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Leases (Tables) | 3 Months Ended
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Mar. 31, 2019
Leases [Abstract] |
Balance Sheet Amounts Recorded for Operating and Finance Leases | The following tables contain additional information related to leases.
|  | March 31, 2019
|  |  |  | Duke |  |  |  |  | Duke |  |  | Duke |  |  | Duke |  |  | Duke |  |  |
|  | Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |  |  | Energy |  |  | Energy |  |  |
(in millions) | Classification | Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Florida |  |  | Ohio |  |  | Indiana |  |  | Piedmont |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating | Operating Lease ROU Assets, net | $ | 1,698 |  |  | $ | 146 |  |  | $ | 835 |  |  | $ | 388 |  |  | $ | 447 |  |  | $ | 22 |  |  | $ | 61 |  |  | $ | 27 |
Finance | Net property, plant and equipment | 1,081 |  |  | 122 |  |  | 428 |  |  | 310 |  |  | 118 |  |  | — |  |  | 10 |  |  | — |
Total lease assets |  | $ | 2,779 |  |  | $ | 268 |  |  | $ | 1,263 |  |  | $ | 698 |  |  | $ | 565 |  |  | $ | 22 |  |  | $ | 71 |  |  | $ | 27 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating | Other current liabilities | $ | 183 |  |  | $ | 26 |  |  | $ | 89 |  |  | $ | 27 |  |  | $ | 62 |  |  | $ | 1 |  |  | $ | 4 |  |  | $ | 4 |
Finance | Current maturities of long-term debt | 121 |  |  | 6 |  |  | 23 |  |  | 6 |  |  | 17 |  |  | 1 |  |  | — |  |  | — |
Noncurrent |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating | Operating Lease Liabilities | 1,488 |  |  | 123 |  |  | 748 |  |  | 361 |  |  | 387 |  |  | 21 |  |  | 57 |  |  | 26 |
Finance | Long-Term Debt | 968 |  |  | 102 |  |  | 400 |  |  | 305 |  |  | 95 |  |  | — |  |  | 10 |  |  | — |
Total lease liabilities |  | $ | 2,760 |  |  | $ | 257 |  |  | $ | 1,260 |  |  | $ | 699 |  |  | $ | 561 |  |  | $ | 23 |  |  | $ | 71 |  |  | $ | 30 |
Adoption of the new standard resulted in the recording of ROU assets and operating lease liabilities as follows:
| As of January 1, 2019
|  |  | Duke |  |  |  |  | Duke |  |  | Duke |  |  | Duke |  |  | Duke |  |  |
| Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |  |  | Energy |  |  | Energy |  |  |
(in millions) | Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Florida |  |  | Ohio |  |  | Indiana |  |  | Piedmont |
ROU assets | $ | 1,750 |  |  | $ | 153 |  |  | $ | 863 |  |  | $ | 407 |  |  | $ | 456 |  |  | $ | 23 |  |  | $ | 61 |  |  | $ | 26 |
Operating lease liabilities – current | 205 |  |  | 28 |  |  | 96 |  |  | 35 |  |  | 61 |  |  | 1 |  |  | 4 |  |  | 4 |
Operating lease liabilities – noncurrent | 1,504 |  |  | 127 |  |  | 766 |  |  | 371 |  |  | 395 |  |  | 22 |  |  | 58 |  |  | 25 |
Lease Costs and Cash Flows Information |
| Three Months Ended March 31, 2019
|  |  | Duke |  |  |  |  | Duke |  |  | Duke |  |  | Duke |  |  | Duke |  |  |
| Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |  |  | Energy |  |  | Energy |  |  |
(in millions) | Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Florida |  |  | Ohio |  |  | Indiana |  |  | Piedmont |
Cash paid for amounts included in the measurement of lease liabilities(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases | $ | 67 |  |  | $ | 6 |  |  | $ | 31 |  |  | $ | 14 |  |  | $ | 17 |  |  | $ | 1 |  |  | $ | 2 |  |  | $ | 2 |
Operating cash flows from finance leases | 17 |  |  | 4 |  |  | 6 |  |  | 4 |  |  | 2 |  |  | — |  |  | — |  |  | — |
Financing cash flows from finance leases | 27 |  |  | 1 |  |  | 3 |  |  | 1 |  |  | 2 |  |  | — |  |  | — |  |  | — |
Lease assets obtained in exchange for new lease liabilities (non-cash) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Finance | $ | 175 |  |  | $ | — |  |  | $ | 175 |  |  | $ | 175 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Operating(b) | 7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
(a) | No amounts were classified as investing cash flows from operating leases for the three months ended March 31, 2019.
(b) | Does not include ROU assets recorded as a result of the adoption of the new lease standard.
The following table presents the components of lease expense.
| Three Months Ended March 31, 2019
|  |  | Duke |  |  |  |  | Duke |  |  | Duke |  |  | Duke |  |  | Duke |  |  |
| Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |  |  | Energy |  |  | Energy |  |  |
(in millions) | Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Florida |  |  | Ohio |  |  | Indiana |  |  | Piedmont |
Operating lease expense(a) | $ | 72 |  |  | $ | 12 |  |  | $ | 42 |  |  | $ | 19 |  |  | $ | 23 |  |  | $ | 3 |  |  | $ | 5 |  |  | $ | 1 |
Short-term lease expense(a) | 7 |  |  | 2 |  |  | 3 |  |  | 1 |  |  | 2 |  |  | — |  |  | 1 |  |  | — |
Variable lease expense(a) | 11 |  |  | 8 |  |  | 2 |  |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | — |
Finance lease expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of leased assets(b) | 27 |  |  | 1 |  |  | 3 |  |  | 1 |  |  | 2 |  |  | — |  |  | — |  |  | — |
Interest on lease liabilities(c) | 17 |  |  | 4 |  |  | 6 |  |  | 4 |  |  | 2 |  |  | — |  |  | — |  |  | — |
Total finance lease expense | 44 |  |  | 5 |  |  | 9 |  |  | 5 |  |  | 4 |  |  | — |  |  | — |  |  | — |
Total lease expense | $ | 134 |  |  | $ | 27 |  |  | $ | 56 |  |  | $ | 26 |  |  | $ | 30 |  |  | $ | 3 |  |  | $ | 6 |  |  | $ | 1 |
(a) | Included in Operations, maintenance and other or, for barges and railcars, Fuel used in electric generation and purchased power on the Condensed Consolidated Statements of Operations.
(b) | Included in Depreciation and amortization on the Condensed Consolidated Statements of Operations.
(c) | Included in Interest Expense on the Condensed Consolidated Statements of Operations.
Schedule of Rent Expense | The following table presents rental expense for operating leases, as reported under the old lease standard. These amounts are included in Operation, maintenance and other and Fuel used in electric generation and purchased power on the Condensed Consolidated Statements of Operations.
(in millions) | Year Ended December 31, 2018
Duke Energy | $ | 268 |
Duke Energy Carolinas | 49 |
Progress Energy | 143 |
Duke Energy Progress | 75 |
Duke Energy Florida | 68 |
Duke Energy Ohio | 13 |
Duke Energy Indiana | 21 |
Piedmont | 11 |
Lessee, Operating Lease, Liability, Maturity | The following table presents operating lease maturities and a reconciliation of the undiscounted cash flows to operating lease liabilities.
| Twelve months ended March 31,
|  |  | Duke |  |  |  |  | Duke |  |  | Duke |  |  | Duke |  |  | Duke |  |  |
| Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |  |  | Energy |  |  | Energy |  |  |
(in millions) | Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Florida |  |  | Ohio |  |  | Indiana |  |  | Piedmont |
2020 | $ | 271 |  |  | $ | 32 |  |  | $ | 125 |  |  | $ | 47 |  |  | $ | 78 |  |  | $ | 2 |  |  | $ | 6 |  |  | $ | 5 |
2021 | 238 |  |  | 29 |  |  | 112 |  |  | 46 |  |  | 66 |  |  | 2 |  |  | 5 |  |  | 5 |
2022 | 192 |  |  | 19 |  |  | 90 |  |  | 35 |  |  | 55 |  |  | 2 |  |  | 4 |  |  | 5 |
2023 | 180 |  |  | 19 |  |  | 89 |  |  | 34 |  |  | 55 |  |  | 2 |  |  | 4 |  |  | 5 |
2024 | 169 |  |  | 16 |  |  | 89 |  |  | 35 |  |  | 54 |  |  | 2 |  |  | 4 |  |  | 5 |
Thereafter | 1,057 |  |  | 66 |  |  | 530 |  |  | 309 |  |  | 221 |  |  | 22 |  |  | 67 |  |  | 9 |
Total operating lease payments | 2,107 |  |  | 181 |  |  | 1,035 |  |  | 506 |  |  | 529 |  |  | 32 |  |  | 90 |  |  | 34 |
Less: present value discount | (436 | ) |  | (32 | ) |  | (198 | ) |  | (118 | ) |  | (80 | ) |  | (10 | ) |  | (29 | ) |  | (4 | )
Total operating lease liabilities(a) | $ | 1,671 |  |  | $ | 149 |  |  | $ | 837 |  |  | $ | 388 |  |  | $ | 449 |  |  | $ | 22 |  |  | $ | 61 |  |  | $ | 30 |
(a) | Certain operating lease payments include renewal options that are reasonably certain to be exercised.
Schedule of Future Minimum Rental Payments for Operating Leases | The following table presents future minimum lease payments under operating leases, which at inception had a non-cancelable term of more than one year, as reported under the old lease standard.
| December 31, 2018
|  |  | Duke |  |  |  |  | Duke |  |  | Duke |  |  | Duke |  |  | Duke |  |  |
| Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |  |  | Energy |  |  | Energy |  |  |
(in millions) | Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Florida |  |  | Ohio |  |  | Indiana |  |  | Piedmont |
2019 | $ | 239 |  |  | $ | 33 |  |  | $ | 97 |  |  | $ | 49 |  |  | $ | 48 |  |  | $ | 2 |  |  | $ | 6 |  |  | $ | 5 |
2020 | 219 |  |  | 29 |  |  | 90 |  |  | 46 |  |  | 44 |  |  | 2 |  |  | 5 |  |  | 5 |
2021 | 186 |  |  | 19 |  |  | 79 |  |  | 37 |  |  | 42 |  |  | 2 |  |  | 4 |  |  | 5 |
2022 | 170 |  |  | 19 |  |  | 76 |  |  | 34 |  |  | 42 |  |  | 2 |  |  | 4 |  |  | 5 |
2023 | 160 |  |  | 17 |  |  | 77 |  |  | 35 |  |  | 42 |  |  | 2 |  |  | 5 |  |  | 6 |
Thereafter | 1,017 |  |  | 68 |  |  | 455 |  |  | 314 |  |  | 141 |  |  | 23 |  |  | 66 |  |  | 11 |
Total | $ | 1,991 |  |  | $ | 185 |  |  | $ | 874 |  |  | $ | 515 |  |  | $ | 359 |  |  | $ | 33 |  |  | $ | 90 |  |  | $ | 37 |
Maturities of Finance Lease Liabilities | The following table presents finance lease maturities and a reconciliation of the undiscounted cash flows to finance lease liabilities.
| Twelve months ended March 31,
|  |  | Duke |  |  |  |  | Duke |  |  | Duke |  |  | Duke |  |  | Duke |
| Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |  |  | Energy |  |  | Energy |
(in millions) | Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Florida |  |  | Ohio |  |  | Indiana |
2020 | $ | 185 |  |  | $ | 19 |  |  | $ | 69 |  |  | $ | 44 |  |  | $ | 25 |  |  | $ | 1 |  |  | $ | 1 |
2021 | 191 |  |  | 18 |  |  | 69 |  |  | 44 |  |  | 25 |  |  | — |  |  | 1 |
2022 | 194 |  |  | 14 |  |  | 69 |  |  | 44 |  |  | 25 |  |  | — |  |  | 1 |
2023 | 179 |  |  | 14 |  |  | 69 |  |  | 44 |  |  | 25 |  |  | — |  |  | 1 |
2024 | 180 |  |  | 14 |  |  | 69 |  |  | 44 |  |  | 25 |  |  | — |  |  | 1 |
Thereafter | 889 |  |  | 195 |  |  | 573 |  |  | 558 |  |  | 15 |  |  | — |  |  | 28 |
Total finance lease payments | 1,818 |  |  | 274 |  |  | 918 |  |  | 778 |  |  | 140 |  |  | 1 |  |  | 33 |
Less: amount representing interest | (729 | ) |  | (166 | ) |  | (495 | ) |  | (467 | ) |  | (28 | ) |  | — |  |  | (23 | )
Total finance lease liabilities | $ | 1,089 |  |  | $ | 108 |  |  | $ | 423 |  |  | $ | 311 |  |  | $ | 112 |  |  | $ | 1 |  |  | $ | 10 |
Schedule of Future Minimum Lease Payments for Capital Leases | The following table presents future minimum lease payments under finance leases, as reported under the old lease standard.
| December 31, 2018
|  |  | Duke |  |  |  |  | Duke |  |  | Duke |  |  | Duke |  |  | Duke |
| Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |  |  | Energy |  |  | Energy |
(in millions) | Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Florida |  |  | Ohio |  |  | Indiana |
2019 | $ | 170 |  |  | $ | 20 |  |  | $ | 45 |  |  | $ | 20 |  |  | $ | 25 |  |  | $ | 2 |  |  | $ | 1 |
2020 | 174 |  |  | 20 |  |  | 46 |  |  | 21 |  |  | 25 |  |  | — |  |  | 1 |
2021 | 177 |  |  | 15 |  |  | 45 |  |  | 20 |  |  | 25 |  |  | — |  |  | 1 |
2022 | 165 |  |  | 15 |  |  | 45 |  |  | 21 |  |  | 24 |  |  | — |  |  | 1 |
2023 | 165 |  |  | 15 |  |  | 45 |  |  | 21 |  |  | 24 |  |  | — |  |  | 1 |
Thereafter | 577 |  |  | 204 |  |  | 230 |  |  | 209 |  |  | 21 |  |  | — |  |  | 27 |
Minimum annual payments | 1,428 |  |  | 289 |  |  | 456 |  |  | 312 |  |  | 144 |  |  | 2 |  |  | 32 |
Less: amount representing interest | (487 | ) |  | (180 | ) |  | (205 | ) |  | (175 | ) |  | (30 | ) |  | — |  |  | (22 | )
Total | $ | 941 |  |  | $ | 109 |  |  | $ | 251 |  |  | $ | 137 |  |  | $ | 114 |  |  | $ | 2 |  |  | $ | 10 |
Lessee, Lease, Supplemental Information |
| March 31, 2019
|  |  | Duke |  |  |  |  | Duke |  |  | Duke |  |  | Duke |  |  | Duke |  |  |
| Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |  |  | Energy |  |  | Energy |  |  |
| Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Florida |  |  | Ohio |  |  | Indiana |  |  | Piedmont |
Weighted-average remaining lease term (years) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating leases | 11 |  |  | 9 |  |  | 11 |  |  | 13 |  |  | 9 |  |  | 18 |  |  | 19 |  |  | 7 |
Finance leases | 13 |  |  | 19 |  |  | 16 |  |  | 18 |  |  | 11 |  |  | — |  |  | 27 |  |  | — |
Weighted-average discount rate(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating leases | 3.9 | % |  | 3.7 | % |  | 3.8 | % |  | 3.9 | % |  | 3.7 | % |  | 4.2 | % |  | 4.1 | % |  | 3.6 | %
Finance leases | 6.9 | % |  | 12.9 | % |  | 11.4 | % |  | 12.5 | % |  | 8.3 | % |  | 3.3 | % |  | 11.7 | % |  | — | %
(a) | The discount rate is calculated using the rate implicit in a lease if it is readily determinable. Generally, the rate used by the lessor is not provided to Duke Energy and in these cases the incremental borrowing rate is used. Duke Energy will typically use its fully collateralized incremental borrowing rate as of the commencement date to calculate and record the lease. The incremental borrowing rate is influenced by the lessee’s credit rating and lease term and as such may differ for individual leases, embedded leases or portfolios of leased assets.

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- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980 + Details
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- Definition Tabular disclosure of future minimum lease payments as of the date of the latest balance sheet presented, in aggregate and for each of the five years succeeding fiscal years, with separate deductions from the total for the amount representing executor costs, including any profit thereon, included in the minimum lease payments and for the amount of the imputed interest necessary to reduce the net minimum lease payments to present value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84164817&loc=d3e45280-112737 + Details
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