Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
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 | 550 South Tryon 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 | 769,218,956 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Entity Central Index Key | 0001326160 | |
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 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0000030371 | |
Progress Energy | ||
Document Information [Line Items] | ||
Entity File Number | 1-15929 | |
Entity Registrant Name | PROGRESS ENERGY, INC. | |
Entity Tax Identification Number | 56-2155481 | |
Entity Incorporation, State or Country Code | NC | |
Entity Address, Address Line One | 410 South Wilmington Street | |
Entity Address, City or Town | Raleigh | |
Entity Address, State or Province | NC | |
Entity Address, Postal Zip Code | 27601-1748 | |
City Area Code | 704 | |
Local Phone Number | 382-3853 | |
Entity 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 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0001094093 | |
Duke Energy Progress | ||
Document Information [Line Items] | ||
Entity File Number | 1-3382 | |
Entity Registrant Name | DUKE ENERGY PROGRESS, LLC | |
Entity Tax Identification Number | 56-0165465 | |
Entity Incorporation, State or Country Code | NC | |
Entity Address, Address Line One | 410 South Wilmington Street | |
Entity Address, City or Town | Raleigh | |
Entity Address, State or Province | NC | |
Entity Address, Postal Zip Code | 27601-1748 | |
City Area Code | 704 | |
Local Phone Number | 382-3853 | |
Entity 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 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0000017797 | |
Duke Energy Florida | ||
Document Information [Line Items] | ||
Entity File Number | 1-3274 | |
Entity Registrant Name | DUKE ENERGY FLORIDA, LLC | |
Entity Tax Identification Number | 59-0247770 | |
Entity Incorporation, State or Country Code | FL | |
Entity Address, Address Line One | 299 First Avenue North | |
Entity Address, City or Town | St. Petersburg | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33701 | |
City Area Code | 704 | |
Local Phone Number | 382-3853 | |
Entity 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 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0000037637 | |
Duke Energy Ohio | ||
Document Information [Line Items] | ||
Entity File Number | 1-1232 | |
Entity Registrant Name | DUKE ENERGY OHIO, INC. | |
Entity Tax Identification Number | 31-0240030 | |
Entity Incorporation, State or Country Code | OH | |
Entity Address, Address Line One | 139 East Fourth Street | |
Entity Address, City or Town | Cincinnati | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 45202 | |
City Area Code | 704 | |
Local Phone Number | 382-3853 | |
Entity 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 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0000020290 | |
Duke Energy Indiana | ||
Document Information [Line Items] | ||
Entity File Number | 1-3543 | |
Entity Registrant Name | DUKE ENERGY INDIANA, LLC | |
Entity Tax Identification Number | 35-0594457 | |
Entity Incorporation, State or Country Code | IN | |
Entity Address, Address Line One | 1000 East Main Street | |
Entity Address, City or Town | Plainfield | |
Entity Address, State or Province | IN | |
Entity Address, Postal Zip Code | 46168 | |
City Area Code | 704 | |
Local Phone Number | 382-3853 | |
Entity 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 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0000081020 | |
Piedmont | ||
Document Information [Line Items] | ||
Entity File Number | 1-6196 | |
Entity Registrant Name | PIEDMONT NATURAL GAS COMPANY, INC. | |
Entity Tax Identification Number | 56-0556998 | |
Entity Incorporation, State or Country Code | NC | |
Entity Address, Address Line One | 4720 Piedmont Row Drive | |
Entity Address, City or Town | Charlotte | |
Entity Address, State or Province | NC | |
Entity Address, Postal Zip Code | 28210 | |
City Area Code | 704 | |
Local Phone Number | 364-3120 | |
Entity 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 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0000078460 | |
Common Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, $0.001 par value | |
Trading Symbol | DUK | |
Security Exchange Name | NYSE | |
Junior Subordinated Debentures 5.125% Coupon Due January 2073 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 5.125% Junior Subordinated Debentures | |
Trading Symbol | DUKH | |
Security Exchange Name | NYSE | |
Junior Subordinated Debentures 5.625% Coupon Due September 2078 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 5.625% Junior Subordinated Debentures | |
Trading Symbol | DUKB | |
Security Exchange Name | NYSE | |
Depositary Share | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares | |
Trading Symbol | DUK PR A | |
Security Exchange Name | NYSE |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Operating Revenues | |||
Regulated electric | $ 5,219 | $ 5,124 | |
Regulated natural gas | 749 | 638 | |
Nonregulated electric and other | 182 | 187 | |
Total operating revenues | 6,150 | 5,949 | |
Operating Expenses | |||
Operation, maintenance and other | 1,402 | 1,339 | |
Depreciation and amortization | 1,226 | 1,130 | |
Property and other taxes | 353 | 345 | |
Impairment of assets and other charges | 2 | ||
Total operating expenses | 4,700 | 4,462 | |
Gains on Sales of Other Assets and Other, net | 1 | ||
Operating Income | 1,450 | 1,488 | |
Other Income and Expenses | |||
Equity in (losses) earnings of unconsolidated affiliates | (17) | 44 | |
Other income and expenses, net | 127 | 46 | |
Total other income and expenses | 110 | 90 | |
Interest Expense | 535 | 551 | |
Income Before Income Taxes | 1,025 | 1,027 | |
Income Tax Expense | 84 | 137 | |
Net Income | 941 | 890 | |
Add: Net Loss Attributable to Noncontrolling Interests | 51 | 48 | |
Net Income and Comprehensive Income | 992 | 938 | |
Less: Preferred Dividends | 39 | 39 | |
Net Income Available to Duke Energy Corporation Common Stockholders | 953 | 899 | |
Other Comprehensive Income (Loss), net of tax | |||
Pension and OPEB adjustments | [1] | 2 | 1 |
Net unrealized (losses) gains on cash flow hedges | [1] | 29 | (81) |
Unrealized (losses) gains on available-for-sale securities | [1] | (8) | 1 |
Other Comprehensive Income (Loss), net of tax | [1] | 26 | (77) |
Comprehensive Income | 967 | 813 | |
Add: Comprehensive Loss Attributable to Noncontrolling Interests | (44) | (62) | |
Comprehensive Income Attributable to Duke Energy | $ 1,011 | $ 875 | |
Net income attributable to Duke Energy Corporation common stockholders | |||
Basic (in usd per share) | $ 1.25 | $ 1.24 | |
Diluted (in usd per share) | $ 1.25 | $ 1.24 | |
Weighted Average Shares Outstanding | |||
Basic (in shares) | 769 | 734 | |
Diluted (in shares) | 769 | 736 | |
Duke Energy Carolinas | |||
Operating Revenues | |||
Total operating revenues | $ 1,716 | $ 1,748 | |
Operating Expenses | |||
Fuel used in electric generation and purchased power/Cost of natural gas | 422 | 453 | |
Operation, maintenance and other | 441 | 386 | |
Depreciation and amortization | 359 | 343 | |
Property and other taxes | 83 | 81 | |
Impairment of assets and other charges | 2 | ||
Total operating expenses | 1,305 | 1,265 | |
Gains on Sales of Other Assets and Other, net | 1 | ||
Operating Income | 411 | 484 | |
Other Income and Expenses | |||
Total other income and expenses | 48 | 43 | |
Interest Expense | 124 | 123 | |
Income Before Income Taxes | 335 | 404 | |
Income Tax Expense | 23 | 65 | |
Net Income and Comprehensive Income | 312 | 339 | |
Progress Energy | |||
Operating Revenues | |||
Total operating revenues | 2,505 | 2,422 | |
Operating Expenses | |||
Fuel used in electric generation and purchased power/Cost of natural gas | 795 | 763 | |
Operation, maintenance and other | 601 | 554 | |
Depreciation and amortization | 485 | 452 | |
Property and other taxes | 142 | 135 | |
Total operating expenses | 2,023 | 1,904 | |
Gains on Sales of Other Assets and Other, net | (1) | ||
Operating Income | 482 | 517 | |
Other Income and Expenses | |||
Total other income and expenses | 43 | 32 | |
Interest Expense | 192 | 206 | |
Income Before Income Taxes | 333 | 343 | |
Income Tax Expense | 43 | 60 | |
Net Income | 290 | 283 | |
Other Comprehensive Income (Loss), net of tax | |||
Net unrealized (losses) gains on cash flow hedges | 1 | 1 | |
Unrealized (losses) gains on available-for-sale securities | (1) | 1 | |
Other Comprehensive Income (Loss), net of tax | 2 | ||
Comprehensive Income | 290 | 285 | |
Duke Energy Progress | |||
Operating Revenues | |||
Total operating revenues | 1,401 | 1,338 | |
Operating Expenses | |||
Fuel used in electric generation and purchased power/Cost of natural gas | 436 | 405 | |
Operation, maintenance and other | 357 | 305 | |
Depreciation and amortization | 285 | 287 | |
Property and other taxes | 49 | 47 | |
Total operating expenses | 1,127 | 1,044 | |
Gains on Sales of Other Assets and Other, net | (1) | ||
Operating Income | 274 | 293 | |
Other Income and Expenses | |||
Total other income and expenses | 24 | 22 | |
Interest Expense | 69 | 69 | |
Income Before Income Taxes | 229 | 246 | |
Income Tax Expense | 19 | 42 | |
Net Income and Comprehensive Income | 210 | 204 | |
Duke Energy Florida | |||
Operating Revenues | |||
Total operating revenues | 1,101 | 1,080 | |
Operating Expenses | |||
Fuel used in electric generation and purchased power/Cost of natural gas | 359 | 358 | |
Operation, maintenance and other | 242 | 245 | |
Depreciation and amortization | 200 | 165 | |
Property and other taxes | 93 | 88 | |
Total operating expenses | 894 | 856 | |
Operating Income | 207 | 224 | |
Other Income and Expenses | |||
Total other income and expenses | 18 | 10 | |
Interest Expense | 80 | 84 | |
Income Before Income Taxes | 145 | 150 | |
Income Tax Expense | 28 | 30 | |
Net Income and Comprehensive Income | 117 | 120 | |
Other Comprehensive Income (Loss), net of tax | |||
Unrealized (losses) gains on available-for-sale securities | (1) | 1 | |
Other Comprehensive Income (Loss), net of tax | (1) | 1 | |
Comprehensive Income Attributable to Duke Energy | 116 | 121 | |
Duke Energy Ohio | |||
Operating Revenues | |||
Regulated electric | 363 | 346 | |
Regulated natural gas | 169 | 152 | |
Total operating revenues | 532 | 498 | |
Operating Expenses | |||
Operation, maintenance and other | 108 | 123 | |
Depreciation and amortization | 74 | 68 | |
Property and other taxes | 92 | 83 | |
Total operating expenses | 407 | 398 | |
Operating Income | 125 | 100 | |
Other Income and Expenses | |||
Total other income and expenses | 5 | 3 | |
Interest Expense | 25 | 24 | |
Income Before Income Taxes | 105 | 79 | |
Income Tax Expense | 14 | 14 | |
Net Income and Comprehensive Income | 91 | 65 | |
Duke Energy Indiana | |||
Operating Revenues | |||
Total operating revenues | 745 | 692 | |
Operating Expenses | |||
Fuel used in electric generation and purchased power/Cost of natural gas | 217 | 194 | |
Operation, maintenance and other | 178 | 186 | |
Depreciation and amortization | 152 | 132 | |
Property and other taxes | 21 | 22 | |
Total operating expenses | 568 | 534 | |
Operating Income | 177 | 158 | |
Other Income and Expenses | |||
Total other income and expenses | 9 | 10 | |
Interest Expense | 50 | 43 | |
Income Before Income Taxes | 136 | 125 | |
Income Tax Expense | 24 | 26 | |
Net Income and Comprehensive Income | 112 | 99 | |
Piedmont | |||
Operating Revenues | |||
Total operating revenues | 606 | 512 | |
Operating Expenses | |||
Fuel used in electric generation and purchased power/Cost of natural gas | 225 | 162 | |
Operation, maintenance and other | 78 | 80 | |
Depreciation and amortization | 48 | 45 | |
Property and other taxes | 14 | 12 | |
Total operating expenses | 365 | 299 | |
Operating Income | 241 | 213 | |
Other Income and Expenses | |||
Equity in (losses) earnings of unconsolidated affiliates | 2 | 2 | |
Total other income and expenses | 17 | 12 | |
Interest Expense | 29 | 27 | |
Income Before Income Taxes | 229 | 198 | |
Income Tax Expense | 26 | 20 | |
Net Income and Comprehensive Income | 203 | 178 | |
Fuel used in electric generation and purchased power | |||
Operating Expenses | |||
Fuel used in electric generation and purchased power/Cost of natural gas | 1,443 | 1,447 | |
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 | 82 | 87 | |
Cost of natural gas | |||
Operating Expenses | |||
Fuel used in electric generation and purchased power/Cost of natural gas | 276 | 199 | |
Cost of natural gas | Duke Energy Ohio | |||
Operating Expenses | |||
Fuel used in electric generation and purchased power/Cost of natural gas | $ 51 | $ 37 | |
[1] | Net of income tax impacts of approximately $8 million and $23 million for the three months ended March 31, 2021, and 2020, respectively. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | |||
Net income | $ 941 | $ 890 | |
Other Comprehensive Loss, net of tax | |||
Pension and OPEB adjustments | [1] | 2 | 1 |
Net unrealized gains (losses) on cash flow hedges | [1] | 29 | (81) |
Reclassification into earnings from cash flow hedges | [1] | 3 | 2 |
Unrealized (losses) gains on available-for-sale securities | [1] | (8) | 1 |
Other Comprehensive Income (Loss), net of tax | [1] | 26 | (77) |
Comprehensive Income | 967 | 813 | |
Add: Comprehensive Loss Attributable to Noncontrolling Interests | 44 | 62 | |
Comprehensive Income Attributable to Duke Energy | 1,011 | 875 | |
Less: Preferred Dividends | 39 | 39 | |
Comprehensive Income Available to Duke Energy Corporation Common Stockholders | $ 972 | $ 836 | |
[1] | Net of income tax impacts of approximately $8 million and $23 million for the three months ended March 31, 2021, and 2020, respectively. |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Other comprehensive income (loss), tax | $ 8 | $ 23 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Current Assets | ||
Cash and cash equivalents | $ 379 | $ 259 |
Receivables (net of allowance for doubtful accounts) | 950 | 1,009 |
Receivables of VIEs (net of allowance for doubtful accounts) | 1,834 | 2,144 |
Inventory | 3,076 | 3,167 |
Regulatory assets (includes amounts related to VIEs) | 1,650 | 1,641 |
Other (includes amounts related to VIEs) | 619 | 462 |
Total current assets | 8,508 | 8,682 |
Property, Plant and Equipment | ||
Cost | 157,372 | 155,580 |
Accumulated depreciation and amortization | (49,772) | (48,827) |
Generation facilities to be retired, net | 29 | 29 |
Net property, plant and equipment | 107,629 | 106,782 |
Other Noncurrent Assets | ||
Goodwill | 19,303 | 19,303 |
Regulatory assets (includes amounts related to VIEs) | 12,441 | 12,421 |
Nuclear decommissioning trust funds | 9,410 | 9,114 |
Operating lease right-of-use assets, net | 1,540 | 1,524 |
Investments in equity method unconsolidated affiliates | 919 | 961 |
Other (includes amounts related to VIEs) | 3,715 | 3,601 |
Total other noncurrent assets | 47,328 | 46,924 |
Total Assets | 163,465 | 162,388 |
Current Liabilities | ||
Accounts payable | 2,497 | 3,144 |
Notes payable and commercial paper | 4,064 | 2,873 |
Taxes accrued | 574 | 482 |
Interest accrued | 536 | 537 |
Current maturities of long-term debt (includes amounts related to VIEs) | 5,586 | 4,238 |
Asset retirement obligations | 709 | 718 |
Regulatory liabilities | 1,509 | 1,377 |
Other | 1,858 | 2,936 |
Total current liabilities | 17,333 | 16,305 |
Long-Term Debt (includes amounts related to VIEs) | 54,768 | 55,625 |
Other Noncurrent Liabilities | ||
Deferred income taxes | 9,459 | 9,244 |
Asset retirement obligations | 12,299 | 12,286 |
Regulatory liabilities | 15,070 | 15,029 |
Operating lease liabilities | 1,352 | 1,340 |
Accrued pension and other post-retirement benefit costs | 1,010 | 969 |
Investment tax credits | 747 | 687 |
Other (includes amounts related to VIEs) | 1,769 | 1,719 |
Total other noncurrent liabilities | 41,706 | 41,274 |
Commitments and Contingencies | ||
Equity | ||
Common stock | 1 | 1 |
Additional paid-in capital | 43,761 | 43,767 |
Retained earnings | 2,680 | 2,471 |
Accumulated other comprehensive loss | (218) | (237) |
Total Duke Energy Corporation stockholders' equity | 48,186 | 47,964 |
Noncontrolling interests | 1,472 | 1,220 |
Total equity | 49,658 | 49,184 |
Total Liabilities and Equity | 163,465 | 162,388 |
Variable Interest Entity | ||
Current Assets | ||
Regulatory assets (includes amounts related to VIEs) | 54 | 53 |
Other (includes amounts related to VIEs) | 333 | 296 |
Other Noncurrent Assets | ||
Regulatory assets (includes amounts related to VIEs) | 927 | 937 |
Other (includes amounts related to VIEs) | 82 | 81 |
Current Liabilities | ||
Current maturities of long-term debt (includes amounts related to VIEs) | 472 | 472 |
Long-Term Debt (includes amounts related to VIEs) | 3,686 | 3,535 |
Other Noncurrent Liabilities | ||
Other (includes amounts related to VIEs) | 331 | 316 |
Duke Energy Carolinas | ||
Current Assets | ||
Cash and cash equivalents | 12 | 21 |
Receivables (net of allowance for doubtful accounts) | 171 | 247 |
Receivables of VIEs (net of allowance for doubtful accounts) | 613 | 696 |
Receivables from affiliated companies | 119 | 124 |
Inventory | 1,021 | 1,010 |
Regulatory assets (includes amounts related to VIEs) | 433 | 473 |
Other (includes amounts related to VIEs) | 90 | 20 |
Total current assets | 2,459 | 2,591 |
Property, Plant and Equipment | ||
Cost | 51,027 | 50,640 |
Accumulated depreciation and amortization | (17,690) | (17,453) |
Net property, plant and equipment | 33,337 | 33,187 |
Other Noncurrent Assets | ||
Regulatory assets (includes amounts related to VIEs) | 3,028 | 2,996 |
Nuclear decommissioning trust funds | 5,147 | 4,977 |
Operating lease right-of-use assets, net | 105 | 110 |
Other (includes amounts related to VIEs) | 1,185 | 1,187 |
Total other noncurrent assets | 9,465 | 9,270 |
Total Assets | 45,261 | 45,048 |
Current Liabilities | ||
Accounts payable | 643 | 1,000 |
Accounts payable to affiliated companies | 206 | 199 |
Notes payable to affiliated companies | 508 | 506 |
Taxes accrued | 138 | 76 |
Interest accrued | 128 | 117 |
Current maturities of long-term debt (includes amounts related to VIEs) | 507 | 506 |
Asset retirement obligations | 258 | 264 |
Regulatory liabilities | 559 | 473 |
Other | 440 | 546 |
Total current liabilities | 3,387 | 3,687 |
Long-Term Debt (includes amounts related to VIEs) | 11,522 | 11,412 |
Long-Term Debt Payable to Affiliated Companies | 300 | 300 |
Other Noncurrent Liabilities | ||
Deferred income taxes | 3,913 | 3,842 |
Asset retirement obligations | 5,117 | 5,086 |
Regulatory liabilities | 6,540 | 6,535 |
Operating lease liabilities | 93 | 97 |
Accrued pension and other post-retirement benefit costs | 72 | 73 |
Investment tax credits | 235 | 236 |
Other (includes amounts related to VIEs) | 616 | 626 |
Total other noncurrent liabilities | 16,586 | 16,495 |
Commitments and Contingencies | ||
Equity | ||
Member's equity | 13,473 | 13,161 |
Accumulated other comprehensive loss | (7) | (7) |
Member's Equity | 13,466 | 13,154 |
Total Liabilities and Equity | 45,261 | 45,048 |
Progress Energy | ||
Current Assets | ||
Cash and cash equivalents | 74 | 59 |
Receivables (net of allowance for doubtful accounts) | 166 | 228 |
Receivables of VIEs (net of allowance for doubtful accounts) | 749 | 901 |
Receivables from affiliated companies | 76 | 157 |
Inventory | 1,336 | 1,375 |
Regulatory assets (includes amounts related to VIEs) | 821 | 758 |
Other (includes amounts related to VIEs) | 257 | 109 |
Total current assets | 3,479 | 3,587 |
Property, Plant and Equipment | ||
Cost | 58,546 | 57,892 |
Accumulated depreciation and amortization | (18,718) | (18,368) |
Generation facilities to be retired, net | 29 | 29 |
Net property, plant and equipment | 39,857 | 39,553 |
Other Noncurrent Assets | ||
Goodwill | 3,655 | 3,655 |
Regulatory assets (includes amounts related to VIEs) | 5,749 | 5,775 |
Nuclear decommissioning trust funds | 4,263 | 4,137 |
Operating lease right-of-use assets, net | 720 | 690 |
Other (includes amounts related to VIEs) | 1,267 | 1,227 |
Total other noncurrent assets | 15,654 | 15,484 |
Total Assets | 58,990 | 58,624 |
Current Liabilities | ||
Accounts payable | 796 | 919 |
Accounts payable to affiliated companies | 321 | 289 |
Notes payable to affiliated companies | 2,844 | 2,969 |
Taxes accrued | 143 | 121 |
Interest accrued | 187 | 202 |
Current maturities of long-term debt (includes amounts related to VIEs) | 2,127 | 1,426 |
Asset retirement obligations | 267 | 283 |
Regulatory liabilities | 702 | 640 |
Other | 744 | 793 |
Total current liabilities | 8,131 | 7,642 |
Long-Term Debt (includes amounts related to VIEs) | 17,056 | 17,688 |
Long-Term Debt Payable to Affiliated Companies | 150 | 150 |
Other Noncurrent Liabilities | ||
Deferred income taxes | 4,489 | 4,396 |
Asset retirement obligations | 5,859 | 5,866 |
Regulatory liabilities | 5,126 | 5,051 |
Operating lease liabilities | 648 | 623 |
Accrued pension and other post-retirement benefit costs | 501 | 505 |
Other (includes amounts related to VIEs) | 500 | 462 |
Total other noncurrent liabilities | 17,123 | 16,903 |
Commitments and Contingencies | ||
Equity | ||
Additional paid-in capital | 9,143 | 9,143 |
Retained earnings | 7,400 | 7,109 |
Accumulated other comprehensive loss | (15) | (15) |
Total Duke Energy Corporation stockholders' equity | 16,528 | 16,237 |
Noncontrolling interests | 2 | 4 |
Total equity | 16,530 | 16,241 |
Total Liabilities and Equity | 58,990 | 58,624 |
Progress Energy | Variable Interest Entity | ||
Current Assets | ||
Regulatory assets (includes amounts related to VIEs) | 54 | 53 |
Other (includes amounts related to VIEs) | 14 | 39 |
Other Noncurrent Assets | ||
Regulatory assets (includes amounts related to VIEs) | 927 | 937 |
Current Liabilities | ||
Current maturities of long-term debt (includes amounts related to VIEs) | 305 | 305 |
Long-Term Debt (includes amounts related to VIEs) | 1,322 | 1,252 |
Duke Energy Progress | ||
Current Assets | ||
Cash and cash equivalents | 46 | 39 |
Receivables (net of allowance for doubtful accounts) | 80 | 132 |
Receivables of VIEs (net of allowance for doubtful accounts) | 422 | 500 |
Receivables from affiliated companies | 70 | 50 |
Inventory | 882 | 911 |
Regulatory assets (includes amounts related to VIEs) | 469 | 492 |
Other (includes amounts related to VIEs) | 138 | 60 |
Total current assets | 2,107 | 2,184 |
Property, Plant and Equipment | ||
Cost | 36,077 | 35,759 |
Accumulated depreciation and amortization | (13,064) | (12,801) |
Generation facilities to be retired, net | 29 | 29 |
Net property, plant and equipment | 23,042 | 22,987 |
Other Noncurrent Assets | ||
Regulatory assets (includes amounts related to VIEs) | 4,033 | 3,976 |
Nuclear decommissioning trust funds | 3,645 | 3,500 |
Operating lease right-of-use assets, net | 386 | 346 |
Other (includes amounts related to VIEs) | 759 | 740 |
Total other noncurrent assets | 8,823 | 8,562 |
Total Assets | 33,972 | 33,733 |
Current Liabilities | ||
Accounts payable | 339 | 454 |
Accounts payable to affiliated companies | 225 | 215 |
Notes payable to affiliated companies | 163 | 295 |
Taxes accrued | 73 | 85 |
Interest accrued | 71 | 99 |
Current maturities of long-term debt (includes amounts related to VIEs) | 1,302 | 603 |
Asset retirement obligations | 267 | 283 |
Regulatory liabilities | 618 | 530 |
Other | 383 | 411 |
Total current liabilities | 3,441 | 2,975 |
Long-Term Debt (includes amounts related to VIEs) | 7,904 | 8,505 |
Long-Term Debt Payable to Affiliated Companies | 150 | 150 |
Other Noncurrent Liabilities | ||
Deferred income taxes | 2,374 | 2,298 |
Asset retirement obligations | 5,366 | 5,352 |
Regulatory liabilities | 4,454 | 4,394 |
Operating lease liabilities | 356 | 323 |
Accrued pension and other post-retirement benefit costs | 240 | 242 |
Investment tax credits | 131 | 132 |
Other (includes amounts related to VIEs) | 86 | 102 |
Total other noncurrent liabilities | 13,007 | 12,843 |
Commitments and Contingencies | ||
Equity | ||
Member's Equity | 9,470 | 9,260 |
Total Liabilities and Equity | 33,972 | 33,733 |
Duke Energy Florida | ||
Current Assets | ||
Cash and cash equivalents | 22 | 11 |
Receivables (net of allowance for doubtful accounts) | 84 | 94 |
Receivables of VIEs (net of allowance for doubtful accounts) | 327 | 401 |
Receivables from affiliated companies | 7 | 3 |
Inventory | 455 | 464 |
Regulatory assets (includes amounts related to VIEs) | 352 | 265 |
Other (includes amounts related to VIEs) | 82 | 41 |
Total current assets | 1,329 | 1,279 |
Property, Plant and Equipment | ||
Cost | 22,459 | 22,123 |
Accumulated depreciation and amortization | (5,646) | (5,560) |
Net property, plant and equipment | 16,813 | 16,563 |
Other Noncurrent Assets | ||
Regulatory assets (includes amounts related to VIEs) | 1,717 | 1,799 |
Nuclear decommissioning trust funds | 617 | 637 |
Operating lease right-of-use assets, net | 333 | 344 |
Other (includes amounts related to VIEs) | 355 | 335 |
Total other noncurrent assets | 3,022 | 3,115 |
Total Assets | 21,164 | 20,957 |
Current Liabilities | ||
Accounts payable | 457 | 465 |
Accounts payable to affiliated companies | 108 | 85 |
Notes payable to affiliated companies | 279 | 196 |
Taxes accrued | 84 | 82 |
Interest accrued | 75 | 69 |
Current maturities of long-term debt (includes amounts related to VIEs) | 824 | 823 |
Regulatory liabilities | 84 | 110 |
Other | 356 | 374 |
Total current liabilities | 2,267 | 2,204 |
Long-Term Debt (includes amounts related to VIEs) | 7,060 | 7,092 |
Other Noncurrent Liabilities | ||
Deferred income taxes | 2,209 | 2,191 |
Asset retirement obligations | 493 | 514 |
Regulatory liabilities | 672 | 658 |
Operating lease liabilities | 292 | 300 |
Accrued pension and other post-retirement benefit costs | 230 | 231 |
Other (includes amounts related to VIEs) | 267 | 209 |
Total other noncurrent liabilities | 4,163 | 4,103 |
Commitments and Contingencies | ||
Equity | ||
Member's equity | 7,677 | 7,560 |
Accumulated other comprehensive loss | (3) | (2) |
Member's Equity | 7,674 | 7,558 |
Total Liabilities and Equity | 21,164 | 20,957 |
Duke Energy Florida | Variable Interest Entity | ||
Current Assets | ||
Regulatory assets (includes amounts related to VIEs) | 54 | 53 |
Other (includes amounts related to VIEs) | 14 | 39 |
Other Noncurrent Assets | ||
Regulatory assets (includes amounts related to VIEs) | 927 | 937 |
Current Liabilities | ||
Current maturities of long-term debt (includes amounts related to VIEs) | 305 | 305 |
Long-Term Debt (includes amounts related to VIEs) | 972 | 1,002 |
Duke Energy Ohio | ||
Current Assets | ||
Cash and cash equivalents | 18 | 14 |
Receivables (net of allowance for doubtful accounts) | 98 | 98 |
Receivables from affiliated companies | 60 | 102 |
Inventory | 108 | 110 |
Regulatory assets (includes amounts related to VIEs) | 54 | 39 |
Other (includes amounts related to VIEs) | 18 | 31 |
Total current assets | 356 | 394 |
Property, Plant and Equipment | ||
Cost | 11,199 | 11,022 |
Accumulated depreciation and amortization | (3,049) | (3,013) |
Net property, plant and equipment | 8,150 | 8,009 |
Other Noncurrent Assets | ||
Goodwill | 920 | 920 |
Regulatory assets (includes amounts related to VIEs) | 620 | 610 |
Operating lease right-of-use assets, net | 20 | 20 |
Other (includes amounts related to VIEs) | 75 | 72 |
Total other noncurrent assets | 1,635 | 1,622 |
Total Assets | 10,141 | 10,025 |
Current Liabilities | ||
Accounts payable | 266 | 279 |
Accounts payable to affiliated companies | 56 | 68 |
Notes payable to affiliated companies | 270 | 169 |
Taxes accrued | 192 | 247 |
Interest accrued | 32 | 31 |
Current maturities of long-term debt (includes amounts related to VIEs) | 50 | 50 |
Asset retirement obligations | 8 | 3 |
Regulatory liabilities | 59 | 65 |
Other | 67 | 70 |
Total current liabilities | 1,000 | 982 |
Long-Term Debt (includes amounts related to VIEs) | 3,015 | 3,014 |
Long-Term Debt Payable to Affiliated Companies | 25 | 25 |
Other Noncurrent Liabilities | ||
Deferred income taxes | 1,001 | 981 |
Asset retirement obligations | 104 | 108 |
Regulatory liabilities | 739 | 748 |
Operating lease liabilities | 20 | 20 |
Accrued pension and other post-retirement benefit costs | 114 | 113 |
Other (includes amounts related to VIEs) | 97 | 99 |
Total other noncurrent liabilities | 2,075 | 2,069 |
Commitments and Contingencies | ||
Equity | ||
Common stock | 762 | 762 |
Additional paid-in capital | 2,776 | 2,776 |
Retained earnings | 488 | 397 |
Total Duke Energy Corporation stockholders' equity | 4,026 | 3,935 |
Total Liabilities and Equity | 10,141 | 10,025 |
Duke Energy Indiana | ||
Current Assets | ||
Cash and cash equivalents | 17 | 7 |
Receivables (net of allowance for doubtful accounts) | 63 | 55 |
Receivables from affiliated companies | 62 | 112 |
Notes receivable from affiliated companies | 51 | |
Inventory | 436 | 473 |
Regulatory assets (includes amounts related to VIEs) | 151 | 125 |
Other (includes amounts related to VIEs) | 34 | 37 |
Total current assets | 814 | 809 |
Property, Plant and Equipment | ||
Cost | 17,548 | 17,382 |
Accumulated depreciation and amortization | (5,821) | (5,661) |
Net property, plant and equipment | 11,727 | 11,721 |
Other Noncurrent Assets | ||
Regulatory assets (includes amounts related to VIEs) | 1,217 | 1,203 |
Operating lease right-of-use assets, net | 54 | 55 |
Other (includes amounts related to VIEs) | 251 | 253 |
Total other noncurrent assets | 1,522 | 1,511 |
Total Assets | 14,063 | 14,041 |
Current Liabilities | ||
Accounts payable | 163 | 188 |
Accounts payable to affiliated companies | 72 | 88 |
Notes payable to affiliated companies | 131 | |
Taxes accrued | 122 | 62 |
Interest accrued | 59 | 51 |
Current maturities of long-term debt (includes amounts related to VIEs) | 123 | 70 |
Asset retirement obligations | 176 | 168 |
Regulatory liabilities | 119 | 111 |
Other | 82 | 83 |
Total current liabilities | 916 | 952 |
Long-Term Debt (includes amounts related to VIEs) | 3,818 | 3,871 |
Long-Term Debt Payable to Affiliated Companies | 150 | 150 |
Other Noncurrent Liabilities | ||
Deferred income taxes | 1,230 | 1,228 |
Asset retirement obligations | 997 | 1,008 |
Regulatory liabilities | 1,629 | 1,627 |
Operating lease liabilities | 52 | 53 |
Accrued pension and other post-retirement benefit costs | 172 | 171 |
Investment tax credits | 168 | 168 |
Other (includes amounts related to VIEs) | 35 | 30 |
Total other noncurrent liabilities | 4,283 | 4,285 |
Commitments and Contingencies | ||
Equity | ||
Member's Equity | 4,896 | 4,783 |
Total Liabilities and Equity | 14,063 | 14,041 |
Piedmont | ||
Current Assets | ||
Cash and cash equivalents | 1 | 0 |
Receivables (net of allowance for doubtful accounts) | 257 | 250 |
Receivables from affiliated companies | 10 | 10 |
Notes receivable from affiliated companies | 198 | 0 |
Inventory | 37 | 68 |
Regulatory assets (includes amounts related to VIEs) | 100 | 153 |
Other (includes amounts related to VIEs) | 12 | 20 |
Total current assets | 615 | 501 |
Property, Plant and Equipment | ||
Cost | 9,358 | 9,134 |
Accumulated depreciation and amortization | (1,809) | (1,749) |
Net property, plant and equipment | 7,549 | 7,385 |
Other Noncurrent Assets | ||
Goodwill | 49 | 49 |
Regulatory assets (includes amounts related to VIEs) | 324 | 302 |
Operating lease right-of-use assets, net | 19 | 20 |
Investments in equity method unconsolidated affiliates | 88 | 88 |
Other (includes amounts related to VIEs) | 274 | 270 |
Total other noncurrent assets | 754 | 729 |
Total Assets | 8,918 | 8,615 |
Current Liabilities | ||
Accounts payable | 166 | 230 |
Accounts payable to affiliated companies | 58 | 79 |
Notes payable to affiliated companies | 530 | |
Taxes accrued | 68 | 23 |
Interest accrued | 37 | 34 |
Current maturities of long-term debt (includes amounts related to VIEs) | 160 | 160 |
Regulatory liabilities | 70 | 88 |
Other | 73 | 69 |
Total current liabilities | 632 | 1,213 |
Long-Term Debt (includes amounts related to VIEs) | 2,967 | 2,620 |
Other Noncurrent Liabilities | ||
Deferred income taxes | 837 | 821 |
Asset retirement obligations | 20 | 20 |
Regulatory liabilities | 1,015 | 1,044 |
Operating lease liabilities | 17 | 19 |
Accrued pension and other post-retirement benefit costs | 8 | 8 |
Other (includes amounts related to VIEs) | 179 | 155 |
Total other noncurrent liabilities | 2,076 | 2,067 |
Commitments and Contingencies | ||
Equity | ||
Common stock | 1,635 | 1,310 |
Retained earnings | 1,608 | 1,405 |
Total Duke Energy Corporation stockholders' equity | 3,243 | 2,715 |
Total Liabilities and Equity | 8,918 | 8,615 |
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, 2021 | Dec. 31, 2020 |
Regulatory assets (includes amounts related to VIEs) | $ 1,650 | $ 1,641 |
Current Assets: Other | 619 | 462 |
Regulatory assets (includes amounts related to VIEs) | 12,441 | 12,421 |
Other Noncurrent Assets: Other | 3,715 | 3,601 |
Current maturities of long-term debt (includes amounts related to VIEs) | 5,586 | 4,238 |
Long-Term Debt | 54,768 | 55,625 |
Other, noncurrent liabilities | $ 1,769 | $ 1,719 |
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) | 769,000,000 | 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 | $ 31 | $ 29 |
Allowance for doubtful accounts - receivables of VIEs | 116 | 117 |
Regulatory assets (includes amounts related to VIEs) | 54 | 53 |
Current Assets: Other | 333 | 296 |
Regulatory assets (includes amounts related to VIEs) | 927 | 937 |
Other Noncurrent Assets: Other | 82 | 81 |
Current maturities of long-term debt (includes amounts related to VIEs) | 472 | 472 |
Long-Term Debt | 3,686 | 3,535 |
Other, noncurrent liabilities | 331 | 316 |
Duke Energy Carolinas | ||
Allowance for doubtful accounts - receivables | 2 | 1 |
Allowance for doubtful accounts - receivables of VIEs | 32 | 22 |
Regulatory assets (includes amounts related to VIEs) | 433 | 473 |
Current Assets: Other | 90 | 20 |
Regulatory assets (includes amounts related to VIEs) | 3,028 | 2,996 |
Other Noncurrent Assets: Other | 1,185 | 1,187 |
Current maturities of long-term debt (includes amounts related to VIEs) | 507 | 506 |
Long-Term Debt | 11,522 | 11,412 |
Other, noncurrent liabilities | 616 | 626 |
Progress Energy | ||
Allowance for doubtful accounts - receivables | 8 | 8 |
Regulatory assets (includes amounts related to VIEs) | 821 | 758 |
Current Assets: Other | 257 | 109 |
Regulatory assets (includes amounts related to VIEs) | 5,749 | 5,775 |
Other Noncurrent Assets: Other | 1,267 | 1,227 |
Current maturities of long-term debt (includes amounts related to VIEs) | 2,127 | 1,426 |
Long-Term Debt | 17,056 | 17,688 |
Other, noncurrent liabilities | $ 500 | $ 462 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100 | 100 |
Progress Energy | Variable Interest Entity | ||
Allowance for doubtful accounts - receivables of VIEs | $ 29 | $ 29 |
Regulatory assets (includes amounts related to VIEs) | 54 | 53 |
Current Assets: Other | 14 | 39 |
Regulatory assets (includes amounts related to VIEs) | 927 | 937 |
Current maturities of long-term debt (includes amounts related to VIEs) | 305 | 305 |
Long-Term Debt | 1,322 | 1,252 |
Duke Energy Progress | ||
Allowance for doubtful accounts - receivables | 4 | 4 |
Regulatory assets (includes amounts related to VIEs) | 469 | 492 |
Current Assets: Other | 138 | 60 |
Regulatory assets (includes amounts related to VIEs) | 4,033 | 3,976 |
Other Noncurrent Assets: Other | 759 | 740 |
Current maturities of long-term debt (includes amounts related to VIEs) | 1,302 | 603 |
Long-Term Debt | 7,904 | 8,505 |
Other, noncurrent liabilities | 86 | 102 |
Duke Energy Progress | Variable Interest Entity | ||
Allowance for doubtful accounts - receivables of VIEs | 19 | 19 |
Duke Energy Florida | ||
Allowance for doubtful accounts - receivables | 5 | 4 |
Regulatory assets (includes amounts related to VIEs) | 352 | 265 |
Current Assets: Other | 82 | 41 |
Regulatory assets (includes amounts related to VIEs) | 1,717 | 1,799 |
Other Noncurrent Assets: Other | 355 | 335 |
Current maturities of long-term debt (includes amounts related to VIEs) | 824 | 823 |
Long-Term Debt | 7,060 | 7,092 |
Other, noncurrent liabilities | 267 | 209 |
Duke Energy Florida | Variable Interest Entity | ||
Allowance for doubtful accounts - receivables of VIEs | 10 | 10 |
Regulatory assets (includes amounts related to VIEs) | 54 | 53 |
Current Assets: Other | 14 | 39 |
Regulatory assets (includes amounts related to VIEs) | 927 | 937 |
Current maturities of long-term debt (includes amounts related to VIEs) | 305 | 305 |
Long-Term Debt | 972 | 1,002 |
Duke Energy Ohio | ||
Allowance for doubtful accounts - receivables | 4 | 4 |
Regulatory assets (includes amounts related to VIEs) | 54 | 39 |
Current Assets: Other | 18 | 31 |
Regulatory assets (includes amounts related to VIEs) | 620 | 610 |
Other Noncurrent Assets: Other | 75 | 72 |
Current maturities of long-term debt (includes amounts related to VIEs) | 50 | 50 |
Long-Term Debt | 3,015 | 3,014 |
Other, noncurrent liabilities | $ 97 | $ 99 |
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) | 151 | 125 |
Current Assets: Other | 34 | 37 |
Regulatory assets (includes amounts related to VIEs) | 1,217 | 1,203 |
Other Noncurrent Assets: Other | 251 | 253 |
Current maturities of long-term debt (includes amounts related to VIEs) | 123 | 70 |
Long-Term Debt | 3,818 | 3,871 |
Other, noncurrent liabilities | 35 | 30 |
Piedmont | ||
Allowance for doubtful accounts - receivables | 14 | 12 |
Regulatory assets (includes amounts related to VIEs) | 100 | 153 |
Current Assets: Other | 12 | 20 |
Regulatory assets (includes amounts related to VIEs) | 324 | 302 |
Other Noncurrent Assets: Other | 274 | 270 |
Current maturities of long-term debt (includes amounts related to VIEs) | 160 | 160 |
Long-Term Debt | 2,967 | 2,620 |
Other, noncurrent liabilities | $ 179 | $ 155 |
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, 2021 | Mar. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 941 | $ 890 |
Net income | 992 | 938 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion (including amortization of nuclear fuel) | 1,385 | 1,301 |
Equity in losses (earnings) of unconsolidated affiliates | 17 | (44) |
Equity component of AFUDC | (42) | (40) |
Deferred income taxes | 86 | 422 |
Payments for asset retirement obligations | (114) | (132) |
(Increase) decrease in | ||
Receivables | 377 | 466 |
Inventory | 91 | (92) |
Other current assets | (47) | (131) |
Increase (decrease) in | ||
Accounts payable | (467) | (657) |
Taxes accrued | 104 | 113 |
Other current liabilities | (263) | (455) |
Other assets | 51 | (37) |
Other liabilities | (31) | (50) |
Net cash provided by operating activities | 2,088 | 1,554 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | (2,215) | (2,832) |
Contributions to equity method investments | (77) | |
Purchases of debt and equity securities | (1,584) | (1,392) |
Proceeds from sales and maturities of debt and equity securities | 1,601 | 1,347 |
Disbursements to canceled equity method investments | (855) | |
Other | (84) | (68) |
Net cash used in investing activities | (3,137) | (3,022) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from the issuance of long-term debt | 608 | 1,954 |
Proceeds from the issuance of common stock | 5 | 40 |
Payments for the redemption of long-term debt | (76) | (292) |
Proceeds from the issuance of short-term debt with original maturities greater than 90 days | 50 | 1,784 |
Payments for the redemption of short-term debt with original maturities greater than 90 days | (909) | (17) |
Notes payable and commercial paper | 2,046 | (198) |
Contributions from noncontrolling interests | 303 | 103 |
Dividends paid | (783) | (707) |
Other | (59) | (74) |
Net cash provided by financing activities | 1,185 | 2,593 |
Net increase in cash, cash equivalents and restricted cash | 136 | 1,125 |
Cash, cash equivalents and restricted cash at beginning of period | 556 | 573 |
Cash, cash equivalents and restricted cash at end of period | 692 | 1,698 |
Significant non-cash transactions: | ||
Accrued capital expenditures | 921 | 934 |
Non-cash dividends | 27 | |
Duke Energy Carolinas | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | 312 | 339 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion (including amortization of nuclear fuel) | 428 | 414 |
Equity component of AFUDC | (16) | (14) |
Deferred income taxes | (8) | 22 |
Payments for asset retirement obligations | (35) | (41) |
(Increase) decrease in | ||
Receivables | 156 | 156 |
Receivables from affiliated companies | 5 | 27 |
Inventory | (11) | (72) |
Other current assets | (48) | 96 |
Increase (decrease) in | ||
Accounts payable | (255) | (253) |
Accounts payable to affiliated companies | 7 | 15 |
Taxes accrued | 62 | 87 |
Other current liabilities | (77) | (108) |
Other assets | 43 | (60) |
Other liabilities | (17) | (10) |
Net cash provided by operating activities | 546 | 598 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | (622) | (724) |
Purchases of debt and equity securities | (1,128) | (607) |
Proceeds from sales and maturities of debt and equity securities | 1,128 | 607 |
Notes receivable from affiliated companies | (436) | |
Other | (43) | (18) |
Net cash used in investing activities | (665) | (1,178) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from the issuance of long-term debt | 142 | 910 |
Payments for the redemption of long-term debt | (33) | (2) |
Notes payable to affiliated companies | 2 | (29) |
Distributions to parent | (300) | |
Other | (1) | (1) |
Net cash provided by financing activities | 110 | 578 |
Net increase in cash, cash equivalents and restricted cash | (9) | (2) |
Cash, cash equivalents and restricted cash at beginning of period | 21 | 18 |
Cash, cash equivalents and restricted cash at end of period | 12 | 16 |
Significant non-cash transactions: | ||
Accrued capital expenditures | 268 | 254 |
Progress Energy | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | 290 | 283 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion (including amortization of nuclear fuel) | 575 | 552 |
Equity component of AFUDC | (13) | (14) |
Deferred income taxes | 79 | 80 |
Payments for asset retirement obligations | (69) | (79) |
(Increase) decrease in | ||
Net realized and unrealized mark-to-market and hedging transactions | 6 | 1 |
Receivables | 214 | 149 |
Receivables from affiliated companies | 81 | 27 |
Inventory | 39 | (40) |
Other current assets | (150) | 43 |
Increase (decrease) in | ||
Accounts payable | (69) | (211) |
Accounts payable to affiliated companies | 32 | 19 |
Taxes accrued | 23 | 71 |
Other current liabilities | (60) | (128) |
Other assets | (27) | (38) |
Other liabilities | (64) | (56) |
Net cash provided by operating activities | 887 | 659 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | (796) | (972) |
Purchases of debt and equity securities | (517) | (651) |
Proceeds from sales and maturities of debt and equity securities | 537 | 643 |
Notes receivable from affiliated companies | 164 | |
Other | (59) | (39) |
Net cash used in investing activities | (835) | (855) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from the issuance of long-term debt | 98 | |
Payments for the redemption of long-term debt | (34) | (283) |
Notes payable to affiliated companies | (125) | 479 |
Other | (2) | (1) |
Net cash provided by financing activities | (63) | 195 |
Net increase in cash, cash equivalents and restricted cash | (11) | (1) |
Cash, cash equivalents and restricted cash at beginning of period | 200 | 126 |
Cash, cash equivalents and restricted cash at end of period | 189 | 125 |
Significant non-cash transactions: | ||
Accrued capital expenditures | 317 | 310 |
Duke Energy Progress | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | 210 | 204 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion (including amortization of nuclear fuel) | 331 | 331 |
Equity component of AFUDC | (8) | (10) |
Deferred income taxes | 6 | 43 |
Payments for asset retirement obligations | (46) | (75) |
(Increase) decrease in | ||
Net realized and unrealized mark-to-market and hedging transactions | 2 | (2) |
Receivables | 131 | 133 |
Receivables from affiliated companies | (20) | 2 |
Inventory | 29 | (22) |
Other current assets | (21) | 54 |
Increase (decrease) in | ||
Accounts payable | (62) | (220) |
Accounts payable to affiliated companies | 10 | 5 |
Taxes accrued | (12) | 26 |
Other current liabilities | (25) | (73) |
Other assets | (35) | (48) |
Other liabilities | (15) | (8) |
Net cash provided by operating activities | 475 | 340 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | (400) | (466) |
Purchases of debt and equity securities | (382) | (550) |
Proceeds from sales and maturities of debt and equity securities | 380 | 540 |
Other | (29) | (16) |
Net cash used in investing activities | (431) | (492) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from the issuance of long-term debt | 98 | |
Payments for the redemption of long-term debt | (2) | (1) |
Notes payable to affiliated companies | (132) | 163 |
Other | (1) | |
Net cash provided by financing activities | (37) | 162 |
Net increase in cash, cash equivalents and restricted cash | 7 | 10 |
Cash, cash equivalents and restricted cash at beginning of period | 39 | 22 |
Cash, cash equivalents and restricted cash at end of period | 46 | 32 |
Significant non-cash transactions: | ||
Accrued capital expenditures | 96 | 87 |
Duke Energy Florida | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | 117 | 120 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion (including amortization of nuclear fuel) | 243 | 219 |
Equity component of AFUDC | (4) | (4) |
Deferred income taxes | 74 | 34 |
Payments for asset retirement obligations | (24) | (5) |
(Increase) decrease in | ||
Net realized and unrealized mark-to-market and hedging transactions | 2 | 3 |
Receivables | 83 | 15 |
Receivables from affiliated companies | (4) | |
Inventory | 10 | (19) |
Other current assets | (101) | 7 |
Increase (decrease) in | ||
Accounts payable | (7) | 11 |
Accounts payable to affiliated companies | 23 | (20) |
Taxes accrued | 3 | 31 |
Other current liabilities | (41) | (58) |
Other assets | 12 | 13 |
Other liabilities | (48) | (46) |
Net cash provided by operating activities | 338 | 301 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | (396) | (506) |
Purchases of debt and equity securities | (134) | (101) |
Proceeds from sales and maturities of debt and equity securities | 157 | 103 |
Notes receivable from affiliated companies | 173 | |
Other | (30) | (23) |
Net cash used in investing activities | (403) | (354) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Payments for the redemption of long-term debt | (33) | (282) |
Notes payable to affiliated companies | 83 | 305 |
Other | (1) | |
Net cash provided by financing activities | 50 | 22 |
Net increase in cash, cash equivalents and restricted cash | (15) | (31) |
Cash, cash equivalents and restricted cash at beginning of period | 50 | 56 |
Cash, cash equivalents and restricted cash at end of period | 35 | 25 |
Significant non-cash transactions: | ||
Accrued capital expenditures | 222 | 223 |
Duke Energy Ohio | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | 91 | 65 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion (including amortization of nuclear fuel) | 75 | 69 |
Equity component of AFUDC | (2) | (1) |
Deferred income taxes | 12 | 14 |
(Increase) decrease in | ||
Receivables | 1 | |
Receivables from affiliated companies | 5 | 40 |
Inventory | 2 | 14 |
Other current assets | (5) | 8 |
Increase (decrease) in | ||
Accounts payable | 8 | (19) |
Accounts payable to affiliated companies | (12) | |
Taxes accrued | (55) | (49) |
Other current liabilities | (8) | 2 |
Other assets | (16) | (2) |
Other liabilities | 1 | (5) |
Net cash provided by operating activities | 96 | 137 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | (220) | (217) |
Notes receivable from affiliated companies | 37 | |
Other | (10) | (10) |
Net cash used in investing activities | (193) | (227) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Notes payable to affiliated companies | 101 | 87 |
Net cash provided by financing activities | 101 | 87 |
Net increase in cash, cash equivalents and restricted cash | 4 | (3) |
Cash, cash equivalents and restricted cash at beginning of period | 14 | 17 |
Cash, cash equivalents and restricted cash at end of period | 18 | 14 |
Significant non-cash transactions: | ||
Accrued capital expenditures | 84 | 66 |
Duke Energy Indiana | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | 112 | 99 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion (including amortization of nuclear fuel) | 153 | 133 |
Equity component of AFUDC | (5) | (6) |
Deferred income taxes | (12) | 16 |
Payments for asset retirement obligations | (10) | (12) |
(Increase) decrease in | ||
Net realized and unrealized mark-to-market and hedging transactions | 1 | |
Receivables | (9) | 15 |
Receivables from affiliated companies | 3 | |
Inventory | 38 | (21) |
Other current assets | (23) | 25 |
Increase (decrease) in | ||
Accounts payable | 1 | (13) |
Accounts payable to affiliated companies | (16) | (21) |
Taxes accrued | 71 | 43 |
Other current liabilities | 20 | (27) |
Other assets | 3 | (4) |
Other liabilities | 12 | 8 |
Net cash provided by operating activities | 336 | 238 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | (186) | (210) |
Purchases of debt and equity securities | (5) | (5) |
Proceeds from sales and maturities of debt and equity securities | 4 | 2 |
Notes receivable from affiliated companies | (1) | (543) |
Other | (7) | (6) |
Net cash used in investing activities | (195) | (762) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from the issuance of long-term debt | 544 | |
Notes payable to affiliated companies | (131) | (30) |
Net cash provided by financing activities | (131) | 514 |
Net increase in cash, cash equivalents and restricted cash | 10 | (10) |
Cash, cash equivalents and restricted cash at beginning of period | 7 | 25 |
Cash, cash equivalents and restricted cash at end of period | 17 | 15 |
Significant non-cash transactions: | ||
Accrued capital expenditures | 74 | 70 |
Piedmont | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | 203 | 178 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion (including amortization of nuclear fuel) | 48 | 46 |
Equity in losses (earnings) of unconsolidated affiliates | (2) | (2) |
Equity component of AFUDC | (6) | (5) |
Deferred income taxes | (12) | 12 |
(Increase) decrease in | ||
Receivables | (8) | 65 |
Receivables from affiliated companies | (3) | |
Inventory | 31 | 33 |
Other current assets | 66 | (9) |
Increase (decrease) in | ||
Accounts payable | (63) | (76) |
Accounts payable to affiliated companies | (21) | 9 |
Taxes accrued | 45 | 12 |
Other current liabilities | (16) | (12) |
Other assets | 2 | 1 |
Other liabilities | (2) | (19) |
Net cash provided by operating activities | 265 | 230 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | (200) | (231) |
Notes receivable from affiliated companies | (198) | |
Other | (8) | (5) |
Net cash used in investing activities | (406) | (236) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from the issuance of long-term debt | 347 | |
Notes payable to affiliated companies | (530) | 10 |
Capital contributions from parent | 325 | |
Net cash provided by financing activities | 142 | 10 |
Net increase in cash, cash equivalents and restricted cash | 1 | 4 |
Cash, cash equivalents and restricted cash at end of period | 1 | 4 |
Significant non-cash transactions: | ||
Accrued capital expenditures | $ 106 | $ 114 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Equity - USD ($) shares in Millions, $ 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, 2019 | $ 47,951 | $ 1,962 | $ 46,822 | $ 40,881 | $ 4,108 | $ (51) | $ 3 | $ (82) | $ 1,129 | $ 15,593 | $ 15,590 | $ 9,143 | $ 6,465 | $ (10) | $ (1) | $ (7) | $ 3 | $ 1 | |||||||||||||||||||||||||||
Beginning Balance, in shares at Dec. 31, 2019 | 733 | ||||||||||||||||||||||||||||||||||||||||||||
Beginning Balance (member's equity) at Dec. 31, 2019 | $ 12,811 | $ 12,818 | $ (7) | $ 9,246 | $ 6,788 | $ 6,789 | $ (1) | $ 4,575 | |||||||||||||||||||||||||||||||||||||
Beginning Balance (parent) at Dec. 31, 2019 | $ 3,683 | $ 762 | $ 2,776 | $ 145 | $ 2,443 | $ 1,310 | $ 1,133 | ||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 851 | 899 | 899 | (48) | |||||||||||||||||||||||||||||||||||||||||
Net income | 938 | 339 | 339 | $ 204 | 204 | 120 | 120 | 65 | 65 | $ 99 | 99 | 178 | 178 | ||||||||||||||||||||||||||||||||
Net income | 890 | 283 | 283 | 283 | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income | (77) | [1] | (63) | (65) | 1 | 1 | (14) | 2 | 2 | 1 | 1 | 1 | 1 | ||||||||||||||||||||||||||||||||
Common stock issuances, including dividend reinvestment and employee benefits | $ 50 | $ 50 | $ 50 | ||||||||||||||||||||||||||||||||||||||||||
Common stock issuances, including dividend reinvestment and employee benefits (in shares) | 2 | ||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends | (695) | (695) | (695) | (300) | (300) | ||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests, net of transaction costs | 103 | 103 | |||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest in subsidiaries | (7) | (7) | |||||||||||||||||||||||||||||||||||||||||||
Other | (93) | [2] | (92) | [2] | (1) | [2] | (91) | [2] | (1) | [2] | (13) | [3] | (13) | [3] | (1) | (1) | (1) | (1) | (1) | ||||||||||||||||||||||||||
Ending Balance at Mar. 31, 2020 | 48,083 | 1,962 | 46,921 | 40,930 | 4,221 | (116) | 4 | (81) | 1,162 | 15,877 | 15,874 | 9,143 | 6,747 | (9) | (7) | 3 | $ 1 | ||||||||||||||||||||||||||||
Ending Balance (member's equity) at Mar. 31, 2020 | 12,837 | 12,844 | (7) | 9,450 | 6,909 | 6,909 | 4,674 | ||||||||||||||||||||||||||||||||||||||
Ending Balance, in shares at Mar. 31, 2020 | 735 | ||||||||||||||||||||||||||||||||||||||||||||
Ending Balance (parent) at Mar. 31, 2020 | $ 3,748 | 762 | 2,776 | 210 | $ 2,620 | 1,310 | 1,310 | ||||||||||||||||||||||||||||||||||||||
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 | 90 | 100 | 769 | |||||||||||||||||||||||||||||||||||||||||
Beginning Balance (member's equity) at Dec. 31, 2020 | 13,154 | 13,161 | (7) | 9,260 | 9,260 | 7,558 | 7,560 | (2) | 4,783 | 4,783 | |||||||||||||||||||||||||||||||||||
Beginning Balance (parent) at Dec. 31, 2020 | $ 47,964 | 16,237 | $ 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 | 992 | 312 | 312 | 210 | 210 | 117 | 117 | $ 91 | 91 | 112 | 112 | 203 | 203 | ||||||||||||||||||||||||||||||||
Net income | 941 | 290 | 290 | 290 | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income | 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 | 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 | $ 9,470 | $ 7,674 | $ 7,677 | $ (3) | $ 4,896 | $ 4,896 | |||||||||||||||||||||||||||||||||||
Ending Balance, in shares at Mar. 31, 2021 | 769 | 90 | 100 | 769 | |||||||||||||||||||||||||||||||||||||||||
Ending Balance (parent) at Mar. 31, 2021 | $ 48,186 | $ 16,528 | $ 4,026 | $ 762 | $ 2,776 | $ 488 | $ 3,243 | $ 1,635 | $ 1,608 | ||||||||||||||||||||||||||||||||||||
[1] | Net of income tax impacts of approximately $8 million and $23 million for the three months ended March 31, 2021, and 2020, respectively. | ||||||||||||||||||||||||||||||||||||||||||||
[2] | Amounts in Retained earnings primarily represent impacts due to implementation of a new accounting standard related to Current Estimated Credit Losses. See Note 1 for additional discussion. | ||||||||||||||||||||||||||||||||||||||||||||
[3] | Amounts primarily represent impacts due to implementation of a new accounting standard related to Current Estimated Credit Losses. See Note 1 for additional discussion. |
Organization and Basis of Prese
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
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, 2020. 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. OTHER CURRENT LIABILITIES Included in Other within Current Liabilities on the Duke Energy Condensed Consolidated Balance Sheet is a current liability of $46 million and $936 million as of March 31, 2021, and December 31, 2020, respectively. The current liability, initially recorded in 2020, primarily represented Duke Energy's share of ACP's obligations of outstanding debt and to satisfy ARO requirements to restore construction sites. See Notes 3 and 11 for further information. 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 Sheet. 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. 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 cash received for the sale of noncontrolling interest and allocated losses to noncontrolling interest for the three months ended March 31, 2021, and 2020. Three Months Ended March 31, (in millions) 2021 2020 Noncontrolling Interest Capital Contributions Cash received for the sale of noncontrolling interest to tax equity members $ 303 $ 103 Cash received for the sale of noncontrolling interest to pro rata share members — — Total Noncontrolling Interest Capital Contributions 303 103 Noncontrolling Interest Allocation of Income Allocated losses to noncontrolling tax equity members utilizing the HLBV method 43 49 Allocated losses (gains) to noncontrolling members based on pro rata shares of ownership 8 (1) Total Noncontrolling Interest Allocated Losses $ 51 $ 48 CASH, CASH EQUIVALENTS AND RESTRICTED CASH Duke Energy, Progress Energy 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, 2021 December 31, 2020 Duke Duke Duke Progress Energy Duke Progress Energy Energy Energy Florida Energy Energy Florida Current Assets Cash and cash equivalents $ 379 $ 74 $ 22 $ 259 $ 59 $ 11 Other 210 13 13 194 39 39 Other Noncurrent Assets Other 103 102 — 103 102 — Total cash, cash equivalents and restricted cash $ 692 $ 189 $ 35 $ 556 $ 200 $ 50 INVENTORY Provisions for inventory write-offs were not material at March 31, 2021, and December 31, 2020. The components of inventory are presented in the tables below. 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 Materials and supplies $ 2,365 $ 816 $ 1,011 $ 680 $ 332 $ 77 $ 313 $ 11 Coal 464 170 160 101 59 12 122 — Natural gas, oil and other fuel 247 35 165 101 64 19 1 26 Total inventory $ 3,076 $ 1,021 $ 1,336 $ 882 $ 455 $ 108 $ 436 $ 37 December 31, 2020 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Materials and supplies $ 2,312 $ 785 $ 999 $ 673 $ 325 $ 78 $ 307 $ 12 Coal 561 186 193 131 63 16 165 — Natural gas, oil and other fuel 294 39 183 107 76 16 1 56 Total inventory $ 3,167 $ 1,010 $ 1,375 $ 911 $ 464 $ 110 $ 473 $ 68 NEW ACCOUNTING STANDARDS No new accounting standards were adopted by the Duke Energy Registrants in 2021, but the following accounting standard was adopted by the Duke Energy Registrants in 2020. Current Expected Credit Losses. In June 2016, the Financial Accounting Standards Board (FASB) issued new accounting guidance for credit losses. Duke Energy adopted the new accounting guidance for credit losses effective January 1, 2020, using the modified retrospective method of adoption, which does not require restatement of prior year results. Duke Energy did not adopt any practical expedients. Duke Energy recognizes allowances for credit losses based on management's estimate of losses expected to be incurred over the lives of certain assets or guarantees. Management monitors credit quality, changes in expected credit losses and the appropriateness of the allowance for credit losses on a forward-looking basis. Management reviews the risk of loss periodically as part of the existing assessment of collectability of receivables. Duke Energy reviews the credit quality of its counterparties as part of its regular risk management process and requires credit enhancements, such as deposits or letters of credit, as appropriate and as allowed by regulators. Duke Energy recorded cumulative effects of changes in accounting principles related to the adoption of new credit loss standard, for allowances for credit losses of trade and other receivables, insurance receivables and financial guarantees. These amounts are included in the Condensed Consolidated Balance Sheets in Receivables, Receivables of VIEs, Other Noncurrent Assets and Other Noncurrent Liabilities. See Notes 4 and 12 for more information. Duke Energy recorded an adjustment for the cumulative effect of a change in accounting principle due to the adoption of this standard on January 1, 2020, as shown in the table below: January 1, 2020 Duke Duke Duke Duke Energy Progress Energy Energy (in millions) Energy Carolinas Energy Progress Florida Piedmont Total pretax impact to Retained Earnings $ 120 $ 16 $ 2 $ 1 $ 1 $ 1 The following new accounting standard has been issued but not yet adopted by the Duke Energy Registrants as of March 31, 2021. Reference Rate Reform. In March 2020, the FASB issued new accounting guidance for reference rate reform. This guidance is elective and provides expedients to facilitate financial reporting for the anticipated transition away from the London Inter-bank Offered Rate (LIBOR) and other interbank reference rates by the end of 2021. The optional expedients are effective for modification of existing contracts or new arrangements executed between March 12, 2020, through December 31, 2022. Duke Energy has variable-rate debt and manages interest rate risk by entering into financial contracts including interest rate swaps that are generally indexed to LIBOR. Impacted financial arrangements extending beyond 2021 may require contractual amendment or termination to fully adapt to a post-LIBOR environment. Duke Energy is assessing these financial arrangements and is evaluating the use of optional expedients outlined in the new accounting guidance. Alternative index provisions are also being assessed and incorporated into new financial arrangements that extend beyond 2021. The full outcome of the transition away from LIBOR cannot be determined at this time, but is not expected to have a material impact on the financial statements. |
Business Segments
Business Segments | 3 Months Ended |
Mar. 31, 2021 | |
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. 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 and midstream pipeline investments. The Commercial Renewables segment is primarily comprised of nonregulated utility-scale wind and solar generation assets located throughout the U.S. In 2021, Duke Energy continues to monitor recoverability of its renewable merchant plants located in the Electric Reliability Council of Texas West market and in the PJM West market due to declining market pricing and declining long-term forecasted energy prices, primarily driven by lower forecasted natural gas prices. The assets were not impaired as of March 31, 2021, because the carrying value of approximately $210 million continues to approximate the aggregate estimated future undiscounted cash flows. A continued decline in energy market pricing would likely result in a future impairment. Duke Energy retained 51% ownership interest in these facilities following the 2019 transaction to sell a minority interest in certain renewable assets. 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, 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) (a) $ 820 $ 245 $ 27 $ 1,092 $ (139) $ — $ 953 Less: Noncontrolling interests 51 Add: Preferred stock dividend 39 Net Income $ 941 Segment assets $ 138,734 $ 14,139 $ 6,894 $ 159,767 $ 3,710 $ (12) $ 163,465 Three Months Ended March 31, 2020 Electric Gas Total Utilities and Utilities and Commercial Reportable (in millions) Infrastructure Infrastructure Renewables Segments Other Eliminations Total Unaffiliated revenues $ 5,174 $ 640 $ 129 $ 5,943 $ 6 $ — $ 5,949 Intersegment revenues 9 24 — 33 17 (50) — Total revenues $ 5,183 $ 664 $ 129 $ 5,976 $ 23 $ (50) $ 5,949 Segment income (loss) (b) $ 705 $ 249 $ 57 $ 1,011 $ (112) $ — $ 899 Less: Noncontrolling interests 48 Add: Preferred stock dividend 39 Net Income $ 890 (a) 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 Operations, maintenance and other, $29 million within Equity in (losses) earnings of unconsolidated affiliates and $12 million within 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 (losses) earnings of unconsolidated affiliates on the Condensed Consolidated Statements of Operations, related to gas pipeline investments. See Note 3 for additional information. (b) Other includes a $98 million reversal, recorded within Operations, maintenance and other on the Condensed Consolidated Statements of Operations, related to 2018 severance costs due to the partial settlement of the Duke Energy Carolinas 2019 North Carolina rate case. See Note 3 for additional information. 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, 2021 Electric Gas Total Utilities and Utilities and Reportable (in millions) Infrastructure Infrastructure Segments Other Eliminations Total Total revenues $ 363 $ 169 $ 532 $ — $ — $ 532 Segment income/Net income $ 50 $ 43 $ 93 $ (2) $ — $ 91 Segment assets $ 6,544 $ 3,575 $ 10,119 $ 29 $ (7) $ 10,141 Three Months Ended March 31, 2020 Electric Gas Total Utilities and Utilities and Reportable (in millions) Infrastructure Infrastructure Segments Other Total Total revenues $ 346 $ 152 $ 498 $ — $ 498 Segment income/Net income $ 30 $ 36 $ 66 $ (1) $ 65 |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2021 | |
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 2021 Coal Ash Settlement On January 22 , 2021, Duke Energy Carolinas and Duke Energy Progress entered into the Coal Combustion Residuals Settlement Agreement (the “CCR Settlement Agreement”) with the North Carolina Public Staff (Public Staff), the North Carolina Attorney General’s Office and the Sierra Club (collectively, the "Settling Parties"), which was filed with the NCUC on January 25, 2021. The CCR Settlement Agreement resolves all coal ash prudence and cost recovery issues in connection with 2019 rate cases filed by Duke Energy Carolinas and Duke Energy Progress with the NCUC, as well as the equitable sharing issue on remand from the 2017 Duke Energy Carolinas and Duke Energy Progress North Carolina rate cases as a result of the December 11, 2020, North Carolina Supreme Court opinion. The settlement also provides clarity on coal ash cost recovery in North Carolina for Duke Energy Carolinas and Duke Energy Progress through January 2030 and February 2030 (the "Term"), respectively. Duke Energy Carolinas and Duke Energy Progress agreed not to seek recovery of approximately $1 billion of systemwide deferred coal ash expenditures, but will retain the ability to earn a debt and equity return during the amortization period, which shall be five years in the pending 2019 North Carolina rate cases and will be set by the NCUC in future rate case proceedings. The equity return and the amortization period on deferred coal ash costs under the 2017 Duke Energy Carolinas and Duke Energy Progress North Carolina rate cases will remain unaffected. The equity return on deferred coal ash costs under the 2019 North Carolina rate cases and future rate cases in North Carolina will be set at 150 basis points lower than the authorized return on equity (ROE) then in effect, with a capital structure composed of 48% debt and 52% equity. Duke Energy Carolinas and Duke Energy Progress retain the ability to earn a full WACC return during the deferral period, which is the period from when costs are incurred until they are recovered in rates. The Settling Parties agreed that execution by Duke Energy Carolinas and Duke Energy Progress of a settlement agreement between themselves and the NCDEQ dated December 31, 2019, (the “DEQ Settlement”) and the coal ash management plans included therein or subsequently approved by DEQ are reasonable and prudent. The Settling Parties retain the right to challenge the reasonableness and prudence of actions taken by Duke Energy Carolinas and Duke Energy Progress and costs incurred to implement the scope of work agreed upon in the DEQ Settlement, after February 1, 2020, and March 1, 2020, for Duke Energy Carolinas and Duke Energy Progress, respectively. The Settling Parties further agreed to waive rights through the Term to challenge the reasonableness or prudence of Duke Energy Carolinas’ and Duke Energy Progress’ historical coal ash management practices, and to waive the right to assert any arguments that future coal ash costs, including financing costs, shall be shared between either company and customers through equitable sharing or any other rate base or return adjustment that shares the revenue requirement burden of coal ash costs not otherwise disallowed due to imprudence. The Settling Parties agreed to a sharing arrangement for future coal ash insurance litigation proceeds between Duke Energy Carolinas and Duke Energy Progress and North Carolina customers, if achieved. On January 29, 2021, Duke Energy Carolinas and Duke Energy Progress filed joint motions with the Settling Parties seeking approval of the CCR Settlement Agreement, along with supporting testimony and exhibits from Duke Energy Carolinas and Duke Energy Progress. On February 5, 2021, the Public Staff filed testimony and exhibits supporting the CCR Settlement Agreement. As a result of the CCR Settlement Agreement, Duke Energy Carolinas and Duke Energy Progress recorded a pretax charge of approximately $454 million and $494 million, respectively, in the fourth quarter of 2020 to Impairment charges and a reversal of approximately $50 million and $102 million, respectively, to Regulated electric operating revenues on the respective Consolidated Statements of Operations. The Coal Ash Settlement was approved without modification in the NCUC Orders in the 2019 rate cases on March 31, 2021, and April 16, 2021, for Duke Energy Carolinas and Duke Energy Progress, respectively. 2020 North Carolina Storm Securitization Filings On October 26, 2020, Duke Energy Carolinas and Duke Energy Progress filed a joint petition with the NCUC, as agreed to in partial settlements reached in the 2019 North Carolina Rate Cases for Duke Energy Carolinas and Duke Energy Progress, seeking authorization for the financing of the costs of each utility's storm recovery activities required as a result of Hurricane Florence, Hurricane Michael, Hurricane Dorian and Winter Storm Diego. Specifically, Duke Energy Carolinas and Duke Energy Progress requested that the NCUC find that their storm recovery costs and related financing costs are appropriately financed by debt secured by storm recovery property, and that the commission issue financing orders by which each utility may accomplish such financing using a securitization structure. On January 27, 2021, Duke Energy Carolinas, Duke Energy Progress and the Public Staff filed an Agreement and Stipulation of Partial Settlement, which is subject to review and approval of the NCUC, resolving certain accounting issues, including agreement to support an 18- to 20-year bond period. The total revenue requirement over a proposed 20-year bond period for the storm recovery charges is approximately $287 million for Duke Energy Carolinas and $920 million for Duke Energy Progress. A remote evidentiary hearing ended on January 29, 2021, and on February 1, 2021, the NCUC granted a motion by Duke Energy Carolinas and Duke Energy Progress for a temporary 30-day waiver of the 135-day time frame for the NCUC to issue orders on the joint petition, extending the deadline for the NCUC to issue an order to May 10, 2021. In the NCUC Orders in the 2019 rate cases on March 31, 2021, and April 16, 2021, for Duke Energy Carolinas and Duke Energy Progress, respectively, the reasonableness and prudence of the deferred storm costs was approved. Duke Energy Carolinas and Duke Energy Progress cannot predict the outcome of this matter. COVID-19 Filings North Carolina Duke Energy Carolinas and Duke Energy Progress filed a joint petition on August 7, 2020, with the NCUC for deferral treatment of incremental costs and waived customer fees due to the COVID-19 pandemic. Comments on the joint petition were filed on November 5, 2020, and reply comments were filed on November 30, 2020. Duke Energy Carolinas and Duke Energy Progress cannot predict the outcome of this matter. South Carolina Duke Energy Carolinas and Duke Energy Progress filed a report on June 30, 2020, as required by PSCSC order, reporting revenue impact, costs and savings related to COVID-19 to date. On August 14, 2020, Duke Energy Carolinas and Duke Energy Progress filed a joint petition with the PSCSC for approval of an accounting order to defer incremental COVID-19 related costs incurred through June 30, 2020, and for the ongoing months during the duration of the COVID-19 pandemic. The deferral request did not include lost revenues. Updates on cost impacts were filed on September 30, 2020, and included financial impacts through the end of August 2020. On October 16, 2020, the South Carolina Office of Regulatory Staff (ORS) requested the PSCSC delay taking formal action on the deferral request until the ORS and any intervenors complete discovery. The PSCSC issued an order on October 21, 2020, to grant additional time to complete discovery until January 20, 2021, and to establish a procedural schedule. Updates on cost impacts were filed on December 30, 2020, and included financial impacts through November 30, 2020. On January 15, 2021, the ORS requested the PSCSC suspend the dates for the ORS report and public hearing. The ORS conferred with the companies regarding the status of the docket, and the parties mutually agreed that recently enacted federal laws addressing COVID-19 aid and recovery should be studied before further action is taken in this docket. On January 27, 2021, the PSCSC voted to grant the ORS request to suspend the virtual public hearing. The ORS filed its report on April 16, 2021. Duke Energy Carolinas and Duke Energy Progress cannot predict the outcome of this matter. Duke Energy Carolinas 2017 North Carolina Rate Case On August 25, 2017, Duke Energy Carolinas filed an application with the NCUC for a rate increase for retail customers of approximately $647 million. On February 28, 2018, Duke Energy Carolinas and the Public Staff filed an Agreement and Stipulation of Partial Settlement resolving certain portions of the proceeding. Terms of the settlement included an ROE of 9.9% and a capital structure of 52% equity and 48% debt. On June 22, 2018, the NCUC issued an order approving the Stipulation of Partial Settlement and requiring a revenue reduction. The North Carolina Attorney General and other parties separately filed Notices of Appeal to the North Carolina Supreme Court. The North Carolina Supreme Court consolidated the Duke Energy Carolinas and Duke Energy Progress appeals. On December 11, 2020, the North Carolina Supreme Court issued an opinion, which affirmed, in part, and reversed and remanded, in part, the NCUC’s decisions. In the Opinion, the court upheld the NCUC's decision to include coal ash costs in the cost of service, as well as the NCUC’s discretion to allow a return on the unamortized balance of coal ash costs. The court also remanded to the NCUC a single issue to consider the assessment of support for the Public Staff’s equitable sharing argument. In response to a NCUC order seeking comments on the proposed procedure on remand, on January 11, 2021, Duke Energy Carolinas, Duke Energy Progress, the Public Staff, the North Carolina Attorney General, Sierra Club and Carolina Industrial Group for Fair Utility Rates II and III filed joint comments proposing that the NCUC not hold additional evidentiary hearings, but instead rely upon existing records in the 2017 North Carolina rate cases, or in the alternative the records in the 2019 North Carolina rate cases, in deciding the issue on remand. On January 22, 2021, Duke Energy Carolinas and Duke Energy Progress entered into the CCR Settlement Agreement with the Settling Parties, which was filed with the NCUC on January 25, 2021, and approved by the NCUC on March 31, 2021. 2019 North Carolina Rate Case On September 30, 2019, Duke Energy Carolinas filed an application with the NCUC for a net rate increase for retail customers of approximately $291 million, which represented an approximate 6% increase in annual base revenues. The gross rate case revenue increase request was $445 million, which was offset by an EDIT rider of $154 million to return to customers North Carolina and federal EDIT resulting from recent reductions in corporate tax rates. The request for a rate increase was driven by major capital investments subsequent to the previous base rate case, coal ash pond closure costs, accelerated coal plant depreciation and deferred 2018 storm costs. Duke Energy Carolinas requested rates be effective no later than August 1, 2020. The NCUC established a procedural schedule with an evidentiary hearing to begin on March 23, 2020. On March 16, 2020, in consideration of public health and safety as a result of the COVID-19 pandemic, Duke Energy Carolinas filed a motion with the NCUC seeking a suspension of the procedural schedule in the rate case, including issuing discovery requests, and postponement of the evidentiary hearing for 60 days. Also on March 16, 2020, the NCUC issued an Order Postponing Hearing and Addressing Procedural Matters, which postponed the evidentiary hearing until further order by the commission. On March 25, 2020, Duke Energy Carolinas and the Public Staff filed an Agreement and Stipulation of Partial Settlement, subject to review and approval of the NCUC, resolving certain issues in the base rate proceeding. On July 24, 2020, Duke Energy Carolinas filed its request for approval of its notice to customers required to implement temporary rates. On July 27, 2020, Duke Energy Carolinas filed a joint motion with Duke Energy Progress and the Public Staff notifying the commission that the parties reached a joint partial settlement with the Public Staff. Also on July 27, 2020, Duke Energy Carolinas filed a letter stating that it intended to update its temporary rates calculation to reflect the terms of the partial settlement. On July 31, 2020, Duke Energy Carolinas and the Public Staff filed a Second Agreement and Stipulation of Partial Settlement (Second Partial Settlement), subject to review and approval of the NCUC, resolving certain remaining issues in the base rate proceeding. The remaining items litigated at hearing included recovery of deferred coal ash compliance costs that are subject to asset retirement obligation accounting, implementation of new depreciation rates and the amortization period of the loss on the hydro station sale. On August 4, 2020, Duke Energy Carolinas filed an amended motion for approval of its amended notice to customers, seeking to exercise its statutory right to implement temporary rates subject to refund on or after August 24, 2020. The revenue requirement to be recovered, subject to refund, through the temporary rates was based on and consistent with the base rate component of the Second Partial Settlement and excluded the items to be litigated noted above. The NCUC approved the August 4, 2020 amended temporary rates motion on August 6, 2020, and temporary rates went into effect on August 24, 2020. The Duke Energy Carolinas evidentiary hearing concluded on September 18, 2020, and post-hearing filings were made with the NCUC from all parties by November 4, 2020. On January 22, 2021, Duke Energy Carolinas and Duke Energy Progress entered into the CCR Settlement Agreement with the Settling Parties, which was filed with the NCUC on January 25, 2021. On March 31, 2021, the NCUC issued an order approving the March 25, 2020, and July 31, 2020, partial settlements. The order includes approval of 1) an ROE of 9.6% based upon a capital structure of 52% equity and 48% debt; 2) deferral treatment of approximately $800 million of grid improvement projects with a return; 3) a flow back period of five years for unprotected federal EDIT; and 4) the reasonableness and prudence of $213 million of deferred storm costs, which were removed from the rate case and for which Duke Energy Carolinas filed a petition seeking securitization in October 2020. Additionally, the order approved without modification the CCR Settlement Agreement. The order denied Duke Energy Carolinas' proposal to shorten the remaining depreciable lives of certain Duke Energy Carolinas coal-fired generating units, indicating the appropriate proceeding for the review of generating plant retirements is Duke Energy Carolinas' integrated resource planning (IRP) proceeding. On April 12, 2021, Duke Energy Carolinas filed its final revenue requirement with the NCUC, which results in a net increase of approximately $33 million. Revised customer rates are expected to become effective in June 2021. 2018 South Carolina Rate Case On November 8, 2018, Duke Energy Carolinas filed an application with the PSCSC for a rate increase for retail customers of approximately $168 million. After hearings in March 2019, the PSCSC issued an order on May 21, 2019, which included an ROE of 9.5% and a capital structure of 53% equity and 47% debt. The order also included the following material components: • Approval of cancellation of the Lee Nuclear Project, with Duke Energy Carolinas maintaining the Combined Operating License; • Approval of recovery of $125 million (South Carolina retail portion) of Lee Nuclear Project development costs (including AFUDC through December 2017) over a 12-year period, but denial of a return on the deferred balance of costs; • Approval of recovery of $96 million of coal ash costs over a five-year period with a return at Duke Energy Carolinas' WACC; • Denial of recovery of $115 million of certain coal ash costs deemed to be related to the Coal Ash Act and incremental to the federal CCR rule; • Approval of a $66 million decrease to base rates to reflect the change in ongoing tax expense, primarily the reduction in the federal income tax rate from 35% to 21%; • Approval of a $45 million decrease through the EDIT Rider to return EDIT resulting from the federal tax rate change and deferred revenues since January 2018 related to the change, to be returned in accordance with the Average Rate Assumption Method (ARAM) for protected EDIT, over a 20-year period for unprotected EDIT associated with Property, Plant and Equipment, over a five-year period for unprotected EDIT not associated with Property, Plant and Equipment and over a five-year period for the deferred revenues; and • Approval of a $17 million decrease through the EDIT Rider related to reductions in the North Carolina state income tax rate from 6.9% to 2.5% to be returned over a five-year period. As a result of the order, revised customer rates were effective June 1, 2019. On May 31, 2019, Duke Energy Carolinas filed a Petition for Rehearing or Reconsideration of that order contending substantial rights of Duke Energy Carolinas were prejudiced by unlawful, arbitrary and capricious rulings by the PSCSC on certain issues presented in the proceeding. On June 19, 2019, the PSCSC issued a Directive denying Duke Energy Carolinas' request to rehear or reconsider the commission's rulings on certain issues presented in the proceeding including coal ash remediation and disposal costs, ROE and the recovery of a return on deferred operation and maintenance expenses. An order detailing the commission's decision in the Directive was issued on October 18, 2019. Duke Energy Carolinas filed a notice of appeal on November 15, 2019, with the Supreme Court of South Carolina. On November 20, 2019, the South Carolina Energy Users Committee filed a Notice of Appeal with the Supreme Court of South Carolina. Initial briefs were filed on April 21, 2020, which included the South Carolina Energy User's Committee brief arguing that the PSCSC erred in allowing Duke Energy Carolinas' recovery of costs related to the Lee Nuclear Station. Response briefs were filed on July 6, 2020, and reply briefs were filed on August 11, 2020. Oral arguments before the Supreme Court of South Carolina have been scheduled to occur on May 26, 2021. Based on legal analysis and the filing of the appeal, Duke Energy Carolinas has not recorded an adjustment for its deferred coal ash costs in this matter. Duke Energy Carolinas cannot predict the outcome of this matter. Duke Energy Progress 2017 North Carolina Rate Case On June 1, 2017, Duke Energy Progress filed an application with the NCUC for a rate increase for retail customers of approximately $477 million, which was subsequently adjusted to $420 million. On November 22, 2017, Duke Energy Progress and the Public Staff filed an Agreement and Stipulation of Partial Settlement resolving certain portions of the proceeding. Terms of the settlement included an ROE of 9.9% and a capital structure of 52% equity and 48% debt. On February 23, 2018, the NCUC issued an order approving the stipulation. The Public Staff, the North Carolina Attorney General and the Sierra Club filed notices of appeal to the North Carolina Supreme Court. The North Carolina Supreme Court consolidated the Duke Energy Carolinas and Duke Energy Progress appeals. On December 11, 2020, the North Carolina Supreme Court issued an opinion, which affirmed, in part, and reversed and remanded, in part, the NCUC’s decisions. In the Opinion, the court upheld the NCUC's decision to include coal ash costs in the cost of service, as well as the NCUC’s discretion to allow a return on the unamortized balance of coal ash costs. The court also remanded to the NCUC a single issue to consider the assessment of support for the Public Staff’s equitable sharing argument. In response to a NCUC order seeking comments on the proposed procedure on remand, on January 11, 2021, Duke Energy Carolinas, Duke Energy Progress, the Public Staff, the North Carolina Attorney General, Sierra Club and Carolina Industrial Group for Fair Utility Rates II and III filed joint comments proposing that the NCUC not hold additional evidentiary hearings, but instead rely upon existing records in the 2017 North Carolina rate cases or in the alternative the records in the 2019 North Carolina rate cases, in deciding the issue on remand. On January 22, 2021, Duke Energy Progress and Duke Energy Carolinas entered into the CCR Settlement Agreement with the Settling Parties, which was filed with the NCUC on January 25, 2021, and approved by the NCUC on April 16, 2021. 2019 North Carolina Rate Case On October 30, 2019, Duke Energy Progress filed an application with the NCUC for a net rate increase for retail customers of approximately $464 million, which represented an approximate 12.3% increase in annual base revenues. The gross rate case revenue increase request was $586 million, which was offset by riders of $122 million, primarily an EDIT rider of $120 million to return to customers North Carolina and federal EDIT resulting from recent reductions in corporate tax rates. The request for rate increase was driven by major capital investments subsequent to the previous base rate case, coal ash pond closure costs, accelerated coal plant depreciation and deferred 2018 storm costs. Duke Energy Progress sought to defer and recover incremental Hurricane Dorian storm costs in this proceeding and requested rates be effective no later than September 1, 2020. As a result of the COVID-19 pandemic, on March 24, 2020, the NCUC suspended the procedural schedule and postponed the previously scheduled evidentiary hearing on this matter indefinitely. On April 7, 2020, the NCUC issued an order partially resuming the procedural schedule requiring intervenors to file direct testimony on April 13, 2020. Public Staff filed supplemental direct testimony on April 23, 2020. Duke Energy Progress filed rebuttal testimony on May 4, 2020. On June 2, 2020, Duke Energy Progress and the Public Staff filed an Agreement and Stipulation of Partial Settlement, subject to review and approval of the NCUC, resolving certain issues in the base rate proceeding. On July 27, 2020, Duke Energy Progress filed a joint motion with Duke Energy Carolinas and the Public Staff notifying the commission that the parties reached a joint partial settlement with the Public Staff. On July 31, 2020, Duke Energy Progress and the Public Staff filed a Second Agreement and Stipulation of Partial Settlement, subject to review and approval of the NCUC, resolving certain remaining issues in the base rate proceeding. The remaining items litigated at hearing included recovery of deferred coal ash compliance costs that are subject to asset retirement obligation accounting and implementation of new depreciation rates. On August 7, 2020, Duke Energy Progress filed a motion for approval of notice required to implement temporary rates, seeking to exercise its statutory right to implement temporary rates subject to refund on or after September 1, 2020. The revenue requirement to be recovered subject to refund through the temporary rates was based on and consistent with the terms of the base rate component of the settlement agreements with the Public Staff and excluded items to be litigated noted above. Duke Energy Progress will not begin the amortization or implementation of these items until a final determination is issued in the rate case and new base rates are implemented. These items will also be excluded when determining whether a refund of amounts collected through these temporary rates is needed. In addition, Duke Energy Progress also sought authorization to place a temporary decrement EDIT Rider into effect, concurrent with the temporary base rate change. The temporary rate changes are not final rates and remain subject to the NCUC's determination of the just and reasonable rates to be charged by Duke Energy Progress on a permanent basis. The NCUC approved the August 7, 2020 temporary rates motion on August 11, 2020, and temporary rates went into effect on September 1, 2020. The Duke Energy Progress evidentiary hearing concluded on October 6, 2020, and post-hearing filings were filed with the NCUC from all parties by December 4, 2020. On January 22, 2021, Duke Energy Progress and Duke Energy Carolinas entered into the CCR Settlement Agreement with the Settling Parties, which was filed with the NCUC on January 25, 2021. On April 16, 2021, the NCUC issued an order approving the June 2, 2020, and July 31, 2020, partial settlements. The order includes approval of 1) an ROE of 9.6% based upon a capital structure of 52% equity and 48% debt; 2) deferral treatment of approximately $400 million of grid improvement projects with a return; 3) a flow back period of five years for unprotected federal EDIT; and 4) the reasonableness and prudence of approximately $714 million of deferred storm costs, which were removed from the rate case and for which Duke Energy Progress filed a petition seeking securitization in October 2020. Additionally, the order approved without modification the CCR Settlement Agreement. The order denied Duke Energy Progress' proposal to shorten the remaining depreciable lives of certain Duke Energy Progress coal-fired generating units, indicating the appropriate proceeding for the review of generating plant retirements is Duke Energy Progress' IRP proceeding. On April 26, 2021, Duke Energy Progress filed its final revenue requirement with the NCUC, which results in a net increase of approximately $178 million. Revised customer rates are expected to become effective in June 2021. Hurricane Dorian Hurricane Dorian reached the Carolinas in September 2019 as a Category 2 hurricane making landfall within Duke Energy Progress’ service territory. Total estimated incremental operation and maintenance expenses incurred to repair and restore the system are approximately $168 million with an additional $4 million in capital investments made for restoration efforts. Approximately $145 million of the operation and maintenance expenses are deferred in Regulatory assets within Other Noncurrent Assets on the Condensed Consolidated Balance Sheets as of March 31, 2021, and December 31, 2020. A request for an accounting order to defer incremental storm costs associated with Hurricane Dorian was included in Duke Energy Progress' October 30, 2019, general rate case filing with the NCUC. Terms of the June 2, 2020, Agreement and Stipulation of Partial Settlement removed incremental storm costs from the general rate case. A petition seeking to securitize these costs, along with costs from Hurricane Florence, Hurricane Michael and Winter Storm Diego, was filed on October 26, 2020, with the NCUC. For information on the securitization filing, see "2020 North Carolina Storm Securitization Filings." Duke Energy Progress cannot predict the outcome of this matter. 2018 South Carolina Rate Case On November 8, 2018, Duke Energy Progress filed an application with the PSCSC for a rate increase for retail customers of approximately $59 million. After hearings in April 2019, the PSCSC issued an order on May 21, 2019, which included an ROE of 9.5% and a capital structure of 53% equity and 47% debt. The order also included the following material components: • Approval of recovery of $4 million of coal ash costs over a five-year period with a return at Duke Energy Progress' WACC; • Denial of recovery of $65 million of certain coal ash costs deemed to be related to the Coal Ash Act and incremental to the federal CCR rule; • Approval of a $17 million decrease to base rates to reflect the change in ongoing tax expense, primarily the reduction in the federal income tax rate from 35% to 21%; • Approval of a $12 million decrease through the EDIT Tax Savings Rider resulting from the federal tax rate change and deferred revenues since January 2018 related to the change, to be returned in accordance with ARAM for protected EDIT, over a 20-year period for unprotected EDIT associated with Property, Plant and Equipment, over a five-year period for unprotected EDIT not associated with Property, Plant and Equipment and over a three-year period for the deferred revenues; and • Approval of a $12 million increase due to the expiration of EDIT related to reductions in the North Carolina state income tax rate from 6.9% to 2.5%. As a result of the order, revised customer rates were effective June 1, 2019. On May 31, 2019, Duke Energy Progress filed a Petition for Rehearing or Reconsideration of that order contending substantial rights of Duke Energy Progress were prejudiced by unlawful, arbitrary and capricious rulings by the PSCSC on certain issues presented in the proceeding. On June 19, 2019, the PSCSC issued a Directive denying Duke Energy Progress' request to rehear or reconsider the commission's rulings on certain issues presented in the proceeding including coal ash remediation and disposal costs, ROE and the recovery of a return on deferred operation and maintenance expenses, but allowing additional litigation-related costs. As a result of the Directive allowing litigation-related costs, customer rates were revised effective July 1, 2019. An order detailing the commission's decision in the Directive was issued on October 18, 2019. Duke Energy Progress filed a notice of appeal on November 15, 2019, with the Supreme Court of South Carolina. Initial briefs were filed on April 21, 2020. Response briefs were filed on July 6, 2020, and reply briefs were filed on August 11, 2020. Oral arguments before the Supreme Court of South Carolina have been scheduled to occur on May 26, 2021. Based on legal analysis and the filing of the appeal, Duke Energy Progress has not recorded an adjustment for its deferred coal ash costs in this matter. Duke Energy Progress cannot predict the outcome of this matter. Western Carolinas Modernization Plan On October 8, 2018, Duke Energy Progress filed an application with the NCUC for a CPCN to construct the Hot Springs Microgrid Solar and Battery Storage Facility, which was approved with certain conditions on May 10, 2019. A hearing to update the NCUC on the status of the project was held on March 5, 2020. Construction began in May 2020 with commercial operation expected to begin in October 2021. On July 27, 2020, Duke Energy Progress filed an application with the NCUC for a CPCN to construct the Woodfin Solar Facility, a 5-MW solar generating facility to be constructed on a closed landfill in Buncombe County. The expert hearing was held on November 18, 2020. The application was approved and a CPCN was granted by order of the NCUC on April 20, 2021. FERC Return on Equity Complaints On October 11, 2019, North Carolina Eastern Municipal Power Agency (NCEMPA) 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 ROE component contained in the demand formula rate in the Full Requirements Power Purchase Agreement (FRPPA) between NCEMPA and Duke Energy Progress is unjust and unreasonable. On July 16, 2020, the FERC set this matter for hearing and settlement judge procedures and established a refund effective date of October 11, 2019. In its order setting the matter for settlement, the FERC allowed for the consideration of variations to the base transmission-related ROE methodology developed in its Order No. 569-A, through the introduction of “specific facts and circumstances” involving issues specific to the case. The parties reached a settlement in principle at a settlement conference on January 7, 2021, and filed a settlement package on March 10, 2021. The FERC Trial Staff filed comments in support of the se |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
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 Accounts Payable within Current Liabilities and Other within Other Noncurrent Liabilities on the Condensed Consolidated Balance Sheets. (in millions) March 31, 2021 December 31, 2020 Reserves for Environmental Remediation Duke Energy $ 74 $ 75 Duke Energy Carolinas 18 19 Progress Energy 18 19 Duke Energy Progress 6 6 Duke Energy Florida 12 12 Duke Energy Ohio 21 22 Duke Energy Indiana 5 6 Piedmont 11 10 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 except as presented in the table below. (in millions) Duke Energy $ 20 Duke Energy Carolinas 12 Duke Energy Ohio 4 LITIGATION Duke Energy Texas Storm Uri Tort Litigation Duke Energy and several Duke Energy renewables project companies have been named in multiple lawsuits arising out of Texas Storm Uri in mid-February 2021, and particularly, in the deregulated market managed by the Electric Reliability Council of Texas.. Currently, 15 state court actions have been filed in counties across Texas and one case is pending in federal court in Texas. These lawsuits, filed by individuals, seek recovery for property damages, personal injury and for wrongful death allegedly incurred by the plaintiffs as a result of power losses, which the plaintiffs claim was the result of the defendants' failure to take appropriate precautions. Certain defendants have moved to transfer all related cases including those naming Duke Energy entities into a Texas state court multi-district litigation proceeding for coordination before a single judge. No ruling has yet been issued on this motion. Duke Energy cannot predict the outcomes of these state and federal litigation matters. Duke Energy Carolinas and Duke Energy Progress Coal Ash Insurance Coverage Litigation In March 2017, Duke Energy Carolinas and Duke Energy Progress filed a civil action in the North Carolina Business Court against various insurance providers. The lawsuit seeks payment for coal ash-related liabilities covered by third-party liability insurance policies. The insurance policies were issued between 1971 and 1986 and provide third-party liability insurance for property damage. The civil action seeks damages for breach of contract and indemnification for costs arising from the Coal Ash Act and the U.S. Environmental Protection Agency CCR rule at 15 coal-fired plants in North Carolina and South Carolina. Fact discovery has been completed. The parties' fully briefed and argued motions relating to key legal matters are pending before the court for rulings. Trial remains scheduled for January 24, 2022. Duke Energy Carolinas and Duke Energy Progress cannot predict the outcome of this matter. Duke Energy Carolinas 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 (i) that it has exclusive jurisdiction to determine whether a transmission provider may terminate a LGIA, (ii) FERC approval is required to terminate a conforming LGIA if objected to by the interconnection customer, and (iii) 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’ Motion to Dismiss. The parties are in active discovery and trial is scheduled for June 20, 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. As of March 31, 2021, there were 126 asserted claims for non-malignant cases with cumulative relief sought of up to $31 million, and 47 asserted claims for malignant cases with cumulative relief sought of up to $17 million. Based on Duke Energy Carolinas’ experience, it is expected that the ultimate resolution of most of these claims likely will be less than the amount claimed. Duke Energy Caroli nas has recognized asbestos-related reserves of $564 million at March 31, 2021, and $572 million at December 31, 2020. 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 2040 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 2040 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. Duke Energy Carolinas’ cumulative payments began to exceed the self-insured retention in 2008. Future payments up to the policy limit will be reimbursed by the third-party insurance carrier. The insurance policy limit for potential future insurance recoveries indemnification and medical cost claim payments is $714 million in excess of the self-insured retention. Receivables for insurance recoveries were $704 million at March 31, 2021, and December 31, 2020. These amounts are classified in Other within Other Noncurrent Assets and Receivables within Current Assets on the Condensed Consolidated Balance Sheets. 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. As described in Note 1, Duke Energy adopted the new guidance for credit losses effective January 1, 2020, using the modified retrospective method of adoption, which does not require restatement of prior year reported results. The reserve for credit losses for insurance receivables based on adoption of the new standard is $15 million for Duke Energy and Duke Energy Carolinas as of March 31, 2021, and December 31, 2020. 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 Department of Energy 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. Discovery is ongoing and a trial is expected to occur in 2021. Duke Energy Florida Power Purchase Dispute Arbitration Duke Energy Florida, on behalf of its customers, entered into a PPA for the purchase of firm capacity and energy from a qualifying facility under the Public Utilities Regulatory Policies Act of 1978. Duke Energy Florida determined the qualifying facility did not perform in accordance with the PPA, and Duke Energy Florida terminated the PPA. The qualifying facility counterparty filed a confidential American Arbitration Association (AAA) arbitration demand, challenging the termination of the PPA and seeking damages. The final arbitration hearing occurred during the week of December 7, 202 0. An arbitral award was issued in March 2021, upholding Duke Energy Florida's positions on all issues and awarding the company termination costs. 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 December 10, 2019, partial approval of Duke Energy Indiana’s ash pond closure plan. On March 11, 2020, Duke Energy Indiana filed a Motion to Dismiss. On May 5, 2020, the court denied the motion. 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. HEC has until June 3, 2021, to seek judicial review of the order . Du ke 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. The table below presents recorded reserves based on management’s best estimate of probable loss for legal matters, excluding asbestos-related reserves discussed above. Reserves are classified on the Condensed Consolidated Balance Sheets in Other within Other Noncurrent Liabilities and Other within Current Liabilities. The reasonably possible range of loss in excess of recorded reserves is not material, other than as described above. (in millions) March 31, 2021 December 31, 2020 Reserves for Legal Matters Duke Energy $ 65 $ 68 Duke Energy Carolinas 3 2 Progress Energy 57 61 Duke Energy Progress 11 13 Duke Energy Florida 26 28 Piedmont 1 1 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. |
Debt and Credit Facilities
Debt and Credit Facilities | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 Duke Duke Duke Duke Duke Duke Maturity Interest Duke Energy Energy Energy Energy Energy Energy Issuance Date Date Rate Energy (Parent) Carolinas Progress Florida Ohio Indiana Piedmont Unsecured Debt March 2021 (a) Mar 2031 2.500 % $ 350 $ — $ — $ — $ — $ — $ — $ 350 Total issuances $ 350 $ — $ — $ — $ — $ — $ — $ 350 (a) Debt issued to repay at maturity $160 million senior unsecured notes due June 2021, pay down short-term debt and for general corporate purposes. In March 2021, Duke Energy Carolinas priced $1 billion of First Mortgage Bonds. The issuance and sale of securities settled in April 2021, in two separate tranches. The first tranche was issued for $550 million at a fixed interest rate of 2.55% and mature in April 2031. The second tranche was issued for $450 million at a fixed interest rate of 3.45% and mature in April 2051. Proceeds from the issuance will be used to repay at maturity $500 million of 3.90% First Mortgage Bonds due June 2021, pay down intercompany short-term debt and for general company purposes. 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, 2021 Unsecured Debt Duke Energy (Parent) May 2021 0.698 % (a) 500 Piedmont June 2021 4.240 % 160 Duke Energy (Parent) September 2021 3.550 % 500 Duke Energy (Parent) September 2021 1.800 % 750 Duke Energy Florida November 2021 0.441 % (a) 200 Duke Energy Progress February 2022 0.369 % (a) 700 Duke Energy (Parent) March 2022 3.227 % 300 Duke Energy (Parent) March 2022 0.827 % (a) 300 First Mortgage Bonds Duke Energy Carolinas June 2021 3.900 % 500 Duke Energy Florida August 2021 3.100 % 300 Duke Energy Progress September 2021 3.000 % 500 Duke Energy Progress September 2021 8.625 % 100 Duke Energy Indiana January 2022 8.850 % 53 Other (b) 723 Current maturities of long-term debt $ 5,586 (a) Debt has a floating interest rate. (b) Includes finance lease obligations, amortizing debt, tax-exempt bonds with mandatory put options and small bullet maturities. AVAILABLE CREDIT FACILITIES Master Credit Facility In March 2021, Duke Energy amended its existing $8 billion Master Credit Facility to extend the termination date to March 2026. 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, 2021 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) $ 8,000 $ 2,650 $ 1,475 $ 1,250 $ 700 $ 625 $ 600 $ 700 Reduction to backstop issuances Commercial paper (b) (3,466) (1,781) (741) (292) (243) (259) (150) — Outstanding letters of credit (31) (25) (4) (2) — — — — Tax-exempt bonds (81) — — — — — (81) — Available capacity under the Master Credit Facility $ 4,422 $ 844 $ 730 $ 956 $ 457 $ 366 $ 369 $ 700 (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 March 31, 2021 (in millions) Facility size Amount drawn Duke Energy (Parent) Three (a) $ 1,000 $ 500 |
Goodwill
Goodwill | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021, and December 31, 2020. 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, 2021, and December 31, 2020. 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, 2021 | |
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) 2021 2020 Duke Energy Carolinas Corporate governance and shared service expenses (a) $ 203 $ 134 Indemnification coverages (b) 6 5 Joint Dispatch Agreement (JDA) revenue (c) 13 7 JDA expense (c) 40 24 Intercompany natural gas purchases (d) 14 6 Progress Energy Corporate governance and shared service expenses (a) $ 181 $ 146 Indemnification coverages (b) 10 9 JDA revenue (c) 40 24 JDA expense (c) 13 7 Intercompany natural gas purchases (d) 19 19 Duke Energy Progress Corporate governance and shared service expenses (a) $ 105 $ 75 Indemnification coverages (b) 5 4 JDA revenue (c) 40 24 JDA expense (c) 13 7 Intercompany natural gas purchases (d) 19 19 Duke Energy Florida Corporate governance and shared service expenses (a) $ 76 $ 71 Indemnification coverages (b) 5 5 Duke Energy Ohio Corporate governance and shared service expenses (a) $ 79 $ 84 Indemnification coverages (b) 1 1 Duke Energy Indiana Corporate governance and shared service expenses (a) $ 113 $ 106 Indemnification coverages (b) 2 2 Piedmont Corporate governance and shared service expenses (a) $ 33 $ 34 Indemnification coverages (b) 1 1 Intercompany natural gas sales (d) 33 25 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, 2021 Intercompany income tax receivable $ — $ 84 $ — $ 46 $ — $ — $ — Intercompany income tax payable 31 — 12 — 2 36 39 December 31, 2020 Intercompany income tax receivable $ — $ — $ — $ — $ — $ 9 $ 10 Intercompany income tax payable 31 33 46 35 2 — — |
Derivatives and Hedging
Derivatives and Hedging | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021, and 2020, 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, 2021 Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Cash flow hedges $ 1,630 $ — $ — $ — $ — $ — Undesignated contracts 1,731 400 1,250 750 500 27 Total notional amount (a) $ 3,361 $ 400 $ 1,250 $ 750 $ 500 $ 27 December 31, 2020 Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Cash flow hedges $ 632 $ — $ — $ — $ — $ — Undesignated contracts 1,177 400 750 750 — 27 Total notional amount (a) $ 1,809 $ 400 $ 750 $ 750 $ — $ 27 (a) Duke Energy includes amounts related to consolidated VIEs of $631 million in cash flow hedges and $54 million in undesignated contracts as of March 31, 2021, and $632 million in cash flow hedges as of December 31, 2020. 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, 2021, and 2020, 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, 2021 Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy Carolinas Energy Progress Ohio Indiana Piedmont Electricity (GWh) (a) 16,259 — — — 1,325 4,214 — Natural gas (millions of dekatherms) 675 151 158 158 — 2 364 December 31, 2020 Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy Carolinas Energy Progress Ohio Indiana Piedmont Electricity (GWh) (a) 35,409 — — — 2,559 10,802 — Natural gas (millions of dekatherms) 678 145 158 158 — 2 373 (a) Duke Energy includes 10,720 GWh and 22,048 GWh related to cash flow hedges as of March 31, 2021, and December 31, 2020, 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, 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 $ 32 $ 17 $ 12 $ 12 $ — $ — $ 2 $ 1 Noncurrent 14 7 7 7 — — — — Total Derivative Assets – Commodity Contracts $ 46 $ 24 $ 19 $ 19 $ — $ — $ 2 $ 1 Interest Rate Contracts Designated as Hedging Instruments Current $ 31 $ — $ — $ — $ — $ — $ — $ — Not Designated as Hedging Instruments Current $ 129 $ 38 $ 84 $ 81 $ 3 $ — $ — $ — Total Derivative Assets – Interest Rate Contracts $ 160 $ 38 $ 84 $ 81 $ 3 $ — $ — $ — Total Derivative Assets $ 206 $ 62 $ 103 $ 100 $ 3 $ — $ 2 $ 1 Derivative Liabilities 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 Commodity Contracts Designated as Hedging Instruments Current $ 19 $ — $ — $ — $ — $ — $ — — Noncurrent 109 — — — — — — — Not Designated as Hedging Instruments Current $ 19 $ — $ — $ — $ — $ — $ — $ 19 Noncurrent 154 — 25 9 — — — 129 Total Derivative Liabilities – Commodity Contracts $ 301 $ — $ 25 $ 9 $ — $ — $ — $ 148 Interest Rate Contracts Designated as Hedging Instruments Current $ 15 $ — $ — $ — $ — $ — $ — $ — Noncurrent 25 — — — — — — — Not Designated as Hedging Instruments Current 4 — 3 — 3 1 — — Noncurrent 4 — — — — 4 — — Total Derivative Liabilities – Interest Rate Contracts $ 48 $ — $ 3 $ — $ 3 $ 5 $ — $ — Total Derivative Liabilities $ 349 $ — $ 28 $ 9 $ 3 $ 5 $ — $ 148 Derivative Assets December 31, 2020 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Commodity Contracts Not Designated as Hedging Instruments Current $ 30 $ 14 $ 9 $ 9 $ — $ 1 $ 6 $ 1 Noncurrent 13 6 6 6 — — — — Total Derivative Assets – Commodity Contracts $ 43 $ 20 $ 15 $ 15 $ — $ 1 $ 6 $ 1 Interest Rate Contracts Not Designated as Hedging Instruments Current $ 18 $ — $ 18 $ 18 $ — $ — $ — $ — Total Derivative Assets – Interest Rate Contracts $ 18 $ — $ 18 $ 18 $ — $ — $ — $ — Total Derivative Assets $ 61 $ 20 $ 33 $ 33 $ — $ 1 $ 6 $ 1 Derivative Liabilities December 31, 2020 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Commodity Contracts Designated as Hedging Instruments Current $ 14 $ — $ — $ — $ — $ — $ — $ — Noncurrent 70 — — — — — — — Not Designated as Hedging Instruments Current $ 30 $ 13 $ 2 $ 2 $ — $ — $ 1 $ 15 Noncurrent 137 3 27 12 — — — 107 Total Derivative Liabilities – Commodity Contracts $ 251 $ 16 $ 29 $ 14 $ — $ — $ 1 $ 122 Interest Rate Contracts Designated as Hedging Instruments Current $ 15 $ — $ — $ — $ — $ — $ — $ — Noncurrent 48 — — — — — — — Not Designated as Hedging Instruments Current 5 4 — — — 1 — — Noncurrent 5 — — — — 5 — — Total Derivative Liabilities – Interest Rate Contracts $ 73 $ 4 $ — $ — $ — $ 6 $ — $ — Total Derivative Liabilities $ 324 $ 20 $ 29 $ 14 $ — $ 6 $ 1 $ 122 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, 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 $ 192 $ 55 $ 96 $ 93 $ 3 $ — $ 2 $ 1 Gross amounts offset — — — — — — — — Net amounts presented in Current Assets: Other $ 192 $ 55 $ 96 $ 93 $ 3 $ — $ 2 $ 1 Noncurrent Gross amounts recognized $ 14 $ 7 $ 7 $ 7 $ — $ — $ — $ — Gross amounts offset (4) — (4) (4) — — — — Net amounts presented in Other Noncurrent Assets: Other $ 10 $ 7 $ 3 $ 3 $ — $ — $ — $ — Derivative Liabilities 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 Current Gross amounts recognized $ 57 $ — $ 3 $ — $ 3 $ 1 $ — $ 19 Gross amounts offset — — — — — — — — Net amounts presented in Current Liabilities: Other $ 57 $ — $ 3 $ — $ 3 $ 1 $ — $ 19 Noncurrent Gross amounts recognized $ 292 $ — $ 25 $ 9 $ — $ 4 $ — $ 129 Gross amounts offset (4) — (4) (4) — — — — Net amounts presented in Other Noncurrent Liabilities: Other $ 288 $ — $ 21 $ 5 $ — $ 4 $ — $ 129 Derivative Assets December 31, 2020 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Current Gross amounts recognized $ 48 $ 14 $ 27 $ 27 $ — $ 1 $ 6 $ 1 Gross amounts offset (3) (2) (2) (2) — — — — Net amounts presented in Current Assets: Other $ 45 $ 12 $ 25 $ 25 $ — $ 1 $ 6 $ 1 Noncurrent Gross amounts recognized $ 13 $ 6 $ 6 $ 6 $ — $ — $ — $ — Gross amounts offset (5) (1) (4) (4) — — — — Net amounts presented in Other Noncurrent Assets: Other $ 8 $ 5 $ 2 $ 2 $ — $ — $ — $ — Derivative Liabilities December 31, 2020 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Current Gross amounts recognized $ 64 $ 17 $ 2 $ 2 $ — $ 1 $ 1 $ 15 Gross amounts offset (3) (2) (2) (2) — — — — Net amounts presented in Current Liabilities: Other $ 61 $ 15 $ — $ — $ — $ 1 $ 1 $ 15 Noncurrent Gross amounts recognized $ 260 $ 3 $ 27 $ 12 $ — $ 5 $ — $ 107 Gross amounts offset (5) (1) (4) (4) — — — — Net amounts presented in Other Noncurrent Liabilities: Other $ 255 $ 2 $ 23 $ 8 $ — $ 5 $ — $ 107 |
Investments in Debt and Equity
Investments in Debt and Equity Securities | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021, and December 31, 2020. 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, 2021 December 31, 2020 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 $ — $ — $ 193 $ — $ — $ 177 Equity securities 4,363 47 6,379 4,138 54 6,235 Corporate debt securities 38 8 793 76 1 806 Municipal bonds 13 1 299 22 — 370 U.S. government bonds 31 18 1,559 51 — 1,361 Other debt securities 5 — 184 8 — 180 Total NDTF Investments $ 4,450 $ 74 $ 9,407 $ 4,295 $ 55 $ 9,129 Other Investments Cash and cash equivalents $ — $ — $ 222 $ — $ — $ 127 Equity securities 86 — 154 79 — 146 Corporate debt securities 2 — 109 8 — 110 Municipal bonds 3 1 77 5 — 86 U.S. government bonds — 1 55 — — 42 Other debt securities — 1 36 — — 47 Total Other Investments $ 91 $ 3 $ 653 $ 92 $ — $ 558 Total Investments $ 4,541 $ 77 $ 10,060 $ 4,387 $ 55 $ 9,687 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, 2021, and 2020, were as follows. Three Months Ended (in millions) March 31, 2021 March 31, 2020 FV-NI: Realized gains $ 140 $ 23 Realized losses 23 65 AFS: Realized gains 18 20 Realized losses 13 6 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, 2021 December 31, 2020 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 $ — $ — $ 63 $ — $ — $ 30 Equity securities 2,531 23 3,738 2,442 23 3,685 Corporate debt securities 23 5 475 49 1 510 Municipal bonds — — 22 6 — 91 U.S. government bonds 16 9 669 25 — 475 Other debt securities 4 — 178 7 — 174 Total NDTF Investments $ 2,574 $ 37 $ 5,145 $ 2,529 $ 24 $ 4,965 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, 2021, and 2020, were as follows. Three Months Ended (in millions) March 31, 2021 March 31, 2020 FV-NI: Realized gains $ 128 $ 9 Realized losses 16 45 AFS: Realized gains 13 12 Realized losses 9 5 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, 2021 December 31, 2020 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 $ — $ — $ 130 $ — $ — $ 147 Equity securities 1,832 24 2,641 1,696 31 2,550 Corporate debt securities 15 3 318 27 — 296 Municipal bonds 13 1 277 16 — 279 U.S. government bonds 15 9 890 26 — 886 Other debt securities 1 — 6 1 — 6 Total NDTF Investments $ 1,876 $ 37 $ 4,262 $ 1,766 $ 31 $ 4,164 Other Investments Cash and cash equivalents $ — $ — $ 107 $ — $ — $ 106 Municipal bonds 2 — 26 3 — 26 Total Other Investments $ 2 $ — $ 133 $ 3 $ — $ 132 Total Investments $ 1,878 $ 37 $ 4,395 $ 1,769 $ 31 $ 4,296 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, 2021, and 2020, were as follows. Three Months Ended (in millions) March 31, 2021 March 31, 2020 FV-NI: Realized gains $ 12 $ 14 Realized losses 7 20 AFS: Realized gains 4 5 Realized losses 3 1 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, 2021 December 31, 2020 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 $ — $ — $ 95 $ — $ — $ 76 Equity securities 1,746 24 2,547 1,617 31 2,459 Corporate debt securities 15 3 291 27 — 296 Municipal bonds 13 1 277 16 — 279 U.S. government bonds 15 4 429 26 — 412 Other debt securities 1 — 6 1 — 6 Total NDTF Investments $ 1,790 $ 32 $ 3,645 $ 1,687 $ 31 $ 3,528 Other Investments Cash and cash equivalents $ — $ — $ 1 $ — $ — $ 1 Total Other Investments $ — $ — $ 1 $ — $ — $ 1 Total Investments $ 1,790 $ 32 $ 3,646 $ 1,687 $ 31 $ 3,529 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, 2021, and 2020, were as follows. Three Months Ended (in millions) March 31, 2021 March 31, 2020 FV-NI: Realized gains $ 12 $ 14 Realized losses 7 20 AFS: Realized gains 4 5 Realized losses 3 1 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, 2021 December 31, 2020 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 $ — $ — $ 35 $ — $ — $ 71 Equity securities 86 — 94 79 — 91 Corporate debt securities — — 27 — — — U.S. government bonds — 5 461 — — 474 Total NDTF Investments (a) $ 86 $ 5 $ 617 $ 79 $ — $ 636 Other Investments Cash and cash equivalents $ — $ — $ 2 $ — $ — $ 1 Municipal bonds 2 — 26 3 — 26 Total Other Investments $ 2 $ — $ 28 $ 3 $ — $ 27 Total Investments $ 88 $ 5 $ 645 $ 82 $ — $ 663 (a) During the three months ended March 31, 2021, and the year ended December 31, 2020, 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, 2021, and 2020, 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, 2021 December 31, 2020 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 62 — 102 58 — 97 Corporate debt securities — — 4 — — 3 Municipal bonds 1 1 35 1 — 38 U.S. government bonds — — 6 — — 4 Total Investments $ 63 $ 1 $ 147 $ 59 $ — $ 143 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, 2021, and 2020, were immaterial. DEBT SECURITY MATURITIES The table below summarizes the maturity date for debt securities. March 31, 2021 Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Indiana Due in one year or less $ 152 $ 7 $ 116 $ 18 $ 98 $ 5 Due after one through five years 1,013 375 579 267 312 18 Due after five through 10 years 693 310 289 217 72 9 Due after 10 years 1,254 652 533 501 32 13 Total $ 3,112 $ 1,344 $ 1,517 $ 1,003 $ 514 $ 45 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
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, 2020, 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, 2021 (in millions) Total Fair Value Level 1 Level 2 Level 3 Not Categorized NDTF cash and cash equivalents $ 193 $ 193 $ — $ — $ — NDTF equity securities 6,379 6,332 — — 47 NDTF debt securities 2,835 1,019 1,816 — — Other equity securities 154 154 — — — Other debt securities 277 49 228 — — Other cash and cash equivalents 222 222 — — — Derivative assets 206 1 203 2 — Total assets 10,266 7,970 2,247 2 47 Derivative liabilities (349) — (221) (128) — Net assets (liabilities) $ 9,917 $ 7,970 $ 2,026 $ (126) $ 47 December 31, 2020 (in millions) Total Fair Value Level 1 Level 2 Level 3 Not Categorized NDTF cash and cash equivalents $ 177 $ 177 $ — $ — $ — NDTF equity securities 6,235 6,189 — — 46 NDTF debt securities 2,717 874 1,843 — — Other equity securities 146 146 — — — Other debt securities 285 37 248 — — Other cash and cash equivalents 127 127 — — — Derivative assets 61 1 53 7 — Total assets 9,748 7,551 2,144 7 46 Derivative liabilities (324) — (240) (84) — Net assets (liabilities) $ 9,424 $ 7,551 $ 1,904 $ (77) $ 46 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) 2021 2020 Balance at beginning of period $ (77) $ (102) Total pretax realized or unrealized losses included in comprehensive income (44) — Purchases, sales, issuances and settlements: Settlements (7) (9) Total gains included on the Condensed Consolidated Balance Sheet 2 23 Balance at end of period $ (126) $ (88) 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, 2021 (in millions) Total Fair Value Level 1 Level 2 Not Categorized NDTF cash and cash equivalents $ 63 $ 63 $ — $ — NDTF equity securities 3,738 3,691 — 47 NDTF debt securities 1,344 369 975 — Derivative assets 62 — 62 — Total assets 5,207 4,123 1,037 47 December 31, 2020 (in millions) Total Fair Value Level 1 Level 2 Not Categorized NDTF cash and cash equivalents $ 30 $ 30 $ — $ — NDTF equity securities 3,685 3,639 — 46 NDTF debt securities 1,250 192 1,058 — Derivative assets 20 — 20 — Total assets 4,985 3,861 1,078 46 Derivative liabilities (20) — (20) — Net assets $ 4,965 $ 3,861 $ 1,058 $ 46 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, 2021 December 31, 2020 (in millions) Total Fair Value Level 1 Level 2 Total Fair Value Level 1 Level 2 NDTF cash and cash equivalents $ 130 $ 130 $ — $ 147 $ 147 $ — NDTF equity securities 2,641 2,641 — 2,550 2,550 — NDTF debt securities 1,491 650 841 1,467 682 785 Other debt securities 26 — 26 26 — 26 Other cash and cash equivalents 107 107 — 106 106 — Derivative assets 103 — 103 33 — 33 Total assets 4,498 3,528 970 4,329 3,485 844 Derivative liabilities (28) — (28) (29) — (29) Net assets $ 4,470 $ 3,528 $ 942 $ 4,300 $ 3,485 $ 815 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, 2021 December 31, 2020 (in millions) Total Fair Value Level 1 Level 2 Total Fair Value Level 1 Level 2 NDTF cash and cash equivalents $ 95 $ 95 $ — $ 76 $ 76 $ — NDTF equity securities 2,547 2,547 — 2,459 2,459 — NDTF debt securities 1,003 237 766 993 237 756 Other cash and cash equivalents 1 1 — 1 1 — Derivative assets 100 — 100 33 — 33 Total assets 3,746 2,880 866 3,562 2,773 789 Derivative liabilities (9) — (9) (14) — (14) Net assets $ 3,737 $ 2,880 $ 857 $ 3,548 $ 2,773 $ 775 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, 2021 December 31, 2020 (in millions) Total Fair Value Level 1 Level 2 Total Fair Value Level 1 Level 2 NDTF cash and cash equivalents $ 35 $ 35 $ — $ 71 $ 71 $ — NDTF equity securities 94 94 — 91 91 — NDTF debt securities 488 413 75 474 445 29 Other debt securities 26 — 26 26 — 26 Other cash and cash equivalents 2 2 — 1 1 — Derivative assets 3 — 3 — — — Total assets 648 544 104 663 608 55 Derivative liabilities (3) — (3) — — — Net assets $ 645 $ 544 $ 101 $ 663 $ 608 $ 55 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, 2021, and December 31, 2020 . 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, 2021 December 31, 2020 (in millions) Total Fair Value Level 1 Level 2 Level 3 Total Fair Value Level 1 Level 2 Level 3 Other equity securities $ 102 $ 102 $ — $ — $ 97 $ 97 $ — $ — Other debt securities 45 — 45 — 45 — 45 — Other cash and cash equivalents — — — — 1 1 — — Derivative assets 2 — — 2 6 — — 6 Total assets $ 149 $ 102 $ 45 $ 2 $ 149 $ 98 $ 45 $ 6 Derivative liabilities — — — — (1) (1) — — Net assets $ 149 $ 102 $ 45 $ 2 $ 148 $ 97 $ 45 $ 6 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) 2021 2020 Balance at beginning of period $ 6 $ 11 Purchases, sales, issuances and settlements: Settlements (6) (6) Total gains (losses) included on the Condensed Consolidated Balance Sheet 2 (3) Balance at end of period $ 2 $ 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, 2021 December 31, 2020 (in millions) Total Fair Value Level 1 Level 2 Total Fair Value Level 1 Level 2 Derivative assets $ 1 $ 1 $ — $ 1 $ 1 $ — Derivative liabilities (148) — (148) (122) — (122) Net (liabilities) assets $ (147) $ 1 $ (148) $ (121) $ 1 $ (122) 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) 2021 2020 Balance at beginning of period $ — $ (117) Total gains and settlements — 26 Balance at end of period $ — $ (91) QUANTITATIVE INFORMATION ABOUT UNOBSERVABLE INPUTS The following tables include quantitative information about the Duke Energy Registrants' derivatives classified as Level 3. March 31, 2021 Weighted Fair Value Average Investment Type (in millions) Valuation Technique Unobservable Input Range Range Duke Energy Electricity contracts $ (128) RTO forward pricing Forward electricity curves – price per MWh $ 15.55 - $ 134.48 $ 34.80 Duke Energy Indiana FTRs 2 RTO auction pricing FTR price – per MWh (1.02) - 7.23 0.80 Duke Energy Total Level 3 derivatives $ (126) December 31, 2020 Weighted Fair Value Average Investment Type (in millions) Valuation Technique Unobservable Input Range Range Duke Energy Electricity contracts $ (84) Discounted cash flow Forward electricity curves – price per MWh $ 14.68 - $151.84 $28.84 Duke Energy Ohio FTRs 1 RTO auction pricing FTR price – per MWh 0.25 - 1.68 0.79 Duke Energy Indiana FTRs 6 RTO auction pricing FTR price – per MWh (2.40) - 7.41 1.05 Duke Energy Total Level 3 derivatives $ (77) 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, 2021 December 31, 2020 (in millions) Book Value Fair Value Book Value Fair Value Duke Energy (a) $ 60,354 $ 64,641 $ 59,863 $ 69,292 Duke Energy Carolinas 12,329 13,461 12,218 14,917 Progress Energy 19,333 21,838 19,264 23,470 Duke Energy Progress 9,356 10,131 9,258 10,862 Duke Energy Florida 7,884 9,018 7,915 9,756 Duke Energy Ohio 3,090 3,397 3,089 3,650 Duke Energy Indiana 4,091 4,691 4,091 5,204 Piedmont 3,127 3,412 2,780 3,306 (a) Book value of long-term debt inc ludes $1.3 billion at March 31, 2021, and December 31, 2020, of unamortized debt discount and premium, net 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, 2021, and December 31, 2020, 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, 2021 | |
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, 2021, and the year ended December 31, 2020, or is expected to be provided in the future that was not previously contractually required. Receivables Financing – DERF/DEPR/DEFR DERF, DEPR and DEFR are bankruptcy remote, special purpose subsidiaries of Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida, respectively. DERF, DEPR and DEFR are wholly owned LLCs with separate legal existence from their parent companies, and their assets are not generally available to creditors of their parent companies. On a revolving basis, DERF, DEPR and DEFR buy certain accounts receivable arising from the sale of electricity and related services from their parent companies. DERF, DEPR and DEFR borrow amounts under credit facilities to buy these receivables. Borrowing availability from the credit facilities is limited to the amount of qualified receivables purchased, which generally exclude receivables past due more than a predetermined number of days and reserves for expected past-due balances. The sole source of funds to satisfy the related debt obligations is cash collections from the receivables. Amounts borrowed under the credit facilities for DERF and DEPR are reflected on the Condensed Consolidated Balance Sheets as Long-Term Debt. Amounts borrowed under the credit facilities for DEFR are reflected on the Condensed Consolidated Balance Sheets as Current maturities of 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 2023 December 2022 April 2023 April 2023 Credit facility amount $ 350 $ 475 $ 350 $ 250 Amounts borrowed at March 31, 2021 350 430 350 250 Amounts borrowed at December 31, 2020 350 364 250 250 Restricted Receivables at March 31, 2021 472 613 422 323 Restricted Receivables at December 31, 2020 547 696 500 397 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, 2021 December 31, 2020 Receivables of VIEs $ 4 $ 4 Regulatory Assets: Current 54 53 Current Assets: Other 14 39 Other Noncurrent Assets: Regulatory assets 927 937 Current Liabilities: Other 2 10 Current maturities of long-term debt 55 55 Long-Term Debt 972 1,002 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, 2021 December 31, 2020 Current Assets: Other $ 319 $ 257 Property, Plant and Equipment: Cost 6,860 6,394 Accumulated depreciation and amortization (1,297) (1,242) Other Noncurrent Assets: Other 66 67 Current maturities of long-term debt 167 167 Long-Term Debt 1,584 1,569 Other Noncurrent Liabilities: AROs 153 148 Other Noncurrent Liabilities: Other 331 316 NON-CONSOLIDATED VIEs The following tables summarize the impact of non-consolidated VIEs on the Condensed Consolidated Balance Sheets. March 31, 2021 Duke Energy Duke Duke Pipeline Commercial Energy Energy (in millions) Investments Renewables Total Ohio Indiana Receivables from affiliated companies $ — $ — $ — $ 46 $ 60 Other current assets 4 — 4 — $ — Investments in equity method unconsolidated affiliates 3 480 483 — — Deferred tax asset 29 — 29 — — Total assets $ 36 $ 480 $ 516 $ 46 $ 60 Other current liabilities 38 3 41 — — Other noncurrent liabilities 48 10 58 — — Total liabilities $ 86 $ 13 $ 99 $ — $ — Net (liabilities) assets $ (50) $ 467 $ 417 $ 46 $ 60 December 31, 2020 Duke Energy Duke Duke Pipeline Commercial Energy Energy (in millions) Investments Renewables Total Ohio Indiana Receivables from affiliated companies $ — $ — $ — $ 83 $ 110 Investments in equity method unconsolidated affiliates — 530 530 — — Other noncurrent assets 31 — 31 — — Total assets $ 31 $ 530 $ 561 $ 83 $ 110 Other current liabilities 928 5 933 — — Other noncurrent liabilities 8 10 18 — — Total liabilities $ 936 $ 15 $ 951 $ — $ — Net assets (liabilities) $ (905) $ 515 $ (390) $ 83 $ 110 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 future exit costs associated with the cancellation of the ACP pipeline and 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. Duke Energy has a 47% ownership interest in ACP. In 2020, Duke Energy determined that it would no longer invest in the construction of the ACP pipeline. In February 2021, Duke Energy paid approximately $855 million to fund ACP's outstanding debt, relieving Duke Energy of its guarantee. See Notes 1 and 3 for further information regarding this transaction. Commercial Renewables Duke Energy has investments in various renewable energy project entities. Some of these entities are VIEs due to Duke Energy issuing guarantees for debt service and operations and maintenance reserves in support of debt financings. Duke Energy does not consolidate these VIEs because power to direct and control key activities is shared jointly by Duke Energy and other owners. 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. Duke Energy cannot predict the outcome in this matter. See Note 3 for additional information. 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, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Receivables sold $ 241 $ 270 $ 285 $ 344 Less: Retained interests 46 83 60 110 Net receivables sold $ 195 $ 187 $ 225 $ 234 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) 2021 2020 2021 2020 Sales Receivables sold $ 561 $ 537 $ 698 $ 647 Loss recognized on sale 3 4 3 4 Cash flows Cash proceeds from receivables sold $ 596 $ 559 $ 746 $ 672 Return received on retained interests 1 2 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, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUEDuke 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) 2021 2022 2023 2024 2025 Thereafter Total Progress Energy $ 71 $ 107 $ 44 $ 45 $ 7 $ 51 $ 325 Duke Energy Progress 6 8 8 8 — — 30 Duke Energy Florida 65 99 36 37 7 51 295 Duke Energy Indiana 2 — 7 12 12 24 57 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) 2021 2022 2023 2024 2025 Thereafter Total Piedmont $ 50 $ 67 $ 64 $ 61 $ 60 $ 335 $ 637 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. The majority of these PPAs have historically 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, 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. Three Months Ended March 31, 2020 Duke Duke Duke Duke Duke (in millions) Duke Energy Progress Energy Energy Energy Energy By market or type of customer Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Electric Utilities and Infrastructure Residential $ 2,261 $ 756 $ 1,064 $ 502 $ 562 $ 176 $ 265 $ — General 1,492 549 648 319 329 114 181 — Industrial 693 269 216 154 62 35 175 — Wholesale 497 114 321 279 42 7 55 — Other revenues 191 60 118 63 55 20 16 — Total Electric Utilities and Infrastructure revenue from contracts with customers $ 5,134 $ 1,748 $ 2,367 $ 1,317 $ 1,050 $ 352 $ 692 $ — Gas Utilities and Infrastructure Residential $ 362 $ — $ — $ — $ — $ 97 $ — $ 264 Commercial 169 — — — — 43 — 126 Industrial 41 — — — — 6 — 36 Power Generation — — — — — — — 11 Other revenues 30 — — — — 6 — 24 Total Gas Utilities and Infrastructure revenue from contracts with customers $ 602 $ — $ — $ — $ — $ 152 $ — $ 461 Commercial Renewables Revenue from contracts with customers $ 58 $ — $ — $ — $ — $ — $ — $ — Other Revenue from contracts with customers $ 6 $ — $ — $ — $ — $ — $ — $ — Total revenue from contracts with customers $ 5,800 $ 1,748 $ 2,367 $ 1,317 $ 1,050 $ 504 $ 692 $ 461 Other revenue sources (a) $ 149 $ — $ 55 $ 21 $ 30 $ (6) $ — $ 51 Total revenues $ 5,949 $ 1,748 $ 2,422 $ 1,338 $ 1,080 $ 498 $ 692 $ 512 (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, 2020 and 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Balance at December 31, 2019 $ 76 $ 10 $ 16 $ 8 $ 7 $ 4 $ 3 $ 6 Cumulative Change in Accounting Principle 5 1 2 1 1 — — 1 Write-Offs (10) (3) (4) (2) (2) — — (1) Credit Loss Expense 18 3 6 2 5 1 — 3 Balance at March 31, 2020 $ 89 $ 11 $ 20 $ 9 $ 11 $ 5 $ 3 $ 9 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 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, 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) $ 758 $ 293 $ 183 $ 90 $ 93 $ 4 $ 16 $ 44 0-30 days 1,656 337 633 357 275 55 35 185 30-60 days 181 62 46 31 15 8 3 21 60-90 days 46 15 11 6 5 3 1 6 90+ days 120 31 26 4 22 28 11 7 Deferred Payment Arrangements (c) 170 80 53 37 16 4 — 8 Trade and Other Receivables $ 2,931 $ 818 $ 952 $ 525 $ 426 $ 102 $ 66 $ 271 December 31, 2020 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Unbilled Revenue (a)(b) $ 969 $ 328 $ 283 $ 167 $ 116 $ 2 $ 16 $ 86 0-30 days 1,789 445 707 398 307 60 26 149 30-60 days 185 80 54 25 29 8 3 8 60-90 days 22 1 10 4 6 2 1 3 90+ days 119 16 32 9 23 30 12 9 Deferred Payment Arrangements (c) 215 96 80 52 28 — — 7 Trade and Other Receivables $ 3,299 $ 966 $ 1,166 $ 655 $ 509 $ 102 $ 58 $ 262 (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 $55 million and $87 million for Duke Energy Ohio and Duke Energy Indiana, respectively, as of March 31, 2021, and $87 million and $134 million for Duke Energy Ohio and Duke Energy Indiana, respectively, as of December 31, 2020. (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, 2021 | |
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) 2021 2020 Net income available to Duke Energy common stockholders $ 953 $ 899 Accumulated preferred stock dividends adjustment 12 13 Less: Impact of participating securities 1 1 Income from continuing operations available to Duke Energy common stockholders $ 964 $ 911 Weighted average common shares outstanding – basic 769 734 Equity forwards — 2 Weighted average common shares outstanding – diluted 769 736 EPS available to Duke Energy common stockholders Basic and diluted $ 1.25 $ 1.24 Potentially dilutive items excluded from the calculation (a) 2 2 Dividends declared per common share $ 0.965 $ 0.945 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 $ 24.917 (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, 2021 | |
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, 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) Three Months Ended March 31, 2020 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Service cost $ 41 $ 12 $ 12 $ 6 $ 5 $ 1 $ 2 $ 1 Interest cost on projected benefit obligation 67 16 21 10 12 4 6 2 Expected return on plan assets (143) (36) (48) (22) (25) (7) (11) (5) Amortization of actuarial loss 34 7 11 5 6 2 3 2 Amortization of prior service credit (8) (2) (1) — — — — (2) Amortization of settlement charges 2 1 1 — — — — — Net periodic pension costs $ (7) $ (2) $ (4) $ (1) $ (2) $ — $ — $ (2) NON-QUALIFIED PENSION PLANS Net periodic pension costs for non-qualified pension plans were not material for the three months ended March 31, 2021, and 2020. OTHER POST-RETIREMENT BENEFIT PLANS Net periodic costs for OPEB plans were not material for the three months ended March 31, 2021, and 2020. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 2020 Duke Energy 8.2 % 13.3 % Duke Energy Carolinas 6.9 % 16.1 % Progress Energy 12.9 % 17.5 % Duke Energy Progress 8.3 % 17.1 % Duke Energy Florida 19.3 % 20.0 % Duke Energy Ohio 13.3 % 17.7 % Duke Energy Indiana 17.6 % 20.8 % Piedmont 11.4 % 10.1 % The decrease in the ETR for Duke Energy for the three months ended March 31, 2021, was primarily due to an increase in the amortization of excess deferred taxes. The decrease in the ETR for Duke Energy Carolinas for the three months ended March 31, 2021, was primarily due to an increase in the amortization of excess deferred taxes. The decrease in the ETR for Progress Energy for the three months ended March 31, 2021, was primarily due to an increase in the amortization of excess deferred taxes. The decrease in the ETR for Duke Energy Progress for the three months ended March 31, 2021, was primarily due to an increase in the amortization of excess deferred taxes. The decrease in the ETR for Duke Energy Ohio for the three months ended March 31, 2021, was primarily due to an increase in amortization of excess deferred taxes. The decrease in the ETR for Duke Energy Indiana for the three months ended March 31, 2021, was primarily due to an increase in the amortization of excess deferred taxes. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTSFor information on subsequent events related to regulatory matters, commitments and contingencies and debt and credit facilities, see Notes 3, 4 and 5. |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Policy) | 3 Months Ended |
Mar. 31, 2021 | |
Policy Text Block [Line Items] | |
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, 2020. 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 Sheet. 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. |
Cash, Cash Equivalents, and Restricted Cash | CASH, CASH EQUIVALENTS AND RESTRICTED CASHDuke Energy, Progress Energy 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 2021, but the following accounting standard was adopted by the Duke Energy Registrants in 2020. Current Expected Credit Losses. In June 2016, the Financial Accounting Standards Board (FASB) issued new accounting guidance for credit losses. Duke Energy adopted the new accounting guidance for credit losses effective January 1, 2020, using the modified retrospective method of adoption, which does not require restatement of prior year results. Duke Energy did not adopt any practical expedients. Duke Energy recognizes allowances for credit losses based on management's estimate of losses expected to be incurred over the lives of certain assets or guarantees. Management monitors credit quality, changes in expected credit losses and the appropriateness of the allowance for credit losses on a forward-looking basis. Management reviews the risk of loss periodically as part of the existing assessment of collectability of receivables. Duke Energy reviews the credit quality of its counterparties as part of its regular risk management process and requires credit enhancements, such as deposits or letters of credit, as appropriate and as allowed by regulators. Duke Energy recorded cumulative effects of changes in accounting principles related to the adoption of new credit loss standard, for allowances for credit losses of trade and other receivables, insurance receivables and financial guarantees. These amounts are included in the Condensed Consolidated Balance Sheets in Receivables, Receivables of VIEs, Other Noncurrent Assets and Other Noncurrent Liabilities. See Notes 4 and 12 for more information. Duke Energy recorded an adjustment for the cumulative effect of a change in accounting principle due to the adoption of this standard on January 1, 2020, as shown in the table below: January 1, 2020 Duke Duke Duke Duke Energy Progress Energy Energy (in millions) Energy Carolinas Energy Progress Florida Piedmont Total pretax impact to Retained Earnings $ 120 $ 16 $ 2 $ 1 $ 1 $ 1 The following new accounting standard has been issued but not yet adopted by the Duke Energy Registrants as of March 31, 2021. Reference Rate Reform. In March 2020, the FASB issued new accounting guidance for reference rate reform. This guidance is elective and provides expedients to facilitate financial reporting for the anticipated transition away from the London Inter-bank Offered Rate (LIBOR) and other interbank reference rates by the end of 2021. The optional expedients are effective for modification of existing contracts or new arrangements executed between March 12, 2020, through December 31, 2022. Duke Energy has variable-rate debt and manages interest rate risk by entering into financial contracts including interest rate swaps that are generally indexed to LIBOR. Impacted financial arrangements extending beyond 2021 may require contractual amendment or termination to fully adapt to a post-LIBOR environment. Duke Energy is assessing these financial arrangements and is evaluating the use of optional expedients outlined in the new accounting guidance. Alternative index provisions are also being assessed and incorporated into new financial arrangements that extend beyond 2021. The full outcome of the transition away from LIBOR cannot be determined at this time, but is not expected to have a material impact on the financial statements. |
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, 2021, and 2020, 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, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Cash Received and Allocated Losses from Subsidiaries, Noncontrolling Interest | The following table presents cash received for the sale of noncontrolling interest and allocated losses to noncontrolling interest for the three months ended March 31, 2021, and 2020. Three Months Ended March 31, (in millions) 2021 2020 Noncontrolling Interest Capital Contributions Cash received for the sale of noncontrolling interest to tax equity members $ 303 $ 103 Cash received for the sale of noncontrolling interest to pro rata share members — — Total Noncontrolling Interest Capital Contributions 303 103 Noncontrolling Interest Allocation of Income Allocated losses to noncontrolling tax equity members utilizing the HLBV method 43 49 Allocated losses (gains) to noncontrolling members based on pro rata shares of ownership 8 (1) Total Noncontrolling Interest Allocated Losses $ 51 $ 48 |
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, 2021 December 31, 2020 Duke Duke Duke Progress Energy Duke Progress Energy Energy Energy Florida Energy Energy Florida Current Assets Cash and cash equivalents $ 379 $ 74 $ 22 $ 259 $ 59 $ 11 Other 210 13 13 194 39 39 Other Noncurrent Assets Other 103 102 — 103 102 — Total cash, cash equivalents and restricted cash $ 692 $ 189 $ 35 $ 556 $ 200 $ 50 |
Schedule of Utility Inventory | The components of inventory are presented in the tables below. 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 Materials and supplies $ 2,365 $ 816 $ 1,011 $ 680 $ 332 $ 77 $ 313 $ 11 Coal 464 170 160 101 59 12 122 — Natural gas, oil and other fuel 247 35 165 101 64 19 1 26 Total inventory $ 3,076 $ 1,021 $ 1,336 $ 882 $ 455 $ 108 $ 436 $ 37 December 31, 2020 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Materials and supplies $ 2,312 $ 785 $ 999 $ 673 $ 325 $ 78 $ 307 $ 12 Coal 561 186 193 131 63 16 165 — Natural gas, oil and other fuel 294 39 183 107 76 16 1 56 Total inventory $ 3,167 $ 1,010 $ 1,375 $ 911 $ 464 $ 110 $ 473 $ 68 |
Schedule of New Accounting Pronouncements | Duke Energy recorded an adjustment for the cumulative effect of a change in accounting principle due to the adoption of this standard on January 1, 2020, as shown in the table below: January 1, 2020 Duke Duke Duke Duke Energy Progress Energy Energy (in millions) Energy Carolinas Energy Progress Florida Piedmont Total pretax impact to Retained Earnings $ 120 $ 16 $ 2 $ 1 $ 1 $ 1 |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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, 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) (a) $ 820 $ 245 $ 27 $ 1,092 $ (139) $ — $ 953 Less: Noncontrolling interests 51 Add: Preferred stock dividend 39 Net Income $ 941 Segment assets $ 138,734 $ 14,139 $ 6,894 $ 159,767 $ 3,710 $ (12) $ 163,465 Three Months Ended March 31, 2020 Electric Gas Total Utilities and Utilities and Commercial Reportable (in millions) Infrastructure Infrastructure Renewables Segments Other Eliminations Total Unaffiliated revenues $ 5,174 $ 640 $ 129 $ 5,943 $ 6 $ — $ 5,949 Intersegment revenues 9 24 — 33 17 (50) — Total revenues $ 5,183 $ 664 $ 129 $ 5,976 $ 23 $ (50) $ 5,949 Segment income (loss) (b) $ 705 $ 249 $ 57 $ 1,011 $ (112) $ — $ 899 Less: Noncontrolling interests 48 Add: Preferred stock dividend 39 Net Income $ 890 (a) 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 Operations, maintenance and other, $29 million within Equity in (losses) earnings of unconsolidated affiliates and $12 million within 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 (losses) earnings of unconsolidated affiliates on the Condensed Consolidated Statements of Operations, related to gas pipeline investments. See Note 3 for additional information. (b) Other includes a $98 million reversal, recorded within Operations, maintenance and other on the Condensed Consolidated Statements of Operations, related to 2018 severance costs due to the partial settlement of the Duke Energy Carolinas 2019 North Carolina rate case. See Note 3 for additional information. |
Duke Energy Ohio | |
Segment Reporting Information [Line Items] | |
Business Segment Data | Three Months Ended March 31, 2021 Electric Gas Total Utilities and Utilities and Reportable (in millions) Infrastructure Infrastructure Segments Other Eliminations Total Total revenues $ 363 $ 169 $ 532 $ — $ — $ 532 Segment income/Net income $ 50 $ 43 $ 93 $ (2) $ — $ 91 Segment assets $ 6,544 $ 3,575 $ 10,119 $ 29 $ (7) $ 10,141 Three Months Ended March 31, 2020 Electric Gas Total Utilities and Utilities and Reportable (in millions) Infrastructure Infrastructure Segments Other Total Total revenues $ 346 $ 152 $ 498 $ — $ 498 Segment income/Net income $ 30 $ 36 $ 66 $ (1) $ 65 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 integrated resource plans (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, 2021, and exclude capitalized asset retirement costs. Remaining Net Capacity Book Value (in MW) (in millions) Duke Energy Carolinas Allen Steam Station Units 1-2 (a) 334 $ 21 Allen Steam Station Units 4-5 (b) 526 388 Cliffside Unit 5 (b) 546 343 Duke Energy Progress Mayo Unit 1 (b) 746 660 Roxboro Units 3-4 (b) 1,409 478 Duke Energy Florida Crystal River Units 4-5 (c) 1,430 1,683 Duke Energy Indiana Gallagher Units 2 and 4 (d) 280 91 Gibson Units 1-5 (e) 2,845 1,834 Cayuga Units 1-2 (e) 1,005 755 Total Duke Energy 9,121 $ 6,253 (a) As part of the 2015 resolution of a lawsuit involving alleged New Source Review violations, Duke Energy Carolinas must retire Allen Steam Station Units 1 through 3 by December 31, 2024. The long-term energy options considered in the IRP could result in retirement of these units earlier than their current estimated useful lives. Unit 3 with a capacity of 270 MW and a net book value of $26 million at December 31, 2020, was retired in March 2021. (b) These units are 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. In 2019, Duke Energy Carolinas and Duke Energy Progress filed North Carolina rate cases that included depreciation studies that accelerate end-of-life dates for these plants. NCUC issued orders in the 2019 rate cases of Duke Energy Carolinas and Duke Energy Progress on March 31, 2021, and April 16, 2021, respectively, in which the proposals to shorten the remaining depreciable lives of these units were denied, while indicating the IRP proceeding was the appropriate proceeding for the review of generating plant retirements. (c) On January 14, 2021, Duke Energy Florida filed a 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 settlement was approved by the FPSC on May 4, 2021. (d) Duke Energy Indiana committed to either retire or stop burning coal at Gallagher Units 2 and 4 by December 31, 2022, as part of the 2016 settlement of Edwardsport IGCC matters. In February 2021, upon approval by MISO of a new retirement date, Duke Energy Indiana determined it would modify the retirement date to June 1, 2021. (e) On July 1, 2019, Duke Energy Indiana filed its 2018 IRP with the IURC. The 2018 IRP included scenarios evaluating the potential retirement of coal-fired generating units at Gibson and Cayuga. 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, 2021 | |
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 Accounts Payable within Current Liabilities and Other within Other Noncurrent Liabilities on the Condensed Consolidated Balance Sheets. (in millions) March 31, 2021 December 31, 2020 Reserves for Environmental Remediation Duke Energy $ 74 $ 75 Duke Energy Carolinas 18 19 Progress Energy 18 19 Duke Energy Progress 6 6 Duke Energy Florida 12 12 Duke Energy Ohio 21 22 Duke Energy Indiana 5 6 Piedmont 11 10 The table below presents recorded reserves based on management’s best estimate of probable loss for legal matters, excluding asbestos-related reserves discussed above. Reserves are classified on the Condensed Consolidated Balance Sheets in Other within Other Noncurrent Liabilities and Other within Current Liabilities. The reasonably possible range of loss in excess of recorded reserves is not material, other than as described above. (in millions) March 31, 2021 December 31, 2020 Reserves for Legal Matters Duke Energy $ 65 $ 68 Duke Energy Carolinas 3 2 Progress Energy 57 61 Duke Energy Progress 11 13 Duke Energy Florida 26 28 Piedmont 1 1 |
Schedule of Additional Possible Losses in Excess of Recorded Environmental Reserves | 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 except as presented in the table below. (in millions) Duke Energy $ 20 Duke Energy Carolinas 12 Duke Energy Ohio 4 |
Debt and Credit Facilities (Tab
Debt and Credit Facilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The following table summarizes significant debt issuances (in millions). Three Months Ended March 31, 2021 Duke Duke Duke Duke Duke Duke Maturity Interest Duke Energy Energy Energy Energy Energy Energy Issuance Date Date Rate Energy (Parent) Carolinas Progress Florida Ohio Indiana Piedmont Unsecured Debt March 2021 (a) Mar 2031 2.500 % $ 350 $ — $ — $ — $ — $ — $ — $ 350 Total issuances $ 350 $ — $ — $ — $ — $ — $ — $ 350 (a) Debt issued to repay at maturity $160 million senior unsecured notes due June 2021, pay down short-term debt and for general corporate purposes. 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, 2021 Unsecured Debt Duke Energy (Parent) May 2021 0.698 % (a) 500 Piedmont June 2021 4.240 % 160 Duke Energy (Parent) September 2021 3.550 % 500 Duke Energy (Parent) September 2021 1.800 % 750 Duke Energy Florida November 2021 0.441 % (a) 200 Duke Energy Progress February 2022 0.369 % (a) 700 Duke Energy (Parent) March 2022 3.227 % 300 Duke Energy (Parent) March 2022 0.827 % (a) 300 First Mortgage Bonds Duke Energy Carolinas June 2021 3.900 % 500 Duke Energy Florida August 2021 3.100 % 300 Duke Energy Progress September 2021 3.000 % 500 Duke Energy Progress September 2021 8.625 % 100 Duke Energy Indiana January 2022 8.850 % 53 Other (b) 723 Current maturities of long-term debt $ 5,586 (a) Debt has a floating interest rate. (b) Includes finance lease obligations, amortizing debt, tax-exempt bonds with mandatory put options and small bullet maturities. |
Schedule Of Line Of Credit Facilities | The table below includes the current borrowing sublimits and available capacity under these credit facilities. March 31, 2021 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) $ 8,000 $ 2,650 $ 1,475 $ 1,250 $ 700 $ 625 $ 600 $ 700 Reduction to backstop issuances Commercial paper (b) (3,466) (1,781) (741) (292) (243) (259) (150) — Outstanding letters of credit (31) (25) (4) (2) — — — — Tax-exempt bonds (81) — — — — — (81) — Available capacity under the Master Credit Facility $ 4,422 $ 844 $ 730 $ 956 $ 457 $ 366 $ 369 $ 700 (a) Represents the sublimit of each borrower. March 31, 2021 (in millions) Facility size Amount drawn Duke Energy (Parent) Three (a) $ 1,000 $ 500 |
Goodwill (Tables)
Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021, and December 31, 2020. 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, 2021 | |
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) 2021 2020 Duke Energy Carolinas Corporate governance and shared service expenses (a) $ 203 $ 134 Indemnification coverages (b) 6 5 Joint Dispatch Agreement (JDA) revenue (c) 13 7 JDA expense (c) 40 24 Intercompany natural gas purchases (d) 14 6 Progress Energy Corporate governance and shared service expenses (a) $ 181 $ 146 Indemnification coverages (b) 10 9 JDA revenue (c) 40 24 JDA expense (c) 13 7 Intercompany natural gas purchases (d) 19 19 Duke Energy Progress Corporate governance and shared service expenses (a) $ 105 $ 75 Indemnification coverages (b) 5 4 JDA revenue (c) 40 24 JDA expense (c) 13 7 Intercompany natural gas purchases (d) 19 19 Duke Energy Florida Corporate governance and shared service expenses (a) $ 76 $ 71 Indemnification coverages (b) 5 5 Duke Energy Ohio Corporate governance and shared service expenses (a) $ 79 $ 84 Indemnification coverages (b) 1 1 Duke Energy Indiana Corporate governance and shared service expenses (a) $ 113 $ 106 Indemnification coverages (b) 2 2 Piedmont Corporate governance and shared service expenses (a) $ 33 $ 34 Indemnification coverages (b) 1 1 Intercompany natural gas sales (d) 33 25 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, 2021 Intercompany income tax receivable $ — $ 84 $ — $ 46 $ — $ — $ — Intercompany income tax payable 31 — 12 — 2 36 39 December 31, 2020 Intercompany income tax receivable $ — $ — $ — $ — $ — $ 9 $ 10 Intercompany income tax payable 31 33 46 35 2 — — |
Derivatives and Hedging (Tables
Derivatives and Hedging (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Cash flow hedges $ 1,630 $ — $ — $ — $ — $ — Undesignated contracts 1,731 400 1,250 750 500 27 Total notional amount (a) $ 3,361 $ 400 $ 1,250 $ 750 $ 500 $ 27 December 31, 2020 Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Cash flow hedges $ 632 $ — $ — $ — $ — $ — Undesignated contracts 1,177 400 750 750 — 27 Total notional amount (a) $ 1,809 $ 400 $ 750 $ 750 $ — $ 27 (a) Duke Energy includes amounts related to consolidated VIEs of $631 million in cash flow hedges and $54 million in undesignated contracts as of March 31, 2021, and $632 million in cash flow hedges as of December 31, 2020. 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, 2021 Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy Carolinas Energy Progress Ohio Indiana Piedmont Electricity (GWh) (a) 16,259 — — — 1,325 4,214 — Natural gas (millions of dekatherms) 675 151 158 158 — 2 364 December 31, 2020 Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy Carolinas Energy Progress Ohio Indiana Piedmont Electricity (GWh) (a) 35,409 — — — 2,559 10,802 — Natural gas (millions of dekatherms) 678 145 158 158 — 2 373 (a) Duke Energy includes 10,720 GWh and 22,048 GWh related to cash flow hedges as of March 31, 2021, and December 31, 2020, 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, 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 $ 32 $ 17 $ 12 $ 12 $ — $ — $ 2 $ 1 Noncurrent 14 7 7 7 — — — — Total Derivative Assets – Commodity Contracts $ 46 $ 24 $ 19 $ 19 $ — $ — $ 2 $ 1 Interest Rate Contracts Designated as Hedging Instruments Current $ 31 $ — $ — $ — $ — $ — $ — $ — Not Designated as Hedging Instruments Current $ 129 $ 38 $ 84 $ 81 $ 3 $ — $ — $ — Total Derivative Assets – Interest Rate Contracts $ 160 $ 38 $ 84 $ 81 $ 3 $ — $ — $ — Total Derivative Assets $ 206 $ 62 $ 103 $ 100 $ 3 $ — $ 2 $ 1 Derivative Liabilities 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 Commodity Contracts Designated as Hedging Instruments Current $ 19 $ — $ — $ — $ — $ — $ — — Noncurrent 109 — — — — — — — Not Designated as Hedging Instruments Current $ 19 $ — $ — $ — $ — $ — $ — $ 19 Noncurrent 154 — 25 9 — — — 129 Total Derivative Liabilities – Commodity Contracts $ 301 $ — $ 25 $ 9 $ — $ — $ — $ 148 Interest Rate Contracts Designated as Hedging Instruments Current $ 15 $ — $ — $ — $ — $ — $ — $ — Noncurrent 25 — — — — — — — Not Designated as Hedging Instruments Current 4 — 3 — 3 1 — — Noncurrent 4 — — — — 4 — — Total Derivative Liabilities – Interest Rate Contracts $ 48 $ — $ 3 $ — $ 3 $ 5 $ — $ — Total Derivative Liabilities $ 349 $ — $ 28 $ 9 $ 3 $ 5 $ — $ 148 Derivative Assets December 31, 2020 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Commodity Contracts Not Designated as Hedging Instruments Current $ 30 $ 14 $ 9 $ 9 $ — $ 1 $ 6 $ 1 Noncurrent 13 6 6 6 — — — — Total Derivative Assets – Commodity Contracts $ 43 $ 20 $ 15 $ 15 $ — $ 1 $ 6 $ 1 Interest Rate Contracts Not Designated as Hedging Instruments Current $ 18 $ — $ 18 $ 18 $ — $ — $ — $ — Total Derivative Assets – Interest Rate Contracts $ 18 $ — $ 18 $ 18 $ — $ — $ — $ — Total Derivative Assets $ 61 $ 20 $ 33 $ 33 $ — $ 1 $ 6 $ 1 Derivative Liabilities December 31, 2020 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Commodity Contracts Designated as Hedging Instruments Current $ 14 $ — $ — $ — $ — $ — $ — $ — Noncurrent 70 — — — — — — — Not Designated as Hedging Instruments Current $ 30 $ 13 $ 2 $ 2 $ — $ — $ 1 $ 15 Noncurrent 137 3 27 12 — — — 107 Total Derivative Liabilities – Commodity Contracts $ 251 $ 16 $ 29 $ 14 $ — $ — $ 1 $ 122 Interest Rate Contracts Designated as Hedging Instruments Current $ 15 $ — $ — $ — $ — $ — $ — $ — Noncurrent 48 — — — — — — — Not Designated as Hedging Instruments Current 5 4 — — — 1 — — Noncurrent 5 — — — — 5 — — Total Derivative Liabilities – Interest Rate Contracts $ 73 $ 4 $ — $ — $ — $ 6 $ — $ — Total Derivative Liabilities $ 324 $ 20 $ 29 $ 14 $ — $ 6 $ 1 $ 122 |
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, 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 $ 192 $ 55 $ 96 $ 93 $ 3 $ — $ 2 $ 1 Gross amounts offset — — — — — — — — Net amounts presented in Current Assets: Other $ 192 $ 55 $ 96 $ 93 $ 3 $ — $ 2 $ 1 Noncurrent Gross amounts recognized $ 14 $ 7 $ 7 $ 7 $ — $ — $ — $ — Gross amounts offset (4) — (4) (4) — — — — Net amounts presented in Other Noncurrent Assets: Other $ 10 $ 7 $ 3 $ 3 $ — $ — $ — $ — Derivative Liabilities 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 Current Gross amounts recognized $ 57 $ — $ 3 $ — $ 3 $ 1 $ — $ 19 Gross amounts offset — — — — — — — — Net amounts presented in Current Liabilities: Other $ 57 $ — $ 3 $ — $ 3 $ 1 $ — $ 19 Noncurrent Gross amounts recognized $ 292 $ — $ 25 $ 9 $ — $ 4 $ — $ 129 Gross amounts offset (4) — (4) (4) — — — — Net amounts presented in Other Noncurrent Liabilities: Other $ 288 $ — $ 21 $ 5 $ — $ 4 $ — $ 129 Derivative Assets December 31, 2020 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Current Gross amounts recognized $ 48 $ 14 $ 27 $ 27 $ — $ 1 $ 6 $ 1 Gross amounts offset (3) (2) (2) (2) — — — — Net amounts presented in Current Assets: Other $ 45 $ 12 $ 25 $ 25 $ — $ 1 $ 6 $ 1 Noncurrent Gross amounts recognized $ 13 $ 6 $ 6 $ 6 $ — $ — $ — $ — Gross amounts offset (5) (1) (4) (4) — — — — Net amounts presented in Other Noncurrent Assets: Other $ 8 $ 5 $ 2 $ 2 $ — $ — $ — $ — Derivative Liabilities December 31, 2020 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Current Gross amounts recognized $ 64 $ 17 $ 2 $ 2 $ — $ 1 $ 1 $ 15 Gross amounts offset (3) (2) (2) (2) — — — — Net amounts presented in Current Liabilities: Other $ 61 $ 15 $ — $ — $ — $ 1 $ 1 $ 15 Noncurrent Gross amounts recognized $ 260 $ 3 $ 27 $ 12 $ — $ 5 $ — $ 107 Gross amounts offset (5) (1) (4) (4) — — — — Net amounts presented in Other Noncurrent Liabilities: Other $ 255 $ 2 $ 23 $ 8 $ — $ 5 $ — $ 107 |
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, 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 $ 192 $ 55 $ 96 $ 93 $ 3 $ — $ 2 $ 1 Gross amounts offset — — — — — — — — Net amounts presented in Current Assets: Other $ 192 $ 55 $ 96 $ 93 $ 3 $ — $ 2 $ 1 Noncurrent Gross amounts recognized $ 14 $ 7 $ 7 $ 7 $ — $ — $ — $ — Gross amounts offset (4) — (4) (4) — — — — Net amounts presented in Other Noncurrent Assets: Other $ 10 $ 7 $ 3 $ 3 $ — $ — $ — $ — Derivative Liabilities 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 Current Gross amounts recognized $ 57 $ — $ 3 $ — $ 3 $ 1 $ — $ 19 Gross amounts offset — — — — — — — — Net amounts presented in Current Liabilities: Other $ 57 $ — $ 3 $ — $ 3 $ 1 $ — $ 19 Noncurrent Gross amounts recognized $ 292 $ — $ 25 $ 9 $ — $ 4 $ — $ 129 Gross amounts offset (4) — (4) (4) — — — — Net amounts presented in Other Noncurrent Liabilities: Other $ 288 $ — $ 21 $ 5 $ — $ 4 $ — $ 129 Derivative Assets December 31, 2020 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Current Gross amounts recognized $ 48 $ 14 $ 27 $ 27 $ — $ 1 $ 6 $ 1 Gross amounts offset (3) (2) (2) (2) — — — — Net amounts presented in Current Assets: Other $ 45 $ 12 $ 25 $ 25 $ — $ 1 $ 6 $ 1 Noncurrent Gross amounts recognized $ 13 $ 6 $ 6 $ 6 $ — $ — $ — $ — Gross amounts offset (5) (1) (4) (4) — — — — Net amounts presented in Other Noncurrent Assets: Other $ 8 $ 5 $ 2 $ 2 $ — $ — $ — $ — Derivative Liabilities December 31, 2020 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Current Gross amounts recognized $ 64 $ 17 $ 2 $ 2 $ — $ 1 $ 1 $ 15 Gross amounts offset (3) (2) (2) (2) — — — — Net amounts presented in Current Liabilities: Other $ 61 $ 15 $ — $ — $ — $ 1 $ 1 $ 15 Noncurrent Gross amounts recognized $ 260 $ 3 $ 27 $ 12 $ — $ 5 $ — $ 107 Gross amounts offset (5) (1) (4) (4) — — — — Net amounts presented in Other Noncurrent Liabilities: Other $ 255 $ 2 $ 23 $ 8 $ — $ 5 $ — $ 107 |
Investments in Debt and Equit_2
Investments in Debt and Equity Securities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 December 31, 2020 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 $ — $ — $ 193 $ — $ — $ 177 Equity securities 4,363 47 6,379 4,138 54 6,235 Corporate debt securities 38 8 793 76 1 806 Municipal bonds 13 1 299 22 — 370 U.S. government bonds 31 18 1,559 51 — 1,361 Other debt securities 5 — 184 8 — 180 Total NDTF Investments $ 4,450 $ 74 $ 9,407 $ 4,295 $ 55 $ 9,129 Other Investments Cash and cash equivalents $ — $ — $ 222 $ — $ — $ 127 Equity securities 86 — 154 79 — 146 Corporate debt securities 2 — 109 8 — 110 Municipal bonds 3 1 77 5 — 86 U.S. government bonds — 1 55 — — 42 Other debt securities — 1 36 — — 47 Total Other Investments $ 91 $ 3 $ 653 $ 92 $ — $ 558 Total Investments $ 4,541 $ 77 $ 10,060 $ 4,387 $ 55 $ 9,687 |
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, 2021 December 31, 2020 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 $ — $ — $ 193 $ — $ — $ 177 Equity securities 4,363 47 6,379 4,138 54 6,235 Corporate debt securities 38 8 793 76 1 806 Municipal bonds 13 1 299 22 — 370 U.S. government bonds 31 18 1,559 51 — 1,361 Other debt securities 5 — 184 8 — 180 Total NDTF Investments $ 4,450 $ 74 $ 9,407 $ 4,295 $ 55 $ 9,129 Other Investments Cash and cash equivalents $ — $ — $ 222 $ — $ — $ 127 Equity securities 86 — 154 79 — 146 Corporate debt securities 2 — 109 8 — 110 Municipal bonds 3 1 77 5 — 86 U.S. government bonds — 1 55 — — 42 Other debt securities — 1 36 — — 47 Total Other Investments $ 91 $ 3 $ 653 $ 92 $ — $ 558 Total Investments $ 4,541 $ 77 $ 10,060 $ 4,387 $ 55 $ 9,687 |
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, 2021, and 2020, were as follows. Three Months Ended (in millions) March 31, 2021 March 31, 2020 FV-NI: Realized gains $ 140 $ 23 Realized losses 23 65 AFS: Realized gains 18 20 Realized losses 13 6 |
Investments Classified by Contractual Maturity Date | The table below summarizes the maturity date for debt securities. March 31, 2021 Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Indiana Due in one year or less $ 152 $ 7 $ 116 $ 18 $ 98 $ 5 Due after one through five years 1,013 375 579 267 312 18 Due after five through 10 years 693 310 289 217 72 9 Due after 10 years 1,254 652 533 501 32 13 Total $ 3,112 $ 1,344 $ 1,517 $ 1,003 $ 514 $ 45 |
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, 2021 December 31, 2020 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 $ — $ — $ 63 $ — $ — $ 30 Equity securities 2,531 23 3,738 2,442 23 3,685 Corporate debt securities 23 5 475 49 1 510 Municipal bonds — — 22 6 — 91 U.S. government bonds 16 9 669 25 — 475 Other debt securities 4 — 178 7 — 174 Total NDTF Investments $ 2,574 $ 37 $ 5,145 $ 2,529 $ 24 $ 4,965 |
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, 2021 December 31, 2020 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 $ — $ — $ 63 $ — $ — $ 30 Equity securities 2,531 23 3,738 2,442 23 3,685 Corporate debt securities 23 5 475 49 1 510 Municipal bonds — — 22 6 — 91 U.S. government bonds 16 9 669 25 — 475 Other debt securities 4 — 178 7 — 174 Total NDTF Investments $ 2,574 $ 37 $ 5,145 $ 2,529 $ 24 $ 4,965 |
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, 2021, and 2020, were as follows. Three Months Ended (in millions) March 31, 2021 March 31, 2020 FV-NI: Realized gains $ 128 $ 9 Realized losses 16 45 AFS: Realized gains 13 12 Realized losses 9 5 |
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, 2021 December 31, 2020 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 $ — $ — $ 130 $ — $ — $ 147 Equity securities 1,832 24 2,641 1,696 31 2,550 Corporate debt securities 15 3 318 27 — 296 Municipal bonds 13 1 277 16 — 279 U.S. government bonds 15 9 890 26 — 886 Other debt securities 1 — 6 1 — 6 Total NDTF Investments $ 1,876 $ 37 $ 4,262 $ 1,766 $ 31 $ 4,164 Other Investments Cash and cash equivalents $ — $ — $ 107 $ — $ — $ 106 Municipal bonds 2 — 26 3 — 26 Total Other Investments $ 2 $ — $ 133 $ 3 $ — $ 132 Total Investments $ 1,878 $ 37 $ 4,395 $ 1,769 $ 31 $ 4,296 |
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, 2021 December 31, 2020 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 $ — $ — $ 130 $ — $ — $ 147 Equity securities 1,832 24 2,641 1,696 31 2,550 Corporate debt securities 15 3 318 27 — 296 Municipal bonds 13 1 277 16 — 279 U.S. government bonds 15 9 890 26 — 886 Other debt securities 1 — 6 1 — 6 Total NDTF Investments $ 1,876 $ 37 $ 4,262 $ 1,766 $ 31 $ 4,164 Other Investments Cash and cash equivalents $ — $ — $ 107 $ — $ — $ 106 Municipal bonds 2 — 26 3 — 26 Total Other Investments $ 2 $ — $ 133 $ 3 $ — $ 132 Total Investments $ 1,878 $ 37 $ 4,395 $ 1,769 $ 31 $ 4,296 |
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, 2021, and 2020, were as follows. Three Months Ended (in millions) March 31, 2021 March 31, 2020 FV-NI: Realized gains $ 12 $ 14 Realized losses 7 20 AFS: Realized gains 4 5 Realized losses 3 1 |
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, 2021 December 31, 2020 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 $ — $ — $ 95 $ — $ — $ 76 Equity securities 1,746 24 2,547 1,617 31 2,459 Corporate debt securities 15 3 291 27 — 296 Municipal bonds 13 1 277 16 — 279 U.S. government bonds 15 4 429 26 — 412 Other debt securities 1 — 6 1 — 6 Total NDTF Investments $ 1,790 $ 32 $ 3,645 $ 1,687 $ 31 $ 3,528 Other Investments Cash and cash equivalents $ — $ — $ 1 $ — $ — $ 1 Total Other Investments $ — $ — $ 1 $ — $ — $ 1 Total Investments $ 1,790 $ 32 $ 3,646 $ 1,687 $ 31 $ 3,529 |
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, 2021 December 31, 2020 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 $ — $ — $ 95 $ — $ — $ 76 Equity securities 1,746 24 2,547 1,617 31 2,459 Corporate debt securities 15 3 291 27 — 296 Municipal bonds 13 1 277 16 — 279 U.S. government bonds 15 4 429 26 — 412 Other debt securities 1 — 6 1 — 6 Total NDTF Investments $ 1,790 $ 32 $ 3,645 $ 1,687 $ 31 $ 3,528 Other Investments Cash and cash equivalents $ — $ — $ 1 $ — $ — $ 1 Total Other Investments $ — $ — $ 1 $ — $ — $ 1 Total Investments $ 1,790 $ 32 $ 3,646 $ 1,687 $ 31 $ 3,529 |
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, 2021, and 2020, were as follows. Three Months Ended (in millions) March 31, 2021 March 31, 2020 FV-NI: Realized gains $ 12 $ 14 Realized losses 7 20 AFS: Realized gains 4 5 Realized losses 3 1 |
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, 2021 December 31, 2020 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 $ — $ — $ 35 $ — $ — $ 71 Equity securities 86 — 94 79 — 91 Corporate debt securities — — 27 — — — U.S. government bonds — 5 461 — — 474 Total NDTF Investments (a) $ 86 $ 5 $ 617 $ 79 $ — $ 636 Other Investments Cash and cash equivalents $ — $ — $ 2 $ — $ — $ 1 Municipal bonds 2 — 26 3 — 26 Total Other Investments $ 2 $ — $ 28 $ 3 $ — $ 27 Total Investments $ 88 $ 5 $ 645 $ 82 $ — $ 663 (a) During the three months ended March 31, 2021, and the year ended December 31, 2020, 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, 2021 December 31, 2020 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 $ — $ — $ 35 $ — $ — $ 71 Equity securities 86 — 94 79 — 91 Corporate debt securities — — 27 — — — U.S. government bonds — 5 461 — — 474 Total NDTF Investments (a) $ 86 $ 5 $ 617 $ 79 $ — $ 636 Other Investments Cash and cash equivalents $ — $ — $ 2 $ — $ — $ 1 Municipal bonds 2 — 26 3 — 26 Total Other Investments $ 2 $ — $ 28 $ 3 $ — $ 27 Total Investments $ 88 $ 5 $ 645 $ 82 $ — $ 663 (a) During the three months ended March 31, 2021, and the year ended December 31, 2020, 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, 2021 December 31, 2020 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 62 — 102 58 — 97 Corporate debt securities — — 4 — — 3 Municipal bonds 1 1 35 1 — 38 U.S. government bonds — — 6 — — 4 Total Investments $ 63 $ 1 $ 147 $ 59 $ — $ 143 |
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, 2021 December 31, 2020 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 62 — 102 58 — 97 Corporate debt securities — — 4 — — 3 Municipal bonds 1 1 35 1 — 38 U.S. government bonds — — 6 — — 4 Total Investments $ 63 $ 1 $ 147 $ 59 $ — $ 143 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 (in millions) Total Fair Value Level 1 Level 2 Level 3 Not Categorized NDTF cash and cash equivalents $ 193 $ 193 $ — $ — $ — NDTF equity securities 6,379 6,332 — — 47 NDTF debt securities 2,835 1,019 1,816 — — Other equity securities 154 154 — — — Other debt securities 277 49 228 — — Other cash and cash equivalents 222 222 — — — Derivative assets 206 1 203 2 — Total assets 10,266 7,970 2,247 2 47 Derivative liabilities (349) — (221) (128) — Net assets (liabilities) $ 9,917 $ 7,970 $ 2,026 $ (126) $ 47 December 31, 2020 (in millions) Total Fair Value Level 1 Level 2 Level 3 Not Categorized NDTF cash and cash equivalents $ 177 $ 177 $ — $ — $ — NDTF equity securities 6,235 6,189 — — 46 NDTF debt securities 2,717 874 1,843 — — Other equity securities 146 146 — — — Other debt securities 285 37 248 — — Other cash and cash equivalents 127 127 — — — Derivative assets 61 1 53 7 — Total assets 9,748 7,551 2,144 7 46 Derivative liabilities (324) — (240) (84) — Net assets (liabilities) $ 9,424 $ 7,551 $ 1,904 $ (77) $ 46 |
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) 2021 2020 Balance at beginning of period $ (77) $ (102) Total pretax realized or unrealized losses included in comprehensive income (44) — Purchases, sales, issuances and settlements: Settlements (7) (9) Total gains included on the Condensed Consolidated Balance Sheet 2 23 Balance at end of period $ (126) $ (88) |
Quantitative Information Table - Level 3 | The following tables include quantitative information about the Duke Energy Registrants' derivatives classified as Level 3. March 31, 2021 Weighted Fair Value Average Investment Type (in millions) Valuation Technique Unobservable Input Range Range Duke Energy Electricity contracts $ (128) RTO forward pricing Forward electricity curves – price per MWh $ 15.55 - $ 134.48 $ 34.80 Duke Energy Indiana FTRs 2 RTO auction pricing FTR price – per MWh (1.02) - 7.23 0.80 Duke Energy Total Level 3 derivatives $ (126) December 31, 2020 Weighted Fair Value Average Investment Type (in millions) Valuation Technique Unobservable Input Range Range Duke Energy Electricity contracts $ (84) Discounted cash flow Forward electricity curves – price per MWh $ 14.68 - $151.84 $28.84 Duke Energy Ohio FTRs 1 RTO auction pricing FTR price – per MWh 0.25 - 1.68 0.79 Duke Energy Indiana FTRs 6 RTO auction pricing FTR price – per MWh (2.40) - 7.41 1.05 Duke Energy Total Level 3 derivatives $ (77) |
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, 2021 December 31, 2020 (in millions) Book Value Fair Value Book Value Fair Value Duke Energy (a) $ 60,354 $ 64,641 $ 59,863 $ 69,292 Duke Energy Carolinas 12,329 13,461 12,218 14,917 Progress Energy 19,333 21,838 19,264 23,470 Duke Energy Progress 9,356 10,131 9,258 10,862 Duke Energy Florida 7,884 9,018 7,915 9,756 Duke Energy Ohio 3,090 3,397 3,089 3,650 Duke Energy Indiana 4,091 4,691 4,091 5,204 Piedmont 3,127 3,412 2,780 3,306 (a) Book value of long-term debt inc ludes $1.3 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, 2021 (in millions) Total Fair Value Level 1 Level 2 Not Categorized NDTF cash and cash equivalents $ 63 $ 63 $ — $ — NDTF equity securities 3,738 3,691 — 47 NDTF debt securities 1,344 369 975 — Derivative assets 62 — 62 — Total assets 5,207 4,123 1,037 47 December 31, 2020 (in millions) Total Fair Value Level 1 Level 2 Not Categorized NDTF cash and cash equivalents $ 30 $ 30 $ — $ — NDTF equity securities 3,685 3,639 — 46 NDTF debt securities 1,250 192 1,058 — Derivative assets 20 — 20 — Total assets 4,985 3,861 1,078 46 Derivative liabilities (20) — (20) — Net assets $ 4,965 $ 3,861 $ 1,058 $ 46 |
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, 2021 December 31, 2020 (in millions) Total Fair Value Level 1 Level 2 Total Fair Value Level 1 Level 2 NDTF cash and cash equivalents $ 130 $ 130 $ — $ 147 $ 147 $ — NDTF equity securities 2,641 2,641 — 2,550 2,550 — NDTF debt securities 1,491 650 841 1,467 682 785 Other debt securities 26 — 26 26 — 26 Other cash and cash equivalents 107 107 — 106 106 — Derivative assets 103 — 103 33 — 33 Total assets 4,498 3,528 970 4,329 3,485 844 Derivative liabilities (28) — (28) (29) — (29) Net assets $ 4,470 $ 3,528 $ 942 $ 4,300 $ 3,485 $ 815 |
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, 2021 December 31, 2020 (in millions) Total Fair Value Level 1 Level 2 Total Fair Value Level 1 Level 2 NDTF cash and cash equivalents $ 95 $ 95 $ — $ 76 $ 76 $ — NDTF equity securities 2,547 2,547 — 2,459 2,459 — NDTF debt securities 1,003 237 766 993 237 756 Other cash and cash equivalents 1 1 — 1 1 — Derivative assets 100 — 100 33 — 33 Total assets 3,746 2,880 866 3,562 2,773 789 Derivative liabilities (9) — (9) (14) — (14) Net assets $ 3,737 $ 2,880 $ 857 $ 3,548 $ 2,773 $ 775 |
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, 2021 December 31, 2020 (in millions) Total Fair Value Level 1 Level 2 Total Fair Value Level 1 Level 2 NDTF cash and cash equivalents $ 35 $ 35 $ — $ 71 $ 71 $ — NDTF equity securities 94 94 — 91 91 — NDTF debt securities 488 413 75 474 445 29 Other debt securities 26 — 26 26 — 26 Other cash and cash equivalents 2 2 — 1 1 — Derivative assets 3 — 3 — — — Total assets 648 544 104 663 608 55 Derivative liabilities (3) — (3) — — — Net assets $ 645 $ 544 $ 101 $ 663 $ 608 $ 55 |
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, 2021 December 31, 2020 (in millions) Total Fair Value Level 1 Level 2 Level 3 Total Fair Value Level 1 Level 2 Level 3 Other equity securities $ 102 $ 102 $ — $ — $ 97 $ 97 $ — $ — Other debt securities 45 — 45 — 45 — 45 — Other cash and cash equivalents — — — — 1 1 — — Derivative assets 2 — — 2 6 — — 6 Total assets $ 149 $ 102 $ 45 $ 2 $ 149 $ 98 $ 45 $ 6 Derivative liabilities — — — — (1) (1) — — Net assets $ 149 $ 102 $ 45 $ 2 $ 148 $ 97 $ 45 $ 6 |
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) 2021 2020 Balance at beginning of period $ 6 $ 11 Purchases, sales, issuances and settlements: Settlements (6) (6) Total gains (losses) included on the Condensed Consolidated Balance Sheet 2 (3) Balance at end of period $ 2 $ 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, 2021 December 31, 2020 (in millions) Total Fair Value Level 1 Level 2 Total Fair Value Level 1 Level 2 Derivative assets $ 1 $ 1 $ — $ 1 $ 1 $ — Derivative liabilities (148) — (148) (122) — (122) Net (liabilities) assets $ (147) $ 1 $ (148) $ (121) $ 1 $ (122) |
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) 2021 2020 Balance at beginning of period $ — $ (117) Total gains and settlements — 26 Balance at end of period $ — $ (91) |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 2023 December 2022 April 2023 April 2023 Credit facility amount $ 350 $ 475 $ 350 $ 250 Amounts borrowed at March 31, 2021 350 430 350 250 Amounts borrowed at December 31, 2020 350 364 250 250 Restricted Receivables at March 31, 2021 472 613 422 323 Restricted Receivables at December 31, 2020 547 696 500 397 |
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, 2021 Duke Energy Duke Duke Pipeline Commercial Energy Energy (in millions) Investments Renewables Total Ohio Indiana Receivables from affiliated companies $ — $ — $ — $ 46 $ 60 Other current assets 4 — 4 — $ — Investments in equity method unconsolidated affiliates 3 480 483 — — Deferred tax asset 29 — 29 — — Total assets $ 36 $ 480 $ 516 $ 46 $ 60 Other current liabilities 38 3 41 — — Other noncurrent liabilities 48 10 58 — — Total liabilities $ 86 $ 13 $ 99 $ — $ — Net (liabilities) assets $ (50) $ 467 $ 417 $ 46 $ 60 December 31, 2020 Duke Energy Duke Duke Pipeline Commercial Energy Energy (in millions) Investments Renewables Total Ohio Indiana Receivables from affiliated companies $ — $ — $ — $ 83 $ 110 Investments in equity method unconsolidated affiliates — 530 530 — — Other noncurrent assets 31 — 31 — — Total assets $ 31 $ 530 $ 561 $ 83 $ 110 Other current liabilities 928 5 933 — — Other noncurrent liabilities 8 10 18 — — Total liabilities $ 936 $ 15 $ 951 $ — $ — Net assets (liabilities) $ (905) $ 515 $ (390) $ 83 $ 110 |
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, 2021 December 31, 2020 Receivables of VIEs $ 4 $ 4 Regulatory Assets: Current 54 53 Current Assets: Other 14 39 Other Noncurrent Assets: Regulatory assets 927 937 Current Liabilities: Other 2 10 Current maturities of long-term debt 55 55 Long-Term Debt 972 1,002 |
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, 2021 December 31, 2020 Current Assets: Other $ 319 $ 257 Property, Plant and Equipment: Cost 6,860 6,394 Accumulated depreciation and amortization (1,297) (1,242) Other Noncurrent Assets: Other 66 67 Current maturities of long-term debt 167 167 Long-Term Debt 1,584 1,569 Other Noncurrent Liabilities: AROs 153 148 Other Noncurrent Liabilities: Other 331 316 |
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, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Receivables sold $ 241 $ 270 $ 285 $ 344 Less: Retained interests 46 83 60 110 Net receivables sold $ 195 $ 187 $ 225 $ 234 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) 2021 2020 2021 2020 Sales Receivables sold $ 561 $ 537 $ 698 $ 647 Loss recognized on sale 3 4 3 4 Cash flows Cash proceeds from receivables sold $ 596 $ 559 $ 746 $ 672 Return received on retained interests 1 2 2 2 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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) 2021 2022 2023 2024 2025 Thereafter Total Progress Energy $ 71 $ 107 $ 44 $ 45 $ 7 $ 51 $ 325 Duke Energy Progress 6 8 8 8 — — 30 Duke Energy Florida 65 99 36 37 7 51 295 Duke Energy Indiana 2 — 7 12 12 24 57 Remaining Performance Obligations (in millions) 2021 2022 2023 2024 2025 Thereafter Total Piedmont $ 50 $ 67 $ 64 $ 61 $ 60 $ 335 $ 637 |
Disaggregation of Revenue | Disaggregated revenues are presented as follows: 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. Three Months Ended March 31, 2020 Duke Duke Duke Duke Duke (in millions) Duke Energy Progress Energy Energy Energy Energy By market or type of customer Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Electric Utilities and Infrastructure Residential $ 2,261 $ 756 $ 1,064 $ 502 $ 562 $ 176 $ 265 $ — General 1,492 549 648 319 329 114 181 — Industrial 693 269 216 154 62 35 175 — Wholesale 497 114 321 279 42 7 55 — Other revenues 191 60 118 63 55 20 16 — Total Electric Utilities and Infrastructure revenue from contracts with customers $ 5,134 $ 1,748 $ 2,367 $ 1,317 $ 1,050 $ 352 $ 692 $ — Gas Utilities and Infrastructure Residential $ 362 $ — $ — $ — $ — $ 97 $ — $ 264 Commercial 169 — — — — 43 — 126 Industrial 41 — — — — 6 — 36 Power Generation — — — — — — — 11 Other revenues 30 — — — — 6 — 24 Total Gas Utilities and Infrastructure revenue from contracts with customers $ 602 $ — $ — $ — $ — $ 152 $ — $ 461 Commercial Renewables Revenue from contracts with customers $ 58 $ — $ — $ — $ — $ — $ — $ — Other Revenue from contracts with customers $ 6 $ — $ — $ — $ — $ — $ — $ — Total revenue from contracts with customers $ 5,800 $ 1,748 $ 2,367 $ 1,317 $ 1,050 $ 504 $ 692 $ 461 Other revenue sources (a) $ 149 $ — $ 55 $ 21 $ 30 $ (6) $ — $ 51 Total revenues $ 5,949 $ 1,748 $ 2,422 $ 1,338 $ 1,080 $ 498 $ 692 $ 512 (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, 2020 and 2021 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Balance at December 31, 2019 $ 76 $ 10 $ 16 $ 8 $ 7 $ 4 $ 3 $ 6 Cumulative Change in Accounting Principle 5 1 2 1 1 — — 1 Write-Offs (10) (3) (4) (2) (2) — — (1) Credit Loss Expense 18 3 6 2 5 1 — 3 Balance at March 31, 2020 $ 89 $ 11 $ 20 $ 9 $ 11 $ 5 $ 3 $ 9 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 |
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, 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) $ 758 $ 293 $ 183 $ 90 $ 93 $ 4 $ 16 $ 44 0-30 days 1,656 337 633 357 275 55 35 185 30-60 days 181 62 46 31 15 8 3 21 60-90 days 46 15 11 6 5 3 1 6 90+ days 120 31 26 4 22 28 11 7 Deferred Payment Arrangements (c) 170 80 53 37 16 4 — 8 Trade and Other Receivables $ 2,931 $ 818 $ 952 $ 525 $ 426 $ 102 $ 66 $ 271 December 31, 2020 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Unbilled Revenue (a)(b) $ 969 $ 328 $ 283 $ 167 $ 116 $ 2 $ 16 $ 86 0-30 days 1,789 445 707 398 307 60 26 149 30-60 days 185 80 54 25 29 8 3 8 60-90 days 22 1 10 4 6 2 1 3 90+ days 119 16 32 9 23 30 12 9 Deferred Payment Arrangements (c) 215 96 80 52 28 — — 7 Trade and Other Receivables $ 3,299 $ 966 $ 1,166 $ 655 $ 509 $ 102 $ 58 $ 262 (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 $55 million and $87 million for Duke Energy Ohio and Duke Energy Indiana, respectively, as of March 31, 2021, and $87 million and $134 million for Duke Energy Ohio and Duke Energy Indiana, respectively, as of December 31, 2020. (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, 2021 | |
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) 2021 2020 Net income available to Duke Energy common stockholders $ 953 $ 899 Accumulated preferred stock dividends adjustment 12 13 Less: Impact of participating securities 1 1 Income from continuing operations available to Duke Energy common stockholders $ 964 $ 911 Weighted average common shares outstanding – basic 769 734 Equity forwards — 2 Weighted average common shares outstanding – diluted 769 736 EPS available to Duke Energy common stockholders Basic and diluted $ 1.25 $ 1.24 Potentially dilutive items excluded from the calculation (a) 2 2 Dividends declared per common share $ 0.965 $ 0.945 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 $ 24.917 (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, 2021 | |
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, 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) Three Months Ended March 31, 2020 Duke Duke Duke Duke Duke Duke Energy Progress Energy Energy Energy Energy (in millions) Energy Carolinas Energy Progress Florida Ohio Indiana Piedmont Service cost $ 41 $ 12 $ 12 $ 6 $ 5 $ 1 $ 2 $ 1 Interest cost on projected benefit obligation 67 16 21 10 12 4 6 2 Expected return on plan assets (143) (36) (48) (22) (25) (7) (11) (5) Amortization of actuarial loss 34 7 11 5 6 2 3 2 Amortization of prior service credit (8) (2) (1) — — — — (2) Amortization of settlement charges 2 1 1 — — — — — Net periodic pension costs $ (7) $ (2) $ (4) $ (1) $ (2) $ — $ — $ (2) |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 2020 Duke Energy 8.2 % 13.3 % Duke Energy Carolinas 6.9 % 16.1 % Progress Energy 12.9 % 17.5 % Duke Energy Progress 8.3 % 17.1 % Duke Energy Florida 19.3 % 20.0 % Duke Energy Ohio 13.3 % 17.7 % Duke Energy Indiana 17.6 % 20.8 % Piedmont 11.4 % 10.1 % |
Organization and Basis of Pre_4
Organization and Basis of Presentation (Narrative) (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Noncontrolling Interest [Line Items] | ||
Other current liabilities | $ 1,858,000,000 | $ 2,936,000,000 |
ACP | ||
Noncontrolling Interest [Line Items] | ||
Other current liabilities | $ 46,000,000 | $ 936,000,000 |
Organization and Basis of Pre_5
Organization and Basis of Presentation (Schedule of Cash Received and Allocated Losses from Subsidiaries, Noncontrolling Interest) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Cash received for the sale of noncontrolling interest to tax equity members | $ 303 | $ 103 |
Cash received for the sale of noncontrolling interest to pro rata share members | 0 | 0 |
Total Noncontrolling Interest Capital Contributions | 303 | 103 |
Allocated losses to noncontrolling tax equity members utilizing the HLBV method | 43 | 49 |
Allocated losses (gains) to noncontrolling members based on pro rata shares of ownership | 8 | (1) |
Total Noncontrolling Interest Allocated Losses | $ 51 | $ 48 |
Organization and Basis of Pre_6
Organization and Basis of Presentation (Schedule of Cash and Cash Equivalents) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Current Assets | ||||
Cash and cash equivalents | $ 379 | $ 259 | ||
Other | 210 | 194 | ||
Other Noncurrent Assets | ||||
Other | 103 | 103 | ||
Total cash, cash equivalents and restricted cash | 692 | 556 | $ 1,698 | $ 573 |
Progress Energy | ||||
Current Assets | ||||
Cash and cash equivalents | 74 | 59 | ||
Other | 13 | 39 | ||
Other Noncurrent Assets | ||||
Other | 102 | 102 | ||
Total cash, cash equivalents and restricted cash | 189 | 200 | 125 | 126 |
Duke Energy Florida | ||||
Current Assets | ||||
Cash and cash equivalents | 22 | 11 | ||
Other | 13 | 39 | ||
Other Noncurrent Assets | ||||
Total cash, cash equivalents and restricted cash | $ 35 | $ 50 | $ 25 | $ 56 |
Organization and Basis of Pre_7
Organization and Basis of Presentation (Schedule of Inventory) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Public Utilities, Inventory [Line Items] | ||
Inventory | $ 3,076 | $ 3,167 |
Materials and supplies | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 2,365 | 2,312 |
Coal | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 464 | 561 |
Natural gas, oil and other fuel | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 247 | 294 |
Duke Energy Carolinas | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 1,021 | 1,010 |
Duke Energy Carolinas | Materials and supplies | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 816 | 785 |
Duke Energy Carolinas | Coal | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 170 | 186 |
Duke Energy Carolinas | Natural gas, oil and other fuel | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 35 | 39 |
Progress Energy | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 1,336 | 1,375 |
Progress Energy | Materials and supplies | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 1,011 | 999 |
Progress Energy | Coal | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 160 | 193 |
Progress Energy | Natural gas, oil and other fuel | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 165 | 183 |
Duke Energy Progress | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 882 | 911 |
Duke Energy Progress | Materials and supplies | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 680 | 673 |
Duke Energy Progress | Coal | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 101 | 131 |
Duke Energy Progress | Natural gas, oil and other fuel | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 101 | 107 |
Duke Energy Florida | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 455 | 464 |
Duke Energy Florida | Materials and supplies | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 332 | 325 |
Duke Energy Florida | Coal | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 59 | 63 |
Duke Energy Florida | Natural gas, oil and other fuel | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 64 | 76 |
Duke Energy Ohio | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 108 | 110 |
Duke Energy Ohio | Materials and supplies | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 77 | 78 |
Duke Energy Ohio | Coal | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 12 | 16 |
Duke Energy Ohio | Natural gas, oil and other fuel | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 19 | 16 |
Duke Energy Indiana | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 436 | 473 |
Duke Energy Indiana | Materials and supplies | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 313 | 307 |
Duke Energy Indiana | Coal | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 122 | 165 |
Duke Energy Indiana | Natural gas, oil and other fuel | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 1 | 1 |
Piedmont | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 37 | 68 |
Piedmont | Materials and supplies | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | 11 | 12 |
Piedmont | Natural gas, oil and other fuel | ||
Public Utilities, Inventory [Line Items] | ||
Inventory | $ 26 | $ 56 |
Organization and Basis of Pre_8
Organization and Basis of Presentation (Schedule of New Accounting Pronouncements) (Details) - USD ($) $ in Millions | 6 Months Ended | ||||
Jun. 30, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Total pretax impact to Retained Earnings | $ 49,658 | $ 49,184 | $ 48,083 | $ 47,951 | |
Accounting Standards Update [Extensible List] | ASU 2016-13 | ||||
Progress Energy | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Total pretax impact to Retained Earnings | 16,530 | 16,241 | 15,877 | 15,593 | |
Retained Earnings | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Total pretax impact to Retained Earnings | 2,680 | 2,471 | 4,221 | 4,108 | |
Retained Earnings | Progress Energy | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Total pretax impact to Retained Earnings | $ 7,400 | $ 7,109 | $ 6,747 | 6,465 | |
Cumulative Change in Accounting Principle | Retained Earnings | Revision of Prior Period, Accounting Standards Update, Adjustment | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Total pretax impact to Retained Earnings | 120 | ||||
Cumulative Change in Accounting Principle | Retained Earnings | Revision of Prior Period, Accounting Standards Update, Adjustment | Duke Energy Carolinas | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Total pretax impact to Retained Earnings | 16 | ||||
Cumulative Change in Accounting Principle | Retained Earnings | Revision of Prior Period, Accounting Standards Update, Adjustment | Progress Energy | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Total pretax impact to Retained Earnings | 2 | ||||
Cumulative Change in Accounting Principle | Retained Earnings | Revision of Prior Period, Accounting Standards Update, Adjustment | Duke Energy Progress | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Total pretax impact to Retained Earnings | 1 | ||||
Cumulative Change in Accounting Principle | Retained Earnings | Revision of Prior Period, Accounting Standards Update, Adjustment | Duke Energy Florida | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Total pretax impact to Retained Earnings | 1 | ||||
Cumulative Change in Accounting Principle | Retained Earnings | Revision of Prior Period, Accounting Standards Update, Adjustment | Piedmont | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Total pretax impact to Retained Earnings | $ 1 |
Business Segments (Narrative) (
Business Segments (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($)segment | |
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 | $ | $ 210 |
Joint owner ownership percentage | 51.00% |
Business Segments (Business Seg
Business Segments (Business Segment Data) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Operating revenues | $ 6,150 | $ 5,949 | |
Segment income (loss) | 953 | 899 | |
Less: Noncontrolling interests | (51) | (48) | |
Add: Preferred stock dividend | 39 | 39 | |
Net Income | 941 | 890 | |
Segment assets | 163,465 | $ 162,388 | |
Unregulated operating revenue | (182) | (187) | |
Incurred costs | 1,402 | 1,339 | |
Equity in (losses) earnings of unconsolidated affiliates | 17 | (44) | |
Electric Utilities and Infrastructure | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 5,273 | 5,174 | |
Gas Utilities and Infrastructure | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 752 | 640 | |
Gas Utilities and Infrastructure | Asset Impairment for Regulatory Action | |||
Segment Reporting Information [Line Items] | |||
Equity in (losses) earnings of unconsolidated affiliates | 6 | ||
Commercial Renewables | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 119 | 129 | |
Total Reportable Segments | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 6,144 | 5,943 | |
Other | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 6 | 6 | |
Other | |||
Segment Reporting Information [Line Items] | |||
Severance charge reversal | 98 | ||
Operating Segments | Electric Utilities and Infrastructure | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 5,281 | 5,183 | |
Segment income (loss) | 820 | 705 | |
Segment assets | 138,734 | ||
Operating Segments | Gas Utilities and Infrastructure | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 775 | 664 | |
Segment income (loss) | 245 | 249 | |
Segment assets | 14,139 | ||
Operating Segments | Commercial Renewables | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 119 | 129 | |
Segment income (loss) | 27 | 57 | |
Segment assets | 6,894 | ||
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 (losses) earnings of unconsolidated affiliates | 29 | ||
Operating Segments | Total Reportable Segments | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 6,175 | 5,976 | |
Segment income (loss) | 1,092 | 1,011 | |
Segment assets | 159,767 | ||
Other | Other | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 26 | 23 | |
Segment income (loss) | (139) | (112) | |
Segment assets | 3,710 | ||
Eliminations | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | (51) | (50) | |
Segment assets | (12) | ||
Eliminations | Electric Utilities and Infrastructure | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 8 | 9 | |
Eliminations | Gas Utilities and Infrastructure | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 23 | 24 | |
Eliminations | Total Reportable Segments | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 31 | 33 | |
Eliminations | Other | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 20 | 17 | |
Duke Energy Ohio | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 532 | 498 | |
Segment income (loss) | 91 | 65 | |
Segment assets | 10,141 | $ 10,025 | |
Incurred costs | 108 | 123 | |
Duke Energy Ohio | Operating Segments | Electric Utilities and Infrastructure | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 363 | 346 | |
Segment income (loss) | 50 | 30 | |
Segment assets | 6,544 | ||
Duke Energy Ohio | Operating Segments | Gas Utilities and Infrastructure | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 169 | 152 | |
Segment income (loss) | 43 | 36 | |
Segment assets | 3,575 | ||
Duke Energy Ohio | Operating Segments | Total Reportable Segments | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 532 | 498 | |
Segment income (loss) | 93 | 66 | |
Segment assets | 10,119 | ||
Duke Energy Ohio | Other | Other | |||
Segment Reporting Information [Line Items] | |||
Segment income (loss) | (2) | $ (1) | |
Segment assets | 29 | ||
Duke Energy Ohio | Eliminations | |||
Segment Reporting Information [Line Items] | |||
Segment assets | $ (7) |
Regulatory Matters (Duke Energy
Regulatory Matters (Duke Energy Carolinas and Duke Energy Progress) (Details) - USD ($) $ in Millions | Jan. 27, 2021 | Jan. 22, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Public Utilities, General Disclosures [Line Items] | ||||
Impairment of assets and other charges | $ 2 | |||
Duke Energy Carolinas | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Impairment of assets and other charges | $ 2 | |||
Duke Energy Carolinas | 15-year storm recovery bond | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Facility term | 20 years | |||
CCR Settlement Agreement | Duke Energy Carolinas and Duke Energy Progress | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Recovery costs not sought | $ 1,000 | |||
Recovery costs amortization period | 5 years | |||
Equity return on deferred coal ash cost future cases | 1.50% | |||
CCR Settlement Agreement | Duke Energy Carolinas and Duke Energy Progress | NCUC | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Public utilities, requested equity capital structure, percentage | 48.00% | |||
Public utilities, requested debt capital structure, percentage | 52.00% | |||
CCR Settlement Agreement | Duke Energy Carolinas | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Impairment of assets and other charges | $ 454 | |||
Reversal of regulated electric operating revenues | 50 | |||
CCR Settlement Agreement | Duke Energy Progress | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Impairment of assets and other charges | 494 | |||
Reversal of regulated electric operating revenues | $ 102 | |||
2020 North Carolina Storm Securitization Filings | Duke Energy Carolinas | NCUC | Storm costs | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Regulatory assets | $ 287 | |||
2020 North Carolina Storm Securitization Filings | Duke Energy Progress | NCUC | Storm costs | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Regulatory assets | $ 920 |
Regulatory Matters (Regulatory
Regulatory Matters (Regulatory Matters Narrative - Duke Energy Carolinas) (Details) - Duke Energy Carolinas - USD ($) $ in Millions | Apr. 12, 2021 | Mar. 31, 2021 | Sep. 30, 2019 | May 21, 2019 | Nov. 08, 2018 | Feb. 28, 2018 | Aug. 25, 2017 |
PSCSC | South Carolina Rate Case 2018 | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Requested rate increase (decrease), amount | $ 168 | ||||||
Approved return on equity percentage | 9.50% | ||||||
Public utilities, approved equity capital structure, percentage | 53.00% | ||||||
Public utilities, approved debt capital structure, percentage | 47.00% | ||||||
Change in tax rate, deferred tax liability, income tax benefit | $ 66 | ||||||
Measurement period adjustment, income tax expense (benefit) | $ 45 | ||||||
PSCSC | South Carolina Rate Case 2018 | North Carolina Department of Revenue | State and local jurisdiction | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Regulatory asset, amortization period | 5 years | ||||||
State and local taxes reduction amount | $ 17 | ||||||
NCUC | 2017 North Carolina Rate Case | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Requested rate increase (decrease), amount | $ 647 | ||||||
Requested return on equity, percent | 9.90% | ||||||
Public utilities, requested equity capital structure, percentage | 52.00% | ||||||
Public utilities, requested debt capital structure, percentage | 48.00% | ||||||
NCUC | 2019 North Carolina Rate Case | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Requested rate increase (decrease), amount | $ 291 | ||||||
Requested rate increase, percentage | 6.00% | ||||||
Requested rate increase (decrease), gross amount | $ 445 | ||||||
Requested rate increase (decrease), rider reduction | $ 154 | ||||||
NCUC | 2019 North Carolina Rate Case, additional Agreement and Stipulation of Partial Settlement | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Approved return on equity percentage | 9.60% | ||||||
Public utilities, approved equity capital structure, percentage | 52.00% | ||||||
Public utilities, approved debt capital structure, percentage | 48.00% | ||||||
NCUC | 2019 North Carolina Rate Case, additional Agreement and Stipulation of Partial Settlement | Subsequent event | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Requested rate increase (decrease), amended amount | $ 33 | ||||||
Grid Improvement | NCUC | 2019 North Carolina Rate Case, additional Agreement and Stipulation of Partial Settlement | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Regulatory assets | $ 800 | ||||||
Storm costs | NCUC | 2019 North Carolina Rate Case, additional Agreement and Stipulation of Partial Settlement | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Regulatory assets | $ 213 | ||||||
Deferred project costs | PSCSC | South Carolina Rate Case 2018 | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Regulatory asset, amortization period | 12 years | ||||||
Regulatory assets | $ 125 | ||||||
Asset retirement obligations - coal ash | PSCSC | South Carolina Rate Case 2018 | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Regulatory asset, amortization period | 5 years | ||||||
Regulatory assets | $ 96 | ||||||
Recovery costs denied | $ 115 | ||||||
Asset retirement obligations - unprotected EDIT, Property, Plant and Equipment | PSCSC | South Carolina Rate Case 2018 | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Regulatory asset, amortization period | 20 years | ||||||
Asset retirement obligations - unprotected EDIT | PSCSC | South Carolina Rate Case 2018 | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Regulatory asset, amortization period | 5 years | ||||||
Asset retirement obligations - deferred revenue | PSCSC | South Carolina Rate Case 2018 | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Regulatory asset, amortization period | 5 years |
Regulatory Matters (Regulator_2
Regulatory Matters (Regulatory Matters Narrative - Duke Energy Progress) (Details) - Duke Energy Progress $ in Millions | Apr. 26, 2021USD ($) | Apr. 16, 2021USD ($) | Oct. 16, 2020 | Oct. 30, 2019USD ($) | Oct. 11, 2019 | May 21, 2019USD ($) | Nov. 08, 2018USD ($) | Nov. 22, 2017 | Jun. 01, 2017USD ($) | Dec. 31, 2020USD ($) | Jul. 27, 2020MW | Mar. 31, 2020USD ($) | Sep. 30, 2019USD ($) |
Hurricane Dorian storm damage | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Estimated storm costs - O&M | $ 168 | ||||||||||||
Estimated storm costs - capital investments | $ 4 | ||||||||||||
Western Carolinas Modernization Plan | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Generation capacity (MW) | MW | 5 | ||||||||||||
FERC | FERC Return on Equity Complaint, NCEMPA | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Approved return on equity percentage | 11.00% | ||||||||||||
FERC | FERC Return on Equity Complaint, NCEMC | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Approved return on equity percentage | 11.00% | ||||||||||||
PSCSC | South Carolina Rate Case 2018 | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Requested rate increase (decrease), amount | $ 59 | ||||||||||||
Approved return on equity percentage | 9.50% | ||||||||||||
Public utilities, approved equity capital structure, percentage | 53.00% | ||||||||||||
Public utilities, approved debt capital structure, percentage | 47.00% | ||||||||||||
Change in tax rate, deferred tax liability, income tax benefit | $ 17 | ||||||||||||
Measurement period adjustment, income tax expense (benefit) | 12 | ||||||||||||
NCUC | 2017 North Carolina Rate Case | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Requested rate increase (decrease), amount | $ 477 | ||||||||||||
Requested rate increase (decrease), amended amount | $ 420 | ||||||||||||
Requested return on equity, percent | 9.90% | ||||||||||||
Public utilities, requested equity capital structure, percentage | 52.00% | ||||||||||||
Public utilities, requested debt capital structure, percentage | 48.00% | ||||||||||||
NCUC | 2019 North Carolina Rate Case | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Requested rate increase (decrease), amount | $ 464 | ||||||||||||
Requested rate increase, percentage | 12.30% | ||||||||||||
Requested rate increase (decrease), gross amount | $ 586 | ||||||||||||
Rider reduction | 122 | ||||||||||||
Requested rate increase (decrease), rider reduction | $ 120 | ||||||||||||
NCUC | 2019 North Carolina Rate Case | Subsequent event | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Requested rate increase (decrease), amount | $ 178 | ||||||||||||
NCUC | 2019 North Carolina Rate Case, additional Agreement and Stipulation of Partial Settlement | Subsequent event | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Approved return on equity percentage | 9.60% | ||||||||||||
Public utilities, approved equity capital structure, percentage | 52.00% | ||||||||||||
Public utilities, approved debt capital structure, percentage | 48.00% | ||||||||||||
State and local jurisdiction | North Carolina Department of Revenue | PSCSC | South Carolina Rate Case 2018 | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
State and local taxes increase amount | 12 | ||||||||||||
Grid Improvement | NCUC | 2019 North Carolina Rate Case, additional Agreement and Stipulation of Partial Settlement | Subsequent event | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Regulatory assets | $ 400 | ||||||||||||
Storm costs | Hurricane Dorian storm damage | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Regulatory assets | $ 145 | $ 145 | |||||||||||
Storm costs | NCUC | 2019 North Carolina Rate Case, additional Agreement and Stipulation of Partial Settlement | Subsequent event | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Regulatory assets | $ 714 | ||||||||||||
Asset retirement obligations - coal ash | PSCSC | South Carolina Rate Case 2018 | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Regulatory assets | 4 | ||||||||||||
Recovery costs denied | $ 65 | ||||||||||||
Regulatory asset, amortization period | 5 years | ||||||||||||
Asset retirement obligations - unprotected EDIT, Property, Plant and Equipment | PSCSC | South Carolina Rate Case 2018 | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Regulatory asset, amortization period | 20 years | ||||||||||||
Asset retirement obligations - unprotected EDIT | PSCSC | South Carolina Rate Case 2018 | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Regulatory asset, amortization period | 5 years | ||||||||||||
Asset retirement obligations - deferred revenue | PSCSC | South Carolina Rate Case 2018 | |||||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||||
Regulatory asset, amortization period | 3 years |
Regulatory Matters (Regulator_3
Regulatory Matters (Regulatory Matters Narrative - Duke Energy Florida) (Details) - Duke Energy Florida | Jan. 14, 2021USD ($) | Jul. 01, 2020USD ($)plantMW | Dec. 31, 2024USD ($) | Dec. 31, 2023USD ($) | Dec. 31, 2022USD ($) | Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | May 19, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 19, 2019USD ($) | Nov. 22, 2019USD ($) | Apr. 30, 2019USD ($) |
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 | 5000.00% | |||||||||||
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 | |||||||||
Hurricane Michael storm damage | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Estimated storm costs - capital and operation maintenance | $ 80,000,000 | $ 42,000,000 | ||||||||||
Hurricane Michael storm damage | FPSC | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Estimated storm costs - capital and operation maintenance | $ 223,000,000 | |||||||||||
Amount of recovery costs sought | $ 188,000,000 | $ 191,000,000 | ||||||||||
Requested supplemental true-up | $ 3,000,000 | |||||||||||
Hurricane Dorian storm damage | FPSC | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Estimated storm costs - capital and operation maintenance | $ 169,000,000 | |||||||||||
Actual storm costs - capital and operation maintenance | $ 145,000,000 | |||||||||||
Solar Project | ||||||||||||
Public Utilities, General Disclosures [Line Items] | ||||||||||||
Estimated cost of facilities | $ 1,000,000,000 | |||||||||||
Estimated cost of facilities period | 4 years |
Regulatory Matters (Regulator_4
Regulatory Matters (Regulatory Matters Narrative - Duke Energy Ohio) (Details) - Duke Energy Ohio $ in Millions | 3 Months Ended | ||||||
Mar. 31, 2021USD ($)site | Jul. 23, 2020USD ($) | Mar. 31, 2020USD ($) | Jan. 01, 2020plant | Jul. 12, 2019USD ($) | Mar. 29, 2019USD ($) | Sep. 28, 2018USD ($) | |
Public Utilities, General Disclosures [Line Items] | |||||||
Number of nuclear generating facilities eligible for funding | plant | 2 | ||||||
Natural Gas Pipeline extension | OPSB | Minimum | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Estimated capital cost excluding AFUDC | $ 163 | ||||||
Natural Gas Pipeline extension | OPSB | Maximum | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Estimated capital cost excluding AFUDC | $ 245 | ||||||
MGP Cost Recovery - 2009 Through 2012 | PUCO | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Number of environmental remediation sites | site | 2 | ||||||
Regulatory assets | $ 55 | ||||||
MGP Cost Recovery - 2013 Through 2017 | PUCO | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Regulatory assets | $ 26 | ||||||
MGP Cost Recovery - 2013 Through 2017 | PUCO | MGP Costs - regulatory disallowance | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Regulatory assets | $ 12 | ||||||
MGP Cost Recovery - 2018 | PUCO | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Regulatory assets | $ 20 | ||||||
MGP Cost Recovery - 2018 | PUCO | MGP Costs - regulatory disallowance | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Regulatory assets | $ 11 | ||||||
MGP Cost Recovery - 2019 | PUCO | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Regulatory assets | $ 39 | ||||||
MGP Cost Recovery - 2019 | PUCO | MGP Costs - regulatory disallowance | |||||||
Public Utilities, General Disclosures [Line Items] | |||||||
Regulatory assets | $ 4 |
Regulatory Matters (Regulator_5
Regulatory Matters (Regulatory Matters Narrative - Duke Energy Indiana) (Details) - Duke Energy Indiana - IURC - Indiana rate case 2019 - USD ($) $ in Millions | Jun. 29, 2020 | Dec. 04, 2019 | Jul. 02, 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 | ||
Public utilities, approved rate increase (decrease), percentage | 5.70% | ||
Approved return on equity percentage | 9.70% | ||
Public utilities, approved equity capital structure, percentage | 53.00% | ||
Rate base | $ 10,200 | ||
Reduction of requested rate base | $ 200 | ||
Reduction due to depreciation methodology | 50.00% | ||
Reduction due to approved return on equity | 20.00% | ||
Requested return on equity, percent | 10.40% | ||
Reduction due to earnings adjustments | 20.00% | ||
Estimated step one rate | 75.00% | ||
Estimated step two rate | 25.00% |
Regulatory Matters (Regulator_6
Regulatory Matters (Regulatory Matters Narrative - Piedmont) (Details) - Piedmont - USD ($) $ in Millions | Mar. 22, 2021 | Feb. 16, 2021 | Jul. 02, 2020 | Dec. 31, 2020 |
2020 Tennessee Rate Case | TPUC | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Requested rate increase (decrease), amount | $ 16 | $ 30 | $ 26 | |
Increase in annual revenue, percent | 15.00% | |||
Requested return on equity, percent | 9.80% | |||
2019 North Carolina Rate Case, additional Agreement and Stipulation of Partial Settlement | NCUC | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Increase in annual revenue, percent | 10.00% | |||
Requested rate increase (decrease), amended amount | $ 109 | |||
Plants rolled into base rate | 30.00% |
Regulatory Matters (Other Regul
Regulatory Matters (Other Regulatory Matters) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |||
Jun. 30, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Feb. 28, 2021 | Dec. 31, 2020 | |
Public Utilities, General Disclosures [Line Items] | |||||
Equity in losses (earnings) of unconsolidated affiliates | $ 17,000,000 | $ (44,000,000) | |||
Current Liabilities: Other | 1,858,000,000 | $ 2,936,000,000 | |||
Asset retirement obligations | 709,000,000 | 718,000,000 | |||
ACP | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Current Liabilities: Other | 46,000,000 | $ 936,000,000 | |||
ACP | ACP | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Equity in losses (earnings) of unconsolidated affiliates | $ 2,100,000,000 | ||||
Current Liabilities: Other | 38,000,000 | ||||
Other Noncurrent Liabilities | 48,000,000 | ||||
ACP | ACP | Current liabilities | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Guarantor obligations settled | $ 855,000,000 | ||||
Asset retirement obligations | $ 86,000,000 | ||||
ACP | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Joint owner ownership percentage | 47.00% |
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, 2021USD ($)MW | Dec. 31, 2034asset | Dec. 31, 2020USD ($) | |
Public Utilities, General Disclosures [Line Items] | |||
Public utilities, property, plant and equipment, net | $ 107,629 | $ 106,782 | |
Duke Energy Carolinas | |||
Public Utilities, General Disclosures [Line Items] | |||
Public utilities, property, plant and equipment, net | 33,337 | 33,187 | |
Duke Energy Progress | |||
Public Utilities, General Disclosures [Line Items] | |||
Public utilities, property, plant and equipment, net | 23,042 | 22,987 | |
Duke Energy Florida | |||
Public Utilities, General Disclosures [Line Items] | |||
Public utilities, property, plant and equipment, net | 16,813 | 16,563 | |
Duke Energy Indiana | |||
Public Utilities, General Disclosures [Line Items] | |||
Public utilities, property, plant and equipment, net | $ 11,727 | $ 11,721 | |
Generation facilities to be retired | |||
Public Utilities, General Disclosures [Line Items] | |||
Capacity (in MW) | MW | 9,121 | ||
Public utilities, property, plant and equipment, net | $ 6,253 | ||
Generation facilities to be retired | Duke Energy Carolinas | Allen Steam Station Units 1-2 | |||
Public Utilities, General Disclosures [Line Items] | |||
Capacity (in MW) | MW | 334 | ||
Public utilities, property, plant and equipment, net | $ 21 | ||
Generation facilities to be retired | Duke Energy Carolinas | Allen Steam Station Units 4-5 | |||
Public Utilities, General Disclosures [Line Items] | |||
Capacity (in MW) | MW | 526 | ||
Public utilities, property, plant and equipment, net | $ 388 | ||
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 | $ 343 | ||
Generation facilities to be retired | Duke Energy Carolinas | Allen Steam Station 3 | |||
Public Utilities, General Disclosures [Line Items] | |||
Capacity (in MW) | MW | 270 | ||
Public utilities, property, plant and equipment, net | $ 26 | ||
Generation facilities to be retired | Duke Energy Progress | Mayo Unit 1 | |||
Public Utilities, General Disclosures [Line Items] | |||
Capacity (in MW) | MW | 746 | ||
Public utilities, property, plant and equipment, net | $ 660 | ||
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 | $ 478 | ||
Generation facilities to be retired | Duke Energy Florida | Crystal River Units 4-5 | |||
Public Utilities, General Disclosures [Line Items] | |||
Capacity (in MW) | MW | 1,430 | ||
Public utilities, property, plant and equipment, net | $ 1,683 | ||
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 | Gallagher Units 2 and 4 | |||
Public Utilities, General Disclosures [Line Items] | |||
Capacity (in MW) | MW | 280 | ||
Public utilities, property, plant and equipment, net | $ 91 | ||
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 | $ 1,834 | ||
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 | $ 755 |
Commitments and Contingencies_2
Commitments and Contingencies (Schedule of Environmental Loss Contingencies) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Environmental Matters Details [Line Items] | ||
Reserves for Environmental Remediation | $ 74 | $ 75 |
Environmental exit costs, reasonably possible additional loss | 20 | |
Duke Energy Carolinas | ||
Environmental Matters Details [Line Items] | ||
Reserves for Environmental Remediation | 18 | 19 |
Environmental exit costs, reasonably possible additional loss | 12 | |
Progress Energy | ||
Environmental Matters Details [Line Items] | ||
Reserves for Environmental Remediation | 18 | 19 |
Duke Energy Progress | ||
Environmental Matters Details [Line Items] | ||
Reserves for Environmental Remediation | 6 | 6 |
Duke Energy Florida | ||
Environmental Matters Details [Line Items] | ||
Reserves for Environmental Remediation | 12 | 12 |
Duke Energy Ohio | ||
Environmental Matters Details [Line Items] | ||
Reserves for Environmental Remediation | 21 | 22 |
Environmental exit costs, reasonably possible additional loss | 4 | |
Duke Energy Indiana | ||
Environmental Matters Details [Line Items] | ||
Reserves for Environmental Remediation | 5 | 6 |
Piedmont | ||
Environmental Matters Details [Line Items] | ||
Reserves for Environmental Remediation | $ 11 | $ 10 |
Commitments and Contingencies_3
Commitments and Contingencies (Narrative) (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2021USD ($)caseplantclaim | Dec. 31, 2020USD ($) | |
Texas Storm Uri Tort Litigation | ||
Loss Contingencies [Line Items] | ||
Number of state court actions filed | case | 15 | |
Number of pending federal court cases | case | 1 | |
Coal Ash Insurance Coverage Litigation | ||
Loss Contingencies [Line Items] | ||
Number of NC and SC Plants with Ash Basins | plant | 15 | |
Duke Energy Carolinas | Asbestos-related Injuries and Damages Claims | ||
Loss Contingencies [Line Items] | ||
Asbestos-related injuries and damages reserves | $ 564 | $ 572 |
Reinsurance retention policy, excess retention, amount reinsured | 714 | |
Probable insurance recoveries | $ 704 | 704 |
Duke Energy Carolinas | Asbestos-related Injuries and Damages Claims | Non-malignant cases | ||
Loss Contingencies [Line Items] | ||
Loss contingency, pending claims, number | claim | 126 | |
Asbestos-related injuries and damages reserves | $ 31 | |
Duke Energy Carolinas | Asbestos-related Injuries and Damages Claims | Malignant cases | ||
Loss Contingencies [Line Items] | ||
Loss contingency, pending claims, number | claim | 47 | |
Asbestos-related injuries and damages reserves | $ 17 | |
Duke Energy and Duke Energy Carolinas | ASU 2016-13 | ||
Loss Contingencies [Line Items] | ||
Reserve for credit losses for insurance receivables | $ 15 | $ 15 |
Commitments and Contingencies_4
Commitments and Contingencies (Narrative 2) (Details) - Spent Nuclear Fuel Matters $ in Millions | Jun. 18, 2018USD ($) |
Duke Energy Progress | |
Gain Contingencies [Line Items] | |
Gain contingency, unrecorded amount | $ 100 |
Duke Energy Florida | |
Gain Contingencies [Line Items] | |
Gain contingency, unrecorded amount | $ 200 |
Commitments and Contingencies_5
Commitments and Contingencies (Schedule of Legal Reserves) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Loss Contingencies [Line Items] | ||
Reserves for legal matters | $ 65 | $ 68 |
Duke Energy Carolinas | ||
Loss Contingencies [Line Items] | ||
Reserves for legal matters | 3 | 2 |
Progress Energy | ||
Loss Contingencies [Line Items] | ||
Reserves for legal matters | 57 | 61 |
Duke Energy Progress | ||
Loss Contingencies [Line Items] | ||
Reserves for legal matters | 11 | 13 |
Duke Energy Florida | ||
Loss Contingencies [Line Items] | ||
Reserves for legal matters | 26 | 28 |
Piedmont | ||
Loss Contingencies [Line Items] | ||
Reserves for legal matters | $ 1 | $ 1 |
Debt and Credit Facilities (Sum
Debt and Credit Facilities (Summary of Debt Issuances) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Debt Instrument [Line Items] | ||
Debt issuances | $ 350,000,000 | |
Repayments of long-term debt | 76,000,000 | $ 292,000,000 |
Duke Energy (Parent) | ||
Debt Instrument [Line Items] | ||
Debt issuances | 0 | |
Duke Energy Carolinas | ||
Debt Instrument [Line Items] | ||
Debt issuances | 0 | |
Repayments of long-term debt | 33,000,000 | 2,000,000 |
Duke Energy Progress | ||
Debt Instrument [Line Items] | ||
Debt issuances | 0 | |
Repayments of long-term debt | 2,000,000 | 1,000,000 |
Duke Energy Florida | ||
Debt Instrument [Line Items] | ||
Debt issuances | 0 | |
Repayments of long-term debt | 33,000,000 | $ 282,000,000 |
Duke Energy Ohio | ||
Debt Instrument [Line Items] | ||
Debt issuances | 0 | |
Duke Energy Indiana | ||
Debt Instrument [Line Items] | ||
Debt issuances | 0 | |
Piedmont | ||
Debt Instrument [Line Items] | ||
Debt issuances | 350,000,000 | |
Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Repayments of long-term debt | $ 160,000,000 | |
Unsecured Debt | March 2021 | ||
Debt Instrument [Line Items] | ||
Interest Rate | 2.50% | |
Debt issuances | $ 350,000,000 | |
Unsecured Debt | Duke Energy (Parent) | March 2021 | ||
Debt Instrument [Line Items] | ||
Debt issuances | 0 | |
Unsecured Debt | Piedmont | March 2021 | ||
Debt Instrument [Line Items] | ||
Debt issuances | $ 350,000,000 |
Debt and Credit Facilities (S_2
Debt and Credit Facilities (Summary of Current Maturities of Long-term Debt) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Current maturities of long-term debt | $ 5,586 | $ 4,238 |
Other debt obligations | ||
Debt Instrument [Line Items] | ||
Current maturities of long-term debt | $ 723 | |
Duke Energy (Parent) | Unsecured Debt | Debt maturing May 2021, floating interest rate | ||
Debt Instrument [Line Items] | ||
Interest Rate | 0.698% | |
Current maturities of long-term debt | $ 500 | |
Duke Energy (Parent) | Unsecured Debt | Debt maturing September 2021, 3.550% interest rate | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.55% | |
Current maturities of long-term debt | $ 500 | |
Duke Energy (Parent) | Unsecured Debt | Debt maturing September 2021, 1.800% interest rate | ||
Debt Instrument [Line Items] | ||
Interest Rate | 1.80% | |
Current maturities of long-term debt | $ 750 | |
Duke Energy (Parent) | Unsecured Debt | Debt Maturing March 2022, 3.227% interest rate | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.227% | |
Current maturities of long-term debt | $ 300 | |
Duke Energy (Parent) | Unsecured Debt | Debt Maturing March 2022 0.871%, floating interest rate | ||
Debt Instrument [Line Items] | ||
Interest Rate | 0.827% | |
Current maturities of long-term debt | $ 300 | |
Piedmont | ||
Debt Instrument [Line Items] | ||
Current maturities of long-term debt | $ 160 | 160 |
Piedmont | Unsecured Debt | Debt maturing June 2021, 4.240% interest rate | ||
Debt Instrument [Line Items] | ||
Interest Rate | 4.24% | |
Current maturities of long-term debt | $ 160 | |
Duke Energy Florida | ||
Debt Instrument [Line Items] | ||
Current maturities of long-term debt | $ 824 | 823 |
Duke Energy Florida | Unsecured Debt | Debt Maturing November 2021, 0.482% interest rate | ||
Debt Instrument [Line Items] | ||
Interest Rate | 0.441% | |
Current maturities of long-term debt | $ 200 | |
Duke Energy Florida | First Mortgage Bonds | Bonds maturing August 2021, 3.100% interest rate | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.10% | |
Current maturities of long-term debt | $ 300 | |
Duke Energy Carolinas | ||
Debt Instrument [Line Items] | ||
Current maturities of long-term debt | $ 507 | 506 |
Duke Energy Carolinas | First Mortgage Bonds | Bonds maturing June 2021, 3.900% interest rate | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.90% | |
Current maturities of long-term debt | $ 500 | |
Duke Energy Progress | ||
Debt Instrument [Line Items] | ||
Current maturities of long-term debt | $ 1,302 | 603 |
Duke Energy Progress | Unsecured Debt | Debt Maturing February 2022, 0.400%, floating interest rate | ||
Debt Instrument [Line Items] | ||
Interest Rate | 0.369% | |
Current maturities of long-term debt | $ 700 | |
Duke Energy Progress | First Mortgage Bonds | Debt maturing September 2021, 3.000% interest rate | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.00% | |
Current maturities of long-term debt | $ 500 | |
Duke Energy Progress | First Mortgage Bonds | Debt maturing September 2021, 8.625% interest rate | ||
Debt Instrument [Line Items] | ||
Interest Rate | 8.625% | |
Current maturities of long-term debt | $ 100 | |
Duke Energy Indiana | ||
Debt Instrument [Line Items] | ||
Current maturities of long-term debt | $ 123 | $ 70 |
Duke Energy Indiana | First Mortgage Bonds | Debt Maturing January 2022, 8.850% interest rate | ||
Debt Instrument [Line Items] | ||
Interest Rate | 8.85% | |
Current maturities of long-term debt | $ 53 |
Debt and Credit Facilities (Nar
Debt and Credit Facilities (Narrative) (Details) | Mar. 31, 2021USD ($)tranche | Dec. 31, 2020USD ($) |
Debt Instrument [Line Items] | ||
Debt issuances | $ 350,000,000 | |
Number of tranches | tranche | 2 | |
Current maturities of long-term debt | $ 5,586,000,000 | $ 4,238,000,000 |
Duke Energy Carolinas | ||
Debt Instrument [Line Items] | ||
Debt issuances | 0 | |
Current maturities of long-term debt | 507,000,000 | $ 506,000,000 |
Duke Energy Carolinas | First Mortgage Bonds | ||
Debt Instrument [Line Items] | ||
Debt issuances | 1,000,000,000 | |
First Tranche | Duke Energy Carolinas | First Mortgage Bonds | ||
Debt Instrument [Line Items] | ||
Debt issuances | $ 550,000,000 | |
Stated rate | 2.55% | |
Second Tranche | Duke Energy Carolinas | First Mortgage Bonds | ||
Debt Instrument [Line Items] | ||
Debt issuances | $ 450,000,000 | |
Stated rate | 3.45% | |
Bonds maturing June 2021, 3.900% interest rate | Duke Energy Carolinas | First Mortgage Bonds | ||
Debt Instrument [Line Items] | ||
Stated rate | 3.90% | |
Current maturities of long-term debt | $ 500,000,000 |
Debt and Credit Facilities (Sch
Debt and Credit Facilities (Schedule of Line of Credit Facilities) (Details) - Master Credit Facility | Mar. 31, 2021USD ($) |
Line of Credit Facility [Line Items] | |
Facility size | $ 8,000,000,000 |
Commercial paper | (3,466,000,000) |
Outstanding letters of credit | (31,000,000) |
Tax-exempt bonds | (81,000,000) |
Available capacity under the Master Credit Facility | 4,422,000,000 |
Duke Energy Carolinas | |
Line of Credit Facility [Line Items] | |
Facility size | 1,475,000,000 |
Commercial paper | (741,000,000) |
Outstanding letters of credit | (4,000,000) |
Available capacity under the Master Credit Facility | 730,000,000 |
Duke Energy Progress | |
Line of Credit Facility [Line Items] | |
Facility size | 1,250,000,000 |
Commercial paper | (292,000,000) |
Outstanding letters of credit | (2,000,000) |
Available capacity under the Master Credit Facility | 956,000,000 |
Duke Energy Florida | |
Line of Credit Facility [Line Items] | |
Facility size | 700,000,000 |
Commercial paper | (243,000,000) |
Available capacity under the Master Credit Facility | 457,000,000 |
Duke Energy Ohio | |
Line of Credit Facility [Line Items] | |
Facility size | 625,000,000 |
Commercial paper | (259,000,000) |
Available capacity under the Master Credit Facility | 366,000,000 |
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 | 700,000,000 |
Available capacity under the Master Credit Facility | 700,000,000 |
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 | 2,650,000,000 |
Commercial paper | (1,781,000,000) |
Outstanding letters of credit | (25,000,000) |
Available capacity under the Master Credit Facility | $ 844,000,000 |
Debt and Credit Facilities (S_3
Debt and Credit Facilities (Schedule of Other Credit Facilities) (Details) - Master Credit Facility | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Line of Credit Facility [Line Items] | |
Facility size | $ 8,000,000,000 |
Duke Energy (Parent) Three-Year Revolving Credit Facility | Duke Energy (Parent) | |
Line of Credit Facility [Line Items] | |
Facility size | 1,000,000,000 |
Amount drawn | $ 500,000,000 |
Facility term | 3 years |
Goodwill (Rollforward of Goodwi
Goodwill (Rollforward of Goodwill) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
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 |
Accumulated impairment charges | 0 | 0 |
Goodwill, adjusted for accumulated impairment charges | 17,379 | 17,379 |
Gas Utilities and Infrastructure | ||
Goodwill [Line Items] | ||
Goodwill balance | 1,924 | 1,924 |
Accumulated impairment charges | 0 | 0 |
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, adjusted for accumulated impairment charges | $ 0 | $ 0 |
Goodwill (Narrative) (Details)
Goodwill (Narrative) (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
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 |
Accumulated impairment charges | 0 | 0 |
Gas Utilities and Infrastructure | ||
Goodwill [Line Items] | ||
Goodwill | 1,924,000,000 | 1,924,000,000 |
Accumulated impairment charges | 0 | 0 |
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, 2021 | Mar. 31, 2020 | |
Duke Energy Carolinas | Corporate governance and shared service expenses | Affiliated Entity | ||
Related Party Transaction [Line Items] | ||
Related party transaction, expenses from transactions with related party | $ 203 | $ 134 |
Duke Energy Carolinas | Indemnification coverages | Affiliated Entity | ||
Related Party Transaction [Line Items] | ||
Related party transaction, expenses from transactions with related party | 6 | 5 |
Duke Energy Carolinas | JDA | Duke Energy Progress | ||
Related Party Transaction [Line Items] | ||
Related party transaction, expenses from transactions with related party | 40 | 24 |
Related party transaction, other revenues from transactions with related party | 13 | 7 |
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 | 14 | 6 |
Progress Energy | Corporate governance and shared service expenses | Affiliated Entity | ||
Related Party Transaction [Line Items] | ||
Related party transaction, expenses from transactions with related party | 181 | 146 |
Progress Energy | Indemnification coverages | Affiliated Entity | ||
Related Party Transaction [Line Items] | ||
Related party transaction, expenses from transactions with related party | 10 | 9 |
Progress Energy | JDA | Duke Energy Carolinas | ||
Related Party Transaction [Line Items] | ||
Related party transaction, expenses from transactions with related party | 13 | 7 |
Related party transaction, other revenues from transactions with related party | 40 | 24 |
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 | 105 | 75 |
Duke Energy Progress | Indemnification coverages | Affiliated Entity | ||
Related Party Transaction [Line Items] | ||
Related party transaction, expenses from transactions with related party | 5 | 4 |
Duke Energy Progress | JDA | Duke Energy Carolinas | ||
Related Party Transaction [Line Items] | ||
Related party transaction, expenses from transactions with related party | 13 | 7 |
Related party transaction, other revenues from transactions with related party | 40 | 24 |
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 | 76 | 71 |
Duke Energy Florida | Indemnification coverages | Affiliated Entity | ||
Related Party Transaction [Line Items] | ||
Related party transaction, expenses from transactions with related party | 5 | 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 | 79 | 84 |
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 | 113 | 106 |
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 | 33 | 34 |
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 | 33 | 25 |
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, 2021 | Dec. 31, 2020 |
Duke Energy Carolinas | ||
Related Party Transaction [Line Items] | ||
Intercompany income tax payable | $ 31 | $ 31 |
Progress Energy | ||
Related Party Transaction [Line Items] | ||
Intercompany income tax receivable | 84 | |
Intercompany income tax payable | 33 | |
Duke Energy Progress | ||
Related Party Transaction [Line Items] | ||
Intercompany income tax payable | 12 | 46 |
Duke Energy Florida | ||
Related Party Transaction [Line Items] | ||
Intercompany income tax receivable | 46 | |
Intercompany income tax payable | 35 | |
Duke Energy Ohio | ||
Related Party Transaction [Line Items] | ||
Intercompany income tax payable | 2 | 2 |
Duke Energy Indiana | ||
Related Party Transaction [Line Items] | ||
Intercompany income tax receivable | 9 | |
Intercompany income tax payable | 36 | |
Piedmont | ||
Related Party Transaction [Line Items] | ||
Intercompany income tax receivable | $ 10 | |
Intercompany income tax payable | $ 39 |
Derivatives and Hedging (Notion
Derivatives and Hedging (Notional Amounts of Derivative Instruments) (Details) Mcf in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Mar. 31, 2021USD ($)GWhMcf | Jun. 30, 2020GWhMcf | Dec. 31, 2020USD ($)GWh | |
Interest Rate Contracts | |||
Derivative [Line Items] | |||
Notional amount | $ 3,361 | $ 1,809 | |
Commodity contracts | Cash flow hedges | |||
Derivative [Line Items] | |||
Notional amount, energy measure (in gigawatt-hours) | GWh | 10,720 | 22,048 | |
Commodity contracts | Electricity (GWh)(a) | |||
Derivative [Line Items] | |||
Notional amount, energy measure (in gigawatt-hours) | GWh | 16,259 | 35,409 | |
Commodity contracts | Natural gas (millions of dekatherms) | |||
Derivative [Line Items] | |||
Notional amount, volume (in millions of dekatherms) | Mcf | 675 | 678 | |
Designated contracts | Interest Rate Contracts | |||
Derivative [Line Items] | |||
Notional amount | $ 1,630 | $ 632 | |
Designated contracts | Interest Rate Contracts | VIE primary beneficiary | |||
Derivative [Line Items] | |||
Notional amount | 631 | 632 | |
Undesignated contracts | Interest Rate Contracts | |||
Derivative [Line Items] | |||
Notional amount | 1,731 | 1,177 | |
Undesignated contracts | Interest Rate Contracts | VIE primary beneficiary | |||
Derivative [Line Items] | |||
Notional amount | 54 | ||
Duke Energy Carolinas | Interest Rate Contracts | |||
Derivative [Line Items] | |||
Notional amount | $ 400 | 400 | |
Duke Energy Carolinas | Commodity contracts | Natural gas (millions of dekatherms) | |||
Derivative [Line Items] | |||
Notional amount, volume (in millions of dekatherms) | Mcf | 151 | 145 | |
Duke Energy Carolinas | Undesignated contracts | Interest Rate Contracts | |||
Derivative [Line Items] | |||
Notional amount | $ 400 | 400 | |
Progress Energy | Interest Rate Contracts | |||
Derivative [Line Items] | |||
Notional amount | $ 1,250 | 750 | |
Progress Energy | Commodity contracts | Natural gas (millions of dekatherms) | |||
Derivative [Line Items] | |||
Notional amount, volume (in millions of dekatherms) | Mcf | 158 | 158 | |
Progress Energy | Undesignated contracts | Interest Rate Contracts | |||
Derivative [Line Items] | |||
Notional amount | $ 1,250 | 750 | |
Duke Energy Progress | Interest Rate Contracts | |||
Derivative [Line Items] | |||
Notional amount | $ 750 | 750 | |
Duke Energy Progress | Commodity contracts | Natural gas (millions of dekatherms) | |||
Derivative [Line Items] | |||
Notional amount, volume (in millions of dekatherms) | Mcf | 158 | 158 | |
Duke Energy Progress | Undesignated contracts | Interest Rate Contracts | |||
Derivative [Line Items] | |||
Notional amount | $ 750 | 750 | |
Duke Energy Florida | Interest Rate Contracts | |||
Derivative [Line Items] | |||
Notional amount | 500 | ||
Duke Energy Florida | Undesignated contracts | Interest Rate Contracts | |||
Derivative [Line Items] | |||
Notional amount | 500 | ||
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 | 1,325 | 2,559 | |
Duke Energy Ohio | Undesignated contracts | Interest Rate Contracts | |||
Derivative [Line Items] | |||
Notional amount | $ 27 | $ 27 | |
Duke Energy Indiana | Commodity contracts | Electricity (GWh)(a) | |||
Derivative [Line Items] | |||
Notional amount, energy measure (in gigawatt-hours) | GWh | 4,214 | 10,802 | |
Duke Energy Indiana | Commodity contracts | Natural gas (millions of dekatherms) | |||
Derivative [Line Items] | |||
Notional amount, volume (in millions of dekatherms) | Mcf | 2 | 2 | |
Piedmont | Commodity contracts | Natural gas (millions of dekatherms) | |||
Derivative [Line Items] | |||
Notional amount, volume (in millions of dekatherms) | Mcf | 364 | 373 |
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, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | $ 206 | $ 61 |
Location and fair value amounts of derivatives (Liability) | 349 | 324 |
Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 192 | 48 |
Noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 14 | 13 |
Current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 57 | 64 |
Noncurrent liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 292 | 260 |
Commodity Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 46 | 43 |
Location and fair value amounts of derivatives (Liability) | 301 | 251 |
Interest Rate Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 160 | 18 |
Location and fair value amounts of derivatives (Liability) | 48 | 73 |
Not Designated as Hedging Instruments | Commodity Contracts | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 32 | 30 |
Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 14 | 13 |
Not Designated as Hedging Instruments | Commodity Contracts | Current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 19 | 30 |
Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 154 | 137 |
Not Designated as Hedging Instruments | Interest Rate Contracts | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 129 | 18 |
Not Designated as Hedging Instruments | Interest Rate Contracts | Current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 4 | 5 |
Not Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 4 | 5 |
Designated as Hedging Instruments | Commodity Contracts | Current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 19 | 14 |
Designated as Hedging Instruments | Commodity Contracts | Noncurrent liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 109 | 70 |
Designated as Hedging Instruments | Interest Rate Contracts | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 31 | |
Designated as Hedging Instruments | Interest Rate Contracts | Current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 15 | 15 |
Designated as Hedging Instruments | Interest Rate Contracts | Noncurrent liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 25 | 48 |
Duke Energy Carolinas | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 62 | 20 |
Location and fair value amounts of derivatives (Liability) | 20 | |
Duke Energy Carolinas | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 55 | 14 |
Duke Energy Carolinas | Noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 7 | 6 |
Duke Energy Carolinas | Current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 17 | |
Duke Energy Carolinas | Noncurrent liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 3 | |
Duke Energy Carolinas | Commodity Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 24 | 20 |
Location and fair value amounts of derivatives (Liability) | 16 | |
Duke Energy Carolinas | Interest Rate Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 38 | |
Location and fair value amounts of derivatives (Liability) | 4 | |
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) | 17 | 14 |
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) | 7 | 6 |
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) | 13 | |
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) | 3 | |
Duke Energy Carolinas | Not Designated as Hedging Instruments | Interest Rate Contracts | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 38 | |
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) | 4 | |
Progress Energy | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 103 | 33 |
Location and fair value amounts of derivatives (Liability) | 28 | 29 |
Progress Energy | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 96 | 27 |
Progress Energy | Noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 7 | 6 |
Progress Energy | Current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 3 | 2 |
Progress Energy | Noncurrent liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 25 | 27 |
Progress Energy | Commodity Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 19 | 15 |
Location and fair value amounts of derivatives (Liability) | 25 | 29 |
Progress Energy | Interest Rate Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 84 | 18 |
Location and fair value amounts of derivatives (Liability) | 3 | |
Progress Energy | Not Designated as Hedging Instruments | Commodity Contracts | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 12 | 9 |
Progress Energy | Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 7 | 6 |
Progress Energy | Not Designated as Hedging Instruments | Commodity Contracts | Current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 2 | |
Progress Energy | Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 25 | 27 |
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) | 84 | 18 |
Progress Energy | Not Designated as Hedging Instruments | Interest Rate Contracts | Current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 3 | |
Duke Energy Progress | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 100 | 33 |
Location and fair value amounts of derivatives (Liability) | 9 | 14 |
Duke Energy Progress | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 93 | 27 |
Duke Energy Progress | Noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 7 | 6 |
Duke Energy Progress | Current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 2 | |
Duke Energy Progress | Noncurrent liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 9 | 12 |
Duke Energy Progress | Commodity Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 19 | 15 |
Location and fair value amounts of derivatives (Liability) | 9 | 14 |
Duke Energy Progress | Interest Rate Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 81 | 18 |
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) | 12 | 9 |
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) | 7 | 6 |
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) | 2 | |
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) | 9 | 12 |
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) | 81 | 18 |
Duke Energy Florida | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 3 | |
Location and fair value amounts of derivatives (Liability) | 3 | |
Duke Energy Florida | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 3 | |
Duke Energy Florida | Current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 3 | |
Duke Energy Florida | Interest Rate Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 3 | |
Location and fair value amounts of derivatives (Liability) | 3 | |
Duke Energy Florida | Not Designated as Hedging Instruments | Interest Rate Contracts | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 3 | |
Duke Energy Florida | Not Designated as Hedging Instruments | Interest Rate Contracts | Current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 3 | |
Duke Energy Ohio | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 1 | |
Location and fair value amounts of derivatives (Liability) | 5 | 6 |
Duke Energy Ohio | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 1 | |
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) | 4 | 5 |
Duke Energy Ohio | Commodity Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 1 | |
Duke Energy Ohio | Interest Rate Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 5 | 6 |
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) | 1 | |
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) | 4 | 5 |
Duke Energy Indiana | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 2 | 6 |
Location and fair value amounts of derivatives (Liability) | 1 | |
Duke Energy Indiana | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 2 | 6 |
Duke Energy Indiana | Current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 1 | |
Duke Energy Indiana | Commodity Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 2 | 6 |
Location and fair value amounts of derivatives (Liability) | 1 | |
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) | 2 | 6 |
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) | 1 | |
Piedmont | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 1 | 1 |
Location and fair value amounts of derivatives (Liability) | 148 | 122 |
Piedmont | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 1 | 1 |
Piedmont | Current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 19 | 15 |
Piedmont | Noncurrent liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 129 | 107 |
Piedmont | Commodity Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 1 | 1 |
Location and fair value amounts of derivatives (Liability) | 148 | 122 |
Piedmont | Not Designated as Hedging Instruments | Commodity Contracts | Current assets | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Asset) | 1 | 1 |
Piedmont | Not Designated as Hedging Instruments | Commodity Contracts | Current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | 19 | 15 |
Piedmont | Not Designated as Hedging Instruments | Commodity Contracts | Noncurrent liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Location and fair value amounts of derivatives (Liability) | $ 129 | $ 107 |
Derivatives and Hedging (Schedu
Derivatives and Hedging (Schedule of Offsetting Assets) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | $ 206 | $ 61 |
Net amounts recognized on the Condensed Consolidated Balance Sheet | 206 | 61 |
Current assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 192 | 48 |
Gross amounts offset | (3) | |
Net amounts recognized on the Condensed Consolidated Balance Sheet | 192 | 45 |
Noncurrent assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 14 | 13 |
Gross amounts offset | (4) | (5) |
Net amounts recognized on the Condensed Consolidated Balance Sheet | 10 | 8 |
Duke Energy Carolinas | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 62 | 20 |
Net amounts recognized on the Condensed Consolidated Balance Sheet | 62 | 20 |
Duke Energy Carolinas | Current assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 55 | 14 |
Gross amounts offset | (2) | |
Net amounts recognized on the Condensed Consolidated Balance Sheet | 55 | 12 |
Duke Energy Carolinas | Noncurrent assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 7 | 6 |
Gross amounts offset | (1) | |
Net amounts recognized on the Condensed Consolidated Balance Sheet | 7 | 5 |
Progress Energy | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 103 | 33 |
Net amounts recognized on the Condensed Consolidated Balance Sheet | 103 | 33 |
Progress Energy | Current assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 96 | 27 |
Gross amounts offset | (2) | |
Net amounts recognized on the Condensed Consolidated Balance Sheet | 96 | 25 |
Progress Energy | Noncurrent assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 7 | 6 |
Gross amounts offset | (4) | (4) |
Net amounts recognized on the Condensed Consolidated Balance Sheet | 3 | 2 |
Duke Energy Progress | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 100 | 33 |
Net amounts recognized on the Condensed Consolidated Balance Sheet | 100 | 33 |
Duke Energy Progress | Current assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 93 | 27 |
Gross amounts offset | (2) | |
Net amounts recognized on the Condensed Consolidated Balance Sheet | 93 | 25 |
Duke Energy Progress | Noncurrent assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 7 | 6 |
Gross amounts offset | (4) | (4) |
Net amounts recognized on the Condensed Consolidated Balance Sheet | 3 | 2 |
Duke Energy Florida | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 3 | |
Net amounts recognized on the Condensed Consolidated Balance Sheet | 3 | |
Duke Energy Florida | Current assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 3 | |
Net amounts recognized on the Condensed Consolidated Balance Sheet | 3 | |
Duke Energy Ohio | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 1 | |
Duke Energy Ohio | Current assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 1 | |
Net amounts recognized on the Condensed Consolidated Balance Sheet | 1 | |
Duke Energy Indiana | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 2 | 6 |
Net amounts recognized on the Condensed Consolidated Balance Sheet | 2 | 6 |
Duke Energy Indiana | Current assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 2 | 6 |
Net amounts recognized on the Condensed Consolidated Balance Sheet | 2 | 6 |
Piedmont | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 1 | 1 |
Net amounts recognized on the Condensed Consolidated Balance Sheet | 1 | 1 |
Piedmont | Current assets | ||
Offsetting Derivative Assets [Abstract] | ||
Gross amounts recognized | 1 | 1 |
Net amounts recognized on the Condensed Consolidated Balance Sheet | $ 1 | $ 1 |
Derivatives and Hedging (Sche_2
Derivatives and Hedging (Schedule of Offsetting Liabilities) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | $ 349 | $ 324 |
Net amounts recognized on the Condensed Consolidated Balance Sheet | 349 | 324 |
Current liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 57 | 64 |
Gross amounts offset | (3) | |
Net amounts recognized on the Condensed Consolidated Balance Sheet | 57 | 61 |
Noncurrent liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 292 | 260 |
Gross amounts offset | (4) | (5) |
Net amounts recognized on the Condensed Consolidated Balance Sheet | 288 | 255 |
Duke Energy Carolinas | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 20 | |
Net amounts recognized on the Condensed Consolidated Balance Sheet | 20 | |
Duke Energy Carolinas | Current liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 17 | |
Gross amounts offset | (2) | |
Net amounts recognized on the Condensed Consolidated Balance Sheet | 15 | |
Duke Energy Carolinas | Noncurrent liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 3 | |
Gross amounts offset | (1) | |
Net amounts recognized on the Condensed Consolidated Balance Sheet | 2 | |
Progress Energy | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 28 | 29 |
Net amounts recognized on the Condensed Consolidated Balance Sheet | 28 | 29 |
Progress Energy | Current liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 3 | 2 |
Gross amounts offset | (2) | |
Net amounts recognized on the Condensed Consolidated Balance Sheet | 3 | |
Progress Energy | Noncurrent liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 25 | 27 |
Gross amounts offset | (4) | (4) |
Net amounts recognized on the Condensed Consolidated Balance Sheet | 21 | 23 |
Duke Energy Progress | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 9 | 14 |
Net amounts recognized on the Condensed Consolidated Balance Sheet | 9 | 14 |
Duke Energy Progress | Current liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 2 | |
Gross amounts offset | (2) | |
Duke Energy Progress | Noncurrent liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 9 | 12 |
Gross amounts offset | (4) | (4) |
Net amounts recognized on the Condensed Consolidated Balance Sheet | 5 | 8 |
Duke Energy Florida | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 3 | |
Net amounts recognized on the Condensed Consolidated Balance Sheet | 3 | |
Duke Energy Florida | Current liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 3 | |
Net amounts recognized on the Condensed Consolidated Balance Sheet | 3 | |
Duke Energy Ohio | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 5 | 6 |
Duke Energy Ohio | Current liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 1 | 1 |
Net amounts recognized on the Condensed Consolidated Balance Sheet | 1 | 1 |
Duke Energy Ohio | Noncurrent liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 4 | 5 |
Net amounts recognized on the Condensed Consolidated Balance Sheet | 4 | 5 |
Duke Energy Indiana | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 1 | |
Net amounts recognized on the Condensed Consolidated Balance Sheet | 1 | |
Duke Energy Indiana | Current liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 1 | |
Net amounts recognized on the Condensed Consolidated Balance Sheet | 1 | |
Piedmont | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 148 | 122 |
Net amounts recognized on the Condensed Consolidated Balance Sheet | 148 | 122 |
Piedmont | Current liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 19 | 15 |
Net amounts recognized on the Condensed Consolidated Balance Sheet | 19 | 15 |
Piedmont | Noncurrent liabilities | ||
Offsetting Derivative Liabilities [Abstract] | ||
Gross amounts recognized | 129 | 107 |
Net amounts recognized on the Condensed Consolidated Balance Sheet | $ 129 | $ 107 |
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, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale | ||
Estimated Fair Value | $ 3,112 | |
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract] | ||
Unrealized Holding Gains | 4,541 | $ 4,387 |
Unrealized Holding Losses | 77 | 55 |
Estimated Fair Value | 10,060 | 9,687 |
Duke Energy Carolinas | ||
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 1,344 | |
Progress Energy | ||
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 1,517 | |
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract] | ||
Unrealized Holding Gains | 1,878 | 1,769 |
Unrealized Holding Losses | 37 | 31 |
Estimated Fair Value | 4,395 | 4,296 |
Duke Energy Progress | ||
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 1,003 | |
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract] | ||
Unrealized Holding Gains | 1,790 | 1,687 |
Unrealized Holding Losses | 32 | 31 |
Estimated Fair Value | 3,646 | 3,529 |
Duke Energy Florida | ||
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 514 | |
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract] | ||
Unrealized Holding Gains | 88 | 82 |
Unrealized Holding Losses | 5 | |
Estimated Fair Value | 645 | 663 |
Duke Energy Indiana | ||
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 45 | |
NDTF | ||
Available-for-sale Securities | ||
Cash and cash equivalents | 193 | 177 |
Equity Securities, FV-NI | ||
Equity Securities, FV-NI, Accumulated Unrealized Gain | 4,363 | 4,138 |
Equity Securities, FV-NI, Accumulated Unrealized Loss | 47 | 54 |
Equity securities, FV-NI | 6,379 | 6,235 |
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 2,835 | 2,717 |
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract] | ||
Unrealized Holding Gains | 4,450 | 4,295 |
Unrealized Holding Losses | 74 | 55 |
Estimated Fair Value | 9,407 | 9,129 |
NDTF | Duke Energy Carolinas | ||
Available-for-sale Securities | ||
Cash and cash equivalents | 63 | 30 |
Equity Securities, FV-NI | ||
Equity Securities, FV-NI, Accumulated Unrealized Gain | 2,531 | 2,442 |
Equity Securities, FV-NI, Accumulated Unrealized Loss | 23 | 23 |
Equity securities, FV-NI | 3,738 | 3,685 |
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 1,344 | 1,250 |
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract] | ||
Unrealized Holding Gains | 2,574 | 2,529 |
Unrealized Holding Losses | 37 | 24 |
Estimated Fair Value | 5,145 | 4,965 |
NDTF | Progress Energy | ||
Available-for-sale Securities | ||
Cash and cash equivalents | 130 | 147 |
Equity Securities, FV-NI | ||
Equity Securities, FV-NI, Accumulated Unrealized Gain | 1,832 | 1,696 |
Equity Securities, FV-NI, Accumulated Unrealized Loss | 24 | 31 |
Equity securities, FV-NI | 2,641 | 2,550 |
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 1,491 | 1,467 |
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract] | ||
Unrealized Holding Gains | 1,876 | 1,766 |
Unrealized Holding Losses | 37 | 31 |
Estimated Fair Value | 4,262 | 4,164 |
NDTF | Duke Energy Progress | ||
Available-for-sale Securities | ||
Cash and cash equivalents | 95 | 76 |
Equity Securities, FV-NI | ||
Equity Securities, FV-NI, Accumulated Unrealized Gain | 1,746 | 1,617 |
Equity Securities, FV-NI, Accumulated Unrealized Loss | 24 | 31 |
Equity securities, FV-NI | 2,547 | 2,459 |
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 1,003 | 993 |
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract] | ||
Unrealized Holding Gains | 1,790 | 1,687 |
Unrealized Holding Losses | 32 | 31 |
Estimated Fair Value | 3,645 | 3,528 |
NDTF | Duke Energy Florida | ||
Available-for-sale Securities | ||
Cash and cash equivalents | 35 | 71 |
Equity Securities, FV-NI | ||
Equity Securities, FV-NI, Accumulated Unrealized Gain | 86 | 79 |
Equity securities, FV-NI | 94 | 91 |
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 488 | 474 |
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract] | ||
Unrealized Holding Gains | 86 | 79 |
Unrealized Holding Losses | 5 | |
Estimated Fair Value | 617 | 636 |
Other Investments | ||
Available-for-sale Securities | ||
Cash and cash equivalents | 222 | 127 |
Equity Securities, FV-NI | ||
Equity Securities, FV-NI, Accumulated Unrealized Gain | 86 | 79 |
Equity securities, FV-NI | 154 | 146 |
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 277 | 285 |
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract] | ||
Unrealized Holding Gains | 91 | 92 |
Unrealized Holding Losses | 3 | |
Estimated Fair Value | 653 | 558 |
Other Investments | Progress Energy | ||
Available-for-sale Securities | ||
Cash and cash equivalents | 107 | 106 |
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 26 | 26 |
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract] | ||
Unrealized Holding Gains | 2 | 3 |
Estimated Fair Value | 133 | 132 |
Other Investments | Duke Energy Progress | ||
Available-for-sale Securities | ||
Cash and cash equivalents | 1 | 1 |
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract] | ||
Estimated Fair Value | 1 | 1 |
Other Investments | Duke Energy Florida | ||
Available-for-sale Securities | ||
Cash and cash equivalents | 2 | 1 |
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 26 | 26 |
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract] | ||
Unrealized Holding Gains | 2 | 3 |
Estimated Fair Value | 28 | 27 |
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 | 62 | 58 |
Equity securities, FV-NI | 102 | 97 |
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 45 | 45 |
Investments, Accumulated Gross Unrealized Gains (Losses) [Abstract] | ||
Unrealized Holding Gains | 63 | 59 |
Unrealized Holding Losses | 1 | |
Estimated Fair Value | 147 | 143 |
Corporate debt securities | NDTF | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 38 | 76 |
Gross Unrealized Holding Losses | 8 | 1 |
Estimated Fair Value | 793 | 806 |
Corporate debt securities | NDTF | Duke Energy Carolinas | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 23 | 49 |
Gross Unrealized Holding Losses | 5 | 1 |
Estimated Fair Value | 475 | 510 |
Corporate debt securities | NDTF | Progress Energy | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 15 | 27 |
Gross Unrealized Holding Losses | 3 | |
Estimated Fair Value | 318 | 296 |
Corporate debt securities | NDTF | Duke Energy Progress | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 15 | 27 |
Gross Unrealized Holding Losses | 3 | |
Estimated Fair Value | 291 | 296 |
Corporate debt securities | NDTF | Duke Energy Florida | ||
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 27 | |
Corporate debt securities | Other Investments | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 2 | 8 |
Estimated Fair Value | 109 | 110 |
Corporate debt securities | Other Investments | Duke Energy Indiana | ||
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 4 | 3 |
Municipal bonds | NDTF | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 13 | 22 |
Gross Unrealized Holding Losses | 1 | |
Estimated Fair Value | 299 | 370 |
Municipal bonds | NDTF | Duke Energy Carolinas | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 6 | |
Estimated Fair Value | 22 | 91 |
Municipal bonds | NDTF | Progress Energy | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 13 | 16 |
Gross Unrealized Holding Losses | 1 | |
Estimated Fair Value | 277 | 279 |
Municipal bonds | NDTF | Duke Energy Progress | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 13 | 16 |
Gross Unrealized Holding Losses | 1 | |
Estimated Fair Value | 277 | 279 |
Municipal bonds | Other Investments | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 3 | 5 |
Gross Unrealized Holding Losses | 1 | |
Estimated Fair Value | 77 | 86 |
Municipal bonds | Other Investments | Progress Energy | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 2 | 3 |
Estimated Fair Value | 26 | 26 |
Municipal bonds | Other Investments | Duke Energy Florida | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 2 | 3 |
Estimated Fair Value | 26 | 26 |
Municipal bonds | Other Investments | Duke Energy Indiana | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 1 | 1 |
Gross Unrealized Holding Losses | 1 | |
Estimated Fair Value | 35 | 38 |
U.S. government bonds | NDTF | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 31 | 51 |
Gross Unrealized Holding Losses | 18 | |
Estimated Fair Value | 1,559 | 1,361 |
U.S. government bonds | NDTF | Duke Energy Carolinas | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 16 | 25 |
Gross Unrealized Holding Losses | 9 | |
Estimated Fair Value | 669 | 475 |
U.S. government bonds | NDTF | Progress Energy | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 15 | 26 |
Gross Unrealized Holding Losses | 9 | |
Estimated Fair Value | 890 | 886 |
U.S. government bonds | NDTF | Duke Energy Progress | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 15 | 26 |
Gross Unrealized Holding Losses | 4 | |
Estimated Fair Value | 429 | 412 |
U.S. government bonds | NDTF | Duke Energy Florida | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Losses | 5 | |
Estimated Fair Value | 461 | 474 |
U.S. government bonds | Other Investments | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Losses | 1 | |
Estimated Fair Value | 55 | 42 |
U.S. government bonds | Other Investments | Duke Energy Indiana | ||
Debt Securities, Available-for-sale | ||
Estimated Fair Value | 6 | 4 |
Other debt securities | NDTF | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 5 | 8 |
Estimated Fair Value | 184 | 180 |
Other debt securities | NDTF | Duke Energy Carolinas | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 4 | 7 |
Estimated Fair Value | 178 | 174 |
Other debt securities | NDTF | Progress Energy | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 1 | 1 |
Estimated Fair Value | 6 | 6 |
Other debt securities | NDTF | Duke Energy Progress | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Gains | 1 | 1 |
Estimated Fair Value | 6 | 6 |
Other debt securities | Other Investments | ||
Debt Securities, Available-for-sale | ||
Gross Unrealized Holding Losses | 1 | |
Estimated Fair Value | $ 36 | $ 47 |
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, 2021 | Mar. 31, 2020 | |
FV-NI: | ||
Realized gains | $ 140 | $ 23 |
Realized losses | 23 | 65 |
AFS: | ||
Realized gains | 18 | 20 |
Realized losses | 13 | 6 |
Duke Energy Carolinas | ||
FV-NI: | ||
Realized gains | 128 | 9 |
Realized losses | 16 | 45 |
AFS: | ||
Realized gains | 13 | 12 |
Realized losses | 9 | 5 |
Progress Energy | ||
FV-NI: | ||
Realized gains | 12 | 14 |
Realized losses | 7 | 20 |
AFS: | ||
Realized gains | 4 | 5 |
Realized losses | 3 | 1 |
Duke Energy Progress | ||
FV-NI: | ||
Realized gains | 12 | 14 |
Realized losses | 7 | 20 |
AFS: | ||
Realized gains | 4 | 5 |
Realized losses | $ 3 | $ 1 |
Investments in Debt and Equit_5
Investments in Debt and Equity Securities (Maturities) (Details) $ in Millions | Mar. 31, 2021USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Due in one year or less | $ 152 |
Due after one through five years | 1,013 |
Due after five through 10 years | 693 |
Due after 10 years | 1,254 |
Total | 3,112 |
Duke Energy Carolinas | |
Debt Securities, Available-for-sale [Line Items] | |
Due in one year or less | 7 |
Due after one through five years | 375 |
Due after five through 10 years | 310 |
Due after 10 years | 652 |
Total | 1,344 |
Progress Energy | |
Debt Securities, Available-for-sale [Line Items] | |
Due in one year or less | 116 |
Due after one through five years | 579 |
Due after five through 10 years | 289 |
Due after 10 years | 533 |
Total | 1,517 |
Duke Energy Progress | |
Debt Securities, Available-for-sale [Line Items] | |
Due in one year or less | 18 |
Due after one through five years | 267 |
Due after five through 10 years | 217 |
Due after 10 years | 501 |
Total | 1,003 |
Duke Energy Florida | |
Debt Securities, Available-for-sale [Line Items] | |
Due in one year or less | 98 |
Due after one through five years | 312 |
Due after five through 10 years | 72 |
Due after 10 years | 32 |
Total | 514 |
Duke Energy Indiana | |
Debt Securities, Available-for-sale [Line Items] | |
Due in one year or less | 5 |
Due after one through five years | 18 |
Due after five through 10 years | 9 |
Due after 10 years | 13 |
Total | $ 45 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Measurement Amounts for Assets and Liabilities) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | $ 3,112 | |
Derivative assets | 206 | $ 61 |
Total assets | 10,266 | 9,748 |
Derivative liabilities | (349) | (324) |
Net assets (liabilities) | 9,917 | 9,424 |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 1 | 1 |
Total assets | 7,970 | 7,551 |
Net assets (liabilities) | 7,970 | 7,551 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 203 | 53 |
Total assets | 2,247 | 2,144 |
Derivative liabilities | (221) | (240) |
Net assets (liabilities) | 2,026 | 1,904 |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 2 | 7 |
Total assets | 2 | 7 |
Derivative liabilities | (128) | (84) |
Net assets (liabilities) | (126) | (77) |
Not Categorized | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 47 | 46 |
Net assets (liabilities) | 47 | 46 |
NDTF | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 193 | 177 |
Equity securities, FV-NI | 6,379 | 6,235 |
Debt securities, available-for-sale | 2,835 | 2,717 |
NDTF | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 193 | 177 |
Debt securities, available-for-sale | 1,019 | 874 |
NDTF | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 1,816 | 1,843 |
NDTF equity securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities, FV-NI | 6,379 | 6,235 |
NDTF equity securities | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities, FV-NI | 6,332 | 6,189 |
NDTF equity securities | Not Categorized | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities, FV-NI | 47 | 46 |
Other Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 222 | 127 |
Equity securities, FV-NI | 154 | 146 |
Debt securities, available-for-sale | 277 | 285 |
Other Investments | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 222 | 127 |
Equity securities, FV-NI | 154 | 146 |
Debt securities, available-for-sale | 49 | 37 |
Other Investments | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 228 | 248 |
Duke Energy Carolinas | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 1,344 | |
Derivative assets | 62 | 20 |
Total assets | 5,207 | 4,985 |
Derivative liabilities | (20) | |
Net assets (liabilities) | 4,965 | |
Duke Energy Carolinas | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 4,123 | 3,861 |
Net assets (liabilities) | 3,861 | |
Duke Energy Carolinas | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 62 | 20 |
Total assets | 1,037 | 1,078 |
Derivative liabilities | (20) | |
Net assets (liabilities) | 1,058 | |
Duke Energy Carolinas | Not Categorized | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 47 | 46 |
Net assets (liabilities) | 46 | |
Duke Energy Carolinas | NDTF | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 63 | 30 |
Equity securities, FV-NI | 3,738 | 3,685 |
Debt securities, available-for-sale | 1,344 | 1,250 |
Duke Energy Carolinas | NDTF | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 63 | 30 |
Debt securities, available-for-sale | 369 | 192 |
Duke Energy Carolinas | NDTF | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 975 | 1,058 |
Duke Energy Carolinas | NDTF equity securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities, FV-NI | 3,738 | 3,685 |
Duke Energy Carolinas | NDTF equity securities | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities, FV-NI | 3,691 | 3,639 |
Duke Energy Carolinas | NDTF equity securities | Not Categorized | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities, FV-NI | 47 | 46 |
Progress Energy | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 1,517 | |
Derivative assets | 103 | 33 |
Total assets | 4,498 | 4,329 |
Derivative liabilities | (28) | (29) |
Net assets (liabilities) | 4,470 | 4,300 |
Progress Energy | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 3,528 | 3,485 |
Net assets (liabilities) | 3,528 | 3,485 |
Progress Energy | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 103 | 33 |
Total assets | 970 | 844 |
Derivative liabilities | (28) | (29) |
Net assets (liabilities) | 942 | 815 |
Progress Energy | NDTF | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 130 | 147 |
Equity securities, FV-NI | 2,641 | 2,550 |
Debt securities, available-for-sale | 1,491 | 1,467 |
Progress Energy | NDTF | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 130 | 147 |
Debt securities, available-for-sale | 650 | 682 |
Progress Energy | NDTF | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 841 | 785 |
Progress Energy | NDTF equity securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities, FV-NI | 2,641 | 2,550 |
Progress Energy | NDTF equity securities | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities, FV-NI | 2,641 | 2,550 |
Progress Energy | Other Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 107 | 106 |
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 | 107 | 106 |
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 | 1,003 | |
Derivative assets | 100 | 33 |
Total assets | 3,746 | 3,562 |
Derivative liabilities | (9) | (14) |
Net assets (liabilities) | 3,737 | 3,548 |
Duke Energy Progress | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 2,880 | 2,773 |
Net assets (liabilities) | 2,880 | 2,773 |
Duke Energy Progress | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 100 | 33 |
Total assets | 866 | 789 |
Derivative liabilities | (9) | (14) |
Net assets (liabilities) | 857 | 775 |
Duke Energy Progress | NDTF | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 95 | 76 |
Equity securities, FV-NI | 2,547 | 2,459 |
Debt securities, available-for-sale | 1,003 | 993 |
Duke Energy Progress | NDTF | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 95 | 76 |
Debt securities, available-for-sale | 237 | 237 |
Duke Energy Progress | NDTF | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 766 | 756 |
Duke Energy Progress | NDTF equity securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities, FV-NI | 2,547 | 2,459 |
Duke Energy Progress | NDTF equity securities | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities, FV-NI | 2,547 | 2,459 |
Duke Energy Progress | Other Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 1 | 1 |
Duke Energy Progress | Other Investments | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 1 | 1 |
Duke Energy Florida | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 514 | |
Derivative assets | 3 | |
Total assets | 648 | 663 |
Derivative liabilities | (3) | |
Net assets (liabilities) | 645 | 663 |
Duke Energy Florida | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 544 | 608 |
Net assets (liabilities) | 544 | 608 |
Duke Energy Florida | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 3 | |
Total assets | 104 | 55 |
Derivative liabilities | (3) | |
Net assets (liabilities) | 101 | 55 |
Duke Energy Florida | NDTF | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 35 | 71 |
Equity securities, FV-NI | 94 | 91 |
Debt securities, available-for-sale | 488 | 474 |
Duke Energy Florida | NDTF | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 35 | 71 |
Debt securities, available-for-sale | 413 | 445 |
Duke Energy Florida | NDTF | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 75 | 29 |
Duke Energy Florida | NDTF equity securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities, FV-NI | 94 | 91 |
Duke Energy Florida | NDTF equity securities | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities, FV-NI | 94 | 91 |
Duke Energy Florida | Other Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 2 | 1 |
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 | 1 |
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 | 45 | |
Derivative assets | 2 | 6 |
Total assets | 149 | 149 |
Derivative liabilities | (1) | |
Net assets (liabilities) | 149 | 148 |
Duke Energy Indiana | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 102 | 98 |
Derivative liabilities | (1) | |
Net assets (liabilities) | 102 | 97 |
Duke Energy Indiana | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 45 | 45 |
Net assets (liabilities) | 45 | 45 |
Duke Energy Indiana | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 2 | 6 |
Total assets | 2 | 6 |
Net assets (liabilities) | 2 | 6 |
Duke Energy Indiana | Other Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 1 | |
Equity securities, FV-NI | 102 | 97 |
Debt securities, available-for-sale | 45 | 45 |
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 | 102 | 97 |
Duke Energy Indiana | Other Investments | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt securities, available-for-sale | 45 | 45 |
Piedmont | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 1 | 1 |
Derivative liabilities | (148) | (122) |
Net assets (liabilities) | (147) | (121) |
Piedmont | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 1 | 1 |
Net assets (liabilities) | 1 | 1 |
Piedmont | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | (148) | (122) |
Net assets (liabilities) | $ (148) | $ (122) |
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, 2021 | Mar. 31, 2020 | |
Derivatives (net) | ||
Balance at beginning of period | $ (77) | $ (102) |
Total pretax realized or unrealized losses included in comprehensive income | (44) | |
Purchases, sales, issuances and settlements: | ||
Settlements | (7) | (9) |
Total gains included on the Condensed Consolidated Balance Sheet | 2 | 23 |
Balance at end of period | (126) | (88) |
Duke Energy Indiana | ||
Derivatives (net) | ||
Balance at beginning of period | 6 | 11 |
Purchases, sales, issuances and settlements: | ||
Settlements | (6) | (6) |
Total gains included on the Condensed Consolidated Balance Sheet | 2 | (3) |
Balance at end of period | $ 2 | 2 |
Piedmont | ||
Derivatives (net) | ||
Balance at beginning of period | (117) | |
Purchases, sales, issuances and settlements: | ||
Total gains and settlements | 26 | |
Balance at end of period | $ (91) |
Fair Value Measurements (Quanti
Fair Value Measurements (Quantitative Level 3 Fair Value Disclosures) (Details) $ in Millions | Mar. 31, 2021USD ($)$ / MWh | Dec. 31, 2020USD ($)$ / MWh | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Fair Value Measurement Inputs and Valuation Techniques | ||||
Net derivative asset (liability) | $ | $ (126) | $ (77) | $ (88) | $ (102) |
Electricity contracts | Discounted cash flow | ||||
Fair Value Measurement Inputs and Valuation Techniques | ||||
Net derivative asset (liability) | $ | $ (84) | |||
Electricity contracts | Discounted cash flow | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques | ||||
Input measurements (in usd per MWh and usd per MMBtu) | 14.68 | |||
Electricity contracts | Discounted cash flow | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques | ||||
Input measurements (in usd per MWh and usd per MMBtu) | 151.84 | |||
Electricity contracts | Discounted cash flow | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques | ||||
Input measurements (in usd per MWh and usd per MMBtu) | 28.84 | |||
Electricity contracts | RTO auction pricing | ||||
Fair Value Measurement Inputs and Valuation Techniques | ||||
Net derivative asset (liability) | $ | $ (128) | |||
Electricity contracts | RTO auction pricing | Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques | ||||
Input measurements (in usd per MWh and usd per MMBtu) | 15.55 | |||
Electricity contracts | RTO auction pricing | Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques | ||||
Input measurements (in usd per MWh and usd per MMBtu) | 134.48 | |||
Electricity contracts | RTO auction pricing | Weighted Average | ||||
Fair Value Measurement Inputs and Valuation Techniques | ||||
Input measurements (in usd per MWh and usd per MMBtu) | 34.80 | |||
Duke Energy Indiana | ||||
Fair Value Measurement Inputs and Valuation Techniques | ||||
Net derivative asset (liability) | $ | $ 2 | $ 6 | $ 2 | $ 11 |
Duke Energy Indiana | FTRs | RTO auction pricing | ||||
Fair Value Measurement Inputs and Valuation Techniques | ||||
Net derivative asset (liability) | $ | $ 2 | $ 6 | ||
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) | (1.02) | (2.40) | ||
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) | 7.23 | 7.41 | ||
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) | 0.80 | 1.05 | ||
Duke Energy Ohio | FTRs | RTO auction pricing | ||||
Fair Value Measurement Inputs and Valuation Techniques | ||||
Net derivative asset (liability) | $ | $ 1 | |||
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) | 0.25 | |||
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) | 1.68 | |||
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) | 0.79 |
Fair Value Measurements (Other
Fair Value Measurements (Other Fair Value Disclosure) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, book value | $ 60,354 | $ 59,863 |
Long-term debt, fair value | 64,641 | 69,292 |
Piedmont Natural Gas and Progress Energy | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unamortized debt discount (premium), net | 1,300 | 1,300 |
Duke Energy Carolinas | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, book value | 12,329 | 12,218 |
Long-term debt, fair value | 13,461 | 14,917 |
Progress Energy | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, book value | 19,333 | 19,264 |
Long-term debt, fair value | 21,838 | 23,470 |
Duke Energy Progress | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, book value | 9,356 | 9,258 |
Long-term debt, fair value | 10,131 | 10,862 |
Duke Energy Florida | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, book value | 7,884 | 7,915 |
Long-term debt, fair value | 9,018 | 9,756 |
Duke Energy Ohio | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, book value | 3,090 | 3,089 |
Long-term debt, fair value | 3,397 | 3,650 |
Duke Energy Indiana | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, book value | 4,091 | 4,091 |
Long-term debt, fair value | 4,691 | 5,204 |
Piedmont | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, book value | 3,127 | 2,780 |
Long-term debt, fair value | $ 3,412 | $ 3,306 |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | Feb. 28, 2021 | |
ACP | Current liabilities | ACP | |||
Variable Interest Entities [Line Items] | |||
Guarantor obligations settled | $ 855,000,000 | ||
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 not primary beneficiary | ACP | |||
Variable Interest Entities [Line Items] | |||
Variable interest entity ownership interest | 47.00% | ||
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, 2021 | Dec. 31, 2020 |
Variable Interest Entities [Line Items] | ||
Long-Term Debt | $ 54,768,000,000 | $ 55,625,000,000 |
Duke Energy Carolinas | ||
Variable Interest Entities [Line Items] | ||
Long-Term Debt | 11,522,000,000 | 11,412,000,000 |
Duke Energy Progress | ||
Variable Interest Entities [Line Items] | ||
Long-Term Debt | 7,904,000,000 | 8,505,000,000 |
Duke Energy Florida | ||
Variable Interest Entities [Line Items] | ||
Long-Term Debt | 7,060,000,000 | 7,092,000,000 |
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 | 472,000,000 | 547,000,000 |
DERF | Duke Energy Carolinas | VIE primary beneficiary | ||
Variable Interest Entities [Line Items] | ||
Facility size | 475,000,000 | |
Long-Term Debt | 430,000,000 | 364,000,000 |
Accounts receivable from securitization | 613,000,000 | 696,000,000 |
DEPR | Duke Energy Progress | VIE primary beneficiary | ||
Variable Interest Entities [Line Items] | ||
Facility size | 350,000,000 | |
Long-Term Debt | 350,000,000 | 250,000,000 |
Accounts receivable from securitization | 422,000,000 | 500,000,000 |
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 | $ 323,000,000 | $ 397,000,000 |
Variable Interest Entities (S_2
Variable Interest Entities (Schedule of Consolidated VIEs) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Variable Interest Entities [Line Items] | ||
Regulatory Assets: Current | $ 1,650 | $ 1,641 |
Current Assets: Other | 619 | 462 |
Other Noncurrent Assets: Regulatory assets | 12,441 | 12,421 |
Property, Plant and Equipment: Cost | 157,372 | 155,580 |
Accumulated depreciation and amortization | (49,772) | (48,827) |
Other Noncurrent Assets: Other | 3,715 | 3,601 |
Current Liabilities: Other | 1,858 | 2,936 |
Current maturities of long-term debt | 5,586 | 4,238 |
Long-Term Debt | 54,768 | 55,625 |
Other Noncurrent Liabilities: AROs | 12,299 | 12,286 |
Other Noncurrent Liabilities: Other | 1,769 | 1,719 |
Duke Energy Florida | ||
Variable Interest Entities [Line Items] | ||
Regulatory Assets: Current | 352 | 265 |
Current Assets: Other | 82 | 41 |
Other Noncurrent Assets: Regulatory assets | 1,717 | 1,799 |
Property, Plant and Equipment: Cost | 22,459 | 22,123 |
Accumulated depreciation and amortization | (5,646) | (5,560) |
Other Noncurrent Assets: Other | 355 | 335 |
Current Liabilities: Other | 356 | 374 |
Current maturities of long-term debt | 824 | 823 |
Long-Term Debt | 7,060 | 7,092 |
Other Noncurrent Liabilities: AROs | 493 | 514 |
Other Noncurrent Liabilities: Other | 267 | 209 |
DEFPF | Duke Energy Florida | VIE primary beneficiary | ||
Variable Interest Entities [Line Items] | ||
Receivables of VIEs | 4 | 4 |
Regulatory Assets: Current | 54 | 53 |
Current Assets: Other | 14 | 39 |
Other Noncurrent Assets: Regulatory assets | 927 | 937 |
Current Liabilities: Other | 2 | 10 |
Current maturities of long-term debt | 55 | 55 |
Long-Term Debt | 972 | 1,002 |
Commercial Renewables | VIE primary beneficiary | ||
Variable Interest Entities [Line Items] | ||
Current Assets: Other | 319 | 257 |
Property, Plant and Equipment: Cost | 6,860 | 6,394 |
Accumulated depreciation and amortization | (1,297) | (1,242) |
Other Noncurrent Assets: Other | 66 | 67 |
Current maturities of long-term debt | 167 | 167 |
Long-Term Debt | 1,584 | 1,569 |
Other Noncurrent Liabilities: AROs | 153 | 148 |
Other Noncurrent Liabilities: Other | $ 331 | $ 316 |
Variable Interest Entities (S_3
Variable Interest Entities (Schedule of Non-Consolidated VIEs) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Variable Interest Entities [Line Items] | ||
Investments in equity method unconsolidated affiliates | $ 919 | $ 961 |
Other noncurrent assets | 3,715 | 3,601 |
Total Assets | 163,465 | 162,388 |
Other current liabilities | 1,858 | 2,936 |
Other Noncurrent Liabilities: Other | 1,769 | 1,719 |
VIE not primary beneficiary | ||
Variable Interest Entities [Line Items] | ||
Other current assets | 4 | |
Investments in equity method unconsolidated affiliates | 483 | 530 |
Other noncurrent assets | 31 | |
Deferred tax asset | 29 | |
Total Assets | 516 | 561 |
Other current liabilities | 41 | 933 |
Other Noncurrent Liabilities: Other | 58 | 18 |
Total liabilities | 99 | 951 |
Net assets | 417 | (390) |
Duke Energy Ohio | ||
Variable Interest Entities [Line Items] | ||
Other noncurrent assets | 75 | 72 |
Total Assets | 10,141 | 10,025 |
Other current liabilities | 67 | 70 |
Other Noncurrent Liabilities: Other | 97 | 99 |
Duke Energy Ohio | VIE not primary beneficiary | ||
Variable Interest Entities [Line Items] | ||
Receivables from affiliated companies | 46 | 83 |
Total Assets | 46 | 83 |
Net assets | 46 | 83 |
Duke Energy Indiana | ||
Variable Interest Entities [Line Items] | ||
Other noncurrent assets | 251 | 253 |
Total Assets | 14,063 | 14,041 |
Other current liabilities | 82 | 83 |
Other Noncurrent Liabilities: Other | 35 | 30 |
Duke Energy Indiana | VIE not primary beneficiary | ||
Variable Interest Entities [Line Items] | ||
Receivables from affiliated companies | 60 | 110 |
Total Assets | 60 | 110 |
Net assets | 60 | 110 |
Pipeline Investments | VIE not primary beneficiary | ||
Variable Interest Entities [Line Items] | ||
Other current assets | 4 | |
Investments in equity method unconsolidated affiliates | 3 | |
Other noncurrent assets | 31 | |
Deferred tax asset | 29 | |
Total Assets | 36 | 31 |
Other current liabilities | 38 | 928 |
Other Noncurrent Liabilities: Other | 48 | 8 |
Total liabilities | 86 | 936 |
Net assets | (50) | (905) |
Commercial Renewables | VIE not primary beneficiary | ||
Variable Interest Entities [Line Items] | ||
Investments in equity method unconsolidated affiliates | 480 | 530 |
Total Assets | 480 | 530 |
Other current liabilities | 3 | 5 |
Other Noncurrent Liabilities: Other | 10 | 10 |
Total liabilities | 13 | 15 |
Net assets | $ 467 | $ 515 |
Variable Interest Entities (Rec
Variable Interest Entities (Receivables Sold) (Details) - VIE not primary beneficiary - CRC - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Duke Energy Ohio | ||
Variable Interest Entities [Line Items] | ||
Receivables sold | $ 241 | $ 270 |
Less: Retained interests | 46 | 83 |
Net receivables sold | 195 | 187 |
Duke Energy Indiana | ||
Variable Interest Entities [Line Items] | ||
Receivables sold | 285 | 344 |
Less: Retained interests | 60 | 110 |
Net receivables sold | $ 225 | $ 234 |
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, 2021 | Mar. 31, 2020 | |
Duke Energy Ohio | ||
Variable Interest Entities [Line Items] | ||
Receivables sold | $ 561 | $ 537 |
Loss recognized on sale | 3 | 4 |
Cash proceeds from receivables sold | 596 | 559 |
Return received on retained interests | 1 | 2 |
Duke Energy Indiana | ||
Variable Interest Entities [Line Items] | ||
Receivables sold | 698 | 647 |
Loss recognized on sale | 3 | 4 |
Cash proceeds from receivables sold | 746 | 672 |
Return received on retained interests | $ 2 | $ 2 |
Revenue (Remaining Performance
Revenue (Remaining Performance Obligations) (Details) $ in Millions | Mar. 31, 2021USD ($) |
Progress Energy | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 325 |
Progress Energy | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
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 | $ 71 |
Progress Energy | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
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 | $ 107 |
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 | $ 44 |
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 | |
Revenue, remaining performance obligation, amount | $ 51 |
Duke Energy Progress | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 30 |
Duke Energy Progress | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
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]: 2022-01-01 | |
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]: 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 | |
Duke Energy Florida | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 295 |
Duke Energy Florida | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
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 | $ 65 |
Duke Energy Florida | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
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 | $ 99 |
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 | $ 36 |
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 | |
Revenue, remaining performance obligation, amount | $ 51 |
Duke Energy Indiana | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 57 |
Duke Energy Indiana | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
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]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Duke Energy 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 | $ 7 |
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 | $ 12 |
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 | $ 12 |
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 | |
Revenue, remaining performance obligation, amount | $ 24 |
Piedmont | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 637 |
Piedmont | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
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 | $ 50 |
Piedmont | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
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 | $ 67 |
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 | |
Revenue, remaining performance obligation, amount | $ 335 |
Revenue (Remaining Performanc_2
Revenue (Remaining Performance Obligations Total) (Details) $ in Millions | Mar. 31, 2021USD ($) |
Progress Energy | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 325 |
Duke Energy Progress | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | 30 |
Duke Energy Florida | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | 295 |
Duke Energy Indiana | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | 57 |
Piedmont | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 637 |
Revenue (Disaggregation of Reve
Revenue (Disaggregation of Revenue) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | $ 6,094 | $ 5,800 |
Revenue from sources other than contracts with customers | 56 | 149 |
Total operating revenues | 6,150 | 5,949 |
Electric Utilities and Infrastructure | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 5,273 | 5,134 |
Total operating revenues | 5,273 | 5,174 |
Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 2,462 | 2,261 |
Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 1,419 | 1,492 |
Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 662 | 693 |
Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 504 | 497 |
Electric Utilities and Infrastructure | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 226 | 191 |
Gas Utilities and Infrastructure | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 761 | 602 |
Total operating revenues | 752 | 640 |
Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 460 | 362 |
Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 204 | 169 |
Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 50 | 41 |
Gas Utilities and Infrastructure | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 47 | 30 |
Commercial Renewables | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 54 | 58 |
Total operating revenues | 119 | 129 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 6 | 6 |
Total operating revenues | 6 | 6 |
Duke Energy Carolinas | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 1,739 | 1,748 |
Revenue from sources other than contracts with customers | (23) | |
Total operating revenues | 1,716 | 1,748 |
Duke Energy Carolinas | Electric Utilities and Infrastructure | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 1,739 | 1,748 |
Duke Energy Carolinas | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 793 | 756 |
Duke Energy Carolinas | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 502 | 549 |
Duke Energy Carolinas | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 256 | 269 |
Duke Energy Carolinas | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 114 | 114 |
Duke Energy Carolinas | Electric Utilities and Infrastructure | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 74 | 60 |
Progress Energy | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 2,479 | 2,367 |
Revenue from sources other than contracts with customers | 26 | 55 |
Total operating revenues | 2,505 | 2,422 |
Progress Energy | Electric Utilities and Infrastructure | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 2,479 | 2,367 |
Progress Energy | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 1,162 | 1,064 |
Progress Energy | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 624 | 648 |
Progress Energy | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 207 | 216 |
Progress Energy | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 326 | 321 |
Progress Energy | Electric Utilities and Infrastructure | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 160 | 118 |
Duke Energy Progress | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 1,386 | 1,317 |
Revenue from sources other than contracts with customers | 15 | 21 |
Total operating revenues | 1,401 | 1,338 |
Duke Energy Progress | Electric Utilities and Infrastructure | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 1,386 | 1,317 |
Duke Energy Progress | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 560 | 502 |
Duke Energy Progress | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 306 | 319 |
Duke Energy Progress | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 145 | 154 |
Duke Energy Progress | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 292 | 279 |
Duke Energy Progress | Electric Utilities and Infrastructure | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 83 | 63 |
Duke Energy Florida | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 1,093 | 1,050 |
Revenue from sources other than contracts with customers | 8 | 30 |
Total operating revenues | 1,101 | 1,080 |
Duke Energy Florida | Electric Utilities and Infrastructure | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 1,093 | 1,050 |
Duke Energy Florida | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 602 | 562 |
Duke Energy Florida | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 318 | 329 |
Duke Energy Florida | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 62 | 62 |
Duke Energy Florida | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 34 | 42 |
Duke Energy Florida | Electric Utilities and Infrastructure | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 77 | 55 |
Duke Energy Ohio | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 535 | 504 |
Revenue from sources other than contracts with customers | (3) | (6) |
Total operating revenues | 532 | 498 |
Duke Energy Ohio | Electric Utilities and Infrastructure | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 365 | 352 |
Duke Energy Ohio | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 195 | 176 |
Duke Energy Ohio | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 104 | 114 |
Duke Energy Ohio | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 31 | 35 |
Duke Energy Ohio | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 13 | 7 |
Duke Energy Ohio | Electric Utilities and Infrastructure | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 22 | 20 |
Duke Energy Ohio | Gas Utilities and Infrastructure | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 170 | 152 |
Duke Energy Ohio | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 110 | 97 |
Duke Energy Ohio | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 48 | 43 |
Duke Energy Ohio | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 7 | 6 |
Duke Energy Ohio | Gas Utilities and Infrastructure | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 5 | 6 |
Duke Energy Indiana | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 737 | 692 |
Revenue from sources other than contracts with customers | 8 | |
Total operating revenues | 745 | 692 |
Duke Energy Indiana | Electric Utilities and Infrastructure | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 737 | 692 |
Duke Energy Indiana | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 313 | 265 |
Duke Energy Indiana | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | General | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 189 | 181 |
Duke Energy Indiana | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 167 | 175 |
Duke Energy Indiana | Electric Utilities and Infrastructure | Electric Utilities and Infrastructure | Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 50 | 55 |
Duke Energy Indiana | Electric Utilities and Infrastructure | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 18 | 16 |
Piedmont | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 598 | 461 |
Revenue from sources other than contracts with customers | 8 | 51 |
Total operating revenues | 606 | 512 |
Piedmont | Gas Utilities and Infrastructure | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 598 | 461 |
Piedmont | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Residential | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 351 | 264 |
Piedmont | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Commercial | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 156 | 126 |
Piedmont | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 43 | 36 |
Piedmont | Gas Utilities and Infrastructure | Gas Utilities and Infrastructure | Power Generation | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 22 | 11 |
Piedmont | Gas Utilities and Infrastructure | Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | $ 26 | $ 24 |
Revenue (Reserve for Credit Los
Revenue (Reserve for Credit Losses for Trade and Other Receivables) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 146 | $ 76 |
Cumulative Change in Accounting Principle | 147 | 89 |
Write-Offs | (21) | (10) |
Credit Loss Expense | 17 | 18 |
Other Adjustments | 5 | |
Ending balance | 147 | 89 |
Duke Energy Carolinas | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 23 | 10 |
Cumulative Change in Accounting Principle | 34 | 11 |
Write-Offs | (8) | (3) |
Credit Loss Expense | 10 | 3 |
Other Adjustments | 9 | |
Ending balance | 34 | 11 |
Progress Energy | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 37 | 16 |
Cumulative Change in Accounting Principle | 37 | 20 |
Write-Offs | (10) | (4) |
Credit Loss Expense | 7 | 6 |
Other Adjustments | 3 | |
Ending balance | 37 | 20 |
Duke Energy Progress | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 23 | 8 |
Cumulative Change in Accounting Principle | 23 | 9 |
Write-Offs | (5) | (2) |
Credit Loss Expense | 2 | 2 |
Other Adjustments | 3 | |
Ending balance | 23 | 9 |
Duke Energy Florida | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 14 | 7 |
Cumulative Change in Accounting Principle | 15 | 11 |
Write-Offs | (5) | (2) |
Credit Loss Expense | 5 | 5 |
Other Adjustments | 1 | |
Ending balance | 15 | 11 |
Duke Energy Ohio | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 4 | 4 |
Cumulative Change in Accounting Principle | 4 | 5 |
Credit Loss Expense | 1 | |
Ending balance | 4 | 5 |
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 | 12 | 6 |
Cumulative Change in Accounting Principle | 14 | 9 |
Write-Offs | (1) | (1) |
Credit Loss Expense | 3 | 3 |
Ending balance | $ 14 | 9 |
Cumulative Change in Accounting Principle | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 5 | |
Cumulative Change in Accounting Principle | 5 | |
Cumulative Change in Accounting Principle | Duke Energy Carolinas | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 1 | |
Cumulative Change in Accounting Principle | 1 | |
Cumulative Change in Accounting Principle | Progress Energy | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 2 | |
Cumulative Change in Accounting Principle | 2 | |
Cumulative Change in Accounting Principle | Duke Energy Progress | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 1 | |
Cumulative Change in Accounting Principle | 1 | |
Cumulative Change in Accounting Principle | Duke Energy Florida | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 1 | |
Cumulative Change in Accounting Principle | 1 | |
Cumulative Change in Accounting Principle | Piedmont | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 1 | |
Cumulative Change in Accounting Principle | $ 1 |
Revenue (Aging of Trade Receiva
Revenue (Aging of Trade Receivables) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Unbilled Receivables | $ 758 | $ 969 |
Trade and Other Receivables, not past due | 1,656 | 1,789 |
Deferred Payment Arrangements | 170 | 215 |
Trade and Other Receivables | 2,931 | 3,299 |
30-60 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and Other Receivables | 181 | 185 |
60-90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and Other Receivables | 46 | 22 |
90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and Other Receivables | 120 | 119 |
Duke Energy Carolinas | ||
Financing Receivable, Past Due [Line Items] | ||
Unbilled Receivables | 293 | 328 |
Trade and Other Receivables, not past due | 337 | 445 |
Deferred Payment Arrangements | 80 | 96 |
Trade and Other Receivables | 818 | 966 |
Duke Energy Carolinas | 30-60 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and Other Receivables | 62 | 80 |
Duke Energy Carolinas | 60-90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and Other Receivables | 15 | 1 |
Duke Energy Carolinas | 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and Other Receivables | 31 | 16 |
Progress Energy | ||
Financing Receivable, Past Due [Line Items] | ||
Unbilled Receivables | 183 | 283 |
Trade and Other Receivables, not past due | 633 | 707 |
Deferred Payment Arrangements | 53 | 80 |
Trade and Other Receivables | 952 | 1,166 |
Progress Energy | 30-60 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and Other Receivables | 46 | 54 |
Progress Energy | 60-90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and Other Receivables | 11 | 10 |
Progress Energy | 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and Other Receivables | 26 | 32 |
Duke Energy Progress | ||
Financing Receivable, Past Due [Line Items] | ||
Unbilled Receivables | 90 | 167 |
Trade and Other Receivables, not past due | 357 | 398 |
Deferred Payment Arrangements | 37 | 52 |
Trade and Other Receivables | 525 | 655 |
Duke Energy Progress | 30-60 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and Other Receivables | 31 | 25 |
Duke Energy Progress | 60-90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and Other Receivables | 6 | 4 |
Duke Energy Progress | 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and Other Receivables | 4 | 9 |
Duke Energy Florida | ||
Financing Receivable, Past Due [Line Items] | ||
Unbilled Receivables | 93 | 116 |
Trade and Other Receivables, not past due | 275 | 307 |
Deferred Payment Arrangements | 16 | 28 |
Trade and Other Receivables | 426 | 509 |
Duke Energy Florida | 30-60 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and Other Receivables | 15 | 29 |
Duke Energy Florida | 60-90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and Other Receivables | 5 | 6 |
Duke Energy Florida | 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and Other Receivables | 22 | 23 |
Duke Energy Ohio | ||
Financing Receivable, Past Due [Line Items] | ||
Unbilled Receivables | 4 | 2 |
Trade and Other Receivables, not past due | 55 | 60 |
Deferred Payment Arrangements | 4 | |
Trade and Other Receivables | 102 | 102 |
Duke Energy Ohio | CRC | ||
Financing Receivable, Past Due [Line Items] | ||
Unbilled Receivables | 55 | 87 |
Duke Energy Ohio | 30-60 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and Other Receivables | 8 | 8 |
Duke Energy Ohio | 60-90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and Other Receivables | 3 | 2 |
Duke Energy Ohio | 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and Other Receivables | 28 | 30 |
Duke Energy Indiana | ||
Financing Receivable, Past Due [Line Items] | ||
Unbilled Receivables | 16 | 16 |
Trade and Other Receivables, not past due | 35 | 26 |
Trade and Other Receivables | 66 | 58 |
Duke Energy Indiana | CRC | ||
Financing Receivable, Past Due [Line Items] | ||
Unbilled Receivables | 87 | 134 |
Duke Energy Indiana | 30-60 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and Other Receivables | 3 | 3 |
Duke Energy Indiana | 60-90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and Other Receivables | 1 | 1 |
Duke Energy Indiana | 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and Other Receivables | 11 | 12 |
Piedmont | ||
Financing Receivable, Past Due [Line Items] | ||
Unbilled Receivables | 44 | 86 |
Trade and Other Receivables, not past due | 185 | 149 |
Deferred Payment Arrangements | 8 | 7 |
Trade and Other Receivables | 271 | 262 |
Piedmont | 30-60 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and Other Receivables | 21 | 8 |
Piedmont | 60-90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and Other Receivables | 6 | 3 |
Piedmont | 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Trade and Other Receivables | $ 7 | $ 9 |
Stockholders' Equity (Earnings
Stockholders' Equity (Earnings Per Share Data) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Class of Stock [Line Items] | ||
Net income available to Duke Energy common stockholders | $ 953 | $ 899 |
Accumulated preferred stock dividends adjustment | 12 | 13 |
Less: Impact of participating securities | 1 | 1 |
Income from continuing operations available to Duke Energy common stockholders | $ 964 | $ 911 |
Weighted average common shares outstanding – basic (in shares) | 769 | 734 |
Equity forwards (in shares) | 0 | 2 |
Weighted average common shares outstanding – diluted (in shares) | 769 | 736 |
EPS available to Duke Energy common stockholders | ||
Basic (in usd per share) | $ 1.25 | $ 1.24 |
Diluted (in usd per share) | $ 1.25 | $ 1.24 |
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) | $ 0.965 | $ 0.945 |
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 | $ 24.917 |
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, 2021 | Mar. 31, 2020 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost | $ 44 | $ 41 |
Interest cost on projected benefit obligation | 55 | 67 |
Expected return on plan assets | (139) | (143) |
Amortization of actuarial loss | 33 | 34 |
Amortization of prior service credit | (7) | (8) |
Amortization of settlement charges | 2 | 2 |
Net periodic pension costs | (12) | (7) |
Duke Energy Carolinas | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost | 14 | 12 |
Interest cost on projected benefit obligation | 13 | 16 |
Expected return on plan assets | (35) | (36) |
Amortization of actuarial loss | 7 | 7 |
Amortization of prior service credit | (2) | (2) |
Amortization of settlement charges | 1 | 1 |
Net periodic pension costs | (2) | (2) |
Progress Energy | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost | 13 | 12 |
Interest cost on projected benefit obligation | 17 | 21 |
Expected return on plan assets | (47) | (48) |
Amortization of actuarial loss | 10 | 11 |
Amortization of prior service credit | (1) | (1) |
Amortization of settlement charges | 1 | 1 |
Net periodic pension costs | (7) | (4) |
Duke Energy Progress | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost | 7 | 6 |
Interest cost on projected benefit obligation | 7 | 10 |
Expected return on plan assets | (21) | (22) |
Amortization of actuarial loss | 5 | 5 |
Net periodic pension costs | (2) | (1) |
Duke Energy Florida | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost | 5 | 5 |
Interest cost on projected benefit obligation | 10 | 12 |
Expected return on plan assets | (26) | (25) |
Amortization of actuarial loss | 5 | 6 |
Net periodic pension costs | (6) | (2) |
Duke Energy Ohio | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost | 1 | 1 |
Interest cost on projected benefit obligation | 3 | 4 |
Expected return on plan assets | (7) | (7) |
Amortization of actuarial loss | 2 | 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 | 6 |
Expected return on plan assets | (10) | (11) |
Amortization of actuarial loss | 3 | 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 | (5) | (5) |
Amortization of actuarial loss | 2 | 2 |
Amortization of prior service credit | (1) | (2) |
Net periodic pension costs | $ (1) | $ (2) |
Income Taxes (Effective Tax Rat
Income Taxes (Effective Tax Rates) (Details) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
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 | 8.20% | 13.30% |
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 | 6.90% | 16.10% |
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 | 12.90% | 17.50% |
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 | 8.30% | 17.10% |
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 | 19.30% | 20.00% |
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 | 13.30% | 17.70% |
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 | 17.60% | 20.80% |
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 | 11.40% | 10.10% |