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Property, Plant and Equipment | 12 Months Ended
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Dec. 31, 2019
Property, Plant and Equipment [Abstract] |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT The following tables summarize the property, plant and equipment for Duke Energy and its subsidiary registrants.
| December 31, 2019
| Estimated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Useful |  |  |  | Duke |  |  |  |  | Duke |  |  | Duke |  |  | Duke |  |  | Duke |  |  |
| Life |  | Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |  |  | Energy |  |  | Energy |  |  |
(in millions) | (Years) |  | Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Florida |  |  | Ohio |  |  | Indiana |  |  | Piedmont
Land |  |  | $ | 2,091 |  |  | $ | 520 |  |  | $ | 884 |  |  | $ | 449 |  |  | $ | 435 |  |  | $ | 150 |  |  | $ | 117 |  |  | $ | 388 |
Plant – Regulated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Electric generation, distribution and transmission | 15-100 |  | 111,739 |  |  | 42,723 |  |  | 48,142 |  |  | 30,018 |  |  | 18,124 |  |  | 5,838 |  |  | 15,032 |  |  | — |
Natural gas transmission and distribution | 4-73 |  | 9,839 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,892 |  |  | — |  |  | 6,947 |
Other buildings and improvements | 23-90 |  | 1,810 |  |  | 714 |  |  | 401 |  |  | 162 |  |  | 239 |  |  | 269 |  |  | 278 |  |  | 148 |
Plant – Nonregulated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Electric generation, distribution and transmission | 5-30 |  | 5,103 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other buildings and improvements | 25-35 |  | 488 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Nuclear fuel |  |  | 3,253 |  |  | 1,891 |  |  | 1,362 |  |  | 1,362 |  |  | — |  |  | — |  |  | — |  |  | — |
Equipment | 3-25 |  | 2,313 |  |  | 546 |  |  | 665 |  |  | 452 |  |  | 213 |  |  | 319 |  |  | 205 |  |  | 128 |
Construction in process |  |  | 6,102 |  |  | 1,389 |  |  | 2,149 |  |  | 1,114 |  |  | 1,035 |  |  | 504 |  |  | 381 |  |  | 531 |
Other | 2-40 |  | 4,916 |  |  | 1,139 |  |  | 1,467 |  |  | 1,046 |  |  | 411 |  |  | 269 |  |  | 292 |  |  | 304 |
Total property, plant and equipment(a)(e) |  |  | 147,654 |  |  | 48,922 |  |  | 55,070 |  |  | 34,603 |  |  | 20,457 |  |  | 10,241 |  |  | 16,305 |  |  | 8,446 |
Total accumulated depreciation – regulated(b)(c) |  |  | (43,419 | ) |  | (16,525 | ) |  | (17,159 | ) |  | (11,915 | ) |  | (5,236 | ) |  | (2,843 | ) |  | (5,233 | ) |  | (1,681 | )
Total accumulated depreciation – nonregulated(d)(e) |  |  | (2,354 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Generation facilities to be retired, net |  |  | 246 |  |  | — |  |  | 246 |  |  | 246 |  |  | — |  |  | — |  |  | — |  |  | — |
Total net property, plant and equipment |  |  | $ | 102,127 |  |  | $ | 32,397 |  |  | $ | 38,157 |  |  | $ | 22,934 |  |  | $ | 15,221 |  |  | $ | 7,398 |  |  | $ | 11,072 |  |  | $ | 6,765 |
(a) | Includes finance leases of $952 million, $211 million, $443 million, $308 million, $135 million and $10 million at Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida and Duke Energy Indiana, respectively, primarily within Plant – Regulated. The Progress Energy, Duke Energy Progress and Duke Energy Florida amounts are net of $143 million, $17 million and $126 million, respectively, of accumulated amortization of finance leases.
(b) | Includes $1,807 million, $1,082 million, $725 million and $725 million of accumulated amortization of nuclear fuel at Duke Energy, Duke Energy Carolinas, Progress Energy and Duke Energy Progress, respectively.
(c) | Includes accumulated amortization of finance leases of $6 million, $13 million and $3 million at Duke Energy, Duke Energy Carolinas and Duke Energy Indiana, respectively.
(d) | Includes accumulated amortization of finance leases of $20 million at Duke Energy.
(e) | Includes gross property, plant and equipment cost of consolidated VIEs of $5,747 million and accumulated depreciation of consolidated VIEs of $1,041 million at Duke Energy.
During the year ended December 31, 2019, Duke Energy evaluated recoverability of the wind and solar generation assets included in the minority interest sale as a result of the portfolio fair value of consideration received being less than the carrying value of the assets and determined the assets were all recoverable. Additionally, in 2019, Duke Energy evaluated recoverability of its renewable merchant plants principally located in the Electric Reliability Council of Texas West market due to declining market pricing and declining long-term forecasted energy prices, primarily driven by lower forecasted natural gas prices. Duke Energy determined that the assets were not impaired because the carrying value of $160 million approximates the aggregate estimated future cash flows. A continued decline in energy market pricing would likely result in a future impairment.
| December 31, 2018
| Estimated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Useful |  |  |  | Duke |  |  |  |  | Duke |  |  | Duke |  |  | Duke |  |  | Duke |  |  |
| Life |  | Duke |  |  | Energy |  |  | Progress |  |  | Energy |  |  | Energy |  |  | Energy |  |  | Energy |  |  |
(in millions) | (Years) |  | Energy |  |  | Carolinas |  |  | Energy |  |  | Progress |  |  | Florida |  |  | Ohio |  |  | Indiana |  |  | Piedmont
Land |  |  | $ | 2,072 |  |  | $ | 472 |  |  | $ | 868 |  |  | $ | 445 |  |  | $ | 423 |  |  | $ | 136 |  |  | $ | 116 |  |  | $ | 448 |
Plant – Regulated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Electric generation, distribution and transmission | 15-100 |  | 100,706 |  |  | 38,468 |  |  | 42,760 |  |  | 26,147 |  |  | 16,613 |  |  | 5,182 |  |  | 14,292 |  |  | — |
Natural gas transmission and distribution | 12-80 |  | 8,808 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,719 |  |  | — |  |  | 6,089 |
Other buildings and improvements | 24-90 |  | 1,966 |  |  | 681 |  |  | 636 |  |  | 295 |  |  | 341 |  |  | 270 |  |  | 253 |  |  | 126 |
Plant – Nonregulated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Electric generation, distribution and transmission | 5-30 |  | 4,410 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other buildings and improvements | 25-35 |  | 494 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Nuclear fuel |  |  | 3,460 |  |  | 1,898 |  |  | 1,562 |  |  | 1,562 |  |  | — |  |  | — |  |  | — |  |  | — |
Equipment | 3-55 |  | 2,141 |  |  | 467 |  |  | 565 |  |  | 399 |  |  | 166 |  |  | 384 |  |  | 178 |  |  | 141 |
Construction in process |  |  | 5,726 |  |  | 1,678 |  |  | 2,515 |  |  | 1,659 |  |  | 856 |  |  | 412 |  |  | 325 |  |  | 382 |
Other | 3-40 |  | 4,675 |  |  | 1,077 |  |  | 1,354 |  |  | 952 |  |  | 393 |  |  | 257 |  |  | 279 |  |  | 300 |
Total property, plant and equipment(a)(d) |  |  | 134,458 |  |  | 44,741 |  |  | 50,260 |  |  | 31,459 |  |  | 18,792 |  |  | 9,360 |  |  | 15,443 |  |  | 7,486 |
Total accumulated depreciation – regulated(b)(c)(d) |  |  | (41,079 | ) |  | (15,496 | ) |  | (16,398 | ) |  | (11,423 | ) |  | (4,968 | ) |  | (2,717 | ) |  | (4,914 | ) |  | (1,575 | )
Total accumulated depreciation – nonregulated(c)(d) |  |  | (2,047 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Generation facilities to be retired, net |  |  | 362 |  |  | — |  |  | 362 |  |  | 362 |  |  | — |  |  | — |  |  | — |  |  | — |
Total net property, plant and equipment |  |  | $ | 91,694 |  |  | $ | 29,245 |  |  | $ | 34,224 |  |  | $ | 20,398 |  |  | $ | 13,824 |  |  | $ | 6,643 |  |  | $ | 10,529 |  |  | $ | 5,911 |
(a) | Includes finance leases of $1,237 million, $135 million, $257 million, $137 million, $120 million, $73 million and $35 million at Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio and Duke Energy Indiana, respectively, primarily within Plant – Regulated. The Progress Energy, Duke Energy Progress and Duke Energy Florida amounts are net of $131 million, $14 million and $117 million, respectively, of accumulated amortization of finance leases.
(b) | Includes $1,947 million, $1,087 million, $860 million and $860 million of accumulated amortization of nuclear fuel at Duke Energy, Duke Energy Carolinas, Progress Energy and Duke Energy Progress, respectively.
(c) | Includes accumulated amortization of finance leases of $61 million, $12 million, $20 million and $10 million at Duke Energy, Duke Energy Carolinas, Duke Energy Ohio and Duke Energy Indiana, respectively.
(d) | Includes gross property, plant and equipment cost of consolidated VIEs of $4,007 million and accumulated depreciation of consolidated VIEs of $698 million at Duke Energy.
During the year ended December 31, 2017, Duke Energy recorded a pretax impairment charge of $69 million on a wholly owned non-contracted wind project. The impairment was recorded within Impairment charges on Duke Energy’s Consolidated Statements of Operations. $58 million of the impairment related to property, plant and equipment and $11 million of the impairment related to a net intangible asset. The charge represents the excess carrying value over the estimated fair value of the project, which was based on a Level 3 Fair Value measurement that was determined from the income approach using discounted cash flows. The impairment was primarily due to the non-contracted wind project being located in a market that has experienced continued declining market pricing during 2017 and declining long-term forecasted energy and capacity prices, driven by low natural gas prices, additional renewable generation placed in service and lack of significant load growth. The following tables present capitalized interest, which includes the debt component of AFUDC.
| Years Ended December 31,
(in millions) | 2019 |  |  | 2018 |  |  | 2017 |
Duke Energy | $ | 159 |  |  | $ | 161 |  |  | $ | 128 |
Duke Energy Carolinas | 30 |  |  | 35 |  |  | 45 |
Progress Energy | 31 |  |  | 51 |  |  | 45 |
Duke Energy Progress | 28 |  |  | 26 |  |  | 21 |
Duke Energy Florida | 3 |  |  | 25 |  |  | 24 |
Duke Energy Ohio | 22 |  |  | 17 |  |  | 10 |
Duke Energy Indiana | 26 |  |  | 27 |  |  | 9 |
Piedmont | 26 |  |  | 17 |  |  | 12 |

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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 + Details
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