminated Ohio's energy efficiency mandates, the PUCO issued an order on February 26, 2020, directing utilities to wind down their demand-side management programs by September 30, 2020, and to terminate the programs by December 31, 2020. Duke Energy Ohio took the following actions: • On March 27, 2020, Duke Energy Ohio filed an application for rehearing seeking clarification on the final true up and reconciliation process after 2020. On November 18, 2020, the PUCO issued an order replacing the cost cap previously imposed upon Duke Energy Ohio with a cap on shared savings recovery. On December 18, 2020, Duke Energy Ohio filed an additional application for rehearing challenging, among other things, the imposition of the cap on shared savings. On January 13, 2021, the application for rehearing was granted for further consideration. • On October 9, 2020, Duke Energy Ohio filed an application to implement a voluntary energy efficiency program portfolio to commence on January 1, 2021. The application proposed a mechanism for recovery of program costs and a benefit associated with avoided transmission and distribution costs. The application remains under review. • On November 18, 2020, the PUCO issued an order directing all utilities to set their energy efficiency riders to zero effective January 1, 2021, and to file a separate application for final reconciliation of all energy efficiency costs prior to December 31, 2020. Effective January 1, 2021, Duke Energy Ohio suspended its energy efficiency programs. • On June 14, 2021, the PUCO issued an entry for each utility to file by July 15, 2021, a proposal to reestablish low-income programs through December 31, 2021. Duke Energy Ohio filed its application on July 14, 2021. • On February 23, 2022, the PUCO issued its Fifth Entry on Rehearing that 1) affirmed its reduction in Duke Energy Ohio's shared savings cap; 2) denied rehearing/clarification regarding lost distribution revenues and shared savings recovery for periods after December 31, 2020; and 3) directed Duke Energy Ohio to submit an updated application with exhibits. • On March 25, 2022, Duke Energy Ohio filed its Amended Application consistent with the PUCO's order. Duke Energy Ohio cannot predict the outcome of this matter. Natural Gas Pipeline Extension Duke Energy Ohio installed a new natural gas pipeline (the Central Corridor Project) in its Ohio service territory to increase system reliability and enable the retirement of older infrastructure. Construction of the pipeline extension was completed and placed in service on March 14, 2022. Duke Energy Ohio expects the final cost for the pipeline development and construction activities to be approximately $185 million (excluding overheads and AFUDC). MGP Cost Recovery In an order issued in 2013, the PUCO approved Duke Energy Ohio's deferral and recovery of costs related to environmental remediation at two sites (East End and West End) that housed former MGP operations. Duke Energy Ohio made annual applications with the PUCO to recover its incremental remediation costs consistent with the PUCO’s directive in Duke Energy Ohio’s 2012 natural gas base rate case. The Staff of the PUCO (Staff) issued reports recommending a disallowance of MGP remediation costs incurred that the Staff believes are not eligible for recovery. The Staff interprets the PUCO’s 2013 order granting Duke Energy Ohio recovery of MGP remediation as limiting the recovery to work directly on the East End and West End sites. Duke Energy Ohio filed reply comments objecting to the Staff’s recommendations and explaining, among other things, the obligation Duke Energy Ohio has under Ohio law to remediate all areas impacted by the former MGPs and not just physical property that housed the former plants and equipment. Additionally, the Staff recommended that any discussion pertaining to Duke Energy Ohio's recovery of ongoing MGP costs should be directly tied to or netted against insurance proceeds collected by Duke Energy Ohio. An evidentiary hearing concluded on November 21, 2019. Initial briefs were filed on January 17, 2020, and reply briefs were filed on February 14, 2020. The 2013 PUCO order also contained conditional deadlines for completing the MGP environmental remediation and the deferral of related remediation costs. Subsequent to the order, the deadline was extended to December 31, 2019. On May 10, 2019, Duke Energy Ohio filed an application requesting a continuation of its existing deferral authority for MGP remediation that must occur after December 31, 2019. On July 12, 2019, the Staff recommended the commission deny the deferral authority request. On September 13, 2019, intervenor comments were filed opposing Duke Energy Ohio's request for continuation of existing deferral authority and on October 2, 2019, Duke Energy Ohio filed reply comments. A Stipulation and Recommendation was filed jointly by Duke Energy Ohio, the Staff, the Office of the Ohio Consumers' Counsel and the Ohio Energy Group on August 31, 2021, which was approved without modification by the PUCO on April 20, 2022. The Stipulation and Recommendation resolved all open issues regarding MGP remediation costs incurred between 2013 and 2019, Duke Energy Ohio’s request for additional deferral authority beyond 2019 and the pending issues related to the Tax Act described below as it related to Duke Energy Ohio’s natural gas operations. As a result of the approval of the Stipulation and Recommendation, Duke Energy Ohio recognized pretax charges of approximately $15 million to Operating revenues, regulated natural gas and $58 million to Operation, maintenance and other and a tax benefit of $72 million to Income Tax (Benefit) Expense in the Condensed Consolidated Statements of Operations for the three months ended March 31, 2022. The Stipulation and Recommendation further acknowledged Duke Energy Ohio’s ability to file a request for additional deferral authority in the future related to environmental remediation of any MGP impacts in the Ohio River if necessary, subject to specific conditions. Intervenors have 30 days to file for rehearing. Duke Energy Ohio cannot predict the outcome of this matter. Tax Act – Ohio On December 21, 2018, Duke Energy Ohio filed an application to change its base rate tariffs and establish a new rider to implement the benefits of the Tax Act for natural gas customers. Duke Energy Ohio requested commission approval to implement the tariff changes and rider effective April 1, 2019. The new rider would flow through to customers the benefit of the reduction in the statutory federal tax rate from 35% to 21% since January 1, 2018, all future benefits of the lower tax rates and a full refund of deferred income taxes collected at the higher tax rates in prior years. Deferred income taxes subject to normalization rules would be refunded consistent with federal law and deferred income taxes not subject to normalization rules will be refunded over a 10-year period. The PUCO established a procedural schedule and testimony was filed on July 31, 2019. An evidentiary hearing occurred on August 7, 2019. The Stipulation and Recommendation filed on August 31, 2021, and approved on April 20, 2022, disclosed in the MGP Cost Recovery matter above, resolves the outstanding issues in this proceeding by providing customers a one-time bill credit for the reduction in the statutory federal tax rate from 35% to 21% since January 1, 2018, through June 1, 2022, and reducing base rates going forward. Deferred income taxes subject to normalization rules will be refunded consistent with federal law through a new rider. Deferred income taxes not subject to normalization rules were written off. Intervenors have 30 days to file for rehearing. Duke Energy Ohio cannot predict the outcome of this matter. Midwest Propane Caverns Duke Energy Ohio used propane stored in caverns to meet peak demand during winter. Because the Central Corridor Project is complete and placed in service, the propane peaking facilities will no longer be necessary and have been retired. On October 7, 2021, Duke Energy Ohio requested deferral treatment of the property, plant and equipment as well as costs related to propane inventory and decommissioning costs. On January 6, 2022, the Staff issued a report recommending deferral authority for costs related to propane inventory and decommissioning costs, but not for the net book value of the remaining plant assets. As a result of the Staff's report, Duke Energy Ohio recorded a $19 million charge to Impairment of assets and other charges on the Consolidated Statements of Operations and Comprehensive Income in the fourth quarter of 2021. A Stipulation and Recommendation was filed jointly by Duke Energy Ohio and the Staff on April 27, 2022, recommending, among other things, approval of deferral treatment of a portion of the net book value of the property, plant and equipment prior to the 2021 impairment at the time of the next natural gas base rate case, excluding operations and maintenance savings, decommissioning costs not to exceed $7 million and costs related to propane inventory. The Stipulation and Recommendation states that Duke Energy Ohio will seek recovery of the deferral through its next gas base rate case proceeding with a proposed amortization period of at least ten years and include an independent engineering study analyzing the necessity and prudency of the incremental investments made at the facilities since March 31, 2012. Duke Energy Ohio will not seek a return on the deferred amounts. Duke Energy Ohio cannot predict the outcome of this matter. Duke Energy Indiana 2019 Indiana Rate Case On July 2, 2019, Duke Energy Indiana filed a general rate case with the IURC for a rate increase for retail customers of approximately $395 million. The rebuttal case, filed on December 4, 2019, updated the requested revenue requirement to result in a 15.6% or $396 million average retail rate increase, including the impacts of the Utility Receipts Tax. Hearings concluded on February 7, 2020. On June 29, 2020, the IURC issued an order in the rate case approving a revenue increase of $146 million before certain adjustments and ratemaking refinements. The order approved Duke Energy Indiana’s requested forecasted rate base of $10.2 billion as of December 31, 2020, including the Edwardsport Integrated Gasification Combined Cycle (IGCC) Plant. The IURC reduced Duke Energy Indiana’s request by slightly more than $200 million, when accounting for the utility receipts tax and other adjustments. Approximately 50% of the reduction was due to a prospective change in depreciation and use of regulatory asset for the end-of-life inventory at retired generating plants, approximately 20% is due to the approved ROE of 9.7% versus the requested ROE of 10.4% and approximately 20% was related to miscellaneous earnings neutral adjustments. Step one rates were estimated to be approximately 75% of the total and became effective on July 30, 2020. Step two rates are estimated to be the remaining 25% of the total rate increase. Step two rates were approved on July 28, 2021, and implemented in August 2021. Step two rates are based on an ROE of 9.7% and actual December 31, 2020 capital structure with a 54% equity component. Step two rates were reconciled to January 1, 2021. Several groups appealed the IURC order to the Indiana Court of Appeals. Appellate briefs were filed on October 14, 2020, focusing on three issues: wholesale sales allocations, coal ash basin cost recovery and the Edwardsport IGCC operating and maintenance expense level approved. The appeal was fully briefed in January 2021 and an oral argument was held on April 8, 2021. The Indiana Court of Appeals affirmed the IURC decision on May 13, 2021. The Indiana Office of Utility Consumer Counselor (OUCC) and the Duke Industrial Group filed a joint petition to transfer the rate case appeal to the Indiana Supreme Court on June 28, 2021. Response briefs were filed July 19, 2021. The Indiana Supreme Court issued its opinion on March 10, 2022, finding that the IURC erred in allowing Duke Energy Indiana to recover coal ash costs incurred before the IURC’s rate case order in June 2020. The Indiana Supreme Court found that allowing Duke Energy Indiana to recover coal ash costs incurred between rate cases that exceeded the amount built into base rates violated the prohibition against retroactive ratemaking. The IURC’s order has been remanded to the IURC for additional proceedings consistent with the Indiana Supreme Court’s opinion. As a result of the court's opinion, Duke Energy Indiana recognized pretax charges of approximately $211 million to Impairment of assets and other charges and $46 million to Operating revenues in the Condensed Consolidated Statements of Operations for the three months ended March 31, 2022. Duke Energy Indiana filed a request for rehearing with the Supreme Court on April 11, 2022. Until the Indiana Supreme Court acts on the petition for rehearing, the IURC may not act on the Supreme Court's initial remedy. Duke Energy Indiana cannot predict the outcome of this matter. 2020 Indiana Coal Ash Recovery Case In Duke Energy Indiana’s 2019 rate case, the IURC also opened a subdocket for post-2018 coal ash related expenditures. Duke Energy Indiana filed testimony on April 15, 2020, in the coal ash subdocket requesting recovery for the post-2018 coal ash basin closure costs for plans that have been approved by the Indiana Department of Environmental Management (IDEM) as well as continuing deferral, with carrying costs, on the balance. An evidentiary hearing was held on September 14, 2020. Briefing was completed by mid-September 2021. On November 3, 2021, the IURC issued an order allowing recovery for post-2018 coal ash basin closure costs for the plans that have been approved by IDEM, as well as continuing deferral, with carrying costs, on the balance. The OUCC filed a notice of appeal to the Indiana Court of Appeals on December 3, 2021. Duke Energy Indiana cannot predict the outcome of this matter. Piedmont 2022 South Carolina Rate Case On April 1, 2022, Piedmont filed an application with the PSCSC for a rate increase for retail customers of approximately $7 million, which represents an approximate 3.4% increase in retail revenues. The rate increase is driven by customer growth and infrastructure upgrade investments (plant additions) since Piedmont’s last proceeding in 2021 under South Carolina’s Rate Stabilization Act. In addition, Piedmont agreed with the South Carolina Office of Regulatory Staff in 2019 to file a general rate case no later than April 1, 2022, to conduct a more comprehensive review of rates including the allocation of costs to residential, commercial and industrial customers. The PSCSC has scheduled an evidentiary hearing for the week of August 15, 2022. Piedmont cannot predict the outcome of this matter. OTHER REGULATORY MATTERS Potential Coal Plant Retirements The Subsidiary Registrants periodically file IRPs with their state regulatory commissions. The IRPs provide a view of forecasted energy needs over a long term (10 to 20 years) and options being considered to meet those needs. IRPs filed by the Subsidiary Registrants included planning assumptions to potentially retire certain coal-fired generating facilities in North Carolina and Indiana earlier than their current estimated useful lives. Duke Energy continues to evaluate the potential need to retire these coal-fired generating facilities earlier than the current estimated useful lives and plans to seek regulatory recovery for amounts that would not be otherwise recovered when any of these assets are retired. The table below contains the net carrying value of generating facilities planned for retirement or included in recent IRPs as evaluated for potential retirement. Dollar amounts in the table below are included in Net property, plant and equipment on the Condensed Consolidated Balance Sheets as of March 31, 2022, and exclude capitalized asset retirement costs. Remaining Net Capacity Book Value (in MW) (in millions) Duke Energy Carolinas Allen Steam Station Units 1 (a) 167 $ 12 Allen Steam Station Units 5 (b) 259 265 Cliffside Unit 5 (b) 546 358 Duke Energy Progress Mayo Unit 1 (b) 713 621 Roxboro Units 3-4 (b) 1,409 450 Duke Energy Florida Crystal River Units 4-5 (c) 1,442 1,636 Duke Energy Indiana Gibson Units 1-5 (d) 2,845 2,076 Cayuga Units 1-2 (d) 1,005 676 Total Duke Energy 8,386 $ 6,094 (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. The long-term energy options considered in the IRP could result in retirement of this unit earlier than its current estimated useful live. (b) These units were included in the IRP filed by Duke Energy Carolinas and Duke Energy Progress in North Carolina and South Carolina on September 1, 2020. The long-term energy options considered in the IRP could result in retirement of these units earlier than their current estimated useful lives. (c) On January 14, 2021, Duke Energy 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. (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. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES 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 Duke Energy Registrants. Remediation Activities In addition to AROs recorded as a result of various environmental regulations, 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 on the Condensed 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 on the Condensed Consolidated Balance Sheets. (in millions) March 31, 2022 December 31, 2021 Reserves for Environmental Remediation Duke Energy $ 87 $ 88 Duke Energy Carolinas 19 19 Progress Energy 23 23 Duke Energy Progress 11 11 Duke Energy Florida 11 11 Duke Energy Ohio 33 34 Duke Energy Indiana 4 4 Piedmont 8 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 D uke 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 parties filed a joint stipulation of dismissal with prejudice on April 28, 2022. If approved by the Court, this matter will be fully resolved. Duke Energy cannot predict the outcome of this matter. Texas Storm Uri Tort Litigation Several Duke Energy renewables project companies, located in the ERCOT market, were named in lawsuits arising out of Texas Storm Uri in mid-February 2021. Duke Energy Corporation, which had originally been named in several suits, was dismissed from the lawsuits. The lawsuits against the Duke Energy renewables project companies seek recovery for property damages, personal injury and for wrongful death allegedly caused by the power outages, which the plaintiffs claim was the result of collective failures of generators, transmission and distribution operators, retail energy providers and others, including ERCOT. The cases have been consolidated into a Texas state court multidistrict litigation (MDL) proceeding for discovery and pre-litigation purposes. Five MDL cases have been designated for motions to dismiss while all other cases are stayed. Duke Energy renewables projects are named as defendants in three of these five cases. The parties' briefing on omnibus motions to dismiss should be completed by July 2022 and will focus on lack of duty, tariff defenses and sovereign immunity. Decisions on these motions will be applicable to all of the stayed cases. Duke Energy cannot predict the outcomes of these matters. 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, except for one minor. The lawsuit alleges that Duke Energy Carolinas knew that the river was used for recreational purposes and that Duke Energy did 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. On September 30, 2021, Duke Energy Carolinas filed its motion to dismiss and motion for transfer of venue from Durham County to Rockingham County, both of which were denied on November 15, 2021. On November 15, 2021, Duke Energy Carolinas was also served with Plaintiffs Second Amended Complaint, which added the final minor plaintiff and consolidated all the actions into one lawsuit. Duke Energy Carolinas has filed its Answer and Affirmative Defenses to the Second Amended Complaint. Mediation is scheduled for December 2022. Discovery has commenced and is scheduled to be completed on or before February 28, 2023. The case is scheduled to be trial-ready by April 24, 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 is seeking 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. On May 21, 2020, in response to a 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. On August 17, 2020, the court denied both NTE’s and Duke Energy Carolinas’ motions to dismiss. In October 2021, NTE filed a Second Amended Counterclaim and Complaint, and in January 2022, NTE filed a Third Amended Counterclaim and Complaint. Duke Energy Carolinas has responded to these pleadings. On December 6, 2021, Duke Energy Carolinas filed an Amended Complaint. On March 1, 2022, the parties participated in mediation, which ended in an impasse. On April 4, 2022, 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. Duke Energy Carolinas' motion will be fully briefed on May 10, 2022. The case is scheduled to be trial-ready by August 1, 2022. 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 Caroli nas has recognized asbestos-related reserves of $495 million at March 31, 2022, and $501 million at December 31, 2021. These reserves are classified in Other within Other Noncurrent Liabilities and Other within Current Liabilities on the Condensed Consolidated Balance Sheets. These reserves are based upon Duke Energy Carolinas' best estimate for current and future asbestos claims through 2041 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 2041 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 $644 million at March 31, 2022, and $644 million at December 31, 2021. These amounts are classified in Other within Other Noncurrent Assets and Receivables within Current Assets on the Condensed 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 is $12 million for Duke Energy and Duke Energy Carolinas as of March 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 will receive damages for costs incurred between 2014 and 2018, and will 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 will receive approximately $180 million for costs incurred between 2014 and 2018, and will be able to submit costs incurred in 2019 and 2020 pursuant to an audit process. 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 . On June 25, 2021, Duke Energy Indiana filed its response to the Petition to Review. On August 30, 2021, HEC served Duke Energy Indiana with its Brief in Support of Petition for Judicial Review. On October 29, 2021, Duke Energy Indiana and IDEM filed their response briefs. On December 13, 2021, HEC filed and served its Reply Brief. 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 evaluating the EPA letter, its potential impacts on the litigation and the extent to which this letter could apply to CCR surface impoundments at its other Indiana sites. Following the January 11, 2022 EPA notice of compliance letter, the parties filed a joint motion to stay the litigation for 45 days, which was approved by the court. As a result, the oral argument scheduled for February 1, 2022, was postponed. Duke Energy Indiana and HEC engaged in settlement discussions, but the parties were unable to reach resolution. On April 21, 2022, HEC filed a Motion to Lift Stay and Motion for Judicial Notice. HEC also requested 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, and IDEM filed a separate brief on May 2, 2022, in support of this motion. Briefing is ongoing. 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. Reserves are classified on the Condensed 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 Condensed 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. In addition, the Duke Energy Registrants enter into various fixed-price, noncancelable commitments to purchase or sell power or natural gas, take-or-pay arrangements, transportation, or throughput agreements and other contracts that may or may not be recognized on their respective Condensed Consolidated Balance Sheets. Some of these arrangements may be recognized at fair value on their respective Condensed Consolidated Balance Sheets if such contracts meet the definition of a derivative and the NPNS exception does not apply. In most cases, the Duke Energy Registrants’ purchase obligation contracts contain provisions for price adjustments, minimum purchase levels and other financial commitments. |
Debt and Credit Facilities
Debt and Credit Facilities | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt And Credit Facilities | DEBT AND CREDIT FACILITIES SUMMARY OF SIGNIFICANT DEBT ISSUANCES The following table summarizes significant debt issuances (in millions). Three Months Ended March 31, 2022 Duke Duke Maturity Interest Duke Energy Energy Issuance Date Date Rate Energy Carolinas Progress First Mortgage Bonds March 2022 (a) March 2032 2.850 % $ 500 $ 500 $ — March 2022 (a) March 2052 3.550 % 650 650 — March 2022 (a) April 2032 3.400 % 500 — 500 March 2022 (a) April 2052 4.000 % 400 — 400 Total issuances $ 2,050 $ 1,150 $ 900 (a) Proceeds will be used to finance or refinance, in whole or in part, existing or new eligible projects under the sustainable financing framework. CURRENT MATURITIES OF LONG-TERM DEBT The following table shows the significant components of Current maturities of long-term debt on the Condensed 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 March 31, 2022 Unsecured Debt Progress Energy April 2022 3.150 % $ 450 Duke Energy (Parent) August 2022 3.050 % 500 Duke Energy (Parent) August 2022 2.400 % 500 First Mortgage Bonds Duke Energy Carolinas May 2022 3.350 % 350 Duke Energy Progress May 2022 2.800 % 500 Duke Energy Carolinas March 2023 2.500 % 500 Duke Energy Carolinas March 2023 3.050 % 500 Other (a) 584 Current maturities of long-term debt $ 3,884 (a) Includes finance lease obligations, amortizing debt, tax-exempt bonds with mandatory put options and small bullet maturities. 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. March 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 $ 3,300 $ 1,225 $ 1,400 $ 900 $ 775 $ 600 $ 800 Reduction to backstop issuances Commercial paper (b) (2,819) (1,715) (300) (150) (236) (86) (150) (182) Outstanding letters of credit (38) (25) (4) (2) (7) — — — Tax-exempt bonds (81) — — — — — (81) — Available capacity under the Master Credit Facility $ 6,062 $ 1,560 $ 921 $ 1,248 $ 657 $ 689 $ 369 $ 618 (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 on the Condensed Consolidated Balance Sheets. Other Credit Facilities 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 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. The balance is classified as Long-Term Debt on Duke Energy's Condensed Consolidated Balance Sheets. The Three-Year Revolving Credit Facility was terminated in March 2022. Intercompany Credit Agreements In March 2022, Progress Energy closed a revolving credit agreement with Duke Energy (Parent), which allowed up to $2.5 billion in intercompany borrowings. |
Goodwill
Goodwill | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | GOODWILL Duke Energy The following table presents the goodwill by reportable segment included on Duke Energy's Condensed Consolidated Balance Sheets at March 31, 2022, and December 31, 2021. Electric Utilities Gas Utilities Commercial (in millions) and Infrastructure and Infrastructure Renewables Total Goodwill balance $ 17,379 $ 1,924 $ 122 $ 19,425 Accumulated impairment charges — — (122) (122) Goodwill, adjusted for accumulated impairment charges $ 17,379 $ 1,924 $ — $ 19,303 Duke Energy Ohio Duke Energy Ohio's Goodwill balance of $920 million, allocated $596 million to Electric Utilities and Infrastructure and $324 million to Gas Utilities and Infrastructure, is presented net of accumulated impairment charges of $216 million on the Condensed Consolidated Balance Sheets at March 31, 2022, and December 31, 2021. Progress Energy Progress Energy's Goodwill is included in the Electric Utilities and Infrastructure segment and there are no accumulated impairment charges. Piedmont Piedmont's Goodwill is included in the Gas Utilities and Infrastructure segment and there are no accumulated impairment charges. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS The Subsidiary Registrants engage in related party transactions in accordance with applicable state and federal commission regulations. Refer to the Condensed 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 on the Condensed Consolidated Statements of Operations and Comprehensive Income are presented in the following table. Three Months Ended March 31, (in millions) 2022 2021 Duke Energy Carolinas Corporate governance and shared service expenses (a) $ 206 $ 203 Indemnification coverages (b) 7 6 Joint Dispatch Agreement (JDA) revenue (c) 26 13 JDA expense (c) 94 40 Intercompany natural gas purchases (d) 13 14 Progress Energy Corporate governance and shared service expenses (a) $ 196 $ 181 Indemnification coverages (b) 11 10 JDA revenue (c) 94 40 JDA expense (c) 26 13 Intercompany natural gas purchases (d) 19 19 Duke Energy Progress Corporate governance and shared service expenses (a) $ 119 $ 105 Indemnification coverages (b) 5 5 JDA revenue (c) 94 40 JDA expense (c) 26 13 Intercompany natural gas purchases (d) 19 19 Duke Energy Florida Corporate governance and shared service expenses (a) $ 77 $ 76 Indemnification coverages (b) 6 5 Duke Energy Ohio Corporate governance and shared service expenses (a) $ 82 $ 79 Indemnification coverages (b) 1 1 Duke Energy Indiana Corporate governance and shared service expenses (a) $ 124 $ 113 Indemnification coverages (b) 2 2 Piedmont Corporate governance and shared service expenses (a) $ 35 $ 33 Indemnification coverages (b) 1 1 Intercompany natural gas sales (d) 32 33 Natural gas storage and transportation costs (e) 6 6 (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 Condensed 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 Condensed 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 Condensed 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 Condensed Consolidated Statements of Operations and Comprehensive Income. (e) Piedmont has related party transactions as a customer of its equity method investments in Pine Needle LNG Company, LLC, Hardy Storage Company, LLC and Cardinal Pipeline Company, LLC natural gas storage and transportation facilities. These expenses are included in Cost of natural gas on Piedmont's Condensed 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, such as pipeline lease arrangements, and their proportionate share of certain charged expenses. These transactions of the Subsidiary Registrants are incurred in the ordinary course of business and are eliminated in consolidation. As discussed in Note 11, 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 March 31, 2022 Intercompany income tax receivable $ 20 $ 49 $ — $ 9 $ 5 $ — $ — Intercompany income tax payable — — 15 — — 44 45 December 31, 2021 Intercompany income tax receivable $ — $ — $ — $ 40 $ 19 $ — $ — Intercompany income tax payable 62 — 84 — — 10 27 |
Derivatives and Hedging
Derivatives and Hedging | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging | DERIVATIVES AND HEDGING The Duke Energy Registrants use commodity and interest rate contracts to manage commodity price risk and interest 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. All derivative instruments not identified as NPNS are recorded at fair value as assets or liabilities on the Condensed Consolidated Balance Sheets. Cash collateral related to derivative instruments executed under master netting arrangements is offset against the collateralized derivatives on the Condensed Consolidated Balance Sheets. The cash impacts of settled derivatives are recorded as operating activities on the Condensed 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. Gains and losses reclassified out of accumulated other comprehensive loss for the three months ended March 31, 2022, and 2021, were not material. Duke Energy's interest rate derivatives designated as hedges include interest rate swaps used to hedge existing debt within the Commercial Renewables segment and 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 Condensed Consolidated Statements of Operations and Comprehensive Income. The following table shows notional amounts of outstanding derivatives related to interest rate risk. March 31, 2022 Duke Duke Duke Duke Energy Energy Energy (in millions) Energy Carolinas Indiana Ohio Cash flow hedges $ 2,913 $ — $ — $ — Undesignated contracts 577 250 300 27 Total notional amount (a) $ 3,490 $ 250 $ 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 (a) $ 3,592 $ 350 $ 500 $ 500 $ 300 $ 27 (a) Duke Energy includes amounts related to consolidated VIEs of $663 million and $665 million in cash flow hedges as of March 31, 2022 and December 31, 2021, respectively. 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. Cash Flow Hedges For derivatives designated as hedging the exposure to variable cash flows of a future transaction, referred to as a cash flow hedge, 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. Gains and losses reclassified out of accumulated other comprehensive loss for the three months ended March 31, 2022, and 2021, were not material. Duke Energy’s commodity derivatives designated as hedges include long-term electricity sales in the Commercial Renewables segment. 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 costs 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. March 31, 2022 Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy Carolinas Energy Progress Ohio Indiana Piedmont Electricity (GWh) (a) 16,176 — — — 791 4,501 — Natural gas (millions of dekatherms) 860 284 243 243 — 7 326 December 31, 2021 Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy Carolinas Energy Progress Ohio Indiana Piedmont Electricity (GWh) (a) 22,344 — — — 1,681 10,688 — Natural gas (millions of dekatherms) 823 264 215 215 — 8 336 (a) Duke Energy includes 9,763 GWh and 9,975 GWh related to cash flow hedges as of March 31, 2022, and December 31, 2021, respectively. LOCATION AND FAIR VALUE OF DERIVATIVE ASSETS AND LIABILITIES RECOGNIZED ON THE CONDENSED 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 Condensed 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 March 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 $ 673 $ 335 $ 295 $ 255 $ 40 $ — $ 28 $ 7 Noncurrent 280 151 130 130 — — — — Total Derivative Assets – Commodity Contracts $ 953 $ 486 $ 425 $ 385 $ 40 $ — $ 28 $ 7 Interest Rate Contracts Designated as Hedging Instruments Current $ 94 $ — $ — $ — $ — $ — $ — $ — Noncurrent 37 — — — — — — — Not Designated as Hedging Instruments Noncurrent 24 7 — — — — 17 — Total Derivative Assets – Interest Rate Contracts $ 155 $ 7 $ — $ — $ — $ — $ 17 $ — Total Derivative Assets $ 1,108 $ 493 $ 425 $ 385 $ 40 $ — $ 45 $ 7 Derivative Liabilities March 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 Designated as Hedging Instruments Current $ 49 $ — $ — $ — $ — $ — $ — — Noncurrent 160 — — — — — — — Not Designated as Hedging Instruments Current 61 36 — — — — — 24 Noncurrent 149 1 — — — — — 149 Total Derivative Liabilities – Commodity Contracts $ 419 $ 37 $ — $ — $ — $ — $ — $ 173 Interest Rate Contracts Designated as Hedging Instruments Current $ 4 $ — $ — $ — $ — $ — $ — $ — Noncurrent 7 — — — — — — — Not Designated as Hedging Instruments Current 1 — — — — 1 — — Noncurrent 2 — — — — 2 — — Total Derivative Liabilities – Interest Rate Contracts $ 14 $ — $ — $ — $ — $ 3 $ — $ — Total Derivative Liabilities $ 433 $ 37 $ — $ — $ — $ 3 $ — $ 173 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 Commodity Contracts Designated as Hedging Instruments Current $ 27 $ — $ — $ — $ — $ — $ — $ — Noncurrent 117 — — — — — — — Not Designated as Hedging Instruments Current 72 18 19 5 14 — 13 21 Noncurrent 132 9 5 5 — — — 118 Total Derivative Liabilities – Commodity Contracts $ 348 $ 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 $ 472 $ 35 $ 24 $ 10 $ 14 $ 5 $ 27 $ 139 OFFSETTING ASSETS AND LIABILITIES The following tables present the line items on the Condensed 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 March 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 $ 767 $ 335 $ 295 $ 255 $ 40 $ — $ 28 $ 7 Gross amounts offset (255) (149) (106) (106) — — — — Net amounts presented in Current Assets: Other $ 512 $ 186 $ 189 $ 149 $ 40 $ — $ 28 $ 7 Noncurrent Gross amounts recognized $ 341 $ 158 $ 130 $ 130 $ — $ — $ 17 $ — Gross amounts offset (115) (64) (51) (51) — — — — Net amounts presented in Other Noncurrent Assets: Other $ 226 $ 94 $ 79 $ 79 $ — $ — $ 17 $ — Derivative Liabilities March 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 $ 115 $ 36 $ — $ — $ — $ 1 $ — $ 24 Gross amounts offset — — — — — — — — Net amounts presented in Current Liabilities: Other $ 115 $ 36 $ — $ — $ — $ 1 $ — $ 24 Noncurrent Gross amounts recognized $ 318 $ 1 $ — $ — $ — $ 2 $ — $ 149 Gross amounts offset — — — — — — — — Net amounts presented in Other Noncurrent Liabilities: Other $ 318 $ 1 $ — $ — $ — $ 2 $ — $ 149 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 $ 184 $ 26 $ 19 $ 5 $ 14 $ 1 $ 13 $ 21 Gross amounts offset (11) (6) (5) (5) — — — — Net amounts presented in Current Liabilities: Other $ 173 $ 20 $ 14 $ — $ 14 $ 1 $ 13 $ 21 Noncurrent Gross amounts recognized $ 288 $ 9 $ 5 $ 5 $ — $ 4 $ 14 $ 118 Gross amounts offset (12) (8) (5) (5) — — — — Net amounts presented in Other Noncurrent Liabilities: Other $ 276 $ 1 $ — $ — $ — $ 4 $ 14 $ 118 |
Investments in Debt and Equity
Investments in Debt and Equity Securities | 3 Months Ended |
Mar. 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 fair value through net income (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 March 31, 2022, and December 31, 2021. Other Investments amounts are recorded in Other within Other Noncurrent Assets on the Condensed 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. March 31, 2022 December 31, 2021 Gross Gross Gross Gross Unrealized Unrealized Estimated Unrealized Unrealized Estimated Holding Holding Fair Holding Holding Fair (in millions) Gains Losses Value Gains Losses Value NDTF Cash and cash equivalents $ — $ — $ 128 $ — $ — $ 160 Equity securities 4,486 62 6,853 4,905 43 7,350 Corporate debt securities 9 43 786 39 6 829 Municipal bonds 2 16 321 14 1 314 U.S. government bonds 10 57 1,561 31 12 1,568 Other debt securities — 7 177 3 1 180 Total NDTF Investments $ 4,507 $ 185 $ 9,826 $ 4,992 $ 63 $ 10,401 Other Investments Cash and cash equivalents $ — $ — $ 110 $ — $ — $ 36 Equity securities 31 4 147 36 — 156 Corporate debt securities — 7 124 2 1 119 Municipal bonds 1 2 83 3 1 80 U.S. government bonds — 2 45 — — 56 Other debt securities — 2 36 — 1 45 Total Other Investments $ 32 $ 17 $ 545 $ 41 $ 3 $ 492 Total Investments $ 4,539 $ 202 $ 10,371 $ 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 three months ended March 31, 2022, and 2021, were as follows. Three Months Ended (in millions) March 31, 2022 March 31, 2021 FV-NI: Realized gains $ 111 $ 140 Realized losses 85 23 AFS: Realized gains 4 18 Realized losses 23 13 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. March 31, 2022 December 31, 2021 Gross Gross Gross Gross Unrealized Unrealized Estimated Unrealized Unrealized Estimated Holding Holding Fair Holding Holding Fair (in millions) Gains Losses Value Gains Losses Value NDTF Cash and cash equivalents $ — $ — $ 60 $ — $ — $ 53 Equity securities 2,632 30 3,962 2,887 19 4,265 Corporate debt securities 6 30 503 24 4 506 Municipal bonds — 5 52 2 — 48 U.S. government bonds 4 21 692 16 3 712 Other debt securities — 7 172 3 1 175 Total NDTF Investments $ 2,642 $ 93 $ 5,441 $ 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 three months ended March 31, 2022, and 2021, were as follows. Three Months Ended (in millions) March 31, 2022 March 31, 2021 FV-NI: Realized gains $ 75 $ 128 Realized losses 49 16 AFS: Realized gains 3 13 Realized losses 16 9 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. March 31, 2022 December 31, 2021 Gross Gross Gross Gross Unrealized Unrealized Estimated Unrealized Unrealized Estimated Holding Holding Fair Holding Holding Fair (in millions) Gains Losses Value Gains Losses Value NDTF Cash and cash equivalents $ — $ — $ 68 $ — $ — $ 107 Equity securities 1,854 32 2,891 2,018 24 3,085 Corporate debt securities 3 13 283 15 2 323 Municipal bonds 2 11 269 12 1 266 U.S. government bonds 6 36 869 15 9 856 Other debt securities — — 5 — — 5 Total NDTF Investments $ 1,865 $ 92 $ 4,385 $ 2,060 $ 36 $ 4,642 Other Investments Cash and cash equivalents $ — $ — $ 17 $ — $ — $ 20 Municipal bonds 1 — 26 2 — 26 Total Other Investments $ 1 $ — $ 43 $ 2 $ — $ 46 Total Investments $ 1,866 $ 92 $ 4,428 $ 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 three months ended March 31, 2022, and 2021, were as follows. Three Months Ended (in millions) March 31, 2022 March 31, 2021 FV-NI: Realized gains $ 36 $ 12 Realized losses 36 7 AFS: Realized gains 1 4 Realized losses 6 3 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. March 31, 2022 December 31, 2021 Gross Gross Gross Gross Unrealized Unrealized Estimated Unrealized Unrealized Estimated Holding Holding Fair Holding Holding Fair (in millions) Gains Losses Value Gains Losses Value NDTF Cash and cash equivalents $ — $ — $ 58 $ — $ — $ 94 Equity securities 1,757 32 2,782 1,915 23 2,970 Corporate debt securities 3 12 255 15 2 282 Municipal bonds 2 11 269 12 1 266 U.S. government bonds 6 19 502 15 3 472 Other debt securities — — 5 — — 5 Total NDTF Investments $ 1,768 $ 74 $ 3,871 $ 1,957 $ 29 $ 4,089 Other Investments Cash and cash equivalents $ — $ — $ 14 $ — $ — $ 16 Total Other Investments $ — $ — $ 14 $ — $ — $ 16 Total Investments $ 1,768 $ 74 $ 3,885 $ 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 three months ended March 31, 2022, and 2021, were as follows. Three Months Ended (in millions) March 31, 2022 March 31, 2021 FV-NI: Realized gains $ 36 $ 12 Realized losses 35 7 AFS: Realized gains 1 4 Realized losses 5 3 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. March 31, 2022 December 31, 2021 Gross Gross Gross Gross Unrealized Unrealized Estimated Unrealized Unrealized Estimated Holding Holding Fair Holding Holding Fair (in millions) Gains Losses Value Gains Losses Value NDTF Cash and cash equivalents $ — $ — $ 10 $ — $ — $ 13 Equity securities 97 — 109 103 1 115 Corporate debt securities — 1 28 — — 41 U.S. government bonds — 17 367 — 6 384 Total NDTF Investments (a) $ 97 $ 18 $ 514 $ 103 $ 7 $ 553 Other Investments Cash and cash equivalents $ — $ — $ 2 $ — $ — $ 3 Municipal bonds 1 — 26 2 — 26 Total Other Investments $ 1 $ — $ 28 $ 2 $ — $ 29 Total Investments $ 98 $ 18 $ 542 $ 105 $ 7 $ 582 (a) During the three months ended March 31, 2022, and the year ended December 31, 2021, Duke Energy Florida received reimbursements from the NDTF for costs related to ongoing decommissioning activity of 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 three months ended March 31, 2022, and 2021, were immaterial. 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. March 31, 2022 December 31, 2021 Gross Gross Gross Gross Unrealized Unrealized Estimated Unrealized Unrealized Estimated Holding Holding Fair Holding Holding Fair (in millions) Gains Losses Value Gains Losses Value Investments Cash and cash equivalents $ — $ — $ 1 $ — $ — $ — Equity securities 4 4 91 6 — 97 Corporate debt securities — — 8 — — 6 Municipal bonds — 2 49 1 1 46 U.S. government bonds — — 6 — — 12 Total Investments $ 4 $ 6 $ 155 $ 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 three months ended March 31, 2022, and 2021, were immaterial. DEBT SECURITY MATURITIES The table below summarizes the maturity date for debt securities. March 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 $ 162 $ 7 $ 139 $ 32 $ 107 $ 8 Due after one through five years 969 367 528 270 258 24 Due after five through 10 years 536 235 228 212 16 6 Due after 10 years 1,466 810 557 517 40 25 Total $ 3,133 $ 1,419 $ 1,452 $ 1,031 $ 421 $ 63 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 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 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 (NAV) per share practical expedient. The NAV 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 New York Stock Exchange 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. Other fair value considerations See Note 11 in Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2021, 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 Condensed Consolidated Balance Sheets. Derivative amounts in the tables below for all Duke Energy Registrants exclude cash collateral, which is disclosed in Note 8. See Note 9 for additional information related to investments by major security type for the Duke Energy Registrants. March 31, 2022 (in millions) Total Fair Value Level 1 Level 2 Level 3 Not Categorized NDTF cash and cash equivalents $ 128 $ 128 $ — $ — $ — NDTF equity securities 6,853 6,806 — — 47 NDTF debt securities 2,845 947 1,898 — — Other equity securities 147 147 — — — Other debt securities 288 39 249 — — Other cash and cash equivalents 110 110 — — — Derivative assets 1,108 27 1,071 10 — Total assets 11,479 8,204 3,218 10 47 Derivative liabilities (433) — (224) (209) — Net assets (liabilities) $ 11,046 $ 8,204 $ 2,994 $ (199) $ 47 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 (472) (13) (314) (145) — Net assets (liabilities) $ 10,741 $ 8,654 $ 2,158 $ (121) $ 50 The following tables provide reconciliations of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements. Derivatives (net) Three Months Ended March 31, (in millions) 2022 2021 Balance at beginning of period $ (121) $ (77) Total pretax realized or unrealized losses included in comprehensive income (68) (44) Purchases, sales, issuances and settlements: Settlements (3) (7) Total (losses) gains included on the Condensed Consolidated Balance Sheet (7) 2 Balance at end of period $ (199) $ (126) DUKE ENERGY CAROLINAS The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets. March 31, 2022 (in millions) Total Fair Value Level 1 Level 2 Not Categorized NDTF cash and cash equivalents $ 60 $ 60 $ — $ — NDTF equity securities 3,962 3,915 — 47 NDTF debt securities 1,419 349 1,070 — Derivative assets 493 — 493 — Total assets 5,934 4,324 1,563 47 Derivative liabilities (37) — (37) — Net assets $ 5,897 $ 4,324 $ 1,526 $ 47 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 tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets. March 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 $ 68 $ 68 $ — $ 107 $ 107 $ — NDTF equity securities 2,891 2,891 — 3,085 3,085 — NDTF debt securities 1,426 598 828 1,450 628 822 Other debt securities 26 — 26 26 — 26 Other cash and cash equivalents 17 17 — 20 20 — Derivative assets 425 2 423 124 — 124 Total assets 4,853 3,576 1,277 4,812 3,840 972 Derivative liabilities — — — (24) — (24) Net assets $ 4,853 $ 3,576 $ 1,277 $ 4,788 $ 3,840 $ 948 DUKE ENERGY PROGRESS The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets. March 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 $ 58 $ 58 $ — $ 94 $ 94 $ — NDTF equity securities 2,782 2,782 — 2,970 2,970 — NDTF debt securities 1,031 279 752 1,025 289 736 Other cash and cash equivalents 14 14 — 16 16 — Derivative assets 385 2 383 124 — 124 Total assets 4,270 3,135 1,135 4,229 3,369 860 Derivative liabilities — — — (10) — (10) Net assets $ 4,270 $ 3,135 $ 1,135 $ 4,219 $ 3,369 $ 850 DUKE ENERGY FLORIDA The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets. March 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 $ 10 $ 10 $ — $ 13 $ 13 $ — NDTF equity securities 109 109 — 115 115 — NDTF debt securities 395 319 76 425 339 86 Other debt securities 26 — 26 26 — 26 Other cash and cash equivalents 2 2 — 3 3 — Derivative assets 40 — 40 — — — Total assets 582 440 142 582 470 112 Derivative liabilities — — — (14) — (14) Net assets $ 582 $ 440 $ 142 $ 568 $ 470 $ 98 DUKE ENERGY OHIO The recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets were not material at March 31, 2022, and December 31, 2021. DUKE ENERGY INDIANA The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets. March 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 $ 91 $ 91 $ — $ — $ 97 $ 97 $ — $ — Other debt securities 63 — 63 — 64 — 64 — Other cash and cash equivalents 1 1 — — — — — — Derivative assets 45 18 17 10 23 1 — 22 Total assets 200 110 80 10 184 98 64 22 Derivative liabilities — — — — (27) (13) (14) — Net assets $ 200 $ 110 $ 80 $ 10 $ 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) Three Months Ended March 31, (in millions) 2022 2021 Balance at beginning of period $ 22 $ 6 Purchases, sales, issuances and settlements: Settlements (6) (6) Total (losses) gains included on the Condensed Consolidated Balance Sheet (6) 2 Balance at end of period $ 10 $ 2 PIEDMONT The following tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets. March 31, 2022 December 31, 2021 (in millions) Total Fair Value Level 1 Level 2 Total Fair Value Level 1 Level 2 Derivative assets $ 7 $ 7 $ — $ 3 $ 3 $ — Derivative liabilities (173) — (173) (139) — (139) Net (liabilities) assets $ (166) $ 7 $ (173) $ (136) $ 3 $ (139) QUANTITATIVE INFORMATION ABOUT UNOBSERVABLE INPUTS The following tables include quantitative information about the Duke Energy Registrants' derivatives classified as Level 3. March 31, 2022 Weighted Fair Value Average Investment Type (in millions) Valuation Technique Unobservable Input Range Range Duke Energy Electricity contracts $ (210) RTO forward pricing Forward electricity curves – price per MWh $ 20.33 - $ 187.82 $ 46.51 Duke Energy Ohio FTRs 1 RTO auction pricing FTR price – per MWh 0.16 - 1.26 0.63 Duke Energy Indiana FTRs 10 RTO auction pricing FTR price – per MWh (0.46) - 17.24 2.32 Duke Energy Total Level 3 derivatives $ (199) December 31, 2021 Weighted Fair Value Average Investment Type (in millions) Valuation Technique Unobservable Input Range Range Duke Energy Electricity contracts $ (145) RTO forward pricing Forward electricity curves – price per MWh $ 19.04 - $139.11 $37.57 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 $ (121) OTHER FAIR VALUE DISCLOSURES The fair value and book value of long-term debt, including current maturities, is summarized in the following table. 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. March 31, 2022 December 31, 2021 (in millions) Book Value Fair Value Book Value Fair Value Duke Energy (a) $ 66,080 $ 66,633 $ 63,835 $ 69,683 Duke Energy Carolinas 14,470 15,117 13,275 15,101 Progress Energy 21,657 22,669 20,823 23,751 Duke Energy Progress 11,114 11,260 10,249 11,252 Duke Energy Florida 8,451 8,911 8,482 9,772 Duke Energy Ohio 3,193 3,278 3,193 3,570 Duke Energy Indiana 4,270 4,554 4,323 5,067 Piedmont 2,969 2,984 2,968 3,278 (a) Book value of long-term debt inc ludes $1.2 billion and $1.25 billion at March 31, 2022, and December 31, 2021, respectively, of net unamortized debt discount and premium of purchase accounting adjustments related to the mergers with Progress Energy and Piedmont that are excluded from fair value of long-term debt. At both March 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 | 3 Months Ended |
Mar. 31, 2022 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | VARIABLE INTEREST ENTITIES 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 three months ended March 31, 2022, and the year ended December 31, 2021, 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 Condensed 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 Condensed 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 2023 April 2023 Credit facility amount $ 350 $ 475 $ 350 $ 250 Amounts borrowed at March 31, 2022 350 499 350 250 Amounts borrowed at December 31, 2021 350 475 350 250 Restricted Receivables at March 31, 2022 566 858 658 503 Restricted Receivables at December 31, 2021 587 844 574 427 Nuclear Asset-Recovery Bonds – 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 Condensed Consolidated Balance Sheets. (in millions) March 31, 2022 December 31, 2021 Receivables of VIEs $ 5 $ 5 Regulatory Assets: Current 54 54 Current Assets: Other 13 39 Other Noncurrent Assets: Regulatory assets 872 883 Current Liabilities: Other 2 9 Current maturities of long-term debt 56 56 Long-Term Debt 916 946 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. 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. March 31, 2022 December 31, 2021 Duke Energy Duke Energy Duke Energy Duke Energy (in millions) Carolinas Progress Carolinas Progress Regulatory Assets: Current $ 12 $ 39 $ 12 $ 39 Current Assets: Other 4 14 — — Other Noncurrent Assets: Regulatory assets 217 711 220 720 Other Noncurrent Assets: Other 1 4 1 4 Current Liabilities: Other 2 6 — — Current maturities of long-term debt 10 32 5 15 Long-Term Debt 223 730 228 747 Commercial Renewables Certain of Duke Energy’s renewable energy facilities are VIEs due to Duke Energy issuing guarantees for debt service and operations and maintenance reserves in support of debt financings. Assets are restricted and cannot be pledged as collateral or sold to third parties without prior approval of debt holders. Additionally, Duke Energy has VIEs associated with tax equity arrangements entered into with third-party investors in order to finance the cost of renewable assets eligible for tax credits. The activities that most significantly impacted the economic performance of these renewable energy facilities were decisions associated with siting, negotiating PPAs and Engineering, Procurement and Construction agreements, and decisions associated with ongoing operations and maintenance-related activities. Duke Energy is considered the primary beneficiary and consolidates the entities as it is responsible for all of these decisions. The table below presents material balances reported on Duke Energy's Condensed Consolidated Balance Sheets related to Commercial Renewables VIEs. (in millions) March 31, 2022 December 31, 2021 Current Assets: Other $ 215 $ 215 Property, Plant and Equipment: Cost 7,337 7,339 Accumulated depreciation and amortization (1,534) (1,474) Other Noncurrent Assets: Other 70 62 Current maturities of long-term debt 297 167 Long-Term Debt 1,325 1,475 Other Noncurrent Liabilities: AROs 173 173 Other Noncurrent Liabilities: Other 360 319 NON-CONSOLIDATED VIEs The following tables summarize the impact of non-consolidated VIEs on the Condensed Consolidated Balance Sheets. March 31, 2022 Duke Energy Duke Duke Pipeline Commercial Energy Energy (in millions) Investments Renewables Total Ohio Indiana Receivables from affiliated companies $ — $ — $ — $ 65 $ 80 Investments in equity method unconsolidated affiliates 29 504 533 — — Deferred tax asset 61 — 61 — — Total assets $ 90 $ 504 $ 594 $ 65 $ 80 Other current liabilities 50 3 53 — — Other noncurrent liabilities 52 3 55 — — Total liabilities $ 102 $ 6 $ 108 $ — $ — Net (liabilities) assets $ (12) $ 498 $ 486 $ 65 $ 80 December 31, 2021 Duke Energy Duke Duke Pipeline Commercial Energy Energy (in millions) Investments Renewables Total Ohio Indiana Receivables from affiliated companies $ — $ — $ — $ 79 $ 97 Investments in equity method unconsolidated affiliates 15 508 523 — — Other noncurrent assets 61 — 61 — — Total assets $ 76 $ 508 $ 584 $ 79 $ 97 Other current liabilities 47 4 51 — — Other noncurrent liabilities 54 3 57 — — Total liabilities $ 101 $ 7 $ 108 $ — $ — Net (liabilities) assets $ (25) $ 501 $ 476 $ 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 except for certain renewable energy project entities guarantees for debt services and operations and maintenance, as discussed below. Pipeline Investments Duke Energy has investments in various joint ventures to construct and operate pipeline 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. Commercial Renewables Duke Energy has investments in various renewable energy project entities. Duke Energy has a 50% ownership in a VIE, which owns a portfolio of wind projects. This entity is a VIE as a result of Duke Energy issuing guarantees for debt service and operations and maintenance reserves in support of debt financings. Duke Energy does not consolidate this VIE because power to direct and control key activities is shared jointly by Duke Energy and the other owner. Duke Energy also has equity ownership in an entity, which owns a portfolio of fuel cell projects. Duke Energy does not consolidate the fuel cell portfolio as it does not have the power to direct the activities that most significantly impact the economic performance of the entity. OVEC Duke Energy Ohio’s 9% ownership interest in OVEC is considered a non-consolidated VIE due to OVEC having insufficient equity to finance its activities without subordinated financial support. The activities that most significantly impact OVEC's economic performance include fuel strategy and supply activities and decisions associated with ongoing operations and maintenance-related activities. Duke Energy Ohio does not have the unilateral power to direct these activities, and therefore, does not consolidate OVEC. As a counterparty to an Inter-Company Power Agreement (ICPA), Duke Energy Ohio has a contractual arrangement to receive entitlements to capacity and energy from OVEC’s power plants through June 2040 commensurate with its power participation ratio, which is equivalent to Duke Energy Ohio's ownership interest. Costs, including fuel, operating expenses, fixed costs, debt amortization and interest expense, are allocated to counterparties to the ICPA based on their power participation ratio. The value of the ICPA is subject to variability due to fluctuation in power prices and changes in OVEC's cost of business. 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. The following table shows the gross and net receivables sold. Duke Energy Ohio Duke Energy Indiana (in millions) March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Receivables sold $ 263 $ 269 $ 305 $ 328 Less: Retained interests 65 79 80 97 Net receivables sold $ 198 $ 190 $ 225 $ 231 The following table shows sales and cash flows related to receivables sold. Duke Energy Ohio Duke Energy Indiana Three Months Ended Three Months Ended March 31, March 31, (in millions) 2022 2021 2022 2021 Sales Receivables sold $ 663 $ 561 $ 782 $ 698 Loss recognized on sale 3 3 4 3 Cash flows Cash proceeds from receivables sold $ 674 $ 596 $ 795 $ 746 Collection fees received — — — — Return received on retained interests 1 1 2 2 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 Condensed Consolidated Statements of Cash Flows. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUE Duke Energy earns substantially all of its revenues through its reportable segments, Electric Utilities and Infrastructure, Gas Utilities and Infrastructure and Commercial Renewables. Electric Utilities and Infrastructure Electric Utilities and Infrastructure 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. 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) 2022 2023 2024 2025 2026 Thereafter Total Progress Energy $ 80 $ 53 $ 45 $ 7 $ 7 $ 43 $ 235 Duke Energy Progress 6 8 8 — — — 22 Duke Energy Florida 74 45 37 7 7 43 213 Duke Energy Indiana 2 11 16 17 15 12 73 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 Gas Utilities and Infrastructure 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. Fixed-capacity payments under long-term contracts for the Gas Utilities and Infrastructure 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) 2022 2023 2024 2025 2026 Thereafter Total Piedmont $ 48 $ 64 $ 61 $ 60 $ 50 $ 286 $ 569 Commercial Renewables Commercial Renewables earns the majority of its revenues through long-term PPAs and generally sells all of its wind and solar facility output, electricity and Renewable Energy Certificates (RECs) to customers. Some of these PPAs have been accounted for as leases. For PPAs that are not accounted for as leases, the delivery of electricity and the delivery of RECs are considered separate performance obligations. Other The remainder of Duke Energy’s operations is presented as Other, which does not include material revenues from contracts with customers. Disaggregated Revenues Disaggregated revenues are presented as follows: Three Months Ended March 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 $ 2,767 $ 831 $ 1,368 $ 624 $ 744 $ 211 $ 354 $ — General 1,604 544 726 325 401 116 218 — Industrial 772 276 270 194 76 35 192 — Wholesale 626 113 411 349 62 23 79 — Other revenues 202 111 211 139 72 21 (36) — Total Electric Utilities and Infrastructure revenue from contracts with customers $ 5,971 $ 1,875 $ 2,986 $ 1,631 $ 1,355 $ 406 $ 807 $ — Gas Utilities and Infrastructure Residential $ 572 $ — $ — $ — $ — $ 149 $ — $ 423 Commercial 269 — — — — 64 — 204 Industrial 57 — — — — 7 — 50 Power Generation — — — — — — — 24 Other revenues 115 — — — — 6 — 93 Total Gas Utilities and Infrastructure revenue from contracts with customers $ 1,013 $ — $ — $ — $ — $ 226 $ — $ 794 Commercial Renewables Revenue from contracts with customers $ 51 $ — $ — $ — $ — $ — $ — $ — Other Revenue from contracts with customers $ 7 $ — $ — $ — $ — $ — $ — $ — Total revenue from contracts with customers $ 7,042 $ 1,875 $ 2,986 $ 1,631 $ 1,355 $ 632 $ 807 $ 794 Other revenue sources (a) $ 90 $ 13 $ 6 $ 1 $ — $ 6 $ 15 $ 11 Total revenues $ 7,132 $ 1,888 $ 2,992 $ 1,632 $ 1,355 $ 638 $ 822 $ 805 (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. Three Months Ended March 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 $ 2,462 $ 793 $ 1,162 $ 560 $ 602 $ 195 $ 313 $ — General 1,419 502 624 306 318 104 189 — Industrial 662 256 207 145 62 31 167 — Wholesale 504 114 326 292 34 13 50 — Other revenues 226 74 160 83 77 22 18 — Total Electric Utilities and Infrastructure revenue from contracts with customers $ 5,273 $ 1,739 $ 2,479 $ 1,386 $ 1,093 $ 365 $ 737 $ — Gas Utilities and Infrastructure Residential $ 460 $ — $ — $ — $ — $ 110 $ — $ 351 Commercial 204 — — — — 48 — 156 Industrial 50 — — — — 7 — 43 Power Generation — — — — — — — 22 Other revenues 47 — — — — 5 — 26 Total Gas Utilities and Infrastructure revenue from contracts with customers $ 761 $ — $ — $ — $ — $ 170 $ — $ 598 Commercial Renewables Revenue from contracts with customers $ 54 $ — $ — $ — $ — $ — $ — $ — Other Revenue from contracts with customers $ 6 $ — $ — $ — $ — $ — $ — $ — Total revenue from contracts with customers $ 6,094 $ 1,739 $ 2,479 $ 1,386 $ 1,093 $ 535 $ 737 $ 598 Other revenue sources (a) $ 56 $ (23) $ 26 $ 15 $ 8 $ (3) $ 8 $ 8 Total revenues $ 6,150 $ 1,716 $ 2,505 $ 1,401 $ 1,101 $ 532 $ 745 $ 606 (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. 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. Three Months Ended March 31, 2021 and 2022 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 $ 146 $ 23 $ 37 $ 23 $ 14 $ 4 $ 3 $ 12 Write-Offs (21) (8) (10) (5) (5) — — (1) Credit Loss Expense 17 10 7 2 5 — — 3 Other Adjustments 5 9 3 3 1 — — — Balance at March 31, 2021 $ 147 $ 34 $ 37 $ 23 $ 15 $ 4 $ 3 $ 14 Balance at December 31, 2021 $ 122 $ 42 $ 36 $ 21 $ 16 $ 4 $ 3 $ 15 Write-Offs (23) (9) (10) (2) (8) — — (1) Credit Loss Expense 24 5 12 4 8 — — 3 Other Adjustments 17 14 13 8 5 — — — Balance at March 31, 2022 $ 140 $ 52 $ 51 $ 31 $ 21 $ 4 $ 3 $ 17 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. Duke Energy considers receivables greater than 30 days outstanding past due. March 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 Revenue (a)(b) $ 945 $ 339 $ 270 $ 161 $ 109 $ 7 $ 44 $ 64 0-30 days 2,133 518 944 558 386 40 26 215 30-60 days 288 75 111 64 47 8 4 23 60-90 days 102 33 40 22 18 2 3 7 90+ days 274 119 77 39 38 46 9 7 Deferred Payment Arrangements (c) 136 60 61 33 28 2 — 4 Trade and Other Receivables $ 3,878 $ 1,144 $ 1,503 $ 877 $ 626 $ 105 $ 86 $ 320 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 Revenue (a)(b) $ 964 $ 316 $ 266 $ 193 $ 73 $ 4 $ 27 $ 106 0-30 days 2,104 595 800 405 393 42 51 202 30-60 days 212 77 72 44 28 4 13 12 60-90 days 88 37 41 21 20 1 1 2 90+ days 249 106 65 37 28 47 11 7 Deferred Payment Arrangements (c) 115 55 45 22 23 2 — 4 Trade and Other Receivables $ 3,732 $ 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 Condensed 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 Condensed Consolidated Balance Sheets of Duke Energy Ohio and Duke Energy Indiana. See Note 11 for further information. These receivables for unbilled revenues are $63 million and $100 million for Duke Energy Ohio and Duke Energy Indiana, respectively, as of March 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 certain customer financial hardships created by the COVID-19 pandemic and resulting stay-at-home orders, Duke Energy permitted customers to defer payment of past-due amounts through an installment payment plan over a period of several months. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 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 restricted stock units that are entitled to dividends declared on Duke Energy common stock during the restricted stock unit’s vesting periods. Dividends declared on preferred stock are recorded on the Condensed 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. Three Months Ended March 31, (in millions, except per share amounts) 2022 2021 Net income available to Duke Energy common stockholders $ 818 $ 953 Accumulated preferred stock dividends adjustment 12 12 Less: Impact of participating securities 1 1 Income from continuing operations available to Duke Energy common stockholders $ 829 $ 964 Weighted average common shares outstanding – basic and diluted 770 769 EPS available to Duke Energy common stockholders Basic and diluted $ 1.08 $ 1.25 Potentially dilutive items excluded from the calculation (a) 2 2 Dividends declared per common share $ 0.985 $ 0.965 Dividends declared on Series A preferred stock per depositary share (b) $ 0.359 $ 0.359 Dividends declared on Series B preferred stock per share (c) $ 24.375 $ 24.375 (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. |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 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 and non-qualified, non-contributory defined benefit retirement plans. 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. QUALIFIED PENSION PLANS The following tables include the components of net periodic pension costs for qualified pension plans. Three Months Ended March 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 $ 40 $ 12 $ 12 $ 7 $ 4 $ 1 $ 2 $ 1 Interest cost on projected benefit obligation 58 14 18 8 10 3 5 2 Expected return on plan assets (140) (38) (46) (22) (24) (5) (9) (6) Amortization of actuarial loss 24 5 6 3 3 1 2 2 Amortization of prior service credit (5) (1) — — — — — (2) Amortization of settlement charges 2 1 1 — — — — — Net periodic pension costs $ (21) $ (7) $ (9) $ (4) $ (7) $ — $ — $ (3) Three Months Ended March 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 $ 44 $ 14 $ 13 $ 7 $ 5 $ 1 $ 2 $ 1 Interest cost on projected benefit obligation 55 13 17 7 10 3 5 2 Expected return on plan assets (139) (35) (47) (21) (26) (7) (10) (5) Amortization of actuarial loss 33 7 10 5 5 2 3 2 Amortization of prior service credit (7) (2) (1) — — — — (1) Amortization of settlement charges 2 1 1 — — — — — Net periodic pension costs $ (12) $ (2) $ (7) $ (2) $ (6) $ (1) $ — $ (1) NON-QUALIFIED PENSION PLANS Net periodic pension costs for non-qualified pension plans were not material for the three months ended March 31, 2022, and 2021. OTHER POST-RETIREMENT BENEFIT PLANS Net periodic costs for OPEB plans were not material for the three months ended March 31, 2022, and 2021. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES EFFECTIVE TAX RATES The ETRs from continuing operations for each of the Duke Energy Registrants are included in the following table. Three Months Ended March 31, 2022 2021 Duke Energy (1.7) % 8.2 % Duke Energy Carolinas 7.4 % 6.9 % Progress Energy 15.9 % 12.9 % Duke Energy Progress 14.0 % 8.3 % Duke Energy Florida 20.1 % 19.3 % Duke Energy Ohio (266.7) % 13.3 % Duke Energy Indiana 31.9 % 17.6 % Piedmont 13.4 % 11.4 % The decrease in the ETR for Duke Energy for the three months ended March 31, 2022, was primarily due to an increase in the amortization of excess deferred taxes related to the Duke Energy Ohio MGP Settlement. The increase in the ETR for Progress Energy for the three months ended March 31, 2022, was primarily due to a decrease in the amortization of excess deferred taxes. The increase in the ETR for Duke Energy Progress for the three months ended March 31, 2022, was primarily due to a decrease in the amortization of excess deferred taxes. The decrease in the ETR for Duke Energy Ohio for the three months ended March 31, 2022, was primarily due to an increase in the amortization of excess deferred taxes related to the MGP Settlement. The increase in the ETR for Duke Energy Indiana for the three months ended March 31, 2022, was primarily due to the coal ash impairment based on the Indiana Supreme Court Opinion. The increase in the ETR for Piedmont for the three months ended March 31, 2022, was primarily due to a decrease in the amortization of excess deferred taxes. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTSFor information on subsequent events related to regulatory matters, and commitments and contingencies, see Notes 3 and 4. |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Policy) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION These Condensed Consolidated Financial Statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these Condensed Consolidated Financial Statements do not include all information and notes required by GAAP for annual financial statements and should be read in conjunction with the Consolidated Financial Statements in the Duke Energy Registrants’ combined Annual Report on Form 10-K for the year ended December 31, 2021. The information in these combined notes relates to each of the Duke Energy Registrants as noted in the Index to Combined Notes to Condensed Consolidated Financial Statements. However, none of the registrants make any representations as to information related solely to Duke Energy or the subsidiaries of Duke Energy other than itself. These Condensed Consolidated Financial Statements, in the opinion of the respective companies’ management, reflect all normal recurring adjustments necessary to fairly present the financial position and results of operations of each of the Duke Energy Registrants. Amounts reported in Duke Energy’s interim Condensed Consolidated Statements of Operations and each of the Subsidiary Registrants’ interim Condensed Consolidated Statements of Operations and Comprehensive Income are not necessarily indicative of amounts expected for the respective annual periods due to effects of seasonal temperature variations on energy consumption, regulatory rulings, timing of maintenance on electric generating units, changes in mark-to-market valuations, changing commodity prices and other factors. In preparing financial statements that conform to GAAP, management 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. |
Basis of Consolidation and Noncontrolling Interest | BASIS OF CONSOLIDATION These Condensed 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 11 for additional information on VIEs. These Condensed Consolidated Financial Statements also reflect the Duke Energy Registrants’ proportionate share of certain jointly owned generation and transmission facilities. NONCONTROLLING INTEREST Duke Energy maintains a controlling financial interest in certain less than wholly owned 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 Condensed Consolidated Balance Sheets. Several operating agreements of Duke Energy's subsidiaries with noncontrolling interest are subject to allocations of earnings, tax attributes and cash flows in accordance with contractual agreements that vary throughout the lives of the subsidiaries. Therefore, Duke Energy and the other investors' (the owners) interests in the subsidiaries are not fixed, and the subsidiaries apply the Hypothetical Liquidation at Book Value (HLBV) method in allocating income or loss and other comprehensive income or loss (all measured on a pretax basis) to the owners. The HLBV method measures the amounts that each owner would hypothetically claim at each balance sheet reporting date, including tax benefits realized by the owners over the IRS recapture period, upon a hypothetical liquidation of the subsidiary at the net book value of its underlying assets. The change in the amount that each owner would hypothetically receive at the reporting date compared to the amount it would have received on the previous reporting date represents the amount of income or loss allocated to each owner for the reporting period. During September 2021, Duke Energy completed the initial minority interest investment in a portion of Duke Energy Indiana to an affiliate of GIC. GIC's ownership interest in Duke Energy Indiana represents a noncontrolling interest. See Note 2 for additional information on the sale. |
Cash, Cash Equivalents, and Restricted Cash | CASH, CASH EQUIVALENTS AND RESTRICTED CASHDuke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress and Duke Energy Florida have restricted cash balances related primarily to collateral assets, escrow deposits and VIEs. See Notes 9 and 11 for additional information. Restricted cash amounts are included in Other within Current Assets and Other Noncurrent Assets on the Condensed Consolidated Balance Sheets. |
New Accounting Standards | NEW ACCOUNTING STANDARDS No new accounting standards were adopted by the Duke Energy Registrants in 2022. |
Environmental Costs | Liabilities are recorded when losses become probable and are reasonably estimable.Costs are typically expensed as Operation, maintenance and other on the Condensed Consolidated Statements of Operations unless regulatory recovery of the costs is deemed probable. |
Derivatives | 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 Condensed Consolidated Statements of Operations and Comprehensive Income. Cash Flow Hedges For derivatives designated as hedging the exposure to variable cash flows of a future transaction, referred to as a cash flow hedge, 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. Gains and losses reclassified out of accumulated other comprehensive loss for the three months ended March 31, 2022, and 2021, were not material. Duke Energy’s commodity derivatives designated as hedges include long-term electricity sales in the Commercial Renewables segment. 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 costs volatility for customers. |
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.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. |
Revenue from Contract with Customer | Duke Energy earns substantially all of its revenues through its reportable segments, Electric Utilities and Infrastructure, Gas Utilities and Infrastructure and Commercial Renewables. |
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. Duke Energy’s participating securities are restricted stock units that are entitled to dividends declared on Duke Energy common stock during the restricted stock unit’s vesting periods. Dividends declared on preferred stock are recorded on the Condensed 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. |
Organization and Basis of Pre_3
Organization and Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Allocated Losses from Subsidiaries, Noncontrolling Interest | The following table presents allocated losses to noncontrolling interest for the three months ended March 31, 2022, and 2021. Three Months Ended March 31, (in millions) 2022 2021 Noncontrolling Interest Allocation of Income Allocated losses to noncontrolling tax equity members utilizing the HLBV method $ 24 $ 43 Allocated losses to noncontrolling members based on pro rata shares of ownership 13 8 Total Noncontrolling Interest Allocated Losses $ 37 $ 51 |
Schedule of Cash, Cash Equivalents and Restricted Cash | The following table presents the components of cash, cash equivalents and restricted cash included in the Condensed Consolidated Balance Sheets. March 31, 2022 December 31, 2021 Duke Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Duke Energy Progress Energy Energy Energy Carolinas Energy Progress Florida Energy Carolinas Energy Progress Florida Current Assets Cash and cash equivalents $ 853 $ 4 $ 63 $ 42 $ 13 $ 343 $ 7 $ 70 $ 35 $ 23 Other 151 4 28 13 13 170 — 39 — 39 Other Noncurrent Assets Other 16 1 4 4 — 7 1 4 4 — Total cash, cash equivalents and restricted cash $ 1,020 $ 9 $ 95 $ 59 $ 26 $ 520 $ 8 $ 113 $ 39 $ 62 |
Schedule of Utility Inventory | The components of inventory are presented in the tables below. March 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 $ 2,455 $ 810 $ 1,089 $ 744 $ 345 $ 89 $ 320 $ 14 Coal 469 196 149 93 56 16 108 — Natural gas, oil and other fuel 247 34 165 103 62 9 2 37 Total inventory $ 3,171 $ 1,040 $ 1,403 $ 940 $ 463 $ 114 $ 430 $ 51 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 $ 2,397 $ 793 $ 1,067 $ 729 $ 338 $ 80 $ 311 $ 14 Coal 486 195 167 94 73 19 105 — Natural gas, oil and other fuel 316 38 164 98 66 17 2 95 Total inventory $ 3,199 $ 1,026 $ 1,398 $ 921 $ 477 $ 116 $ 418 $ 109 |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended |
Mar. 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. Three Months Ended March 31, 2022 Electric Gas Total Utilities and Utilities and Commercial Reportable (in millions) Infrastructure Infrastructure Renewables Segments Other Eliminations Total Unaffiliated revenues $ 5,995 $ 1,009 $ 121 $ 7,125 $ 7 $ — $ 7,132 Intersegment revenues 7 23 — 30 23 (53) — Total revenues $ 6,002 $ 1,032 $ 121 $ 7,155 $ 30 $ (53) $ 7,132 Segment income (loss) (a) $ 723 $ 254 $ 11 $ 988 $ (170) $ — $ 818 Less: Noncontrolling interests 37 Add: Preferred stock dividend 39 Net Income $ 820 Segment assets $ 144,790 $ 15,170 $ 7,021 $ 166,981 $ 4,251 $ (12) $ 171,220 Three Months Ended March 31, 2021 Electric Gas Total Utilities and Utilities and Commercial Reportable (in millions) Infrastructure Infrastructure Renewables Segments Other Eliminations Total Unaffiliated revenues $ 5,273 $ 752 $ 119 $ 6,144 $ 6 $ — $ 6,150 Intersegment revenues 8 23 — 31 20 (51) — Total revenues $ 5,281 $ 775 $ 119 $ 6,175 $ 26 $ (51) $ 6,150 Segment income (loss) (b) $ 820 $ 245 $ 27 $ 1,092 $ (139) $ — $ 953 Less: Noncontrolling interests 51 Add: Preferred stock dividend 39 Net Income $ 941 (a) Electric Utilities and Infrastructure includes $211 million recorded within Impairment of assets and other charges, $46 million within Operating revenues and $22 million within Noncontrolling Interests related to the Duke Energy Supreme Court ruling on the Condensed Consolidated Statements of Operations. See Note 3 for additional information. (b) Commercial Renewables includes a $35 million loss related to Texas Storm Uri, of which $8 million is recorded within Nonregulated electric and other revenues, $2 million within Operation, maintenance and other, $29 million within Equity in earnings (losses) of unconsolidated affiliates and $12 million within Net Loss Attributable to Noncontrolling Interests on the Condensed Consolidated Statements of Operations. See Note 4 for additional information. G as Utilities and Infrastructure includes $6 million, recorded within Equity in earnings (losses) of unconsolidated affiliates on the Condensed Consolidated Statements of Operations, related to gas pipeline investments. |
Duke Energy Ohio | |
Segment Reporting Information [Line Items] | |
Business Segment Data | Three Months Ended March 31, 2022 Electric Gas Total Utilities and Utilities and Reportable (in millions) Infrastructure Infrastructure Segments Other Eliminations Total Total revenues $ 412 $ 226 $ 638 $ — $ — $ 638 Segment income/Net (loss) income $ 41 $ 38 $ 79 $ (2) $ — $ 77 Segment assets $ 7,101 $ 3,784 $ 10,885 $ 14 $ (168) $ 10,731 Three Months Ended March 31, 2021 Electric Gas Total Utilities and Utilities and Reportable (in millions) Infrastructure Infrastructure Segments Other Total Total revenues $ 363 $ 169 $ 532 $ — $ 532 Segment income/Net (loss) income $ 50 $ 43 $ 93 $ (2) $ 91 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Regulated Operations [Abstract] | |
Schedule of Potential Plant Retirements | The table below contains the net carrying value of generating facilities planned for retirement or included in recent IRPs as evaluated for potential retirement. Dollar amounts in the table below are included in Net property, plant and equipment on the Condensed Consolidated Balance Sheets as of March 31, 2022, and exclude capitalized asset retirement costs. Remaining Net Capacity Book Value (in MW) (in millions) Duke Energy Carolinas Allen Steam Station Units 1 (a) 167 $ 12 Allen Steam Station Units 5 (b) 259 265 Cliffside Unit 5 (b) 546 358 Duke Energy Progress Mayo Unit 1 (b) 713 621 Roxboro Units 3-4 (b) 1,409 450 Duke Energy Florida Crystal River Units 4-5 (c) 1,442 1,636 Duke Energy Indiana Gibson Units 1-5 (d) 2,845 2,076 Cayuga Units 1-2 (d) 1,005 676 Total Duke Energy 8,386 $ 6,094 (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. The long-term energy options considered in the IRP could result in retirement of this unit earlier than its current estimated useful live. (b) These units were included in the IRP filed by Duke Energy Carolinas and Duke Energy Progress in North Carolina and South Carolina on September 1, 2020. The long-term energy options considered in the IRP could result in retirement of these units earlier than their current estimated useful lives. (c) On January 14, 2021, Duke Energy 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. (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. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of 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 on the Condensed Consolidated Balance Sheets. (in millions) March 31, 2022 December 31, 2021 Reserves for Environmental Remediation Duke Energy $ 87 $ 88 Duke Energy Carolinas 19 19 Progress Energy 23 23 Duke Energy Progress 11 11 Duke Energy Florida 11 11 Duke Energy Ohio 33 34 Duke Energy Indiana 4 4 Piedmont 8 9 |
Debt and Credit Facilities (Tab
Debt and Credit Facilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The following table summarizes significant debt issuances (in millions). Three Months Ended March 31, 2022 Duke Duke Maturity Interest Duke Energy Energy Issuance Date Date Rate Energy Carolinas Progress First Mortgage Bonds March 2022 (a) March 2032 2.850 % $ 500 $ 500 $ — March 2022 (a) March 2052 3.550 % 650 650 — March 2022 (a) April 2032 3.400 % 500 — 500 March 2022 (a) April 2052 4.000 % 400 — 400 Total issuances $ 2,050 $ 1,150 $ 900 (a) Proceeds will be used to finance or refinance, in whole or in part, existing or new eligible projects under the sustainable financing framework. The following table shows the significant components of Current maturities of long-term debt on the Condensed 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 March 31, 2022 Unsecured Debt Progress Energy April 2022 3.150 % $ 450 Duke Energy (Parent) August 2022 3.050 % 500 Duke Energy (Parent) August 2022 2.400 % 500 First Mortgage Bonds Duke Energy Carolinas May 2022 3.350 % 350 Duke Energy Progress May 2022 2.800 % 500 Duke Energy Carolinas March 2023 2.500 % 500 Duke Energy Carolinas March 2023 3.050 % 500 Other (a) 584 Current maturities of long-term debt $ 3,884 (a) Includes finance lease obligations, amortizing debt, tax-exempt bonds with mandatory put options and small bullet maturities. |
Schedule Of Line Of Credit Facilities | The table below includes the current borrowing sublimits and available capacity under these credit facilities. March 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 $ 3,300 $ 1,225 $ 1,400 $ 900 $ 775 $ 600 $ 800 Reduction to backstop issuances Commercial paper (b) (2,819) (1,715) (300) (150) (236) (86) (150) (182) Outstanding letters of credit (38) (25) (4) (2) (7) — — — Tax-exempt bonds (81) — — — — — (81) — Available capacity under the Master Credit Facility $ 6,062 $ 1,560 $ 921 $ 1,248 $ 657 $ 689 $ 369 $ 618 (a) Represents the sublimit of each borrower. |
Goodwill (Tables)
Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill By Reportable Operating Segment | The following table presents the goodwill by reportable segment included on Duke Energy's Condensed Consolidated Balance Sheets at March 31, 2022, and December 31, 2021. Electric Utilities Gas Utilities Commercial (in millions) and Infrastructure and Infrastructure Renewables Total Goodwill balance $ 17,379 $ 1,924 $ 122 $ 19,425 Accumulated impairment charges — — (122) (122) Goodwill, adjusted for accumulated impairment charges $ 17,379 $ 1,924 $ — $ 19,303 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions, Other Revenue and Expense | Material amounts related to transactions with related parties included on the Condensed Consolidated Statements of Operations and Comprehensive Income are presented in the following table. Three Months Ended March 31, (in millions) 2022 2021 Duke Energy Carolinas Corporate governance and shared service expenses (a) $ 206 $ 203 Indemnification coverages (b) 7 6 Joint Dispatch Agreement (JDA) revenue (c) 26 13 JDA expense (c) 94 40 Intercompany natural gas purchases (d) 13 14 Progress Energy Corporate governance and shared service expenses (a) $ 196 $ 181 Indemnification coverages (b) 11 10 JDA revenue (c) 94 40 JDA expense (c) 26 13 Intercompany natural gas purchases (d) 19 19 Duke Energy Progress Corporate governance and shared service expenses (a) $ 119 $ 105 Indemnification coverages (b) 5 5 JDA revenue (c) 94 40 JDA expense (c) 26 13 Intercompany natural gas purchases (d) 19 19 Duke Energy Florida Corporate governance and shared service expenses (a) $ 77 $ 76 Indemnification coverages (b) 6 5 Duke Energy Ohio Corporate governance and shared service expenses (a) $ 82 $ 79 Indemnification coverages (b) 1 1 Duke Energy Indiana Corporate governance and shared service expenses (a) $ 124 $ 113 Indemnification coverages (b) 2 2 Piedmont Corporate governance and shared service expenses (a) $ 35 $ 33 Indemnification coverages (b) 1 1 Intercompany natural gas sales (d) 32 33 Natural gas storage and transportation costs (e) 6 6 (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 Condensed 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 Condensed 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 Condensed 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 Condensed 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 March 31, 2022 Intercompany income tax receivable $ 20 $ 49 $ — $ 9 $ 5 $ — $ — Intercompany income tax payable — — 15 — — 44 45 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) | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Notional Amounts of Outstanding Derivative Positions | The following table shows notional amounts of outstanding derivatives related to interest rate risk. March 31, 2022 Duke Duke Duke Duke Energy Energy Energy (in millions) Energy Carolinas Indiana Ohio Cash flow hedges $ 2,913 $ — $ — $ — Undesignated contracts 577 250 300 27 Total notional amount (a) $ 3,490 $ 250 $ 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 (a) $ 3,592 $ 350 $ 500 $ 500 $ 300 $ 27 (a) Duke Energy includes amounts related to consolidated VIEs of $663 million and $665 million in cash flow hedges as of March 31, 2022 and December 31, 2021, respectively. 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. March 31, 2022 Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy Carolinas Energy Progress Ohio Indiana Piedmont Electricity (GWh) (a) 16,176 — — — 791 4,501 — Natural gas (millions of dekatherms) 860 284 243 243 — 7 326 December 31, 2021 Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy Carolinas Energy Progress Ohio Indiana Piedmont Electricity (GWh) (a) 22,344 — — — 1,681 10,688 — Natural gas (millions of dekatherms) 823 264 215 215 — 8 336 (a) Duke Energy includes 9,763 GWh and 9,975 GWh related to cash flow hedges as of March 31, 2022, and December 31, 2021, respectively. |
Location And Fair Value Of Derivatives Recognized in the Condensed 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 Condensed 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 March 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 $ 673 $ 335 $ 295 $ 255 $ 40 $ — $ 28 $ 7 Noncurrent 280 151 130 130 — — — — Total Derivative Assets – Commodity Contracts $ 953 $ 486 $ 425 $ 385 $ 40 $ — $ 28 $ 7 Interest Rate Contracts Designated as Hedging Instruments Current $ 94 $ — $ — $ — $ — $ — $ — $ — Noncurrent 37 — — — — — — — Not Designated as Hedging Instruments Noncurrent 24 7 — — — — 17 — Total Derivative Assets – Interest Rate Contracts $ 155 $ 7 $ — $ — $ — $ — $ 17 $ — Total Derivative Assets $ 1,108 $ 493 $ 425 $ 385 $ 40 $ — $ 45 $ 7 Derivative Liabilities March 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 Designated as Hedging Instruments Current $ 49 $ — $ — $ — $ — $ — $ — — Noncurrent 160 — — — — — — — Not Designated as Hedging Instruments Current 61 36 — — — — — 24 Noncurrent 149 1 — — — — — 149 Total Derivative Liabilities – Commodity Contracts $ 419 $ 37 $ — $ — $ — $ — $ — $ 173 Interest Rate Contracts Designated as Hedging Instruments Current $ 4 $ — $ — $ — $ — $ — $ — $ — Noncurrent 7 — — — — — — — Not Designated as Hedging Instruments Current 1 — — — — 1 — — Noncurrent 2 — — — — 2 — — Total Derivative Liabilities – Interest Rate Contracts $ 14 $ — $ — $ — $ — $ 3 $ — $ — Total Derivative Liabilities $ 433 $ 37 $ — $ — $ — $ 3 $ — $ 173 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 Commodity Contracts Designated as Hedging Instruments Current $ 27 $ — $ — $ — $ — $ — $ — $ — Noncurrent 117 — — — — — — — Not Designated as Hedging Instruments Current 72 18 19 5 14 — 13 21 Noncurrent 132 9 5 5 — — — 118 Total Derivative Liabilities – Commodity Contracts $ 348 $ 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 $ 472 $ 35 $ 24 $ 10 $ 14 $ 5 $ 27 $ 139 |
Offsetting Assets | The following tables present the line items on the Condensed 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 March 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 $ 767 $ 335 $ 295 $ 255 $ 40 $ — $ 28 $ 7 Gross amounts offset (255) (149) (106) (106) — — — — Net amounts presented in Current Assets: Other $ 512 $ 186 $ 189 $ 149 $ 40 $ — $ 28 $ 7 Noncurrent Gross amounts recognized $ 341 $ 158 $ 130 $ 130 $ — $ — $ 17 $ — Gross amounts offset (115) (64) (51) (51) — — — — Net amounts presented in Other Noncurrent Assets: Other $ 226 $ 94 $ 79 $ 79 $ — $ — $ 17 $ — Derivative Liabilities March 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 $ 115 $ 36 $ — $ — $ — $ 1 $ — $ 24 Gross amounts offset — — — — — — — — Net amounts presented in Current Liabilities: Other $ 115 $ 36 $ — $ — $ — $ 1 $ — $ 24 Noncurrent Gross amounts recognized $ 318 $ 1 $ — $ — $ — $ 2 $ — $ 149 Gross amounts offset — — — — — — — — Net amounts presented in Other Noncurrent Liabilities: Other $ 318 $ 1 $ — $ — $ — $ 2 $ — $ 149 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 $ 184 $ 26 $ 19 $ 5 $ 14 $ 1 $ 13 $ 21 Gross amounts offset (11) (6) (5) (5) — — — — Net amounts presented in Current Liabilities: Other $ 173 $ 20 $ 14 $ — $ 14 $ 1 $ 13 $ 21 Noncurrent Gross amounts recognized $ 288 $ 9 $ 5 $ 5 $ — $ 4 $ 14 $ 118 Gross amounts offset (12) (8) (5) (5) — — — — Net amounts presented in Other Noncurrent Liabilities: Other $ 276 $ 1 $ — $ — $ — $ 4 $ 14 $ 118 |
Offsetting Liabilities | The following tables present the line items on the Condensed 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 March 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 $ 767 $ 335 $ 295 $ 255 $ 40 $ — $ 28 $ 7 Gross amounts offset (255) (149) (106) (106) — — — — Net amounts presented in Current Assets: Other $ 512 $ 186 $ 189 $ 149 $ 40 $ — $ 28 $ 7 Noncurrent Gross amounts recognized $ 341 $ 158 $ 130 $ 130 $ — $ — $ 17 $ — Gross amounts offset (115) (64) (51) (51) — — — — Net amounts presented in Other Noncurrent Assets: Other $ 226 $ 94 $ 79 $ 79 $ — $ — $ 17 $ — Derivative Liabilities March 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 $ 115 $ 36 $ — $ — $ — $ 1 $ — $ 24 Gross amounts offset — — — — — — — — Net amounts presented in Current Liabilities: Other $ 115 $ 36 $ — $ — $ — $ 1 $ — $ 24 Noncurrent Gross amounts recognized $ 318 $ 1 $ — $ — $ — $ 2 $ — $ 149 Gross amounts offset — — — — — — — — Net amounts presented in Other Noncurrent Liabilities: Other $ 318 $ 1 $ — $ — $ — $ 2 $ — $ 149 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 $ 184 $ 26 $ 19 $ 5 $ 14 $ 1 $ 13 $ 21 Gross amounts offset (11) (6) (5) (5) — — — — Net amounts presented in Current Liabilities: Other $ 173 $ 20 $ 14 $ — $ 14 $ 1 $ 13 $ 21 Noncurrent Gross amounts recognized $ 288 $ 9 $ 5 $ 5 $ — $ 4 $ 14 $ 118 Gross amounts offset (12) (8) (5) (5) — — — — Net amounts presented in Other Noncurrent Liabilities: Other $ 276 $ 1 $ — $ — $ — $ 4 $ 14 $ 118 |
Investments in Debt and Equit_2
Investments in Debt and Equity Securities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Securities, Available-for-sale [Line Items] | |
Debt Securities, Trading, and Equity Securities, FV-NI | 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. March 31, 2022 December 31, 2021 Gross Gross Gross Gross Unrealized Unrealized Estimated Unrealized Unrealized Estimated Holding Holding Fair Holding Holding Fair (in millions) Gains Losses Value Gains Losses Value NDTF Cash and cash equivalents $ — $ — $ 128 $ — $ — $ 160 Equity securities 4,486 62 6,853 4,905 43 7,350 Corporate debt securities 9 43 786 39 6 829 Municipal bonds 2 16 321 14 1 314 U.S. government bonds 10 57 1,561 31 12 1,568 Other debt securities — 7 177 3 1 180 Total NDTF Investments $ 4,507 $ 185 $ 9,826 $ 4,992 $ 63 $ 10,401 Other Investments Cash and cash equivalents $ — $ — $ 110 $ — $ — $ 36 Equity securities 31 4 147 36 — 156 Corporate debt securities — 7 124 2 1 119 Municipal bonds 1 2 83 3 1 80 U.S. government bonds — 2 45 — — 56 Other debt securities — 2 36 — 1 45 Total Other Investments $ 32 $ 17 $ 545 $ 41 $ 3 $ 492 Total Investments $ 4,539 $ 202 $ 10,371 $ 5,033 $ 66 $ 10,893 |
Debt Securities, Available-for-sale | 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. March 31, 2022 December 31, 2021 Gross Gross Gross Gross Unrealized Unrealized Estimated Unrealized Unrealized Estimated Holding Holding Fair Holding Holding Fair (in millions) Gains Losses Value Gains Losses Value NDTF Cash and cash equivalents $ — $ — $ 128 $ — $ — $ 160 Equity securities 4,486 62 6,853 4,905 43 7,350 Corporate debt securities 9 43 786 39 6 829 Municipal bonds 2 16 321 14 1 314 U.S. government bonds 10 57 1,561 31 12 1,568 Other debt securities — 7 177 3 1 180 Total NDTF Investments $ 4,507 $ 185 $ 9,826 $ 4,992 $ 63 $ 10,401 Other Investments Cash and cash equivalents $ — $ — $ 110 $ — $ — $ 36 Equity securities 31 4 147 36 — 156 Corporate debt securities — 7 124 2 1 119 Municipal bonds 1 2 83 3 1 80 U.S. government bonds — 2 45 — — 56 Other debt securities — 2 36 — 1 45 Total Other Investments $ 32 $ 17 $ 545 $ 41 $ 3 $ 492 Total Investments $ 4,539 $ 202 $ 10,371 $ 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 three months ended March 31, 2022, and 2021, were as follows. Three Months Ended (in millions) March 31, 2022 March 31, 2021 FV-NI: Realized gains $ 111 $ 140 Realized losses 85 23 AFS: Realized gains 4 18 Realized losses 23 13 |
Investments Classified by Contractual Maturity Date | The table below summarizes the maturity date for debt securities. March 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 $ 162 $ 7 $ 139 $ 32 $ 107 $ 8 Due after one through five years 969 367 528 270 258 24 Due after five through 10 years 536 235 228 212 16 6 Due after 10 years 1,466 810 557 517 40 25 Total $ 3,133 $ 1,419 $ 1,452 $ 1,031 $ 421 $ 63 |
Duke Energy Carolinas | |
Debt Securities, Available-for-sale [Line Items] | |
Debt Securities, Trading, and Equity Securities, FV-NI | 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. March 31, 2022 December 31, 2021 Gross Gross Gross Gross Unrealized Unrealized Estimated Unrealized Unrealized Estimated Holding Holding Fair Holding Holding Fair (in millions) Gains Losses Value Gains Losses Value NDTF Cash and cash equivalents $ — $ — $ 60 $ — $ — $ 53 Equity securities 2,632 30 3,962 2,887 19 4,265 Corporate debt securities 6 30 503 24 4 506 Municipal bonds — 5 52 2 — 48 U.S. government bonds 4 21 692 16 3 712 Other debt securities — 7 172 3 1 175 Total NDTF Investments $ 2,642 $ 93 $ 5,441 $ 2,932 $ 27 $ 5,759 |
Debt Securities, Available-for-sale | 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. March 31, 2022 December 31, 2021 Gross Gross Gross Gross Unrealized Unrealized Estimated Unrealized Unrealized Estimated Holding Holding Fair Holding Holding Fair (in millions) Gains Losses Value Gains Losses Value NDTF Cash and cash equivalents $ — $ — $ 60 $ — $ — $ 53 Equity securities 2,632 30 3,962 2,887 19 4,265 Corporate debt securities 6 30 503 24 4 506 Municipal bonds — 5 52 2 — 48 U.S. government bonds 4 21 692 16 3 712 Other debt securities — 7 172 3 1 175 Total NDTF Investments $ 2,642 $ 93 $ 5,441 $ 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 three months ended March 31, 2022, and 2021, were as follows. Three Months Ended (in millions) March 31, 2022 March 31, 2021 FV-NI: Realized gains $ 75 $ 128 Realized losses 49 16 AFS: Realized gains 3 13 Realized losses 16 9 |
Progress Energy | |
Debt Securities, Available-for-sale [Line Items] | |
Debt Securities, Trading, and Equity Securities, FV-NI | 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. March 31, 2022 December 31, 2021 Gross Gross Gross Gross Unrealized Unrealized Estimated Unrealized Unrealized Estimated Holding Holding Fair Holding Holding Fair (in millions) Gains Losses Value Gains Losses Value NDTF Cash and cash equivalents $ — $ — $ 68 $ — $ — $ 107 Equity securities 1,854 32 2,891 2,018 24 3,085 Corporate debt securities 3 13 283 15 2 323 Municipal bonds 2 11 269 12 1 266 U.S. government bonds 6 36 869 15 9 856 Other debt securities — — 5 — — 5 Total NDTF Investments $ 1,865 $ 92 $ 4,385 $ 2,060 $ 36 $ 4,642 Other Investments Cash and cash equivalents $ — $ — $ 17 $ — $ — $ 20 Municipal bonds 1 — 26 2 — 26 Total Other Investments $ 1 $ — $ 43 $ 2 $ — $ 46 Total Investments $ 1,866 $ 92 $ 4,428 $ 2,062 $ 36 $ 4,688 |
Debt Securities, Available-for-sale | 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. March 31, 2022 December 31, 2021 Gross Gross Gross Gross Unrealized Unrealized Estimated Unrealized Unrealized Estimated Holding Holding Fair Holding Holding Fair (in millions) Gains Losses Value Gains Losses Value NDTF Cash and cash equivalents $ — $ — $ 68 $ — $ — $ 107 Equity securities 1,854 32 2,891 2,018 24 3,085 Corporate debt securities 3 13 283 15 2 323 Municipal bonds 2 11 269 12 1 266 U.S. government bonds 6 36 869 15 9 856 Other debt securities — — 5 — — 5 Total NDTF Investments $ 1,865 $ 92 $ 4,385 $ 2,060 $ 36 $ 4,642 Other Investments Cash and cash equivalents $ — $ — $ 17 $ — $ — $ 20 Municipal bonds 1 — 26 2 — 26 Total Other Investments $ 1 $ — $ 43 $ 2 $ — $ 46 Total Investments $ 1,866 $ 92 $ 4,428 $ 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 three months ended March 31, 2022, and 2021, were as follows. Three Months Ended (in millions) March 31, 2022 March 31, 2021 FV-NI: Realized gains $ 36 $ 12 Realized losses 36 7 AFS: Realized gains 1 4 Realized losses 6 3 |
Duke Energy Progress | |
Debt Securities, Available-for-sale [Line Items] | |
Debt Securities, Trading, and Equity Securities, FV-NI | 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. March 31, 2022 December 31, 2021 Gross Gross Gross Gross Unrealized Unrealized Estimated Unrealized Unrealized Estimated Holding Holding Fair Holding Holding Fair (in millions) Gains Losses Value Gains Losses Value NDTF Cash and cash equivalents $ — $ — $ 58 $ — $ — $ 94 Equity securities 1,757 32 2,782 1,915 23 2,970 Corporate debt securities 3 12 255 15 2 282 Municipal bonds 2 11 269 12 1 266 U.S. government bonds 6 19 502 15 3 472 Other debt securities — — 5 — — 5 Total NDTF Investments $ 1,768 $ 74 $ 3,871 $ 1,957 $ 29 $ 4,089 Other Investments Cash and cash equivalents $ — $ — $ 14 $ — $ — $ 16 Total Other Investments $ — $ — $ 14 $ — $ — $ 16 Total Investments $ 1,768 $ 74 $ 3,885 $ 1,957 $ 29 $ 4,105 |
Debt Securities, Available-for-sale | 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. March 31, 2022 December 31, 2021 Gross Gross Gross Gross Unrealized Unrealized Estimated Unrealized Unrealized Estimated Holding Holding Fair Holding Holding Fair (in millions) Gains Losses Value Gains Losses Value NDTF Cash and cash equivalents $ — $ — $ 58 $ — $ — $ 94 Equity securities 1,757 32 2,782 1,915 23 2,970 Corporate debt securities 3 12 255 15 2 282 Municipal bonds 2 11 269 12 1 266 U.S. government bonds 6 19 502 15 3 472 Other debt securities — — 5 — — 5 Total NDTF Investments $ 1,768 $ 74 $ 3,871 $ 1,957 $ 29 $ 4,089 Other Investments Cash and cash equivalents $ — $ — $ 14 $ — $ — $ 16 Total Other Investments $ — $ — $ 14 $ — $ — $ 16 Total Investments $ 1,768 $ 74 $ 3,885 $ 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 three months ended March 31, 2022, and 2021, were as follows. Three Months Ended (in millions) March 31, 2022 March 31, 2021 FV-NI: Realized gains $ 36 $ 12 Realized losses 35 7 AFS: Realized gains 1 4 Realized losses 5 3 |
Duke Energy Florida | |
Debt Securities, Available-for-sale [Line Items] | |
Debt Securities, Trading, and Equity Securities, FV-NI | 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. March 31, 2022 December 31, 2021 Gross Gross Gross Gross Unrealized Unrealized Estimated Unrealized Unrealized Estimated Holding Holding Fair Holding Holding Fair (in millions) Gains Losses Value Gains Losses Value NDTF Cash and cash equivalents $ — $ — $ 10 $ — $ — $ 13 Equity securities 97 — 109 103 1 115 Corporate debt securities — 1 28 — — 41 U.S. government bonds — 17 367 — 6 384 Total NDTF Investments (a) $ 97 $ 18 $ 514 $ 103 $ 7 $ 553 Other Investments Cash and cash equivalents $ — $ — $ 2 $ — $ — $ 3 Municipal bonds 1 — 26 2 — 26 Total Other Investments $ 1 $ — $ 28 $ 2 $ — $ 29 Total Investments $ 98 $ 18 $ 542 $ 105 $ 7 $ 582 (a) During the three months ended March 31, 2022, and the year ended December 31, 2021, Duke Energy Florida received reimbursements from the NDTF for costs related to ongoing decommissioning activity of Crystal River Unit 3. |
Debt Securities, Available-for-sale | 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. March 31, 2022 December 31, 2021 Gross Gross Gross Gross Unrealized Unrealized Estimated Unrealized Unrealized Estimated Holding Holding Fair Holding Holding Fair (in millions) Gains Losses Value Gains Losses Value NDTF Cash and cash equivalents $ — $ — $ 10 $ — $ — $ 13 Equity securities 97 — 109 103 1 115 Corporate debt securities — 1 28 — — 41 U.S. government bonds — 17 367 — 6 384 Total NDTF Investments (a) $ 97 $ 18 $ 514 $ 103 $ 7 $ 553 Other Investments Cash and cash equivalents $ — $ — $ 2 $ — $ — $ 3 Municipal bonds 1 — 26 2 — 26 Total Other Investments $ 1 $ — $ 28 $ 2 $ — $ 29 Total Investments $ 98 $ 18 $ 542 $ 105 $ 7 $ 582 (a) During the three months ended March 31, 2022, and the year ended December 31, 2021, Duke Energy Florida received reimbursements from the NDTF for costs related to ongoing decommissioning activity of Crystal River Unit 3. |
Duke Energy Indiana | |
Debt Securities, Available-for-sale [Line Items] | |
Debt Securities, Trading, and Equity Securities, FV-NI | 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. March 31, 2022 December 31, 2021 Gross Gross Gross Gross Unrealized Unrealized Estimated Unrealized Unrealized Estimated Holding Holding Fair Holding Holding Fair (in millions) Gains Losses Value Gains Losses Value Investments Cash and cash equivalents $ — $ — $ 1 $ — $ — $ — Equity securities 4 4 91 6 — 97 Corporate debt securities — — 8 — — 6 Municipal bonds — 2 49 1 1 46 U.S. government bonds — — 6 — — 12 Total Investments $ 4 $ 6 $ 155 $ 7 $ 1 $ 161 |
Debt Securities, Available-for-sale | 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. March 31, 2022 December 31, 2021 Gross Gross Gross Gross Unrealized Unrealized Estimated Unrealized Unrealized Estimated Holding Holding Fair Holding Holding Fair (in millions) Gains Losses Value Gains Losses Value Investments Cash and cash equivalents $ — $ — $ 1 $ — $ — $ — Equity securities 4 4 91 6 — 97 Corporate debt securities — — 8 — — 6 Municipal bonds — 2 49 1 1 46 U.S. government bonds — — 6 — — 12 Total Investments $ 4 $ 6 $ 155 $ 7 $ 1 $ 161 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 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 Condensed Consolidated Balance Sheets. Derivative amounts in the tables below for all Duke Energy Registrants exclude cash collateral, which is disclosed in Note 8. See Note 9 for additional information related to investments by major security type for the Duke Energy Registrants. March 31, 2022 (in millions) Total Fair Value Level 1 Level 2 Level 3 Not Categorized NDTF cash and cash equivalents $ 128 $ 128 $ — $ — $ — NDTF equity securities 6,853 6,806 — — 47 NDTF debt securities 2,845 947 1,898 — — Other equity securities 147 147 — — — Other debt securities 288 39 249 — — Other cash and cash equivalents 110 110 — — — Derivative assets 1,108 27 1,071 10 — Total assets 11,479 8,204 3,218 10 47 Derivative liabilities (433) — (224) (209) — Net assets (liabilities) $ 11,046 $ 8,204 $ 2,994 $ (199) $ 47 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 (472) (13) (314) (145) — Net assets (liabilities) $ 10,741 $ 8,654 $ 2,158 $ (121) $ 50 |
Reconciliation Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Unobservable Inputs | The following tables provide reconciliations of beginning and ending balances of assets and liabilities measured at fair value using Level 3 measurements. Derivatives (net) Three Months Ended March 31, (in millions) 2022 2021 Balance at beginning of period $ (121) $ (77) Total pretax realized or unrealized losses included in comprehensive income (68) (44) Purchases, sales, issuances and settlements: Settlements (3) (7) Total (losses) gains included on the Condensed Consolidated Balance Sheet (7) 2 Balance at end of period $ (199) $ (126) |
Quantitative Information Table - Level 3 | The following tables include quantitative information about the Duke Energy Registrants' derivatives classified as Level 3. March 31, 2022 Weighted Fair Value Average Investment Type (in millions) Valuation Technique Unobservable Input Range Range Duke Energy Electricity contracts $ (210) RTO forward pricing Forward electricity curves – price per MWh $ 20.33 - $ 187.82 $ 46.51 Duke Energy Ohio FTRs 1 RTO auction pricing FTR price – per MWh 0.16 - 1.26 0.63 Duke Energy Indiana FTRs 10 RTO auction pricing FTR price – per MWh (0.46) - 17.24 2.32 Duke Energy Total Level 3 derivatives $ (199) December 31, 2021 Weighted Fair Value Average Investment Type (in millions) Valuation Technique Unobservable Input Range Range Duke Energy Electricity contracts $ (145) RTO forward pricing Forward electricity curves – price per MWh $ 19.04 - $139.11 $37.57 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 $ (121) |
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. 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. March 31, 2022 December 31, 2021 (in millions) Book Value Fair Value Book Value Fair Value Duke Energy (a) $ 66,080 $ 66,633 $ 63,835 $ 69,683 Duke Energy Carolinas 14,470 15,117 13,275 15,101 Progress Energy 21,657 22,669 20,823 23,751 Duke Energy Progress 11,114 11,260 10,249 11,252 Duke Energy Florida 8,451 8,911 8,482 9,772 Duke Energy Ohio 3,193 3,278 3,193 3,570 Duke Energy Indiana 4,270 4,554 4,323 5,067 Piedmont 2,969 2,984 2,968 3,278 (a) Book value of long-term debt inc ludes $1.2 billion and $1.25 billion |
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 Condensed Consolidated Balance Sheets. March 31, 2022 (in millions) Total Fair Value Level 1 Level 2 Not Categorized NDTF cash and cash equivalents $ 60 $ 60 $ — $ — NDTF equity securities 3,962 3,915 — 47 NDTF debt securities 1,419 349 1,070 — Derivative assets 493 — 493 — Total assets 5,934 4,324 1,563 47 Derivative liabilities (37) — (37) — Net assets $ 5,897 $ 4,324 $ 1,526 $ 47 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 tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets. March 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 $ 68 $ 68 $ — $ 107 $ 107 $ — NDTF equity securities 2,891 2,891 — 3,085 3,085 — NDTF debt securities 1,426 598 828 1,450 628 822 Other debt securities 26 — 26 26 — 26 Other cash and cash equivalents 17 17 — 20 20 — Derivative assets 425 2 423 124 — 124 Total assets 4,853 3,576 1,277 4,812 3,840 972 Derivative liabilities — — — (24) — (24) Net assets $ 4,853 $ 3,576 $ 1,277 $ 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 tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets. March 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 $ 58 $ 58 $ — $ 94 $ 94 $ — NDTF equity securities 2,782 2,782 — 2,970 2,970 — NDTF debt securities 1,031 279 752 1,025 289 736 Other cash and cash equivalents 14 14 — 16 16 — Derivative assets 385 2 383 124 — 124 Total assets 4,270 3,135 1,135 4,229 3,369 860 Derivative liabilities — — — (10) — (10) Net assets $ 4,270 $ 3,135 $ 1,135 $ 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 tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets. March 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 $ 10 $ 10 $ — $ 13 $ 13 $ — NDTF equity securities 109 109 — 115 115 — NDTF debt securities 395 319 76 425 339 86 Other debt securities 26 — 26 26 — 26 Other cash and cash equivalents 2 2 — 3 3 — Derivative assets 40 — 40 — — — Total assets 582 440 142 582 470 112 Derivative liabilities — — — (14) — (14) Net assets $ 582 $ 440 $ 142 $ 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 tables provide recorded balances for assets and liabilities measured at fair value on a recurring basis on the Condensed Consolidated Balance Sheets. March 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 $ 91 $ 91 $ — $ — $ 97 $ 97 $ — $ — Other debt securities 63 — 63 — 64 — 64 — Other cash and cash equivalents 1 1 — — — — — — Derivative assets 45 18 17 10 23 1 — 22 Total assets 200 110 80 10 184 98 64 22 Derivative liabilities — — — — (27) (13) (14) — Net assets $ 200 $ 110 $ 80 $ 10 $ 157 $ 85 $ 50 $ 22 |
Reconciliation Of Assets And Liabilities Measured At Fair Value On 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) Three Months Ended March 31, (in millions) 2022 2021 Balance at beginning of period $ 22 $ 6 Purchases, sales, issuances and settlements: Settlements (6) (6) Total (losses) gains included on the Condensed Consolidated Balance Sheet (6) 2 Balance at end of period $ 10 $ 2 |
Piedmont | |
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 Condensed Consolidated Balance Sheets. March 31, 2022 December 31, 2021 (in millions) Total Fair Value Level 1 Level 2 Total Fair Value Level 1 Level 2 Derivative assets $ 7 $ 7 $ — $ 3 $ 3 $ — Derivative liabilities (173) — (173) (139) — (139) Net (liabilities) assets $ (166) $ 7 $ (173) $ (136) $ 3 $ (139) |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
VIE primary beneficiary | |
Variable Interest Entities [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 2023 April 2023 Credit facility amount $ 350 $ 475 $ 350 $ 250 Amounts borrowed at March 31, 2022 350 499 350 250 Amounts borrowed at December 31, 2021 350 475 350 250 Restricted Receivables at March 31, 2022 566 858 658 503 Restricted Receivables at December 31, 2021 587 844 574 427 |
VIE not primary beneficiary | |
Variable Interest Entities [Line Items] | |
Schedule Of Variable Interest Entities | The following tables summarize the impact of non-consolidated VIEs on the Condensed Consolidated Balance Sheets. March 31, 2022 Duke Energy Duke Duke Pipeline Commercial Energy Energy (in millions) Investments Renewables Total Ohio Indiana Receivables from affiliated companies $ — $ — $ — $ 65 $ 80 Investments in equity method unconsolidated affiliates 29 504 533 — — Deferred tax asset 61 — 61 — — Total assets $ 90 $ 504 $ 594 $ 65 $ 80 Other current liabilities 50 3 53 — — Other noncurrent liabilities 52 3 55 — — Total liabilities $ 102 $ 6 $ 108 $ — $ — Net (liabilities) assets $ (12) $ 498 $ 486 $ 65 $ 80 December 31, 2021 Duke Energy Duke Duke Pipeline Commercial Energy Energy (in millions) Investments Renewables Total Ohio Indiana Receivables from affiliated companies $ — $ — $ — $ 79 $ 97 Investments in equity method unconsolidated affiliates 15 508 523 — — Other noncurrent assets 61 — 61 — — Total assets $ 76 $ 508 $ 584 $ 79 $ 97 Other current liabilities 47 4 51 — — Other noncurrent liabilities 54 3 57 — — Total liabilities $ 101 $ 7 $ 108 $ — $ — Net (liabilities) assets $ (25) $ 501 $ 476 $ 79 $ 97 |
DEFPF | VIE primary beneficiary | |
Variable Interest Entities [Line Items] | |
Schedule Of Variable Interest Entities | The following table summarizes the impact of DEFPF on Duke Energy Florida's Condensed Consolidated Balance Sheets. (in millions) March 31, 2022 December 31, 2021 Receivables of VIEs $ 5 $ 5 Regulatory Assets: Current 54 54 Current Assets: Other 13 39 Other Noncurrent Assets: Regulatory assets 872 883 Current Liabilities: Other 2 9 Current maturities of long-term debt 56 56 Long-Term Debt 916 946 |
DECNCSF and DEPNCSF | VIE primary beneficiary | |
Variable Interest Entities [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. March 31, 2022 December 31, 2021 Duke Energy Duke Energy Duke Energy Duke Energy (in millions) Carolinas Progress Carolinas Progress Regulatory Assets: Current $ 12 $ 39 $ 12 $ 39 Current Assets: Other 4 14 — — Other Noncurrent Assets: Regulatory assets 217 711 220 720 Other Noncurrent Assets: Other 1 4 1 4 Current Liabilities: Other 2 6 — — Current maturities of long-term debt 10 32 5 15 Long-Term Debt 223 730 228 747 |
Commercial Renewables | VIE primary beneficiary | |
Variable Interest Entities [Line Items] | |
Schedule Of Variable Interest Entities | The table below presents material balances reported on Duke Energy's Condensed Consolidated Balance Sheets related to Commercial Renewables VIEs. (in millions) March 31, 2022 December 31, 2021 Current Assets: Other $ 215 $ 215 Property, Plant and Equipment: Cost 7,337 7,339 Accumulated depreciation and amortization (1,534) (1,474) Other Noncurrent Assets: Other 70 62 Current maturities of long-term debt 297 167 Long-Term Debt 1,325 1,475 Other Noncurrent Liabilities: AROs 173 173 Other Noncurrent Liabilities: Other 360 319 |
CRC | VIE not primary beneficiary | |
Variable Interest Entities [Line Items] | |
Schedule Of Variable Interest Entities | The following table shows the gross and net receivables sold. Duke Energy Ohio Duke Energy Indiana (in millions) March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Receivables sold $ 263 $ 269 $ 305 $ 328 Less: Retained interests 65 79 80 97 Net receivables sold $ 198 $ 190 $ 225 $ 231 The following table shows sales and cash flows related to receivables sold. Duke Energy Ohio Duke Energy Indiana Three Months Ended Three Months Ended March 31, March 31, (in millions) 2022 2021 2022 2021 Sales Receivables sold $ 663 $ 561 $ 782 $ 698 Loss recognized on sale 3 3 4 3 Cash flows Cash proceeds from receivables sold $ 674 $ 596 $ 795 $ 746 Collection fees received — — — — Return received on retained interests 1 1 2 2 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 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) 2022 2023 2024 2025 2026 Thereafter Total Progress Energy $ 80 $ 53 $ 45 $ 7 $ 7 $ 43 $ 235 Duke Energy Progress 6 8 8 — — — 22 Duke Energy Florida 74 45 37 7 7 43 213 Duke Energy Indiana 2 11 16 17 15 12 73 Remaining Performance Obligations (in millions) 2022 2023 2024 2025 2026 Thereafter Total Piedmont $ 48 $ 64 $ 61 $ 60 $ 50 $ 286 $ 569 |
Disaggregation of Revenue | Disaggregated revenues are presented as follows: Three Months Ended March 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 $ 2,767 $ 831 $ 1,368 $ 624 $ 744 $ 211 $ 354 $ — General 1,604 544 726 325 401 116 218 — Industrial 772 276 270 194 76 35 192 — Wholesale 626 113 411 349 62 23 79 — Other revenues 202 111 211 139 72 21 (36) — Total Electric Utilities and Infrastructure revenue from contracts with customers $ 5,971 $ 1,875 $ 2,986 $ 1,631 $ 1,355 $ 406 $ 807 $ — Gas Utilities and Infrastructure Residential $ 572 $ — $ — $ — $ — $ 149 $ — $ 423 Commercial 269 — — — — 64 — 204 Industrial 57 — — — — 7 — 50 Power Generation — — — — — — — 24 Other revenues 115 — — — — 6 — 93 Total Gas Utilities and Infrastructure revenue from contracts with customers $ 1,013 $ — $ — $ — $ — $ 226 $ — $ 794 Commercial Renewables Revenue from contracts with customers $ 51 $ — $ — $ — $ — $ — $ — $ — Other Revenue from contracts with customers $ 7 $ — $ — $ — $ — $ — $ — $ — Total revenue from contracts with customers $ 7,042 $ 1,875 $ 2,986 $ 1,631 $ 1,355 $ 632 $ 807 $ 794 Other revenue sources (a) $ 90 $ 13 $ 6 $ 1 $ — $ 6 $ 15 $ 11 Total revenues $ 7,132 $ 1,888 $ 2,992 $ 1,632 $ 1,355 $ 638 $ 822 $ 805 (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. Three Months Ended March 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 $ 2,462 $ 793 $ 1,162 $ 560 $ 602 $ 195 $ 313 $ — General 1,419 502 624 306 318 104 189 — Industrial 662 256 207 145 62 31 167 — Wholesale 504 114 326 292 34 13 50 — Other revenues 226 74 160 83 77 22 18 — Total Electric Utilities and Infrastructure revenue from contracts with customers $ 5,273 $ 1,739 $ 2,479 $ 1,386 $ 1,093 $ 365 $ 737 $ — Gas Utilities and Infrastructure Residential $ 460 $ — $ — $ — $ — $ 110 $ — $ 351 Commercial 204 — — — — 48 — 156 Industrial 50 — — — — 7 — 43 Power Generation — — — — — — — 22 Other revenues 47 — — — — 5 — 26 Total Gas Utilities and Infrastructure revenue from contracts with customers $ 761 $ — $ — $ — $ — $ 170 $ — $ 598 Commercial Renewables Revenue from contracts with customers $ 54 $ — $ — $ — $ — $ — $ — $ — Other Revenue from contracts with customers $ 6 $ — $ — $ — $ — $ — $ — $ — Total revenue from contracts with customers $ 6,094 $ 1,739 $ 2,479 $ 1,386 $ 1,093 $ 535 $ 737 $ 598 Other revenue sources (a) $ 56 $ (23) $ 26 $ 15 $ 8 $ (3) $ 8 $ 8 Total revenues $ 6,150 $ 1,716 $ 2,505 $ 1,401 $ 1,101 $ 532 $ 745 $ 606 (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. |
Reserve for Credit Losses for Trade and Other Receivables | The following table presents the reserve for credit losses for trade and other receivables based on adoption of the new standard. Three Months Ended March 31, 2021 and 2022 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 $ 146 $ 23 $ 37 $ 23 $ 14 $ 4 $ 3 $ 12 Write-Offs (21) (8) (10) (5) (5) — — (1) Credit Loss Expense 17 10 7 2 5 — — 3 Other Adjustments 5 9 3 3 1 — — — Balance at March 31, 2021 $ 147 $ 34 $ 37 $ 23 $ 15 $ 4 $ 3 $ 14 Balance at December 31, 2021 $ 122 $ 42 $ 36 $ 21 $ 16 $ 4 $ 3 $ 15 Write-Offs (23) (9) (10) (2) (8) — — (1) Credit Loss Expense 24 5 12 4 8 — — 3 Other Adjustments 17 14 13 8 5 — — — Balance at March 31, 2022 $ 140 $ 52 $ 51 $ 31 $ 21 $ 4 $ 3 $ 17 |
Aging of Trade Receivables | The aging of trade receivables is presented in the table below. Duke Energy considers receivables greater than 30 days outstanding past due. March 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 Revenue (a)(b) $ 945 $ 339 $ 270 $ 161 $ 109 $ 7 $ 44 $ 64 0-30 days 2,133 518 944 558 386 40 26 215 30-60 days 288 75 111 64 47 8 4 23 60-90 days 102 33 40 22 18 2 3 7 90+ days 274 119 77 39 38 46 9 7 Deferred Payment Arrangements (c) 136 60 61 33 28 2 — 4 Trade and Other Receivables $ 3,878 $ 1,144 $ 1,503 $ 877 $ 626 $ 105 $ 86 $ 320 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 Revenue (a)(b) $ 964 $ 316 $ 266 $ 193 $ 73 $ 4 $ 27 $ 106 0-30 days 2,104 595 800 405 393 42 51 202 30-60 days 212 77 72 44 28 4 13 12 60-90 days 88 37 41 21 20 1 1 2 90+ days 249 106 65 37 28 47 11 7 Deferred Payment Arrangements (c) 115 55 45 22 23 2 — 4 Trade and Other Receivables $ 3,732 $ 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 Condensed 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 Condensed Consolidated Balance Sheets of Duke Energy Ohio and Duke Energy Indiana. See Note 11 for further information. These receivables for unbilled revenues are $63 million and $100 million for Duke Energy Ohio and Duke Energy Indiana, respectively, as of March 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 certain customer financial hardships created by the COVID-19 pandemic and resulting stay-at-home orders, Duke Energy permitted customers to defer payment of past-due amounts through an installment payment plan over a period of several months. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 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. Three Months Ended March 31, (in millions, except per share amounts) 2022 2021 Net income available to Duke Energy common stockholders $ 818 $ 953 Accumulated preferred stock dividends adjustment 12 12 Less: Impact of participating securities 1 1 Income from continuing operations available to Duke Energy common stockholders $ 829 $ 964 Weighted average common shares outstanding – basic and diluted 770 769 EPS available to Duke Energy common stockholders Basic and diluted $ 1.08 $ 1.25 Potentially dilutive items excluded from the calculation (a) 2 2 Dividends declared per common share $ 0.985 $ 0.965 Dividends declared on Series A preferred stock per depositary share (b) $ 0.359 $ 0.359 Dividends declared on Series B preferred stock per share (c) $ 24.375 $ 24.375 (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. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Qualified Pension Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Components of Net Periodic Pension Costs | The following tables include the components of net periodic pension costs for qualified pension plans. Three Months Ended March 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 $ 40 $ 12 $ 12 $ 7 $ 4 $ 1 $ 2 $ 1 Interest cost on projected benefit obligation 58 14 18 8 10 3 5 2 Expected return on plan assets (140) (38) (46) (22) (24) (5) (9) (6) Amortization of actuarial loss 24 5 6 3 3 1 2 2 Amortization of prior service credit (5) (1) — — — — — (2) Amortization of settlement charges 2 1 1 — — — — — Net periodic pension costs $ (21) $ (7) $ (9) $ (4) $ (7) $ — $ — $ (3) Three Months Ended March 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 $ 44 $ 14 $ 13 $ 7 $ 5 $ 1 $ 2 $ 1 Interest cost on projected benefit obligation 55 13 17 7 10 3 5 2 Expected return on plan assets (139) (35) (47) (21) (26) (7) (10) (5) Amortization of actuarial loss 33 7 10 5 5 2 3 2 Amortization of prior service credit (7) (2) (1) — — — — (1) Amortization of settlement charges 2 1 1 — — — — — Net periodic pension costs $ (12) $ (2) $ (7) $ (2) $ (6) $ (1) $ — $ (1) |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Summary of Effective Tax Rates | The ETRs from continuing operations for each of the Duke Energy Registrants are included in the following table. Three Months Ended March 31, 2022 2021 Duke Energy (1.7) % 8.2 % Duke Energy Carolinas 7.4 % 6.9 % Progress Energy 15.9 % 12.9 % Duke Energy Progress 14.0 % 8.3 % Duke Energy Florida 20.1 % 19.3 % Duke Energy Ohio (266.7) % 13.3 % Duke Energy Indiana 31.9 % 17.6 % Piedmont 13.4 % 11.4 % |
Organization and Basis of Pre_4
Organization and Basis of Presentation (Schedule of Allocated Losses from Subsidiaries, Noncontrolling Interest) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Allocated losses to noncontrolling tax equity members utilizing the HLBV method | $ 24 | $ 43 |
Allocated losses to noncontrolling members based on pro rata shares of ownership | 13 | 8 |
Total Noncontrolling Interest Allocated Losses | $ 37 | $ 51 |
Organization and Basis of Pre_5
Organization and Basis of Presentation (Schedule of Cash and Cash Equivalents) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Current Assets | ||||
Cash and cash equivalents | $ 853 | $ 343 | ||
Other | 151 | 170 | ||
Other Noncurrent Assets | ||||
Other | 16 | 7 | ||
Total cash, cash equivalents and restricted cash | 1,020 | 520 | $ 692 | $ 556 |
Duke Energy Carolinas | ||||
Current Assets | ||||
Cash and cash equivalents | 4 | 7 | ||
Other | 4 | |||
Other Noncurrent Assets | ||||
Other | 1 | 1 | ||
Total cash, cash equivalents and restricted cash | 9 | 8 | 12 | 21 |
Progress Energy | ||||
Current Assets | ||||
Cash and cash equivalents | 63 | 70 | ||
Other | 28 | 39 | ||
Other Noncurrent Assets | ||||
Other | 4 | 4 | ||
Total cash, cash equivalents and restricted cash | 95 | 113 | 189 | 200 |
Duke Energy Progress | ||||
Current Assets | ||||
Cash and cash equivalents | 42 | 35 | ||
Other | 13 | |||
Other Noncurrent Assets | ||||
Other | 4 | 4 | ||
Total cash, cash equivalents and restricted cash | 59 | 39 | 46 | 39 |
Duke Energy Florida | ||||
Current Assets | ||||
Cash and cash equivalents | 13 | 23 | ||
Other | 13 | 39 | ||
Other Noncurrent Assets | ||||
Total cash, cash equivalents and restricted cash | $ 26 | $ 62 | $ 35 | $ 50 |
Organization and Basis of Pre_6
Organization and Basis of Presentation (Schedule of Inventory) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Public Utilities, Inventory [Line Items] | ||
Inventory | $ 3,171 | $ 3,199 |
Materials and supplies | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 2,455 | 2,397 |
Coal | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 469 | 486 |
Natural gas, oil and other fuel | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 247 | 316 |
Duke Energy Carolinas | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 1,040 | 1,026 |
Duke Energy Carolinas | Materials and supplies | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 810 | 793 |
Duke Energy Carolinas | Coal | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 196 | 195 |
Duke Energy Carolinas | Natural gas, oil and other fuel | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 34 | 38 |
Progress Energy | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 1,403 | 1,398 |
Progress Energy | Materials and supplies | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 1,089 | 1,067 |
Progress Energy | Coal | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 149 | 167 |
Progress Energy | Natural gas, oil and other fuel | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 165 | 164 |
Duke Energy Progress | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 940 | 921 |
Duke Energy Progress | Materials and supplies | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 744 | 729 |
Duke Energy Progress | Coal | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 93 | 94 |
Duke Energy Progress | Natural gas, oil and other fuel | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 103 | 98 |
Duke Energy Florida | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 463 | 477 |
Duke Energy Florida | Materials and supplies | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 345 | 338 |
Duke Energy Florida | Coal | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 56 | 73 |
Duke Energy Florida | Natural gas, oil and other fuel | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 62 | 66 |
Duke Energy Ohio | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 114 | 116 |
Duke Energy Ohio | Materials and supplies | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 89 | 80 |
Duke Energy Ohio | Coal | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 16 | 19 |
Duke Energy Ohio | Natural gas, oil and other fuel | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 9 | 17 |
Duke Energy Indiana | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 430 | 418 |
Duke Energy Indiana | Materials and supplies | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 320 | 311 |
Duke Energy Indiana | Coal | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 108 | 105 |
Duke Energy Indiana | Natural gas, oil and other fuel | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 2 | 2 |
Piedmont | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 51 | 109 |
Piedmont | Materials and supplies | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 14 | 14 |
Piedmont | Natural gas, oil and other fuel | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | $ 37 | $ 95 |
Business Segments (Narrative) (
Business Segments (Narrative) (Details) $ in Millions | Sep. 08, 2021USD ($) | Jan. 28, 2021USD ($)closing | Mar. 31, 2022USD ($)segment | Jan. 01, 2023 |
Duke Energy Indiana | Noncontrolling Interests | ||||
Segment Reporting Information [Line Items] | ||||
Percentage sold | 19.90% | |||
Number of closings | closing | 2 | |||
Value of sale of parent interest | $ 1,025 | $ 2,000 | ||
Ownership interest sold | 11.05% | |||
Proceed of purchase price for exchange in interest | 50.00% | |||
Duke Energy Indiana | Noncontrolling Interests | Forecast | ||||
Segment Reporting Information [Line Items] | ||||
Percentage sold | 19.90% | |||
Proceed of purchase price for exchange in interest | 50.00% | |||
Duke Energy Ohio | ||||
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | segment | 2 | |||
Wind and solar | Nonregulated | ||||
Segment Reporting Information [Line Items] | ||||
Renewable merchant plants | $ 200 | |||
Joint owner ownership percentage | 51.00% |
Business Segments (Business Seg
Business Segments (Business Segment Data) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Operating revenues | $ 7,132 | $ 6,150 | |
Segment income (loss) | 818 | 953 | |
Less: Noncontrolling interests | 37 | 51 | |
Add: Preferred stock dividend | 39 | 39 | |
Net Income | 820 | 941 | |
Segment assets | 171,220 | $ 169,587 | |
Impairment of assets and other charges | 215 | ||
Unregulated operating revenue | (197) | (182) | |
Incurred costs | 1,630 | 1,402 | |
Equity in earnings (losses) of unconsolidated affiliates | 25 | (17) | |
Duke Energy Carolinas | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 1,888 | 1,716 | |
Segment assets | 48,033 | 47,162 | |
Impairment of assets and other charges | 3 | ||
Incurred costs | 512 | 441 | |
Duke Energy Ohio | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 638 | 532 | |
Segment income (loss) | 77 | 91 | |
Segment assets | 10,731 | $ 10,774 | |
Incurred costs | 178 | 108 | |
Electric Utilities and Infrastructure | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 5,995 | 5,273 | |
Gas Utilities and Infrastructure | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 1,009 | 752 | |
Gas Utilities and Infrastructure | Asset Impairment for Regulatory Action | |||
Segment Reporting Information [Line Items] | |||
Equity in earnings (losses) of unconsolidated affiliates | (6) | ||
Commercial Renewables | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 121 | 119 | |
Total Reportable Segments | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 7,125 | 6,144 | |
Other | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 7 | 6 | |
Operating Segments | Electric Utilities and Infrastructure | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 6,002 | 5,281 | |
Segment income (loss) | 723 | 820 | |
Segment assets | 144,790 | ||
Operating Segments | Electric Utilities and Infrastructure | Duke Energy Supreme Court Ruling | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 46 | ||
Less: Noncontrolling interests | (22) | ||
Impairment of assets and other charges | 211 | ||
Operating Segments | Electric Utilities and Infrastructure | Duke Energy Ohio | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 412 | 363 | |
Segment income (loss) | 41 | 50 | |
Segment assets | 7,101 | ||
Operating Segments | Gas Utilities and Infrastructure | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 1,032 | 775 | |
Segment income (loss) | 254 | 245 | |
Segment assets | 15,170 | ||
Operating Segments | Gas Utilities and Infrastructure | Duke Energy Ohio | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 226 | 169 | |
Segment income (loss) | 38 | 43 | |
Segment assets | 3,784 | ||
Operating Segments | Commercial Renewables | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 121 | 119 | |
Segment income (loss) | 11 | 27 | |
Segment assets | 7,021 | ||
Operating Segments | Commercial Renewables | Texas Storm Uri | |||
Segment Reporting Information [Line Items] | |||
Segment income (loss) | (35) | ||
Less: Noncontrolling interests | 12 | ||
Unregulated operating revenue | 8 | ||
Incurred costs | 2 | ||
Equity in earnings (losses) of unconsolidated affiliates | (29) | ||
Operating Segments | Total Reportable Segments | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 7,155 | 6,175 | |
Segment income (loss) | 988 | 1,092 | |
Segment assets | 166,981 | ||
Operating Segments | Total Reportable Segments | Duke Energy Ohio | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 638 | 532 | |
Segment income (loss) | 79 | 93 | |
Segment assets | 10,885 | ||
Other | Other | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 30 | 26 | |
Segment income (loss) | (170) | (139) | |
Segment assets | 4,251 | ||
Other | Other | Duke Energy Ohio | |||
Segment Reporting Information [Line Items] | |||
Segment income (loss) | (2) | (2) | |
Segment assets | 14 | ||
Eliminations | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | (53) | (51) | |
Segment assets | (12) | ||
Eliminations | Duke Energy Ohio | |||
Segment Reporting Information [Line Items] | |||
Segment assets | (168) | ||
Eliminations | Electric Utilities and Infrastructure | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 7 | 8 | |
Eliminations | Gas Utilities and Infrastructure | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 23 | 23 | |
Eliminations | Total Reportable Segments | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 30 | 31 | |
Eliminations | Other | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | $ 23 | $ 20 |
Regulatory Matters (Regulatory
Regulatory Matters (Regulatory Matters Narrative - Duke Energy Carolinas and Duke Energy Progress) (Details) | Apr. 05, 2022 |
NCUC | Duke Energy Carolinas and Duke Energy Progress | HB 951 | Subsequent event | |
Public Utilities, General Disclosures [Line Items] | |
Retail portion of remaining net book value of retiring coal plants (as a percent) | 50.00% |
Regulatory Matters (Regulator_2
Regulatory Matters (Regulatory Matters Narrative - Duke Energy Carolinas) (Details) - Nuclear Regulatory Commission - contention | Sep. 27, 2021 | Jul. 28, 2021 | Jun. 07, 2021 | Jun. 06, 2021 | Mar. 31, 2022 |
Public Utilities, General Disclosures [Line Items] | |||||
Operating license extension | 20 years | ||||
Duke Energy Carolinas | Oconee Nuclear Station Subsequent License Renewal | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Comment period | 60 days | ||||
Number of contentions | 3 | ||||
Duke Energy Carolinas | Oconee Nuclear Station Subsequent License Renewal | Oconee Nuclear Station | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Operating license extension | 20 years | ||||
Operating license | 80 years | 60 years |
Regulatory Matters (Regulator_3
Regulatory Matters (Regulatory Matters Narrative - Duke Energy Progress) (Details) | Oct. 16, 2020 |
Duke Energy Progress | FERC | FERC Return on Equity Complaint, NCEMC | |
Public Utilities, General Disclosures [Line Items] | |
Approved return on equity percentage | 11.00% |
Regulatory Matters (Regulator_4
Regulatory Matters (Regulatory Matters Narrative - Duke Energy Florida) (Details) - Duke Energy Florida | May 04, 2021USD ($) | Jul. 01, 2020USD ($)plantMW | Dec. 31, 2024USD ($) | Dec. 31, 2023USD ($) | Dec. 31, 2022USD ($) | Apr. 11, 2022USD ($) |
FPSC | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Number of solar plants | plant | 10 | |||||
Generation capacity (MW) | MW | 750 | |||||
2021 Settlement | FPSC | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Public utilities, approved equity capital structure, percentage | 53.00% | |||||
Public utilities, approved debt capital structure, percentage | 47.00% | |||||
Public utilities, basis points, increase, percentage | 0.25% | |||||
Contract with customer, asset, after allowance for credit loss, noncurrent | $ 173,000,000 | |||||
Future investment in infrastructure | $ 1,000,000,000 | |||||
2021 Settlement | FPSC | US Treasury Securities | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Public utilities, basis points, increase, percentage | 0.50% | |||||
2021 Settlement | FPSC | Minimum | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Approved return on equity percentage | 8.85% | |||||
2021 Settlement | FPSC | Minimum | US Treasury Securities | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Approved return on equity percentage | 9.85% | |||||
2021 Settlement | FPSC | Maximum | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Approved return on equity percentage | 10.85% | |||||
2021 Settlement | FPSC | Maximum | US Treasury Securities | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Approved return on equity percentage | 10.10% | |||||
2021 Settlement | FPSC | Weighted Average | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Approved return on equity percentage | 9.85% | |||||
2021 Settlement | FPSC | Subsequent event | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Approved rate increase, amount | $ 79,000,000 | $ 49,000,000 | $ 67,000,000 | |||
Storm Protection Plan | FPSC | Subsequent event | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Investment in transmission and distribution | $ 7,000,000,000 | |||||
Solar Project | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Estimated cost of facilities | $ 1,000,000,000 | |||||
Estimated cost of facilities period | 3 years |
Regulatory Matters (Regulator_5
Regulatory Matters (Regulatory Matters Narrative - Duke Energy Ohio) (Details) $ in Millions | Oct. 01, 2021USD ($) | Mar. 31, 2022USD ($)site | Dec. 31, 2021USD ($) | Mar. 31, 2021USD ($) | Apr. 27, 2022USD ($) |
Public Utilities, General Disclosures [Line Items] | |||||
Operating revenues | $ 7,132 | $ 6,150 | |||
Incurred costs | 1,630 | 1,402 | |||
Income Tax (Benefit) Expense | (14) | 84 | |||
Impairment of assets and other charges | 215 | ||||
Public utilities, property, plant and equipment, net | 112,316 | $ 111,408 | |||
Duke Energy Ohio | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Operating revenues | 638 | 532 | |||
Incurred costs | 178 | 108 | |||
Income Tax (Benefit) Expense | (56) | $ 14 | |||
Public utilities, property, plant and equipment, net | 8,716 | 8,625 | |||
Duke Energy Ohio | Duke Energy Ohio Electric Base Rate Case | PUCO | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Requested rate increase (decrease), amount | $ 55 | ||||
Requested return on equity, percent | 10.30% | ||||
Requested rate increase, percentage | 3.30% | ||||
Duke Energy Ohio | Natural Gas Pipeline extension | OPSB | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Estimated capital cost excluding AFUDC | $ 185 | ||||
Duke Energy Ohio | MGP Cost Recovery - 2009 Through 2012 | PUCO | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Number of environmental remediation sites | site | 2 | ||||
Duke Energy Ohio | MGP Cost Recovery - 2013 Through 2019 | PUCO | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Operating revenues | $ 15 | ||||
Incurred costs | 58 | ||||
Income Tax (Benefit) Expense | $ (72) | ||||
Duke Energy Ohio | Midwest Propane Caverns | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Impairment of assets and other charges | $ 19 | ||||
Duke Energy Ohio | Midwest Propane Caverns | Subsequent event | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Public utilities, property, plant and equipment, net | $ 7 |
Regulatory Matters (Regulator_6
Regulatory Matters (Regulatory Matters Narrative - Duke Energy Indiana) (Details) - USD ($) $ in Millions | Jul. 28, 2021 | Jun. 29, 2020 | Dec. 04, 2019 | Jul. 02, 2019 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2020 |
Public Utilities, General Disclosures [Line Items] | |||||||
Impairment of assets and other charges | $ 215 | ||||||
Operating revenues | 7,132 | $ 6,150 | |||||
Duke Energy Indiana | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Impairment of assets and other charges | 211 | ||||||
Operating revenues | 822 | $ 745 | |||||
Duke Energy Indiana | IURC | Indiana rate case 2019 | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Requested rate increase (decrease), amount | $ 395 | ||||||
Requested rate increase, percentage, net of tax | 15.60% | ||||||
Requested rate increase (decrease), amended amount | $ 396 | ||||||
Approved rate increase, amount | $ 146 | ||||||
Rate base | $ 10,200 | ||||||
Reduction of requested rate increase | $ 200 | ||||||
Reduction due to depreciation methodology | 50.00% | ||||||
Reduction due to approved return on equity | 20.00% | ||||||
Approved return on equity percentage | 9.70% | 9.70% | |||||
Requested return on equity, percent | 10.40% | ||||||
Reduction due to earnings adjustments | 20.00% | ||||||
Estimated percentage of total rate increase, step one | 75.00% | ||||||
Estimated percentage of total rate increase, step two | 25.00% | ||||||
Public utilities, approved equity capital structure, percentage | 54.00% | ||||||
Impairment of assets and other charges | 211 | ||||||
Operating revenues | $ 46 |
Regulatory Matters (Regulator_7
Regulatory Matters (Regulatory Matters Narrative - Piedmont) (Details) - 2022 South Carolina Rate Case - PSCSC - Piedmont - Subsequent event $ in Millions | Apr. 01, 2022USD ($) |
Public Utilities, General Disclosures [Line Items] | |
Requested rate increase (decrease), amount | $ 7 |
Requested rate increase, percentage, net of tax | 3.40% |
Regulatory Matters (Schedule of
Regulatory Matters (Schedule of Net Carrying Value Of Facilities and Megawatt Capacity) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022USD ($)MW | Dec. 31, 2034asset | Dec. 31, 2021USD ($) | |
Public Utilities, General Disclosures [Line Items] | |||
Public utilities, property, plant and equipment, net | $ 112,316 | $ 111,408 | |
Duke Energy Carolinas | |||
Public Utilities, General Disclosures [Line Items] | |||
Public utilities, property, plant and equipment, net | 34,463 | 34,122 | |
Duke Energy Progress | |||
Public Utilities, General Disclosures [Line Items] | |||
Public utilities, property, plant and equipment, net | 23,694 | 23,657 | |
Duke Energy Florida | |||
Public Utilities, General Disclosures [Line Items] | |||
Public utilities, property, plant and equipment, net | 18,254 | 18,046 | |
Duke Energy Indiana | |||
Public Utilities, General Disclosures [Line Items] | |||
Public utilities, property, plant and equipment, net | $ 11,801 | $ 11,760 | |
Generation facilities to be retired | |||
Public Utilities, General Disclosures [Line Items] | |||
Capacity (in MW) | MW | 8,386 | ||
Public utilities, property, plant and equipment, net | $ 6,094 | ||
Generation facilities to be retired | Duke Energy Carolinas | Allen Steam Station Unit 1 | |||
Public Utilities, General Disclosures [Line Items] | |||
Capacity (in MW) | MW | 167 | ||
Public utilities, property, plant and equipment, net | $ 12 | ||
Generation facilities to be retired | Duke Energy Carolinas | Allen Steam Station Unit 5 | |||
Public Utilities, General Disclosures [Line Items] | |||
Capacity (in MW) | MW | 259 | ||
Public utilities, property, plant and equipment, net | $ 265 | ||
Generation facilities to be retired | Duke Energy Carolinas | Cliffside Unit 5 | |||
Public Utilities, General Disclosures [Line Items] | |||
Capacity (in MW) | MW | 546 | ||
Public utilities, property, plant and equipment, net | $ 358 | ||
Generation facilities to be retired | Duke Energy Progress | Mayo Unit 1 | |||
Public Utilities, General Disclosures [Line Items] | |||
Capacity (in MW) | MW | 713 | ||
Public utilities, property, plant and equipment, net | $ 621 | ||
Generation facilities to be retired | Duke Energy Progress | Roxboro Units 3-4 | |||
Public Utilities, General Disclosures [Line Items] | |||
Capacity (in MW) | MW | 1,409 | ||
Public utilities, property, plant and equipment, net | $ 450 | ||
Generation facilities to be retired | Duke Energy Florida | Crystal River Units 4-5 | |||
Public Utilities, General Disclosures [Line Items] | |||
Capacity (in MW) | MW | 1,442 | ||
Public utilities, property, plant and equipment, net | $ 1,636 | ||
Generation facilities to be retired | Duke Energy Florida | Crystal River Units 4 and 5 | Forecast | |||
Public Utilities, General Disclosures [Line Items] | |||
Facilities retiring ahead of schedule | asset | 2 | ||
Facilities retiring ahead of schedule, years ahead | 8 years | ||
Generation facilities to be retired | Duke Energy Indiana | Gibson Units 1-5 | |||
Public Utilities, General Disclosures [Line Items] | |||
Capacity (in MW) | MW | 2,845 | ||
Public utilities, property, plant and equipment, net | $ 2,076 | ||
Generation facilities to be retired | Duke Energy Indiana | Cayuga Units 1-2 | |||
Public Utilities, General Disclosures [Line Items] | |||
Capacity (in MW) | MW | 1,005 | ||
Public utilities, property, plant and equipment, net | $ 676 |
Commitments and Contingencies_2
Commitments and Contingencies (Schedule of Environmental Loss Contingencies) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Environmental Matters Details [Line Items] | ||
Reserves for Environmental Remediation | $ 87 | $ 88 |
Duke Energy Carolinas | ||
Environmental Matters Details [Line Items] | ||
Reserves for Environmental Remediation | 19 | 19 |
Progress Energy | ||
Environmental Matters Details [Line Items] | ||
Reserves for Environmental Remediation | 23 | 23 |
Duke Energy Progress | ||
Environmental Matters Details [Line Items] | ||
Reserves for Environmental Remediation | 11 | 11 |
Duke Energy Florida | ||
Environmental Matters Details [Line Items] | ||
Reserves for Environmental Remediation | 11 | 11 |
Duke Energy Ohio | ||
Environmental Matters Details [Line Items] | ||
Reserves for Environmental Remediation | 33 | 34 |
Duke Energy Indiana | ||
Environmental Matters Details [Line Items] | ||
Reserves for Environmental Remediation | 4 | 4 |
Piedmont | ||
Environmental Matters Details [Line Items] | ||
Reserves for Environmental Remediation | $ 8 | $ 9 |
Commitments and Contingencies_3
Commitments and Contingencies (Narrative) (Details) $ in Millions | May 02, 2022USD ($) | Jun. 16, 2021people | Apr. 30, 2022USD ($) | Mar. 31, 2022USD ($)case | Dec. 31, 2021USD ($) | Nov. 15, 2021lawsuit | Jun. 18, 2018USD ($) |
Texas Storm Uri Tort Litigation | Pending Litigation | |||||||
Loss Contingencies [Line Items] | |||||||
Loss contingency, pending claims, number | case | 5 | ||||||
Number of cases named as defendant | case | 3 | ||||||
Duke Energy Carolinas | Ruben Villano, et al. v. Duke Energy Carolinas, LLC | Pending Litigation | |||||||
Loss Contingencies [Line Items] | |||||||
Loss contingency, pending claims, number | lawsuit | 1 | ||||||
Number of individuals | people | 9 | ||||||
Number of survivors | people | 4 | ||||||
Number of deceased individuals | people | 5 | ||||||
Duke Energy Carolinas | Asbestos-related Injuries and Damages Claims | |||||||
Loss Contingencies [Line Items] | |||||||
Asbestos-related injuries and damages reserves | $ 495 | $ 501 | |||||
Probable insurance recoveries | 644 | 644 | |||||
Duke Energy and Duke Energy Carolinas | ASU 2016-13 | |||||||
Loss Contingencies [Line Items] | |||||||
Reserve for credit losses for insurance receivables | $ 12 | $ 12 | |||||
Duke Energy Progress | Spent Nuclear Fuel Matters | |||||||
Loss Contingencies [Line Items] | |||||||
Gain contingency, unrecorded amount | $ 100 | ||||||
Duke Energy Progress | Spent Nuclear Fuel Matters | Subsequent event | |||||||
Loss Contingencies [Line Items] | |||||||
Amount awarded | $ 87 | ||||||
Duke Energy Florida | Spent Nuclear Fuel Matters | |||||||
Loss Contingencies [Line Items] | |||||||
Gain contingency, unrecorded amount | $ 200 | ||||||
Duke Energy Florida | Spent Nuclear Fuel Matters | Subsequent event | |||||||
Loss Contingencies [Line Items] | |||||||
Amount awarded | $ 180 |
Debt and Credit Facilities (Sum
Debt and Credit Facilities (Summary of Debt Issuances) (Details) | Mar. 31, 2022USD ($) |
Debt Instrument [Line Items] | |
Debt issuances | $ 2,050,000,000 |
2.850% March 2022 Notes Due March 2032 | |
Debt Instrument [Line Items] | |
Interest Rate | 2.85% |
Debt issuances | $ 500,000,000 |
3.550% March 2022 Notes Due March 2052 | |
Debt Instrument [Line Items] | |
Interest Rate | 3.55% |
Debt issuances | $ 650,000,000 |
3.400% March 2022 Notes Due March 2032 | |
Debt Instrument [Line Items] | |
Interest Rate | 3.40% |
Debt issuances | $ 500,000,000 |
4.000% March 2022 Notes Due March 2052 | |
Debt Instrument [Line Items] | |
Interest Rate | 4.00% |
Debt issuances | $ 400,000,000 |
Duke Energy Carolinas | |
Debt Instrument [Line Items] | |
Debt issuances | 1,150,000,000 |
Duke Energy Carolinas | 2.850% March 2022 Notes Due March 2032 | |
Debt Instrument [Line Items] | |
Debt issuances | 500,000,000 |
Duke Energy Carolinas | 3.550% March 2022 Notes Due March 2052 | |
Debt Instrument [Line Items] | |
Debt issuances | 650,000,000 |
Duke Energy Progress | |
Debt Instrument [Line Items] | |
Debt issuances | 900,000,000 |
Duke Energy Progress | 3.400% March 2022 Notes Due March 2032 | |
Debt Instrument [Line Items] | |
Debt issuances | 500,000,000 |
Duke Energy Progress | 4.000% March 2022 Notes Due March 2052 | |
Debt Instrument [Line Items] | |
Debt issuances | $ 400,000,000 |
Debt and Credit Facilities (S_2
Debt and Credit Facilities (Summary of Current Maturities of Long-term Debt) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Current maturities of long-term debt | $ 3,884 | $ 3,387 |
Other debt securities | ||
Debt Instrument [Line Items] | ||
Current maturities of long-term debt | 584 | |
Progress Energy | ||
Debt Instrument [Line Items] | ||
Current maturities of long-term debt | $ 1,095 | 1,082 |
Progress Energy | Debt Maturing April 2022, 3.150% interest rate | Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.15% | |
Current maturities of long-term debt | $ 450 | |
Duke Energy (Parent) | Debt Maturing August 2022, 3.050% interest rate | Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.05% | |
Current maturities of long-term debt | $ 500 | |
Duke Energy (Parent) | Debt Maturing August 2022, 2.400% interest rate | Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Interest Rate | 2.40% | |
Current maturities of long-term debt | $ 500 | |
Duke Energy Carolinas | ||
Debt Instrument [Line Items] | ||
Current maturities of long-term debt | $ 1,367 | 362 |
Duke Energy Carolinas | Debt Maturing May 2022, 3.350% interest rate | First Mortgage Bonds | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.35% | |
Current maturities of long-term debt | $ 350 | |
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 | $ 568 | $ 556 |
Duke Energy Progress | Debt Maturing May 2022, 2.800%, interest rate | First Mortgage Bonds | ||
Debt Instrument [Line Items] | ||
Interest Rate | 2.80% | |
Current maturities of long-term debt | $ 500 |
Debt and Credit Facilities (Nar
Debt and Credit Facilities (Narrative) (Details) - USD ($) | Mar. 09, 2022 | Mar. 31, 2022 | Mar. 31, 2022 | Mar. 31, 2021 |
Master Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Facility size | $ 9,000,000,000 | $ 9,000,000,000 | $ 8,000,000,000 | |
Master Credit Facility | Term Loan Facility | Duke Energy (Parent) | ||||
Debt Instrument [Line Items] | ||||
Facility size | $ 1,400,000,000 | |||
Extension period | 2 years | |||
Master Credit Facility | Term Loan Facility | Progress Energy | ||||
Debt Instrument [Line Items] | ||||
Amount of debt closed | $ 2,500,000,000 | |||
June 2017 Three Year Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Facility term | 3 years |
Debt and Credit Facilities (Sch
Debt and Credit Facilities (Schedule of Line of Credit Facilities) (Details) - Master Credit Facility - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Line of Credit Facility [Line Items] | ||
Facility size | $ 9,000,000,000 | $ 8,000,000,000 |
Commercial paper | (2,819,000,000) | |
Outstanding letters of credit | (38,000,000) | |
Tax-exempt bonds | (81,000,000) | |
Available capacity under the Master Credit Facility | 6,062,000,000 | |
Duke Energy Carolinas | ||
Line of Credit Facility [Line Items] | ||
Facility size | 1,225,000,000 | |
Commercial paper | (300,000,000) | |
Outstanding letters of credit | (4,000,000) | |
Available capacity under the Master Credit Facility | 921,000,000 | |
Duke Energy Progress | ||
Line of Credit Facility [Line Items] | ||
Facility size | 1,400,000,000 | |
Commercial paper | (150,000,000) | |
Outstanding letters of credit | (2,000,000) | |
Available capacity under the Master Credit Facility | 1,248,000,000 | |
Duke Energy Florida | ||
Line of Credit Facility [Line Items] | ||
Facility size | 900,000,000 | |
Commercial paper | (236,000,000) | |
Outstanding letters of credit | (7,000,000) | |
Available capacity under the Master Credit Facility | 657,000,000 | |
Duke Energy Ohio | ||
Line of Credit Facility [Line Items] | ||
Facility size | 775,000,000 | |
Commercial paper | (86,000,000) | |
Available capacity under the Master Credit Facility | 689,000,000 | |
Duke Energy Indiana | ||
Line of Credit Facility [Line Items] | ||
Facility size | 600,000,000 | |
Commercial paper | (150,000,000) | |
Tax-exempt bonds | (81,000,000) | |
Available capacity under the Master Credit Facility | 369,000,000 | |
Piedmont | ||
Line of Credit Facility [Line Items] | ||
Facility size | 800,000,000 | |
Commercial paper | (182,000,000) | |
Available capacity under the Master Credit Facility | 618,000,000 | |
Duke Energy (Parent) | Proceeds loaned to subsidiary registrants | ||
Line of Credit Facility [Line Items] | ||
Commercial paper | (625,000,000) | |
Duke Energy (Parent) | Duke Energy (Parent) | ||
Line of Credit Facility [Line Items] | ||
Facility size | 3,300,000,000 | |
Commercial paper | (1,715,000,000) | |
Outstanding letters of credit | (25,000,000) | |
Available capacity under the Master Credit Facility | $ 1,560,000,000 |
Goodwill (Rollforward of Goodwi
Goodwill (Rollforward of Goodwill) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Goodwill [Line Items] | ||
Goodwill balance | $ 19,425 | $ 19,425 |
Accumulated impairment charges | (122) | (122) |
Goodwill, adjusted for accumulated impairment charges | 19,303 | 19,303 |
Electric Utilities and Infrastructure | ||
Goodwill [Line Items] | ||
Goodwill balance | 17,379 | 17,379 |
Goodwill, adjusted for accumulated impairment charges | 17,379 | 17,379 |
Gas Utilities and Infrastructure | ||
Goodwill [Line Items] | ||
Goodwill balance | 1,924 | 1,924 |
Goodwill, adjusted for accumulated impairment charges | 1,924 | 1,924 |
Commercial Renewables | ||
Goodwill [Line Items] | ||
Goodwill balance | 122 | 122 |
Accumulated impairment charges | $ (122) | $ (122) |
Goodwill (Narrative) (Details)
Goodwill (Narrative) (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Goodwill [Line Items] | ||
Goodwill | $ 19,303,000,000 | $ 19,303,000,000 |
Accumulated impairment charges | 122,000,000 | 122,000,000 |
Electric Utilities and Infrastructure | ||
Goodwill [Line Items] | ||
Goodwill | 17,379,000,000 | 17,379,000,000 |
Gas Utilities and Infrastructure | ||
Goodwill [Line Items] | ||
Goodwill | 1,924,000,000 | 1,924,000,000 |
Duke Energy Ohio | ||
Goodwill [Line Items] | ||
Goodwill | 920,000,000 | 920,000,000 |
Accumulated impairment charges | 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] | ||
Accumulated impairment charges | 0 | 0 |
Piedmont | ||
Goodwill [Line Items] | ||
Goodwill | 49,000,000 | 49,000,000 |
Piedmont | Gas Utilities and Infrastructure | ||
Goodwill [Line Items] | ||
Accumulated impairment charges | $ 0 | $ 0 |
Related Party Transactions (Oth
Related Party Transactions (Other Revenue and Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
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 | $ 206 | $ 203 |
Duke Energy Carolinas | Indemnification coverages | Affiliated Entity | ||
Related Party Transaction [Line Items] | ||
Related party transaction, expenses from transactions with related party | 7 | 6 |
Duke Energy Carolinas | JDA | Duke Energy Progress | ||
Related Party Transaction [Line Items] | ||
Related party transaction, expenses from transactions with related party | 94 | 40 |
Related party transaction, other revenues from transactions with related party | 26 | 13 |
Duke Energy Carolinas | Intercompany natural gas purchases and sales | Affiliated Entity | ||
Related Party Transaction [Line Items] | ||
Related party transaction, expenses from transactions with related party | 13 | 14 |
Progress Energy | Corporate governance and shared service expenses | Affiliated Entity | ||
Related Party Transaction [Line Items] | ||
Related party transaction, expenses from transactions with related party | 196 | 181 |
Progress Energy | Indemnification coverages | Affiliated Entity | ||
Related Party Transaction [Line Items] | ||
Related party transaction, expenses from transactions with related party | 11 | 10 |
Progress Energy | JDA | Duke Energy Carolinas | ||
Related Party Transaction [Line Items] | ||
Related party transaction, expenses from transactions with related party | 26 | 13 |
Related party transaction, other revenues from transactions with related party | 94 | 40 |
Progress Energy | Intercompany natural gas purchases and sales | Affiliated Entity | ||
Related Party Transaction [Line Items] | ||
Related party transaction, expenses from transactions with related party | 19 | 19 |
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 | 119 | 105 |
Duke Energy Progress | Indemnification coverages | Affiliated Entity | ||
Related Party Transaction [Line Items] | ||
Related party transaction, expenses from transactions with related party | 5 | 5 |
Duke Energy Progress | JDA | Duke Energy Carolinas | ||
Related Party Transaction [Line Items] | ||
Related party transaction, expenses from transactions with related party | 26 | 13 |
Related party transaction, other revenues from transactions with related party | 94 | 40 |
Duke Energy Progress | Intercompany natural gas purchases and sales | Affiliated Entity | ||
Related Party Transaction [Line Items] | ||
Related party transaction, expenses from transactions with related party | 19 | 19 |
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 | 77 | 76 |
Duke Energy Florida | Indemnification coverages | Affiliated Entity | ||
Related Party Transaction [Line Items] | ||
Related party transaction, expenses from transactions with related party | 6 | 5 |
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 | 82 | 79 |
Duke Energy Ohio | Indemnification coverages | Affiliated Entity | ||
Related Party Transaction [Line Items] | ||
Related party transaction, expenses from transactions with related party | 1 | 1 |
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 | 124 | 113 |
Duke Energy Indiana | Indemnification coverages | Affiliated Entity | ||
Related Party Transaction [Line Items] | ||
Related party transaction, expenses from transactions with related party | 2 | 2 |
Piedmont | Corporate governance and shared service expenses | Affiliated Entity | ||
Related Party Transaction [Line Items] | ||
Related party transaction, expenses from transactions with related party | 35 | 33 |
Piedmont | Indemnification coverages | Affiliated Entity | ||
Related Party Transaction [Line Items] | ||
Related party transaction, expenses from transactions with related party | 1 | 1 |
Piedmont | Intercompany natural gas purchases and sales | Affiliated Entity | ||
Related Party Transaction [Line Items] | ||
Related party transaction, other revenues from transactions with related party | 32 | 33 |
Piedmont | Natural gas storage and transportation costs | Affiliated Entity | ||
Related Party Transaction [Line Items] | ||
Related party transaction, expenses from transactions with related party | $ 6 | $ 6 |
Related Party Transactions (Int
Related Party Transactions (Intercompany Income Taxes) (Details) - Affiliated Entity - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Duke Energy Carolinas | ||
Related Party Transaction [Line Items] | ||
Intercompany income tax receivable | $ 20 | |
Intercompany income tax payable | $ 62 | |
Progress Energy | ||
Related Party Transaction [Line Items] | ||
Intercompany income tax receivable | 49 | |
Duke Energy Progress | ||
Related Party Transaction [Line Items] | ||
Intercompany income tax payable | 15 | 84 |
Duke Energy Florida | ||
Related Party Transaction [Line Items] | ||
Intercompany income tax receivable | 9 | 40 |
Duke Energy Ohio | ||
Related Party Transaction [Line Items] | ||
Intercompany income tax receivable | 5 | 19 |
Duke Energy Indiana | ||
Related Party Transaction [Line Items] | ||
Intercompany income tax payable | 44 | 10 |
Piedmont | ||
Related Party Transaction [Line Items] | ||
Intercompany income tax payable | $ 45 | $ 27 |
Derivatives and Hedging (Notion
Derivatives and Hedging (Notional Amounts of Derivative Instruments) (Details) Mcf in Millions, $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022USD ($)GWhMcf | Dec. 31, 2021USD ($)GWhMcf | |
Interest Rate Contracts | ||
Derivative [Line Items] | ||
Notional amount | $ 3,490 | $ 3,592 |
Commodity contracts | Cash flow hedges | ||
Derivative [Line Items] | ||
Notional amount, energy measure (in gigawatt-hours) | GWh | 9,763 | 9,975 |
Commodity contracts | Electricity (GWh)(a) | ||
Derivative [Line Items] | ||
Notional amount, energy measure (in gigawatt-hours) | GWh | 16,176 | 22,344 |
Commodity contracts | Natural gas (millions of dekatherms) | ||
Derivative [Line Items] | ||
Notional amount, volume (in millions of dekatherms) | Mcf | 860 | 823 |
Designated contracts | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Notional amount | $ 2,913 | $ 2,415 |
Designated contracts | Interest Rate Contracts | VIE primary beneficiary | ||
Derivative [Line Items] | ||
Notional amount | 663 | 665 |
Undesignated contracts | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Notional amount | 577 | 1,177 |
Duke Energy Carolinas | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Notional amount | $ 250 | $ 350 |
Duke Energy Carolinas | Commodity contracts | Natural gas (millions of dekatherms) | ||
Derivative [Line Items] | ||
Notional amount, volume (in millions of dekatherms) | Mcf | 284 | 264 |
Duke Energy Carolinas | Undesignated contracts | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Notional amount | $ 250 | $ 350 |
Progress Energy | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Notional amount | $ 500 | |
Progress Energy | Commodity contracts | Natural gas (millions of dekatherms) | ||
Derivative [Line Items] | ||
Notional amount, volume (in millions of dekatherms) | Mcf | 243 | 215 |
Progress Energy | Undesignated contracts | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Notional amount | $ 500 | |
Duke Energy Progress | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Notional amount | $ 500 | |
Duke Energy Progress | Commodity contracts | Natural gas (millions of dekatherms) | ||
Derivative [Line Items] | ||
Notional amount, volume (in millions of dekatherms) | Mcf | 243 | 215 |
Duke Energy Progress | Undesignated contracts | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Notional amount | $ 500 | |
Duke Energy Indiana | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Notional amount | $ 300 | $ 300 |
Duke Energy Indiana | Commodity contracts | Electricity (GWh)(a) | ||
Derivative [Line Items] | ||
Notional amount, energy measure (in gigawatt-hours) | GWh | 4,501 | 10,688 |
Duke Energy Indiana | Commodity contracts | Natural gas (millions of dekatherms) | ||
Derivative [Line Items] | ||
Notional amount, volume (in millions of dekatherms) | Mcf | 7 | 8 |
Duke Energy Indiana | Undesignated contracts | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Notional amount | $ 300 | $ 300 |
Duke Energy Ohio | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Notional amount | $ 27 | $ 27 |
Duke Energy Ohio | Commodity contracts | Electricity (GWh)(a) | ||
Derivative [Line Items] | ||
Notional amount, energy measure (in gigawatt-hours) | GWh | 791 | 1,681 |
Duke Energy Ohio | Undesignated contracts | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Notional amount | $ 27 | $ 27 |
Piedmont | Commodity contracts | Natural gas (millions of dekatherms) | ||
Derivative [Line Items] | ||
Notional amount, volume (in millions of dekatherms) | Mcf | 326 | 336 |
Derivatives and Hedging (Locati
Derivatives and Hedging (Location and Fair Value Amounts of Derivatives Reflected in the Condensed Consolidated Balance Sheets) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | $ 1,108 | $ 320 |
Location and fair value amounts of derivatives (Liability) | 433 | 472 |
Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 767 | 204 |
Noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 341 | 116 |
Current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 115 | 184 |
Noncurrent liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 318 | 288 |
Commodity Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 953 | 312 |
Location and fair value amounts of derivatives (Liability) | 419 | 348 |
Interest Rate Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 155 | 8 |
Location and fair value amounts of derivatives (Liability) | 14 | 124 |
Not Designated as Hedging Instruments | Commodity Contracts | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 673 | 199 |
Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 280 | 113 |
Not Designated as Hedging Instruments | Commodity Contracts | Current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 61 | 72 |
Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 149 | 132 |
Not Designated as Hedging Instruments | Interest Rate Contracts | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 2 | |
Not Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 24 | |
Not Designated as Hedging Instruments | Interest Rate Contracts | Current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 1 | 10 |
Not Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 2 | 18 |
Designated as Hedging Instruments | Commodity Contracts | Current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 49 | 27 |
Designated as Hedging Instruments | Commodity Contracts | Noncurrent liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 160 | 117 |
Designated as Hedging Instruments | Interest Rate Contracts | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 94 | |
Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 37 | |
Designated as Hedging Instruments | Interest Rate Contracts | Current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 3 | |
Location and fair value amounts of derivatives (Liability) | 4 | 75 |
Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 3 | |
Location and fair value amounts of derivatives (Liability) | 7 | 21 |
Duke Energy Carolinas | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 493 | 162 |
Location and fair value amounts of derivatives (Liability) | 37 | 35 |
Duke Energy Carolinas | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 335 | 99 |
Duke Energy Carolinas | Noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 158 | 63 |
Duke Energy Carolinas | Current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 36 | 26 |
Duke Energy Carolinas | Noncurrent liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 1 | 9 |
Duke Energy Carolinas | Commodity Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 486 | 162 |
Location and fair value amounts of derivatives (Liability) | 37 | 27 |
Duke Energy Carolinas | Interest Rate Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 7 | |
Location and fair value amounts of derivatives (Liability) | 8 | |
Duke Energy Carolinas | Not Designated as Hedging Instruments | Commodity Contracts | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 335 | 99 |
Duke Energy Carolinas | Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 151 | 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 (Liability) | 36 | 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 (Liability) | 1 | 9 |
Duke Energy Carolinas | Not Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 7 | |
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 (Liability) | 8 | |
Progress Energy | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 425 | 124 |
Location and fair value amounts of derivatives (Liability) | 24 | |
Progress Energy | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 295 | 74 |
Progress Energy | Noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 130 | 50 |
Progress Energy | Current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 19 | |
Progress Energy | Noncurrent liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 5 | |
Progress Energy | Commodity Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 425 | 122 |
Location and fair value amounts of derivatives (Liability) | 24 | |
Progress Energy | Interest Rate Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 2 | |
Progress Energy | Not Designated as Hedging Instruments | Commodity Contracts | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 295 | 72 |
Progress Energy | Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 130 | 50 |
Progress Energy | Not Designated as Hedging Instruments | Commodity Contracts | Current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 19 | |
Progress Energy | Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 5 | |
Progress Energy | Not Designated as Hedging Instruments | Interest Rate Contracts | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 2 | |
Duke Energy Progress | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 385 | 124 |
Location and fair value amounts of derivatives (Liability) | 10 | |
Duke Energy Progress | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 255 | 74 |
Duke Energy Progress | Noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 130 | 50 |
Duke Energy Progress | Current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 5 | |
Duke Energy Progress | Noncurrent liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 5 | |
Duke Energy Progress | Commodity Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 385 | 122 |
Location and fair value amounts of derivatives (Liability) | 10 | |
Duke Energy Progress | Interest Rate Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 2 | |
Duke Energy Progress | Not Designated as Hedging Instruments | Commodity Contracts | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 255 | 72 |
Duke Energy Progress | Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 130 | 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 (Liability) | 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 (Liability) | 5 | |
Duke Energy Progress | Not Designated as Hedging Instruments | Interest Rate Contracts | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 2 | |
Duke Energy Florida | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 40 | |
Location and fair value amounts of derivatives (Liability) | 14 | |
Duke Energy Florida | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 40 | |
Duke Energy Florida | Current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 14 | |
Duke Energy Florida | Commodity Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 40 | |
Location and fair value amounts of derivatives (Liability) | 14 | |
Duke Energy Florida | Not Designated as Hedging Instruments | Commodity Contracts | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 40 | |
Duke Energy Florida | Not Designated as Hedging Instruments | Commodity Contracts | Current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 14 | |
Duke Energy Ohio | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 2 | |
Location and fair value amounts of derivatives (Liability) | 3 | 5 |
Duke Energy Ohio | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 2 | |
Duke Energy Ohio | Current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 1 | 1 |
Duke Energy Ohio | Noncurrent liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 2 | 4 |
Duke Energy Ohio | Commodity Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 2 | |
Duke Energy Ohio | Interest Rate Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 3 | 5 |
Duke Energy Ohio | Not Designated as Hedging Instruments | Commodity Contracts | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 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 (Liability) | 1 | 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 (Liability) | 2 | 4 |
Duke Energy Indiana | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 45 | 23 |
Location and fair value amounts of derivatives (Liability) | 27 | |
Duke Energy Indiana | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 28 | 23 |
Duke Energy Indiana | Noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 17 | |
Duke Energy Indiana | Current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 13 | |
Duke Energy Indiana | Noncurrent liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 14 | |
Duke Energy Indiana | Commodity Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 28 | 23 |
Location and fair value amounts of derivatives (Liability) | 13 | |
Duke Energy Indiana | Interest Rate Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 17 | |
Location and fair value amounts of derivatives (Liability) | 14 | |
Duke Energy Indiana | Not Designated as Hedging Instruments | Commodity Contracts | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 28 | 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 (Liability) | 13 | |
Duke Energy Indiana | Not Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 17 | |
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 (Liability) | 14 | |
Piedmont | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 7 | 3 |
Location and fair value amounts of derivatives (Liability) | 173 | 139 |
Piedmont | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 7 | 3 |
Piedmont | Current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 24 | 21 |
Piedmont | Noncurrent liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 149 | 118 |
Piedmont | Commodity Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 7 | 3 |
Location and fair value amounts of derivatives (Liability) | 173 | 139 |
Piedmont | Not Designated as Hedging Instruments | Commodity Contracts | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 7 | 3 |
Piedmont | Not Designated as Hedging Instruments | Commodity Contracts | Current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 24 | 21 |
Piedmont | Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | $ 149 | $ 118 |
Derivatives and Hedging (Schedu
Derivatives and Hedging (Schedule of Offsetting Assets) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | $ 1,108 | $ 320 |
Net amounts presented in Current Assets: Other | 1,108 | 320 |
Current assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 767 | 204 |
Gross amounts offset | (255) | (25) |
Net amounts presented in Current Assets: Other | 512 | 179 |
Noncurrent assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 341 | 116 |
Gross amounts offset | (115) | (23) |
Net amounts presented in Current Assets: Other | 226 | 93 |
Duke Energy Carolinas | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 493 | 162 |
Net amounts presented in Current Assets: Other | 493 | 162 |
Duke Energy Carolinas | Current assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 335 | 99 |
Gross amounts offset | (149) | (16) |
Net amounts presented in Current Assets: Other | 186 | 83 |
Duke Energy Carolinas | Noncurrent assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 158 | 63 |
Gross amounts offset | (64) | (15) |
Net amounts presented in Current Assets: Other | 94 | 48 |
Progress Energy | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 425 | 124 |
Net amounts presented in Current Assets: Other | 425 | 124 |
Progress Energy | Current assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 295 | 74 |
Gross amounts offset | (106) | (9) |
Net amounts presented in Current Assets: Other | 189 | 65 |
Progress Energy | Noncurrent assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 130 | 50 |
Gross amounts offset | (51) | (8) |
Net amounts presented in Current Assets: Other | 79 | 42 |
Duke Energy Progress | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 385 | 124 |
Net amounts presented in Current Assets: Other | 385 | 124 |
Duke Energy Progress | Current assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 255 | 74 |
Gross amounts offset | (106) | (9) |
Net amounts presented in Current Assets: Other | 149 | 65 |
Duke Energy Progress | Noncurrent assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 130 | 50 |
Gross amounts offset | (51) | (8) |
Net amounts presented in Current Assets: Other | 79 | 42 |
Duke Energy Florida | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 40 | |
Net amounts presented in Current Assets: Other | 40 | |
Duke Energy Florida | Current assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 40 | |
Net amounts presented in Current Assets: Other | 40 | |
Duke Energy Ohio | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 2 | |
Duke Energy Ohio | Current assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 2 | |
Net amounts presented in Current Assets: Other | 2 | |
Duke Energy Indiana | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 45 | 23 |
Net amounts presented in Current Assets: Other | 45 | 23 |
Duke Energy Indiana | Current assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 28 | 23 |
Net amounts presented in Current Assets: Other | 28 | 23 |
Duke Energy Indiana | Noncurrent assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 17 | |
Net amounts presented in Current Assets: Other | 17 | |
Piedmont | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 7 | 3 |
Net amounts presented in Current Assets: Other | 7 | 3 |
Piedmont | Current assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 7 | 3 |
Net amounts presented in Current Assets: Other | $ 7 | $ 3 |
Derivatives and Hedging (Sche_2
Derivatives and Hedging (Schedule of Offsetting Liabilities) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | $ 433 | $ 472 |
Net amounts presented in Current Liabilities: Other | 433 | 472 |
Current liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 115 | 184 |
Gross amounts offset | (11) | |
Net amounts presented in Current Liabilities: Other | 115 | 173 |
Noncurrent liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 318 | 288 |
Gross amounts offset | (12) | |
Net amounts presented in Current Liabilities: Other | 318 | 276 |
Duke Energy Carolinas | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 37 | 35 |
Net amounts presented in Current Liabilities: Other | 37 | 35 |
Duke Energy Carolinas | Current liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 36 | 26 |
Gross amounts offset | (6) | |
Net amounts presented in Current Liabilities: Other | 36 | 20 |
Duke Energy Carolinas | Noncurrent liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 1 | 9 |
Gross amounts offset | (8) | |
Net amounts presented in Current Liabilities: Other | 1 | 1 |
Progress Energy | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 24 | |
Net amounts presented in Current Liabilities: Other | 24 | |
Progress Energy | Current liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 19 | |
Gross amounts offset | (5) | |
Net amounts presented in Current Liabilities: Other | 14 | |
Progress Energy | Noncurrent liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 5 | |
Gross amounts offset | (5) | |
Duke Energy Progress | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 10 | |
Net amounts presented in Current Liabilities: Other | 10 | |
Duke Energy Progress | Current liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 5 | |
Gross amounts offset | (5) | |
Duke Energy Progress | Noncurrent liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 5 | |
Gross amounts offset | (5) | |
Duke Energy Florida | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 14 | |
Net amounts presented in Current Liabilities: Other | 14 | |
Duke Energy Florida | Current liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 14 | |
Net amounts presented in Current Liabilities: Other | 14 | |
Duke Energy Ohio | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 3 | 5 |
Duke Energy Ohio | Current liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 1 | 1 |
Net amounts presented in Current Liabilities: Other | 1 | 1 |
Duke Energy Ohio | Noncurrent liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 2 | 4 |
Net amounts presented in Current Liabilities: Other | 2 | 4 |
Duke Energy Indiana | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 27 | |
Net amounts presented in Current Liabilities: Other | 27 | |
Duke Energy Indiana | Current liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 13 | |
Net amounts presented in Current Liabilities: Other | 13 | |
Duke Energy Indiana | Noncurrent liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 14 | |
Net amounts presented in Current Liabilities: Other | 14 | |
Piedmont | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 173 | 139 |
Net amounts presented in Current Liabilities: Other | 173 | 139 |
Piedmont | Current liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 24 | 21 |
Net amounts presented in Current Liabilities: Other | 24 | 21 |
Piedmont | Noncurrent liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 149 | 118 |
Net amounts presented in Current Liabilities: Other | $ 149 | $ 118 |
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 | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale | ||
Estimated Fair Value | $ 3,133 | |
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract] | ||
Unrealized Holding Gains | 4,539 | $ 5,033 |
Unrealized Holding Losses | 202 | 66 |
Estimated Fair Value | 10,371 | 10,893 |
Duke Energy Carolinas | ||
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 1,419 | |
Progress Energy | ||
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 1,452 | |
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract] | ||
Unrealized Holding Gains | 1,866 | 2,062 |
Unrealized Holding Losses | 92 | 36 |
Estimated Fair Value | 4,428 | 4,688 |
Duke Energy Progress | ||
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 1,031 | |
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract] | ||
Unrealized Holding Gains | 1,768 | 1,957 |
Unrealized Holding Losses | 74 | 29 |
Estimated Fair Value | 3,885 | 4,105 |
Duke Energy Florida | ||
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 421 | |
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract] | ||
Unrealized Holding Gains | 98 | 105 |
Unrealized Holding Losses | 18 | 7 |
Estimated Fair Value | 542 | 582 |
Duke Energy Indiana | ||
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 63 | |
NDTF | ||
Available-for-sale Securities | ||
Cash and cash equivalents | 128 | 160 |
Equity Securities, FV-NI | ||
Equity Securities, FV-NI, Accumulated Unrealized Gain | 4,486 | 4,905 |
Equity Securities, FV-NI, Accumulated Unrealized Loss | 62 | 43 |
Equity securities, FV-NI | 6,853 | 7,350 |
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 2,845 | 2,891 |
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract] | ||
Unrealized Holding Gains | 4,507 | 4,992 |
Unrealized Holding Losses | 185 | 63 |
Estimated Fair Value | 9,826 | 10,401 |
NDTF | Duke Energy Carolinas | ||
Available-for-sale Securities | ||
Cash and cash equivalents | 60 | 53 |
Equity Securities, FV-NI | ||
Equity Securities, FV-NI, Accumulated Unrealized Gain | 2,632 | 2,887 |
Equity Securities, FV-NI, Accumulated Unrealized Loss | 30 | 19 |
Equity securities, FV-NI | 3,962 | 4,265 |
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 1,419 | 1,441 |
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract] | ||
Unrealized Holding Gains | 2,642 | 2,932 |
Unrealized Holding Losses | 93 | 27 |
Estimated Fair Value | 5,441 | 5,759 |
NDTF | Progress Energy | ||
Available-for-sale Securities | ||
Cash and cash equivalents | 68 | 107 |
Equity Securities, FV-NI | ||
Equity Securities, FV-NI, Accumulated Unrealized Gain | 1,854 | 2,018 |
Equity Securities, FV-NI, Accumulated Unrealized Loss | 32 | 24 |
Equity securities, FV-NI | 2,891 | 3,085 |
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 1,426 | 1,450 |
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract] | ||
Unrealized Holding Gains | 1,865 | 2,060 |
Unrealized Holding Losses | 92 | 36 |
Estimated Fair Value | 4,385 | 4,642 |
NDTF | Duke Energy Progress | ||
Available-for-sale Securities | ||
Cash and cash equivalents | 58 | 94 |
Equity Securities, FV-NI | ||
Equity Securities, FV-NI, Accumulated Unrealized Gain | 1,757 | 1,915 |
Equity Securities, FV-NI, Accumulated Unrealized Loss | 32 | 23 |
Equity securities, FV-NI | 2,782 | 2,970 |
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 1,031 | 1,025 |
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract] | ||
Unrealized Holding Gains | 1,768 | 1,957 |
Unrealized Holding Losses | 74 | 29 |
Estimated Fair Value | 3,871 | 4,089 |
NDTF | Duke Energy Florida | ||
Available-for-sale Securities | ||
Cash and cash equivalents | 10 | 13 |
Equity Securities, FV-NI | ||
Equity Securities, FV-NI, Accumulated Unrealized Gain | 97 | 103 |
Equity Securities, FV-NI, Accumulated Unrealized Loss | 1 | |
Equity securities, FV-NI | 109 | 115 |
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 395 | 425 |
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract] | ||
Unrealized Holding Gains | 97 | 103 |
Unrealized Holding Losses | 18 | 7 |
Estimated Fair Value | 514 | 553 |
Other Investments | ||
Available-for-sale Securities | ||
Cash and cash equivalents | 110 | 36 |
Equity Securities, FV-NI | ||
Equity Securities, FV-NI, Accumulated Unrealized Gain | 31 | 36 |
Equity Securities, FV-NI, Accumulated Unrealized Loss | 4 | |
Equity securities, FV-NI | 147 | 156 |
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 288 | 300 |
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract] | ||
Unrealized Holding Gains | 32 | 41 |
Unrealized Holding Losses | 17 | 3 |
Estimated Fair Value | 545 | 492 |
Other Investments | Progress Energy | ||
Available-for-sale Securities | ||
Cash and cash equivalents | 17 | 20 |
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 26 | 26 |
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract] | ||
Unrealized Holding Gains | 1 | 2 |
Estimated Fair Value | 43 | 46 |
Other Investments | Duke Energy Progress | ||
Available-for-sale Securities | ||
Cash and cash equivalents | 14 | 16 |
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract] | ||
Estimated Fair Value | 14 | 16 |
Other Investments | Duke Energy Florida | ||
Available-for-sale Securities | ||
Cash and cash equivalents | 2 | 3 |
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 26 | 26 |
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract] | ||
Unrealized Holding Gains | 1 | 2 |
Estimated Fair Value | 28 | 29 |
Other Investments | Duke Energy Indiana | ||
Available-for-sale Securities | ||
Cash and cash equivalents | 1 | |
Equity Securities, FV-NI | ||
Equity Securities, FV-NI, Accumulated Unrealized Gain | 4 | 6 |
Equity Securities, FV-NI, Accumulated Unrealized Loss | 4 | |
Equity securities, FV-NI | 91 | 97 |
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 63 | 64 |
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract] | ||
Unrealized Holding Gains | 4 | 7 |
Unrealized Holding Losses | 6 | 1 |
Estimated Fair Value | 155 | 161 |
Corporate debt securities | NDTF | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 9 | 39 |
Gross Unrealized Holding Losses | 43 | 6 |
Estimated Fair Value | 786 | 829 |
Corporate debt securities | NDTF | Duke Energy Carolinas | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 6 | 24 |
Gross Unrealized Holding Losses | 30 | 4 |
Estimated Fair Value | 503 | 506 |
Corporate debt securities | NDTF | Progress Energy | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 3 | 15 |
Gross Unrealized Holding Losses | 13 | 2 |
Estimated Fair Value | 283 | 323 |
Corporate debt securities | NDTF | Duke Energy Progress | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 3 | 15 |
Gross Unrealized Holding Losses | 12 | 2 |
Estimated Fair Value | 255 | 282 |
Corporate debt securities | NDTF | Duke Energy Florida | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Losses | 1 | |
Estimated Fair Value | 28 | 41 |
Corporate debt securities | Other Investments | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 2 | |
Gross Unrealized Holding Losses | 7 | 1 |
Estimated Fair Value | 124 | 119 |
Corporate debt securities | Other Investments | Duke Energy Indiana | ||
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 8 | 6 |
Municipal bonds | NDTF | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 2 | 14 |
Gross Unrealized Holding Losses | 16 | 1 |
Estimated Fair Value | 321 | 314 |
Municipal bonds | NDTF | Duke Energy Carolinas | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 2 | |
Gross Unrealized Holding Losses | 5 | |
Estimated Fair Value | 52 | 48 |
Municipal bonds | NDTF | Progress Energy | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 2 | 12 |
Gross Unrealized Holding Losses | 11 | 1 |
Estimated Fair Value | 269 | 266 |
Municipal bonds | NDTF | Duke Energy Progress | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 2 | 12 |
Gross Unrealized Holding Losses | 11 | 1 |
Estimated Fair Value | 269 | 266 |
Municipal bonds | Other Investments | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 1 | 3 |
Gross Unrealized Holding Losses | 2 | 1 |
Estimated Fair Value | 83 | 80 |
Municipal bonds | Other Investments | Progress Energy | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 1 | 2 |
Estimated Fair Value | 26 | 26 |
Municipal bonds | Other Investments | Duke Energy Florida | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 1 | 2 |
Estimated Fair Value | 26 | 26 |
Municipal bonds | Other Investments | Duke Energy Indiana | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 1 | |
Gross Unrealized Holding Losses | 2 | 1 |
Estimated Fair Value | 49 | 46 |
U.S. government bonds | NDTF | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 10 | 31 |
Gross Unrealized Holding Losses | 57 | 12 |
Estimated Fair Value | 1,561 | 1,568 |
U.S. government bonds | NDTF | Duke Energy Carolinas | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 4 | 16 |
Gross Unrealized Holding Losses | 21 | 3 |
Estimated Fair Value | 692 | 712 |
U.S. government bonds | NDTF | Progress Energy | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 6 | 15 |
Gross Unrealized Holding Losses | 36 | 9 |
Estimated Fair Value | 869 | 856 |
U.S. government bonds | NDTF | Duke Energy Progress | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 6 | 15 |
Gross Unrealized Holding Losses | 19 | 3 |
Estimated Fair Value | 502 | 472 |
U.S. government bonds | NDTF | Duke Energy Florida | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Losses | 17 | 6 |
Estimated Fair Value | 367 | 384 |
U.S. government bonds | Other Investments | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Losses | 2 | |
Estimated Fair Value | 45 | 56 |
U.S. government bonds | Other Investments | Duke Energy Indiana | ||
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 6 | 12 |
Other debt securities | NDTF | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 3 | |
Gross Unrealized Holding Losses | 7 | 1 |
Estimated Fair Value | 177 | 180 |
Other debt securities | NDTF | Duke Energy Carolinas | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 3 | |
Gross Unrealized Holding Losses | 7 | 1 |
Estimated Fair Value | 172 | 175 |
Other debt securities | NDTF | Progress Energy | ||
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 5 | 5 |
Other debt securities | NDTF | Duke Energy Progress | ||
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 5 | 5 |
Other debt securities | Other Investments | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Losses | 2 | 1 |
Estimated Fair Value | $ 36 | $ 45 |
Investments in Debt and Equit_4
Investments in Debt and Equity Securities (Realized Gains and Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
FV-NI: | ||
Realized gains | $ 111 | $ 140 |
Realized losses | 85 | 23 |
AFS: | ||
Realized gains | 4 | 18 |
Realized losses | 23 | 13 |
Duke Energy Carolinas | ||
FV-NI: | ||
Realized gains | 75 | 128 |
Realized losses | 49 | 16 |
AFS: | ||
Realized gains | 3 | 13 |
Realized losses | 16 | 9 |
Progress Energy | ||
FV-NI: | ||
Realized gains | 36 | 12 |
Realized losses | 36 | 7 |
AFS: | ||
Realized gains | 1 | 4 |
Realized losses | 6 | 3 |
Duke Energy Progress | ||
FV-NI: | ||
Realized gains | 36 | 12 |
Realized losses | 35 | 7 |
AFS: | ||
Realized gains | 1 | 4 |
Realized losses | $ 5 | $ 3 |
Investments in Debt and Equit_5
Investments in Debt and Equity Securities (Maturities) (Details) $ in Millions | Mar. 31, 2022USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Due in one year or less | $ 162 |
Due after one through five years | 969 |
Due after five through 10 years | 536 |
Due after 10 years | 1,466 |
Total | 3,133 |
Duke Energy Carolinas | |
Debt Securities, Available-for-sale [Line Items] | |
Due in one year or less | 7 |
Due after one through five years | 367 |
Due after five through 10 years | 235 |
Due after 10 years | 810 |
Total | 1,419 |
Progress Energy | |
Debt Securities, Available-for-sale [Line Items] | |
Due in one year or less | 139 |
Due after one through five years | 528 |
Due after five through 10 years | 228 |
Due after 10 years | 557 |
Total | 1,452 |
Duke Energy Progress | |
Debt Securities, Available-for-sale [Line Items] | |
Due in one year or less | 32 |
Due after one through five years | 270 |
Due after five through 10 years | 212 |
Due after 10 years | 517 |
Total | 1,031 |
Duke Energy Florida | |
Debt Securities, Available-for-sale [Line Items] | |
Due in one year or less | 107 |
Due after one through five years | 258 |
Due after five through 10 years | 16 |
Due after 10 years | 40 |
Total | 421 |
Duke Energy Indiana | |
Debt Securities, Available-for-sale [Line Items] | |
Due in one year or less | 8 |
Due after one through five years | 24 |
Due after five through 10 years | 6 |
Due after 10 years | 25 |
Total | $ 63 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Measurement Amounts for Assets and Liabilities) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | $ 3,133 | |
Derivative assets | 1,108 | $ 320 |
Total assets | 11,479 | 11,213 |
Derivative liabilities | (433) | (472) |
Net assets (liabilities) | 11,046 | 10,741 |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 27 | 3 |
Total assets | 8,204 | 8,667 |
Derivative liabilities | (13) | |
Net assets (liabilities) | 8,204 | 8,654 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 1,071 | 293 |
Total assets | 3,218 | 2,472 |
Derivative liabilities | (224) | (314) |
Net assets (liabilities) | 2,994 | 2,158 |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 10 | 24 |
Total assets | 10 | 24 |
Derivative liabilities | (209) | (145) |
Net assets (liabilities) | (199) | (121) |
Not Categorized | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 47 | 50 |
Net assets (liabilities) | 47 | 50 |
NDTF | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 128 | 160 |
Equity securities, FV-NI | 6,853 | 7,350 |
Debt securities, available-for-sale | 2,845 | 2,891 |
NDTF | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 128 | 160 |
Debt securities, available-for-sale | 947 | 967 |
NDTF | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 1,898 | 1,924 |
NDTF equity securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities, FV-NI | 6,853 | 7,350 |
NDTF equity securities | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities, FV-NI | 6,806 | 7,300 |
NDTF equity securities | Not Categorized | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities, FV-NI | 47 | 50 |
Other Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 110 | 36 |
Equity securities, FV-NI | 147 | 156 |
Debt securities, available-for-sale | 288 | 300 |
Other Investments | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 110 | 36 |
Equity securities, FV-NI | 147 | 156 |
Debt securities, available-for-sale | 39 | 45 |
Other Investments | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 249 | 255 |
Duke Energy Carolinas | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 1,419 | |
Derivative assets | 493 | 162 |
Total assets | 5,934 | 5,921 |
Derivative liabilities | (37) | (35) |
Net assets (liabilities) | 5,897 | 5,886 |
Duke Energy Carolinas | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 4,324 | 4,607 |
Net assets (liabilities) | 4,324 | 4,607 |
Duke Energy Carolinas | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 493 | 162 |
Total assets | 1,563 | 1,264 |
Derivative liabilities | (37) | (35) |
Net assets (liabilities) | 1,526 | 1,229 |
Duke Energy Carolinas | Not Categorized | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 47 | 50 |
Net assets (liabilities) | 47 | 50 |
Duke Energy Carolinas | NDTF | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 60 | 53 |
Equity securities, FV-NI | 3,962 | 4,265 |
Debt securities, available-for-sale | 1,419 | 1,441 |
Duke Energy Carolinas | NDTF | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 60 | 53 |
Debt securities, available-for-sale | 349 | 339 |
Duke Energy Carolinas | NDTF | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 1,070 | 1,102 |
Duke Energy Carolinas | NDTF equity securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities, FV-NI | 3,962 | 4,265 |
Duke Energy Carolinas | NDTF equity securities | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities, FV-NI | 3,915 | 4,215 |
Duke Energy Carolinas | NDTF equity securities | Not Categorized | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities, FV-NI | 47 | 50 |
Progress Energy | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 1,452 | |
Derivative assets | 425 | 124 |
Total assets | 4,853 | 4,812 |
Derivative liabilities | (24) | |
Net assets (liabilities) | 4,853 | 4,788 |
Progress Energy | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 2 | |
Total assets | 3,576 | 3,840 |
Net assets (liabilities) | 3,576 | 3,840 |
Progress Energy | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 423 | 124 |
Total assets | 1,277 | 972 |
Derivative liabilities | (24) | |
Net assets (liabilities) | 1,277 | 948 |
Progress Energy | NDTF | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 68 | 107 |
Equity securities, FV-NI | 2,891 | 3,085 |
Debt securities, available-for-sale | 1,426 | 1,450 |
Progress Energy | NDTF | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 68 | 107 |
Debt securities, available-for-sale | 598 | 628 |
Progress Energy | NDTF | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 828 | 822 |
Progress Energy | NDTF equity securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities, FV-NI | 2,891 | 3,085 |
Progress Energy | NDTF equity securities | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities, FV-NI | 2,891 | 3,085 |
Progress Energy | Other Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 17 | 20 |
Debt securities, available-for-sale | 26 | 26 |
Progress Energy | Other Investments | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 17 | 20 |
Progress Energy | Other Investments | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 26 | 26 |
Duke Energy Progress | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 1,031 | |
Derivative assets | 385 | 124 |
Total assets | 4,270 | 4,229 |
Derivative liabilities | (10) | |
Net assets (liabilities) | 4,270 | 4,219 |
Duke Energy Progress | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 2 | |
Total assets | 3,135 | 3,369 |
Net assets (liabilities) | 3,135 | 3,369 |
Duke Energy Progress | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 383 | 124 |
Total assets | 1,135 | 860 |
Derivative liabilities | (10) | |
Net assets (liabilities) | 1,135 | 850 |
Duke Energy Progress | NDTF | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 58 | 94 |
Equity securities, FV-NI | 2,782 | 2,970 |
Debt securities, available-for-sale | 1,031 | 1,025 |
Duke Energy Progress | NDTF | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 58 | 94 |
Debt securities, available-for-sale | 279 | 289 |
Duke Energy Progress | NDTF | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 752 | 736 |
Duke Energy Progress | NDTF equity securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities, FV-NI | 2,782 | 2,970 |
Duke Energy Progress | NDTF equity securities | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities, FV-NI | 2,782 | 2,970 |
Duke Energy Progress | Other Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 14 | 16 |
Duke Energy Progress | Other Investments | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 14 | 16 |
Duke Energy Florida | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 421 | |
Derivative assets | 40 | |
Total assets | 582 | 582 |
Derivative liabilities | (14) | |
Net assets (liabilities) | 582 | 568 |
Duke Energy Florida | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 440 | 470 |
Net assets (liabilities) | 440 | 470 |
Duke Energy Florida | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 40 | |
Total assets | 142 | 112 |
Derivative liabilities | (14) | |
Net assets (liabilities) | 142 | 98 |
Duke Energy Florida | NDTF | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 10 | 13 |
Equity securities, FV-NI | 109 | 115 |
Debt securities, available-for-sale | 395 | 425 |
Duke Energy Florida | NDTF | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 10 | 13 |
Debt securities, available-for-sale | 319 | 339 |
Duke Energy Florida | NDTF | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 76 | 86 |
Duke Energy Florida | NDTF equity securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities, FV-NI | 109 | 115 |
Duke Energy Florida | NDTF equity securities | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities, FV-NI | 109 | 115 |
Duke Energy Florida | Other Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 2 | 3 |
Debt securities, available-for-sale | 26 | 26 |
Duke Energy Florida | Other Investments | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 2 | 3 |
Duke Energy Florida | Other Investments | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 26 | 26 |
Duke Energy Indiana | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 63 | |
Derivative assets | 45 | 23 |
Total assets | 200 | 184 |
Derivative liabilities | (27) | |
Net assets (liabilities) | 200 | 157 |
Duke Energy Indiana | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 18 | 1 |
Total assets | 110 | 98 |
Derivative liabilities | (13) | |
Net assets (liabilities) | 110 | 85 |
Duke Energy Indiana | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 17 | |
Total assets | 80 | 64 |
Derivative liabilities | (14) | |
Net assets (liabilities) | 80 | 50 |
Duke Energy Indiana | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 10 | 22 |
Total assets | 10 | 22 |
Net assets (liabilities) | 10 | 22 |
Duke Energy Indiana | Other Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 1 | |
Equity securities, FV-NI | 91 | 97 |
Debt securities, available-for-sale | 63 | 64 |
Duke Energy Indiana | Other Investments | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 1 | |
Equity securities, FV-NI | 91 | 97 |
Duke Energy Indiana | Other Investments | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 63 | 64 |
Piedmont | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 7 | 3 |
Derivative liabilities | (173) | (139) |
Net assets (liabilities) | (166) | (136) |
Piedmont | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 7 | 3 |
Net assets (liabilities) | 7 | 3 |
Piedmont | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | (173) | (139) |
Net assets (liabilities) | $ (173) | $ (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 | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivatives (net) | ||
Balance at beginning of period | $ (121) | $ (77) |
Total pretax realized or unrealized losses included in comprehensive income | (68) | (44) |
Purchases, sales, issuances and settlements: | ||
Settlements | (3) | (7) |
Total (losses) gains included on the Condensed Consolidated Balance Sheet | (7) | 2 |
Balance at end of period | (199) | (126) |
Duke Energy Indiana | ||
Derivatives (net) | ||
Balance at beginning of period | 22 | 6 |
Purchases, sales, issuances and settlements: | ||
Settlements | (6) | (6) |
Total (losses) gains included on the Condensed Consolidated Balance Sheet | (6) | 2 |
Balance at end of period | $ 10 | $ 2 |
Fair Value Measurements (Quanti
Fair Value Measurements (Quantitative Level 3 Fair Value Disclosures) (Details) $ in Millions | Mar. 31, 2022USD ($)$ / MWh | Dec. 31, 2021USD ($)$ / MWh | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Fair Value Measurement Inputs and Valuation Techniques | ||||
Net derivative asset (liability) | $ | $ (199) | $ (121) | $ (126) | $ (77) |
Electricity contracts | RTO auction pricing | ||||
Fair Value Measurement Inputs and Valuation Techniques | ||||
Net derivative asset (liability) | $ | $ (210) | $ (145) | ||
Electricity contracts | RTO auction pricing | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques | ||||
Input measurements (in usd per MWh and usd per MMBtu) | 20.33 | 19.04 | ||
Electricity contracts | RTO auction pricing | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques | ||||
Input measurements (in usd per MWh and usd per MMBtu) | 187.82 | 139.11 | ||
Electricity contracts | RTO auction pricing | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques | ||||
Input measurements (in usd per MWh and usd per MMBtu) | 46.51 | 37,570,000 | ||
Duke Energy Ohio | FTRs | RTO auction pricing | ||||
Fair Value Measurement Inputs and Valuation Techniques | ||||
Net derivative asset (liability) | $ | $ 1 | $ 2 | ||
Duke Energy Ohio | FTRs | RTO auction pricing | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques | ||||
Input measurements (in usd per MWh and usd per MMBtu) | 0.16 | 0.06 | ||
Duke Energy Ohio | FTRs | RTO auction pricing | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques | ||||
Input measurements (in usd per MWh and usd per MMBtu) | 1.26 | 1.79 | ||
Duke Energy Ohio | FTRs | RTO auction pricing | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques | ||||
Input measurements (in usd per MWh and usd per MMBtu) | 0.63 | 0.96 | ||
Duke Energy Indiana | ||||
Fair Value Measurement Inputs and Valuation Techniques | ||||
Net derivative asset (liability) | $ | $ 10 | $ 22 | $ 2 | $ 6 |
Duke Energy Indiana | FTRs | RTO auction pricing | ||||
Fair Value Measurement Inputs and Valuation Techniques | ||||
Net derivative asset (liability) | $ | $ 10 | $ 22 | ||
Duke Energy Indiana | FTRs | RTO auction pricing | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques | ||||
Input measurements (in usd per MWh and usd per MMBtu) | (0.46) | (1.18) | ||
Duke Energy Indiana | FTRs | RTO auction pricing | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques | ||||
Input measurements (in usd per MWh and usd per MMBtu) | 17.24 | 13.11 | ||
Duke Energy Indiana | FTRs | RTO auction pricing | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques | ||||
Input measurements (in usd per MWh and usd per MMBtu) | 2.32 | 2.68 |
Fair Value Measurements (Other
Fair Value Measurements (Other Fair Value Disclosure) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Book Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 66,080 | $ 63,835 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 66,633 | 69,683 |
Piedmont Natural Gas and Progress Energy | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unamortized debt discount (premium), net | 1,200 | 1,250 |
Duke Energy Carolinas | Book Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 14,470 | 13,275 |
Duke Energy Carolinas | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 15,117 | 15,101 |
Progress Energy | Book Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 21,657 | 20,823 |
Progress Energy | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 22,669 | 23,751 |
Duke Energy Progress | Book Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 11,114 | 10,249 |
Duke Energy Progress | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 11,260 | 11,252 |
Duke Energy Florida | Book Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 8,451 | 8,482 |
Duke Energy Florida | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 8,911 | 9,772 |
Duke Energy Ohio | Book Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 3,193 | 3,193 |
Duke Energy Ohio | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 3,278 | 3,570 |
Duke Energy Indiana | Book Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 4,270 | 4,323 |
Duke Energy Indiana | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 4,554 | 5,067 |
Piedmont | Book Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 2,969 | 2,968 |
Piedmont | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 2,984 | $ 3,278 |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended |
Nov. 30, 2021 | Mar. 31, 2022 | Dec. 31, 2021 | |
VIE primary beneficiary | |||
Variable Interest Entities [Line Items] | |||
Variable interest entity, financial or other support, amount | $ 0 | $ 0 | |
VIE primary beneficiary | CRC | |||
Variable Interest Entities [Line Items] | |||
Percent of proceeds received as cash | 75.00% | ||
Percent of proceeds received as subordinated note | 25.00% | ||
Minimum equity balance required by Cinergy Receivables | $ 3,000,000 | ||
VIE primary beneficiary | DECNCSF | Duke Energy Carolinas | |||
Variable Interest Entities [Line Items] | |||
Proceeds from issuance of senior secured bonds | $ 237,000,000 | ||
VIE primary beneficiary | DEPNCSF | Duke Energy Progress | |||
Variable Interest Entities [Line Items] | |||
Proceeds from issuance of senior secured bonds | $ 770,000,000 | ||
VIE not primary beneficiary | VIE With Ownership In Portfolio Of Wind Projects | |||
Variable Interest Entities [Line Items] | |||
Variable interest entity ownership interest | 50.00% | ||
VIE not primary beneficiary | OVEC | |||
Variable Interest Entities [Line Items] | |||
Variable interest entity ownership interest | 9.00% |
Variable Interest Entities (Sch
Variable Interest Entities (Schedule of Accounts Receivable Securitizations) (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Variable Interest Entities [Line Items] | ||
Long-Term Debt | $ 62,196,000,000 | $ 60,448,000,000 |
Duke Energy Carolinas | ||
Variable Interest Entities [Line Items] | ||
Long-Term Debt | 12,803,000,000 | 12,595,000,000 |
Duke Energy Progress | ||
Variable Interest Entities [Line Items] | ||
Long-Term Debt | 10,396,000,000 | 9,543,000,000 |
Duke Energy Florida | ||
Variable Interest Entities [Line Items] | ||
Long-Term Debt | 8,374,000,000 | 8,406,000,000 |
CRC | VIE primary beneficiary | ||
Variable Interest Entities [Line Items] | ||
Facility size | 350,000,000 | |
Long-Term Debt | 350,000,000 | 350,000,000 |
Accounts receivable from securitization | 566,000,000 | 587,000,000 |
DERF | Duke Energy Carolinas | VIE primary beneficiary | ||
Variable Interest Entities [Line Items] | ||
Facility size | 475,000,000 | |
Long-Term Debt | 499,000,000 | 475,000,000 |
Accounts receivable from securitization | 858,000,000 | 844,000,000 |
DEPR | Duke Energy Progress | VIE primary beneficiary | ||
Variable Interest Entities [Line Items] | ||
Facility size | 350,000,000 | |
Long-Term Debt | 350,000,000 | 350,000,000 |
Accounts receivable from securitization | 658,000,000 | 574,000,000 |
DEFR | Duke Energy Florida | VIE primary beneficiary | ||
Variable Interest Entities [Line Items] | ||
Facility size | 250,000,000 | |
Long-Term Debt | 250,000,000 | 250,000,000 |
Accounts receivable from securitization | $ 503,000,000 | $ 427,000,000 |
Variable Interest Entities (S_2
Variable Interest Entities (Schedule of Consolidated VIEs) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Variable Interest Entities [Line Items] | ||
Regulatory Assets: Current | $ 2,334 | $ 2,150 |
Current Assets: Other | 946 | 638 |
Other Noncurrent Assets: Regulatory assets | 12,506 | 12,487 |
Property, Plant and Equipment: Cost | 163,700 | 161,819 |
Accumulated depreciation and amortization | (51,517) | (50,555) |
Other Noncurrent Assets: Other | 3,995 | 3,812 |
Current Liabilities: Other | 2,001 | 2,471 |
Current maturities of long-term debt | 3,884 | 3,387 |
Long-Term Debt | 62,196 | 60,448 |
Other Noncurrent Liabilities: AROs | 12,112 | 12,129 |
Other Noncurrent Liabilities: Other | 1,794 | 1,650 |
Duke Energy Florida | ||
Variable Interest Entities [Line Items] | ||
Regulatory Assets: Current | 505 | 497 |
Current Assets: Other | 79 | 80 |
Other Noncurrent Assets: Regulatory assets | 1,899 | 1,791 |
Property, Plant and Equipment: Cost | 24,257 | 23,865 |
Accumulated depreciation and amortization | (6,003) | (5,819) |
Other Noncurrent Assets: Other | 418 | 399 |
Current Liabilities: Other | 349 | 408 |
Current maturities of long-term debt | 77 | 76 |
Long-Term Debt | 8,374 | 8,406 |
Other Noncurrent Liabilities: AROs | 411 | 436 |
Other Noncurrent Liabilities: Other | 306 | 309 |
Duke Energy Carolinas | ||
Variable Interest Entities [Line Items] | ||
Regulatory Assets: Current | 652 | 544 |
Current Assets: Other | 246 | 95 |
Other Noncurrent Assets: Regulatory assets | 3,085 | 2,935 |
Property, Plant and Equipment: Cost | 52,423 | 51,874 |
Accumulated depreciation and amortization | (18,058) | (17,854) |
Other Noncurrent Assets: Other | 1,297 | 1,248 |
Current Liabilities: Other | 442 | 546 |
Current maturities of long-term debt | 1,367 | 362 |
Long-Term Debt | 12,803 | 12,595 |
Other Noncurrent Liabilities: AROs | 5,067 | 5,052 |
Other Noncurrent Liabilities: Other | 545 | 536 |
Duke Energy Progress | ||
Variable Interest Entities [Line Items] | ||
Regulatory Assets: Current | 595 | 533 |
Current Assets: Other | 200 | 83 |
Other Noncurrent Assets: Regulatory assets | 4,124 | 4,118 |
Property, Plant and Equipment: Cost | 37,361 | 37,018 |
Accumulated depreciation and amortization | (13,691) | (13,387) |
Other Noncurrent Assets: Other | 867 | 792 |
Current Liabilities: Other | 400 | 448 |
Current maturities of long-term debt | 568 | 556 |
Long-Term Debt | 10,396 | 9,543 |
Other Noncurrent Liabilities: AROs | 5,411 | 5,401 |
Other Noncurrent Liabilities: Other | 96 | 87 |
DEFPF | Duke Energy Florida | VIE primary beneficiary | ||
Variable Interest Entities [Line Items] | ||
Receivables of VIEs | 5 | 5 |
Regulatory Assets: Current | 54 | 54 |
Current Assets: Other | 13 | 39 |
Other Noncurrent Assets: Regulatory assets | 872 | 883 |
Current Liabilities: Other | 2 | 9 |
Current maturities of long-term debt | 56 | 56 |
Long-Term Debt | 916 | 946 |
DECNCSF | Duke Energy Carolinas | VIE primary beneficiary | ||
Variable Interest Entities [Line Items] | ||
Regulatory Assets: Current | 12 | 12 |
Current Assets: Other | 4 | |
Other Noncurrent Assets: Regulatory assets | 217 | 220 |
Other Noncurrent Assets: Other | 1 | 1 |
Current Liabilities: Other | 2 | |
Current maturities of long-term debt | 10 | 5 |
Long-Term Debt | 223 | 228 |
DEPNCSF | Duke Energy Progress | VIE primary beneficiary | ||
Variable Interest Entities [Line Items] | ||
Regulatory Assets: Current | 39 | 39 |
Current Assets: Other | 14 | |
Other Noncurrent Assets: Regulatory assets | 711 | 720 |
Other Noncurrent Assets: Other | 4 | 4 |
Current Liabilities: Other | 6 | |
Current maturities of long-term debt | 32 | 15 |
Long-Term Debt | 730 | 747 |
Commercial Renewables | VIE primary beneficiary | ||
Variable Interest Entities [Line Items] | ||
Current Assets: Other | 215 | 215 |
Property, Plant and Equipment: Cost | 7,337 | 7,339 |
Accumulated depreciation and amortization | (1,534) | (1,474) |
Other Noncurrent Assets: Other | 70 | 62 |
Current maturities of long-term debt | 297 | 167 |
Long-Term Debt | 1,325 | 1,475 |
Other Noncurrent Liabilities: AROs | 173 | 173 |
Other Noncurrent Liabilities: Other | $ 360 | $ 319 |
Variable Interest Entities (S_3
Variable Interest Entities (Schedule of Non-Consolidated VIEs) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Variable Interest Entities [Line Items] | ||
Investments in equity method unconsolidated affiliates | $ 976 | $ 970 |
Other noncurrent assets | 3,995 | 3,812 |
Total Assets | 171,220 | 169,587 |
Other current liabilities | 2,001 | 2,471 |
Other, noncurrent liabilities | 1,794 | 1,650 |
VIE not primary beneficiary | ||
Variable Interest Entities [Line Items] | ||
Investments in equity method unconsolidated affiliates | 533 | 523 |
Other noncurrent assets | 61 | |
Deferred tax asset | 61 | |
Total Assets | 594 | 584 |
Other current liabilities | 53 | 51 |
Other, noncurrent liabilities | 55 | 57 |
Total liabilities | 108 | 108 |
Net assets | 486 | 476 |
Duke Energy Ohio | ||
Variable Interest Entities [Line Items] | ||
Other noncurrent assets | 87 | 84 |
Total Assets | 10,731 | 10,774 |
Other current liabilities | 73 | 82 |
Other, noncurrent liabilities | 100 | 101 |
Duke Energy Ohio | VIE not primary beneficiary | ||
Variable Interest Entities [Line Items] | ||
Receivables from affiliated companies | 65 | 79 |
Total Assets | 65 | 79 |
Net assets | 65 | 79 |
Duke Energy Indiana | ||
Variable Interest Entities [Line Items] | ||
Other noncurrent assets | 295 | 296 |
Total Assets | 14,219 | 14,488 |
Other current liabilities | 108 | 105 |
Other, noncurrent liabilities | 74 | 44 |
Duke Energy Indiana | VIE not primary beneficiary | ||
Variable Interest Entities [Line Items] | ||
Receivables from affiliated companies | 80 | 97 |
Total Assets | 80 | 97 |
Net assets | 80 | 97 |
Pipeline Investments | VIE not primary beneficiary | ||
Variable Interest Entities [Line Items] | ||
Investments in equity method unconsolidated affiliates | 29 | 15 |
Other noncurrent assets | 61 | |
Deferred tax asset | 61 | |
Total Assets | 90 | 76 |
Other current liabilities | 50 | 47 |
Other, noncurrent liabilities | 52 | 54 |
Total liabilities | 102 | 101 |
Net assets | (12) | (25) |
Commercial Renewables | VIE not primary beneficiary | ||
Variable Interest Entities [Line Items] | ||
Investments in equity method unconsolidated affiliates | 504 | 508 |
Total Assets | 504 | 508 |
Other current liabilities | 3 | 4 |
Other, noncurrent liabilities | 3 | 3 |
Total liabilities | 6 | 7 |
Net assets | $ 498 | $ 501 |
Variable Interest Entities (Rec
Variable Interest Entities (Receivables Sold) (Details) - VIE not primary beneficiary - CRC - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Duke Energy Ohio | ||
Variable Interest Entities [Line Items] | ||
Receivables sold | $ 263 | $ 269 |
Less: Retained interests | 65 | 79 |
Net receivables sold | 198 | 190 |
Duke Energy Indiana | ||
Variable Interest Entities [Line Items] | ||
Receivables sold | 305 | 328 |
Less: Retained interests | 80 | 97 |
Net receivables sold | $ 225 | $ 231 |
Variable Interest Entities (Sal
Variable Interest Entities (Sales and Cash Flows) (Details) - VIE not primary beneficiary - CRC - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Duke Energy Ohio | ||
Sales | ||
Receivables sold | $ 663 | $ 561 |
Loss recognized on sale | 3 | 3 |
Cash flows | ||
Cash proceeds from receivables sold | 674 | 596 |
Return received on retained interests | 1 | 1 |
Duke Energy Indiana | ||
Sales | ||
Receivables sold | 782 | 698 |
Loss recognized on sale | 4 | 3 |
Cash flows | ||
Cash proceeds from receivables sold | 795 | 746 |
Return received on retained interests | $ 2 | $ 2 |
Revenue (Remaining Performance
Revenue (Remaining Performance Obligations) (Details) $ in Millions | Mar. 31, 2022USD ($) |
Progress Energy | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 235 |
Progress Energy | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 9 months |
Revenue, remaining performance obligation, amount | $ 80 |
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, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, amount | $ 53 |
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, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, amount | $ 45 |
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, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, amount | $ 7 |
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, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, amount | $ 7 |
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, expected timing of satisfaction, period | |
Revenue, remaining performance obligation, amount | $ 43 |
Duke Energy Progress | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 22 |
Duke Energy Progress | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 9 months |
Revenue, remaining performance obligation, amount | $ 6 |
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, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, amount | $ 8 |
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, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, amount | $ 8 |
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 | |
Duke Energy Florida | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 213 |
Duke Energy Florida | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 9 months |
Revenue, remaining performance obligation, amount | $ 74 |
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, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, amount | $ 45 |
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, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, amount | $ 37 |
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, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, amount | $ 7 |
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, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, amount | $ 7 |
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, expected timing of satisfaction, period | |
Revenue, remaining performance obligation, amount | $ 43 |
Duke Energy Indiana | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 73 |
Duke Energy Indiana | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 9 months |
Revenue, remaining performance obligation, amount | $ 2 |
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, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, amount | $ 11 |
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, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, amount | $ 16 |
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, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, amount | $ 17 |
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, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, amount | $ 15 |
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, expected timing of satisfaction, period | |
Revenue, remaining performance obligation, amount | $ 12 |
Piedmont | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 569 |
Piedmont | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 9 months |
Revenue, remaining performance obligation, amount | $ 48 |
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, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, amount | $ 64 |
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, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, amount | $ 61 |
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, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, amount | $ 60 |
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, expected timing of satisfaction, period | 1 year |
Revenue, remaining performance obligation, amount | $ 50 |
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, expected timing of satisfaction, period | |
Revenue, remaining performance obligation, amount | $ 286 |
Revenue (Remaining Performanc_2
Revenue (Remaining Performance Obligations Total) (Details) $ in Millions | Mar. 31, 2022USD ($) |
Progress Energy | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 235 |
Duke Energy Progress | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | 22 |
Duke Energy Florida | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | 213 |
Duke Energy Indiana | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | 73 |
Piedmont | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 569 |
Revenue (Disaggregation of Reve
Revenue (Disaggregation of Revenue) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | $ 7,042 | $ 6,094 |
Revenue from sources other than contracts with customers | 90 | 56 |
Total operating revenues | 7,132 | 6,150 |
Electric Utilities and Infrastructure | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 5,971 | 5,273 |
Total operating revenues | 5,995 | 5,273 |
Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 2,767 | 2,462 |
Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 1,604 | 1,419 |
Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 772 | 662 |
Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 626 | 504 |
Electric Utilities and Infrastructure | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 202 | 226 |
Gas Utilities and Infrastructure | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 1,013 | 761 |
Total operating revenues | 1,009 | 752 |
Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 572 | 460 |
Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 269 | 204 |
Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 57 | 50 |
Gas Utilities and Infrastructure | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 115 | 47 |
Commercial Renewables | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 51 | 54 |
Total operating revenues | 121 | 119 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 7 | 6 |
Total operating revenues | 7 | 6 |
Duke Energy Carolinas | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 1,875 | 1,739 |
Revenue from sources other than contracts with customers | 13 | (23) |
Total operating revenues | 1,888 | 1,716 |
Duke Energy Carolinas | Electric Utilities and Infrastructure | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 1,875 | 1,739 |
Duke Energy Carolinas | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 831 | 793 |
Duke Energy Carolinas | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 544 | 502 |
Duke Energy Carolinas | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 276 | 256 |
Duke Energy Carolinas | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 113 | 114 |
Duke Energy Carolinas | Electric Utilities and Infrastructure | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 111 | 74 |
Progress Energy | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 2,986 | 2,479 |
Revenue from sources other than contracts with customers | 6 | 26 |
Total operating revenues | 2,992 | 2,505 |
Progress Energy | Electric Utilities and Infrastructure | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 2,986 | 2,479 |
Progress Energy | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 1,368 | 1,162 |
Progress Energy | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 726 | 624 |
Progress Energy | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 270 | 207 |
Progress Energy | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 411 | 326 |
Progress Energy | Electric Utilities and Infrastructure | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 211 | 160 |
Duke Energy Progress | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 1,631 | 1,386 |
Revenue from sources other than contracts with customers | 1 | 15 |
Total operating revenues | 1,632 | 1,401 |
Duke Energy Progress | Electric Utilities and Infrastructure | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 1,631 | 1,386 |
Duke Energy Progress | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 624 | 560 |
Duke Energy Progress | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 325 | 306 |
Duke Energy Progress | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 194 | 145 |
Duke Energy Progress | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 349 | 292 |
Duke Energy Progress | Electric Utilities and Infrastructure | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 139 | 83 |
Duke Energy Florida | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 1,355 | 1,093 |
Revenue from sources other than contracts with customers | 8 | |
Total operating revenues | 1,355 | 1,101 |
Duke Energy Florida | Electric Utilities and Infrastructure | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 1,355 | 1,093 |
Duke Energy Florida | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 744 | 602 |
Duke Energy Florida | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 401 | 318 |
Duke Energy Florida | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 76 | 62 |
Duke Energy Florida | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 62 | 34 |
Duke Energy Florida | Electric Utilities and Infrastructure | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 72 | 77 |
Duke Energy Ohio | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 632 | 535 |
Revenue from sources other than contracts with customers | 6 | (3) |
Total operating revenues | 638 | 532 |
Duke Energy Ohio | Electric Utilities and Infrastructure | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 406 | 365 |
Duke Energy Ohio | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 211 | 195 |
Duke Energy Ohio | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 116 | 104 |
Duke Energy Ohio | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 35 | 31 |
Duke Energy Ohio | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 23 | 13 |
Duke Energy Ohio | Electric Utilities and Infrastructure | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 21 | 22 |
Duke Energy Ohio | Gas Utilities and Infrastructure | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 226 | 170 |
Duke Energy Ohio | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 149 | 110 |
Duke Energy Ohio | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 64 | 48 |
Duke Energy Ohio | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 7 | 7 |
Duke Energy Ohio | Gas Utilities and Infrastructure | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 6 | 5 |
Duke Energy Indiana | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 807 | 737 |
Revenue from sources other than contracts with customers | 15 | 8 |
Total operating revenues | 822 | 745 |
Duke Energy Indiana | Electric Utilities and Infrastructure | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 807 | 737 |
Duke Energy Indiana | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 354 | 313 |
Duke Energy Indiana | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 218 | 189 |
Duke Energy Indiana | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 192 | 167 |
Duke Energy Indiana | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 79 | 50 |
Duke Energy Indiana | Electric Utilities and Infrastructure | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | (36) | 18 |
Piedmont | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 794 | 598 |
Revenue from sources other than contracts with customers | 11 | 8 |
Total operating revenues | 805 | 606 |
Piedmont | Gas Utilities and Infrastructure | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 794 | 598 |
Piedmont | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 423 | 351 |
Piedmont | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 204 | 156 |
Piedmont | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 50 | 43 |
Piedmont | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Power Generation | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 24 | 22 |
Piedmont | Gas Utilities and Infrastructure | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | $ 93 | $ 26 |
Revenue (Reserve for Credit Los
Revenue (Reserve for Credit Losses for Trade and Other Receivables) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 122 | $ 146 |
Cumulative Change in Accounting Principle | 140 | 147 |
Write-Offs | (23) | (21) |
Credit Loss Expense | 24 | 17 |
Other Adjustments | 17 | 5 |
Ending balance | 140 | 147 |
Duke Energy Carolinas | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 42 | 23 |
Cumulative Change in Accounting Principle | 52 | 34 |
Write-Offs | (9) | (8) |
Credit Loss Expense | 5 | 10 |
Other Adjustments | 14 | 9 |
Ending balance | 52 | 34 |
Progress Energy | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 36 | 37 |
Cumulative Change in Accounting Principle | 51 | 37 |
Write-Offs | (10) | (10) |
Credit Loss Expense | 12 | 7 |
Other Adjustments | 13 | 3 |
Ending balance | 51 | 37 |
Duke Energy Progress | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 21 | 23 |
Cumulative Change in Accounting Principle | 31 | 23 |
Write-Offs | (2) | (5) |
Credit Loss Expense | 4 | 2 |
Other Adjustments | 8 | 3 |
Ending balance | 31 | 23 |
Duke Energy Florida | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 16 | 14 |
Cumulative Change in Accounting Principle | 21 | 15 |
Write-Offs | (8) | (5) |
Credit Loss Expense | 8 | 5 |
Other Adjustments | 5 | 1 |
Ending balance | 21 | 15 |
Duke Energy Ohio | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 4 | 4 |
Cumulative Change in Accounting Principle | 4 | 4 |
Ending balance | 4 | 4 |
Duke Energy Indiana | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 3 | 3 |
Cumulative Change in Accounting Principle | 3 | 3 |
Ending balance | 3 | 3 |
Piedmont | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 15 | 12 |
Cumulative Change in Accounting Principle | 17 | 14 |
Write-Offs | (1) | (1) |
Credit Loss Expense | 3 | 3 |
Ending balance | $ 17 | $ 14 |
Revenue (Aging of Trade Receiva
Revenue (Aging of Trade Receivables) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Unbilled Receivables | $ 945 | $ 964 |
Trade and Other Receivables, not past due | 2,133 | 2,104 |
Deferred Payment Arrangements | 136 | 115 |
Trade and Other Receivables | 3,878 | 3,732 |
30-60 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and Other Receivables | 288 | 212 |
60-90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and Other Receivables | 102 | 88 |
90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and Other Receivables | 274 | 249 |
Duke Energy Carolinas | ||
Financing Receivable, Past Due [Line Items] | ||
Unbilled Receivables | 339 | 316 |
Trade and Other Receivables, not past due | 518 | 595 |
Deferred Payment Arrangements | 60 | 55 |
Trade and Other Receivables | 1,144 | 1,186 |
Duke Energy Carolinas | 30-60 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and Other Receivables | 75 | 77 |
Duke Energy Carolinas | 60-90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and Other Receivables | 33 | 37 |
Duke Energy Carolinas | 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and Other Receivables | 119 | 106 |
Progress Energy | ||
Financing Receivable, Past Due [Line Items] | ||
Unbilled Receivables | 270 | 266 |
Trade and Other Receivables, not past due | 944 | 800 |
Deferred Payment Arrangements | 61 | 45 |
Trade and Other Receivables | 1,503 | 1,289 |
Progress Energy | 30-60 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and Other Receivables | 111 | 72 |
Progress Energy | 60-90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and Other Receivables | 40 | 41 |
Progress Energy | 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and Other Receivables | 77 | 65 |
Duke Energy Progress | ||
Financing Receivable, Past Due [Line Items] | ||
Unbilled Receivables | 161 | 193 |
Trade and Other Receivables, not past due | 558 | 405 |
Deferred Payment Arrangements | 33 | 22 |
Trade and Other Receivables | 877 | 722 |
Duke Energy Progress | 30-60 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and Other Receivables | 64 | 44 |
Duke Energy Progress | 60-90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and Other Receivables | 22 | 21 |
Duke Energy Progress | 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and Other Receivables | 39 | 37 |
Duke Energy Florida | ||
Financing Receivable, Past Due [Line Items] | ||
Unbilled Receivables | 109 | 73 |
Trade and Other Receivables, not past due | 386 | 393 |
Deferred Payment Arrangements | 28 | 23 |
Trade and Other Receivables | 626 | 565 |
Duke Energy Florida | 30-60 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and Other Receivables | 47 | 28 |
Duke Energy Florida | 60-90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and Other Receivables | 18 | 20 |
Duke Energy Florida | 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and Other Receivables | 38 | 28 |
Duke Energy Ohio | ||
Financing Receivable, Past Due [Line Items] | ||
Unbilled Receivables | 7 | 4 |
Trade and Other Receivables, not past due | 40 | 42 |
Deferred Payment Arrangements | 2 | 2 |
Trade and Other Receivables | 105 | 100 |
Duke Energy Ohio | CRC | ||
Financing Receivable, Past Due [Line Items] | ||
Unbilled Receivables | 63 | 82 |
Duke Energy Ohio | 30-60 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and Other Receivables | 8 | 4 |
Duke Energy Ohio | 60-90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and Other Receivables | 2 | 1 |
Duke Energy Ohio | 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and Other Receivables | 46 | 47 |
Duke Energy Indiana | ||
Financing Receivable, Past Due [Line Items] | ||
Unbilled Receivables | 44 | 27 |
Trade and Other Receivables, not past due | 26 | 51 |
Trade and Other Receivables | 86 | 103 |
Duke Energy Indiana | CRC | ||
Financing Receivable, Past Due [Line Items] | ||
Unbilled Receivables | 100 | 121 |
Duke Energy Indiana | 30-60 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and Other Receivables | 4 | 13 |
Duke Energy Indiana | 60-90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and Other Receivables | 3 | 1 |
Duke Energy Indiana | 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and Other Receivables | 9 | 11 |
Piedmont | ||
Financing Receivable, Past Due [Line Items] | ||
Unbilled Receivables | 64 | 106 |
Trade and Other Receivables, not past due | 215 | 202 |
Deferred Payment Arrangements | 4 | 4 |
Trade and Other Receivables | 320 | 333 |
Piedmont | 30-60 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and Other Receivables | 23 | 12 |
Piedmont | 60-90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and Other Receivables | 7 | 2 |
Piedmont | 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and Other Receivables | $ 7 | $ 7 |
Stockholders' Equity (Earnings
Stockholders' Equity (Earnings Per Share Data) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Class of Stock [Line Items] | ||
Net income available to Duke Energy common stockholders | $ 818 | $ 953 |
Accumulated preferred stock dividends adjustment | 12 | 12 |
Less: Impact of participating securities | 1 | 1 |
Income from continuing operations available to Duke Energy common stockholders | $ 829 | $ 964 |
Weighted average common shares outstanding – basic (in shares) | 770 | 769 |
Weighted average common shares outstanding – diluted (in shares) | 770 | 769 |
EPS available to Duke Energy common stockholders | ||
Basic (in usd per share) | $ 1.08 | $ 1.25 |
Diluted (in usd per share) | $ 1.08 | $ 1.25 |
Potentially dilutive items excluded from the calculation (in shares) | 2 | 2 |
Common Stock | ||
EPS available to Duke Energy common stockholders | ||
Dividends declared per common share (in usd per share) | $ 0.985 | $ 0.965 |
Preferred stock, Series A | ||
EPS available to Duke Energy common stockholders | ||
Dividends declared on preferred stock per depositary share (in usd per share) | $ 0.359 | 0.359 |
Cumulative dividend rate per annum | 5.75% | |
Liquidation preference per share (in usd per share) | $ 25 | |
Preferred stock, Series B | ||
EPS available to Duke Energy common stockholders | ||
Dividends declared on preferred stock per depositary share (in usd per share) | $ 24.375 | $ 24.375 |
Cumulative dividend rate per annum | 4.875% | |
Liquidation preference per share (in usd per share) | $ 1,000 |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components of Net Periodic Pension Costs) (Details) - Qualified Pension Plans - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost | $ 40 | $ 44 |
Interest cost on projected benefit obligation | 58 | 55 |
Expected return on plan assets | (140) | (139) |
Amortization of actuarial loss | 24 | 33 |
Amortization of prior service credit | (5) | (7) |
Amortization of settlement charges | 2 | 2 |
Net periodic pension costs | (21) | (12) |
Duke Energy Carolinas | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost | 12 | 14 |
Interest cost on projected benefit obligation | 14 | 13 |
Expected return on plan assets | (38) | (35) |
Amortization of actuarial loss | 5 | 7 |
Amortization of prior service credit | (1) | (2) |
Amortization of settlement charges | 1 | 1 |
Net periodic pension costs | (7) | (2) |
Progress Energy | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost | 12 | 13 |
Interest cost on projected benefit obligation | 18 | 17 |
Expected return on plan assets | (46) | (47) |
Amortization of actuarial loss | 6 | 10 |
Amortization of prior service credit | (1) | |
Amortization of settlement charges | 1 | 1 |
Net periodic pension costs | (9) | (7) |
Duke Energy Progress | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost | 7 | 7 |
Interest cost on projected benefit obligation | 8 | 7 |
Expected return on plan assets | (22) | (21) |
Amortization of actuarial loss | 3 | 5 |
Net periodic pension costs | (4) | (2) |
Duke Energy Florida | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost | 4 | 5 |
Interest cost on projected benefit obligation | 10 | 10 |
Expected return on plan assets | (24) | (26) |
Amortization of actuarial loss | 3 | 5 |
Net periodic pension costs | (7) | (6) |
Duke Energy Ohio | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost | 1 | 1 |
Interest cost on projected benefit obligation | 3 | 3 |
Expected return on plan assets | (5) | (7) |
Amortization of actuarial loss | 1 | 2 |
Net periodic pension costs | (1) | |
Duke Energy Indiana | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost | 2 | 2 |
Interest cost on projected benefit obligation | 5 | 5 |
Expected return on plan assets | (9) | (10) |
Amortization of actuarial loss | 2 | 3 |
Piedmont | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost | 1 | 1 |
Interest cost on projected benefit obligation | 2 | 2 |
Expected return on plan assets | (6) | (5) |
Amortization of actuarial loss | 2 | 2 |
Amortization of prior service credit | (2) | (1) |
Net periodic pension costs | $ (3) | $ (1) |
Income Taxes (Effective Tax Rat
Income Taxes (Effective Tax Rates) (Details) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Reconciliation of Income Tax Expense at the U.S. Federal Statutory Tax Rate to the Actual Tax Expense from Continuing Operations [Abstract] | ||
Effective tax rate | (1.70%) | 8.20% |
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] | ||
Effective tax rate | 7.40% | 6.90% |
Progress Energy | ||
Reconciliation of Income Tax Expense at the U.S. Federal Statutory Tax Rate to the Actual Tax Expense from Continuing Operations [Abstract] | ||
Effective tax rate | 15.90% | 12.90% |
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] | ||
Effective tax rate | 14.00% | 8.30% |
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] | ||
Effective tax rate | 20.10% | 19.30% |
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] | ||
Effective tax rate | (266.70%) | 13.30% |
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] | ||
Effective tax rate | 31.90% | 17.60% |
Piedmont | ||
Reconciliation of Income Tax Expense at the U.S. Federal Statutory Tax Rate to the Actual Tax Expense from Continuing Operations [Abstract] | ||
Effective tax rate | 13.40% | 11.40% |