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Business Segments | 9 Months Ended
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Sep. 30, 2020
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 2020, Duke Energy continues to evaluate recoverability of a renewable merchant plant 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 asset was not impaired as of September 30, 2020, because the carrying value of approximately $150 million approximates 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 this facility 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 September 30, 2020
| Electric |  |  | Gas |  |  |  |  | Total |  |  |  |  |  |  |
| Utilities and |  |  | Utilities and |  |  | Commercial |  |  | Reportable |  |  |  |  |  |  |
(in millions) | Infrastructure |  |  | Infrastructure |  |  | Renewables |  |  | Segments |  |  | Other |  |  | Eliminations |  |  | Total |
Unaffiliated revenues | $ | 6,371 |  |  | $ | 217 |  |  | $ | 126 |  |  | $ | 6,714 |  |  | $ | 7 |  |  | $ | — |  |  | $ | 6,721 |
Intersegment revenues | 8 |  |  | 24 |  |  | — |  |  | 32 |  |  | 17 |  |  | (49 | ) |  | — |
Total revenues | $ | 6,379 |  |  | $ | 241 |  |  | $ | 126 |  |  | $ | 6,746 |  |  | $ | 24 |  |  | $ | (49 | ) |  | $ | 6,721 |
Segment income (loss)(a)(b) | $ | 1,381 |  |  | $ | (73 | ) |  | $ | 60 |  |  | $ | 1,368 |  |  | $ | (103 | ) |  | $ | — |  |  | $ | 1,265 |
Less: Noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  | 70 |
Add: Preferred stock dividend |  |  |  |  |  |  |  |  |  |  |  |  | 39 |
Net Income |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,234 |
Segment assets | $ | 138,142 |  |  | $ | 13,343 |  |  | $ | 6,541 |  |  | $ | 158,026 |  |  | $ | 3,387 |  |  | $ | (4 | ) |  | $ | 161,409 |
| Three Months Ended September 30, 2019
| Electric |  |  | Gas |  |  |  |  | Total |  |  |  |  |  |  |
| Utilities and |  |  | Utilities and |  |  | Commercial |  |  | Reportable |  |  |  |  |  |  |
(in millions) | Infrastructure |  |  | Infrastructure |  |  | Renewables |  |  | Segments |  |  | Other |  |  | Eliminations |  |  | Total |
Unaffiliated revenues | $ | 6,569 |  |  | $ | 225 |  |  | $ | 138 |  |  | $ | 6,932 |  |  | $ | 8 |  |  | $ | — |  |  | $ | 6,940 |
Intersegment revenues | 8 |  |  | 24 |  |  | — |  |  | 32 |  |  | 17 |  |  | (49 | ) |  | — |
Total revenues | $ | 6,577 |  |  | $ | 249 |  |  | $ | 138 |  |  | $ | 6,964 |  |  | $ | 25 |  |  | $ | (49 | ) |  | $ | 6,940 |
Segment income (loss)(c) | $ | 1,385 |  |  | $ | 26 |  |  | $ | 40 |  |  | $ | 1,451 |  |  | $ | (124 | ) |  | $ | — |  |  | $ | 1,327 |
Less: Noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  | 19 |
Add: Preferred stock dividend |  |  |  |  |  |  |  |  |  |  |  |  | 15 |
Net Income |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,323 |
(a) | Electric Utilities and Infrastructure includes $19 million recorded within Impairment charges and $8 million recorded within Operations, maintenance and other on the Duke Energy Carolinas' Condensed Consolidated Statements of Operations related to a partial settlement in the Duke Energy Carolinas' 2019 North Carolina rate case and $8 million recorded within Operations, maintenance and other on Duke Energy Progress' Condensed Consolidated Statements of Operation related to a partial settlement in the Duke Energy Progress' 2019 North Carolina rate case. See Note 3 for more information. Additionally, Electric Utilities and Infrastructure includes $5 million of Impairment charges related to gas pipeline assets recorded on Duke Energy Progress' Condensed Consolidated Statements of Operations.
(b) | Gas Utilities and Infrastructure includes $78 million recorded within Equity in (losses) earnings of unconsolidated affiliates on the Condensed Consolidated Statements of Operations and $7 million in Impairment charges recorded on the Piedmont Condensed Consolidated Statements of Operations related to gas pipeline investments.
(c) Electric Utilities and Infrastructure includes a $25 million reduction of a prior year impairment recorded at Citrus County CC related to the plant's cost cap and is recorded within Impairment charges on Duke Energy Florida's Condensed Consolidated Statements of Operations.
| Nine Months Ended September 30, 2020
| Electric |  |  | Gas |  |  |  |  | Total |  |  |  |  |  |  |
| Utilities and |  |  | Utilities and |  |  | Commercial |  |  | Reportable |  |  |  |  |  |  |
(in millions) | Infrastructure |  |  | Infrastructure |  |  | Renewables |  |  | Segments |  |  | Other |  |  | Eliminations |  |  | Total |
Unaffiliated revenues | $ | 16,571 |  |  | $ | 1,122 |  |  | $ | 378 |  |  | $ | 18,071 |  |  | $ | 20 |  |  | $ | — |  |  | $ | 18,091 |
Intersegment revenues | 25 |  |  | 72 |  |  | — |  |  | 97 |  |  | 53 |  |  | (150 | ) |  | — |
Total revenues | $ | 16,596 |  |  | $ | 1,194 |  |  | $ | 378 |  |  | $ | 18,168 |  |  | $ | 73 |  |  | $ | (150 | ) |  | $ | 18,091 |
Segment income (loss)(a)(b)(c) | $ | 2,839 |  |  | $ | (1,400 | ) |  | $ | 207 |  |  | $ | 1,646 |  |  | $ | (299 | ) |  | $ | — |  |  | $ | 1,347 |
Less: Noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  | 208 |
Add: Preferred stock dividend |  |  |  |  |  |  |  |  |  |  |  |  | 93 |
Net Income |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,232 |
| Nine Months Ended September 30, 2019
| Electric |  |  | Gas |  |  |  |  | Total |  |  |  |  |  |  |
| Utilities and |  |  | Utilities and |  |  | Commercial |  |  | Reportable |  |  |  |  |  |  |
(in millions) | Infrastructure |  |  | Infrastructure |  |  | Renewables |  |  | Segments |  |  | Other |  |  | Eliminations |  |  | Total |
Unaffiliated revenues | $ | 17,357 |  |  | $ | 1,239 |  |  | $ | 362 |  |  | $ | 18,958 |  |  | $ | 18 |  |  | $ | — |  |  | $ | 18,976 |
Intersegment revenues | 24 |  |  | 72 |  |  | — |  |  | 96 |  |  | 53 |  |  | (149 | ) |  | — |
Total revenues | $ | 17,381 |  |  | $ | 1,311 |  |  | $ | 362 |  |  | $ | 19,054 |  |  | $ | 71 |  |  | $ | (149 | ) |  | $ | 18,976 |
Segment income (loss)(d) | $ | 2,944 |  |  | $ | 292 |  |  | $ | 139 |  |  | $ | 3,375 |  |  | $ | (328 | ) |  | $ | — |  |  | $ | 3,047 |
Less: Noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  | 110 |
Add: Preferred stock dividend |  |  |  |  |  |  |  |  |  |  |  |  | 27 |
Net Income |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,964 |
(a) | Electric Utilities and Infrastructure includes $19 million recorded within Impairment charges and $8 million recorded within Operations, maintenance and other on the Duke Energy Carolinas' Condensed Consolidated Statements of Operations related to a partial settlement in the Duke Energy Carolinas' 2019 North Carolina rate case and $8 million recorded within Operations, maintenance and other on Duke Energy Progress' Condensed Consolidated Statements of Operation related to a partial settlement in the Duke Energy Progress' 2019 North Carolina rate case. See Note 3 for more information. Additionally, Electric Utilities and Infrastructure includes $5 million of Impairment charges related to gas pipeline assets recorded on Duke Energy Progress' Condensed Consolidated Statements of Operations.
(b) | Gas Utilities and Infrastructure includes $2.1 billion recorded within Equity in (losses) earnings of unconsolidated affiliates on the Condensed Consolidated Statements of Operations and $7 million of Impairment charges recorded on the Piedmont Condensed Consolidated Statements of Operations related to gas pipeline investments. See Notes 3 and 12 for additional information.
(c) | Other includes a $98 million reversal, included in Operations, maintenance and other on the Condensed Consolidated Statements of Operations, of 2018 severance costs due to a partial settlement in the Duke Energy Carolinas' 2019 North Carolina rate case. See Note 3 for additional information.
(d) Electric Utilities and Infrastructure includes a $25 million reduction of a prior year impairment recorded at Citrus County CC related to the plant's costs cap and is recorded within Impairment charges on Duke Energy Florida's Condensed Consolidated Statements of Operations. 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 September 30, 2020
| Electric |  |  | Gas |  |  | Total |  |  |  |  |  |  |
| Utilities and |  |  | Utilities and |  |  | Reportable |  |  |  |  |  |  |
(in millions) | Infrastructure |  |  | Infrastructure |  |  | Segments |  |  | Other |  |  | Eliminations |  |  | Total |
Total revenues | $ | 394 |  |  | $ | 79 |  |  | $ | 473 |  |  | $ | — |  |  | $ | — |  |  | $ | 473 |
Segment income/Net income | $ | 63 |  |  | $ | 9 |  |  | $ | 72 |  |  | $ | (2 | ) |  | $ | — |  |  | $ | 70 |
Segment assets | $ | 6,448 |  |  | $ | 3,297 |  |  | $ | 9,745 |  |  | $ | 27 |  |  | $ | (23 | ) |  | $ | 9,749 |
| Three Months Ended September 30, 2019
| Electric |  |  | Gas |  |  | Total |  |  |  |  |
| Utilities and |  |  | Utilities and |  |  | Reportable |  |  |  |  |
(in millions) | Infrastructure |  |  | Infrastructure |  |  | Segments |  |  | Other |  |  | Total |
Total revenues | $ | 408 |  |  | $ | 81 |  |  | $ | 489 |  |  | $ | — |  |  | $ | 489 |
Segment income/Net income | $ | 62 |  |  | $ | 13 |  |  | $ | 75 |  |  | $ | (1 | ) |  | $ | 74 |
| Nine Months Ended September 30, 2020
| Electric |  |  | Gas |  |  | Total |  |  |  |  |
| Utilities and |  |  | Utilities and |  |  | Reportable |  |  |  |  |
(in millions) | Infrastructure |  |  | Infrastructure |  |  | Segments |  |  | Other |  |  | Total |
Total revenues | $ | 1,070 |  |  | $ | 324 |  |  | $ | 1,394 |  |  | $ | — |  |  | $ | 1,394 |
Segment income/Net (loss) income | $ | 137 |  |  | $ | 68 |  |  | $ | 205 |  |  | $ | (4 | ) |  | $ | 201 |
| Nine Months Ended September 30, 2019
| Electric |  |  | Gas |  |  | Total |  |  |  |  |
| Utilities and |  |  | Utilities and |  |  | Reportable |  |  |  |  |
(in millions) | Infrastructure |  |  | Infrastructure |  |  | Segments |  |  | Other |  |  | Total |
Total revenues | $ | 1,099 |  |  | $ | 354 |  |  | $ | 1,453 |  |  | $ | — |  |  | $ | 1,453 |
Segment income/Net (loss) income | $ | 129 |  |  | $ | 65 |  |  | $ | 194 |  |  | $ | (4 | ) |  | $ | 190 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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