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v3.20.4

Leases (Tables) | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
Lease Costs and Cash Flows Information | The following tables present the components of lease expense.
| Year Ended 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
Operating lease expense(a) | $ | 283 |  |  | $ | 53 |  |  | $ | 162 |  |  | $ | 72 |  |  | $ | 90 |  |  | $ | 11 |  |  | $ | 19 |  |  | $ | 7 |
Short-term lease expense(a) | 4 |  |  | — |  |  | 2 |  |  | 1 |  |  | 1 |  |  | — |  |  | 1 |  |  | — |
Variable lease expense(a) | 30 |  |  | 13 |  |  | 13 |  |  | 5 |  |  | 8 |  |  | — |  |  | 1 |  |  | 1 |
Finance lease expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of leased assets(b) | 119 |  |  | 8 |  |  | 24 |  |  | 6 |  |  | 18 |  |  | — |  |  | 1 |  |  | — |
Interest on lease liabilities(c) | 61 |  |  | 30 |  |  | 44 |  |  | 37 |  |  | 7 |  |  | — |  |  | — |  |  | — |
Total finance lease expense | 180 |  |  | 38 |  |  | 68 |  |  | 43 |  |  | 25 |  |  | — |  |  | 1 |  |  | — |
Total lease expense | $ | 497 |  |  | $ | 104 |  |  | $ | 245 |  |  | $ | 121 |  |  | $ | 124 |  |  | $ | 11 |  |  | $ | 22 |  |  | $ | 8 |
(a) Included in Operations, maintenance and other or, for barges and railcars, Fuel used in electric generation and purchased power on the Consolidated Statements of Operations. (b) Included in Depreciation and amortization on the Consolidated Statements of Operations. (c) Included in Interest Expense on the Consolidated Statements of Operations.
| Year Ended December 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) | $ | 292 |  |  | $ | 47 |  |  | $ | 161 |  |  | $ | 69 |  |  | $ | 92 |  |  | $ | 11 |  |  | $ | 20 |  |  | $ | 5 |
Short-term lease expense(a) | 16 |  |  | 5 |  |  | 9 |  |  | 4 |  |  | 5 |  |  | 1 |  |  | 2 |  |  | — |
Variable lease expense(a) | 47 |  |  | 22 |  |  | 22 |  |  | 16 |  |  | 6 |  |  | — |  |  | 1 |  |  | 1 |
Finance lease expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of leased assets(b) | 111 |  |  | 6 |  |  | 21 |  |  | 5 |  |  | 16 |  |  | 1 |  |  | — |  |  | — |
Interest on lease liabilities(c) | 61 |  |  | 15 |  |  | 42 |  |  | 33 |  |  | 9 |  |  | — |  |  | 1 |  |  | — |
Total finance lease expense | 172 |  |  | 21 |  |  | 63 |  |  | 38 |  |  | 25 |  |  | 1 |  |  | 1 |  |  | — |
Total lease expense | $ | 527 |  |  | $ | 95 |  |  | $ | 255 |  |  | $ | 127 |  |  | $ | 128 |  |  | $ | 13 |  |  | $ | 24 |  |  | $ | 6 |
(a) Included in Operations, maintenance and other or, for barges and railcars, Fuel used in electric generation and purchased power on the Consolidated Statements of Operations. (b) Included in Depreciation and amortization on the Consolidated Statements of Operations. (c) Included in Interest Expense on the Consolidated Statements of Operations.
| Year Ended 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
Cash paid for amounts included in the measurement of lease liabilities(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases | $ | 271 |  |  | $ | 31 |  |  | $ | 124 |  |  | $ | 52 |  |  | $ | 72 |  |  | $ | 2 |  |  | $ | 6 |  |  | $ | 5 |
Operating cash flows from finance leases | 61 |  |  | 30 |  |  | 44 |  |  | 37 |  |  | 7 |  |  | — |  |  | — |  |  | — |
Financing cash flows from finance leases | 119 |  |  | 8 |  |  | 24 |  |  | 6 |  |  | 18 |  |  | — |  |  | 1 |  |  | — |
Lease assets obtained in exchange for new lease liabilities (non-cash) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating(b) | $ | 116 |  |  | $ | 17 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |
Finance | 125 |  |  | 125 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
(a) No amounts were classified as investing cash flows from operating leases for the year ended December 31, 2020. (b) Does not include ROU assets recorded as a result of the adoption of the new lease standard.
| Year Ended December 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 | $ | 285 |  |  | $ | 34 |  |  | $ | 131 |  |  | $ | 53 |  |  | $ | 78 |  |  | $ | 2 |  |  | $ | 7 |  |  | $ | 7 |
Operating cash flows from finance leases | 61 |  |  | 15 |  |  | 42 |  |  | 33 |  |  | 9 |  |  | — |  |  | 1 |  |  | — |
Financing cash flows from finance leases | 111 |  |  | 6 |  |  | 21 |  |  | 5 |  |  | 16 |  |  | 1 |  |  | — |  |  | — |
Lease assets obtained in exchange for new lease liabilities (non-cash) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating(b) | $ | 194 |  |  | $ | 44 |  |  | $ | 30 |  |  | $ | 30 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |
Finance | 251 |  |  | 76 |  |  | 175 |  |  | 175 |  |  | — |  |  | — |  |  | — |  |  | — |
(a) No amounts were classified as investing cash flows from operating leases for the year ended December 31, 2019. (b) Does not include ROU assets recorded as a result of the adoption of the new lease standard.
Schedule of Rent Expense | The following table presents rental expense for operating leases, as reported under the former lease standard. These amounts are included in Operation, maintenance and other and Fuel used in electric generation and purchased power on the Consolidated Statements of Operations.
| Year Ended |  |
(in millions) | 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 |  |  |
Operating Lease Maturities | The following table presents operating lease maturities and a reconciliation of the undiscounted cash flows to operating lease 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
2021 | $ | 229 |  |  | $ | 24 |  |  | $ | 99 |  |  | $ | 44 |  |  | $ | 55 |  |  | $ | 2 |  |  | $ | 5 |  |  | $ | 5 |
2022 | 212 |  |  | 22 |  |  | 95 |  |  | 40 |  |  | 55 |  |  | 2 |  |  | 4 |  |  | 5 |
2023 | 202 |  |  | 20 |  |  | 95 |  |  | 41 |  |  | 54 |  |  | 2 |  |  | 4 |  |  | 5 |
2024 | 186 |  |  | 14 |  |  | 95 |  |  | 41 |  |  | 54 |  |  | 2 |  |  | 4 |  |  | 5 |
2025 | 162 |  |  | 10 |  |  | 85 |  |  | 31 |  |  | 54 |  |  | 2 |  |  | 4 |  |  | 5 |
Thereafter | 870 |  |  | 51 |  |  | 376 |  |  | 252 |  |  | 124 |  |  | 20 |  |  | 59 |  |  | — |
Total operating lease payments | 1,861 |  |  | 141 |  |  | 845 |  |  | 449 |  |  | 396 |  |  | 30 |  |  | 80 |  |  | 25 |
Less: present value discount | (344) |  |  | (24) |  |  | (149) |  |  | (95) |  |  | (54) |  |  | (9) |  |  | (24) |  |  | (2) |
Total operating lease liabilities(a) | $ | 1,517 |  |  | $ | 117 |  |  | $ | 696 |  |  | $ | 354 |  |  | $ | 342 |  |  | $ | 21 |  |  | $ | 56 |  |  | $ | 23 |
(a) Certain operating lease payments include renewal options that are reasonably certain to be exercised.
Maturities of Finance Lease Liabilities | The following table presents finance lease maturities and a reconciliation of the undiscounted cash flows to finance lease liabilities.
| December 31, 2020
|  |  | Duke |  |  |  | Duke |  | Duke |  |  |  | Duke |  |
| Duke |  | Energy |  | Progress |  | Energy |  | Energy |  |  |  | Energy |  |
(in millions) | Energy |  | Carolinas |  | Energy |  | Progress |  | Florida |  |  |  | Indiana |  |
2021 | $ | 186 |  |  | $ | 38 |  |  | $ | 68 |  |  | $ | 43 |  |  | $ | 25 |  |  |  |  | $ | 1 |  |  |
2022 | 173 |  |  | 38 |  |  | 68 |  |  | 43 |  |  | 25 |  |  |  |  | 1 |  |  |
2023 | 174 |  |  | 38 |  |  | 68 |  |  | 43 |  |  | 25 |  |  |  |  | 1 |  |  |
2024 | 119 |  |  | 38 |  |  | 52 |  |  | 43 |  |  | 9 |  |  |  |  | 1 |  |  |
2025 | 51 |  |  | 38 |  |  | 48 |  |  | 43 |  |  | 5 |  |  |  |  | 1 |  |  |
Thereafter | 762 |  |  | 502 |  |  | 481 |  |  | 475 |  |  | 6 |  |  |  |  | 26 |  |  |
Total finance lease payments | 1,465 |  |  | 692 |  |  | 785 |  |  | 690 |  |  | 95 |  |  |  |  | 31 |  |  |
Less: amounts representing interest | (620) |  |  | (398) |  |  | (408) |  |  | (394) |  |  | (14) |  |  |  |  | (21) |  |  |
Total finance lease liabilities | $ | 845 |  |  | $ | 294 |  |  | $ | 377 |  |  | $ | 296 |  |  | $ | 81 |  |  |  |  | $ | 10 |  |  |
Balance Sheet Amounts Recorded for Operating and Finance Leases | The following tables contain additional information related to leases.
|  | December 31, 2020
|  |  |  | 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 | $ | 1,524 |  |  | $ | 110 |  |  | $ | 690 |  |  | $ | 346 |  |  | $ | 344 |  |  | $ | 20 |  |  | $ | 55 |  |  | $ | 20 |
Finance | Net property, plant and equipment | 797 |  |  | 312 |  |  | 416 |  |  | 297 |  |  | 119 |  |  | — |  |  | 7 |  |  | — |
Total lease assets |  | $ | 2,321 |  |  | $ | 422 |  |  | $ | 1,106 |  |  | $ | 643 |  |  | $ | 463 |  |  | $ | 20 |  |  | $ | 62 |  |  | $ | 20 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating | Other current liabilities | $ | 177 |  |  | $ | 20 |  |  | $ | 73 |  |  | $ | 31 |  |  | $ | 42 |  |  | $ | 1 |  |  | $ | 3 |  |  | $ | 4 |
Finance | Current maturities of long-term debt | 129 |  |  | 5 |  |  | 26 |  |  | 7 |  |  | 19 |  |  | — |  |  | — |  |  | — |
Noncurrent |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating | Operating lease liabilities | 1,340 |  |  | 97 |  |  | 623 |  |  | 323 |  |  | 300 |  |  | 20 |  |  | 53 |  |  | 19 |
Finance | Long-Term Debt | 716 |  |  | 289 |  |  | 351 |  |  | 289 |  |  | 62 |  |  | — |  |  | 10 |  |  | — |
Total lease liabilities |  | $ | 2,362 |  |  | $ | 411 |  |  | $ | 1,073 |  |  | $ | 650 |  |  | $ | 423 |  |  | $ | 21 |  |  | $ | 66 |  |  | $ | 23 |
|  | December 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 | $ | 1,658 |  |  | $ | 123 |  |  | $ | 788 |  |  | $ | 387 |  |  | $ | 401 |  |  | $ | 21 |  |  | $ | 57 |  |  | $ | 24 |
Finance | Net property, plant and equipment | 926 |  |  | 198 |  |  | 443 |  |  | 308 |  |  | 135 |  |  | — |  |  | 7 |  |  | — |
Total lease assets |  | $ | 2,584 |  |  | $ | 321 |  |  | $ | 1,231 |  |  | $ | 695 |  |  | $ | 536 |  |  | $ | 21 |  |  | $ | 64 |  |  | $ | 24 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating | Other current liabilities | $ | 208 |  |  | $ | 27 |  |  | $ | 95 |  |  | $ | 37 |  |  | $ | 58 |  |  | $ | 1 |  |  | $ | 3 |  |  | $ | 4 |
Finance | Current maturities of long-term debt | 119 |  |  | 7 |  |  | 24 |  |  | 6 |  |  | 18 |  |  | — |  |  | — |  |  | — |
Noncurrent |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating | Operating lease liabilities | 1,432 |  |  | 102 |  |  | 697 |  |  | 354 |  |  | 343 |  |  | 21 |  |  | 55 |  |  | 23 |
Finance | Long-Term Debt | 850 |  |  | 172 |  |  | 381 |  |  | 301 |  |  | 80 |  |  | — |  |  | 10 |  |  | — |
Total lease liabilities |  | $ | 2,609 |  |  | $ | 308 |  |  | $ | 1,197 |  |  | $ | 698 |  |  | $ | 499 |  |  | $ | 22 |  |  | $ | 68 |  |  | $ | 27 |
Supplemental Lease Information |
| December 31, 2020
|  |  | 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 | 10 |  | 9 |  | 10 |  | 12 |  | 8 |  | 17 |  | 18 |  | 5
Finance leases | 13 |  | 19 |  | 15 |  | 17 |  | 11 |  | — |  |  | 25 |  | — |
Weighted average discount rate(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating leases | 3.8 | % |  | 3.4 | % |  | 3.8 | % |  | 3.9 | % |  | 3.8 | % |  | 4.2 | % |  | 4.2 | % |  | 3.6 | %
Finance leases | 8.4 | % |  | 11.6 | % |  | 11.9 | % |  | 12.4 | % |  | 8.2 | % |  | — | % |  | 11.9 | % |  | — | %
(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.
| December 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 |  | 10 |  | 12 |  | 8 |  | 17 |  | 18 |  | 6
Finance leases | 13 |  | 19 |  | 16 |  | 18 |  | 11 |  | — |  |  | 26 |  | — |
Weighted average discount rate(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating leases | 3.9 | % |  | 3.5 | % |  | 3.8 | % |  | 3.9 | % |  | 3.8 | % |  | 4.2 | % |  | 4.1 | % |  | 3.6 | %
Finance leases | 8.1 | % |  | 11.8 | % |  | 11.9 | % |  | 12.4 | % |  | 8.3 | % |  | — | % |  | 11.9 | % |  | — | %
(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 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=121609121&loc=SL77918701-209980 + Details
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