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Business Segments | 12 Months Ended
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Dec. 31, 2022
Segment Reporting [Abstract] |
Business Segments | BUSINESS SEGMENTS Reportable segments are determined based on information used by the chief operating decision-maker in deciding how to allocate resources and evaluate the performance of the business. Duke Energy evaluates segment performance based on segment income. Segment income is defined as income from continuing operations net of income attributable to noncontrolling interests and preferred stock dividends. Segment income, as discussed below, includes intercompany revenues and expenses that are eliminated on the Consolidated Financial Statements. Certain governance costs are allocated to each segment. In addition, direct interest expense and income taxes are included in segment income. Products and services are sold between affiliate companies and reportable segments of Duke Energy at cost. Segment assets as presented in the tables that follow exclude all intercompany assets. Duke Energy Due to Duke Energy's commitment in the fourth quarter of 2022 to sell the Commercial Renewables business segment, Duke Energy's segment structure now includes the following two segments: EU&I and GU&I. Prior period information has been recast to conform to the current segment structure. See Note 2 for further information on the Commercial Renewables Disposal Groups. The EU&I segment includes Duke Energy's regulated electric utilities in the Carolinas, Florida and the Midwest. The regulated electric utilities conduct operations through the Subsidiary Registrants that are substantially all regulated and, accordingly, qualify for regulatory accounting treatment. EU&I also includes Duke Energy's electric transmission infrastructure investments and the offshore wind contract for Carolina Long Bay. Refer to Note 2 for further information. The GU&I segment includes Piedmont, Duke Energy's natural gas local distribution companies in Ohio and Kentucky, and Duke Energy's natural gas storage, midstream pipeline, and renewable natural gas investments. GU&I's operations are substantially all regulated and, accordingly, qualify for regulatory accounting treatment. 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 and Duke Energy’s wholly owned captive insurance company, Bison. Other also includes Duke Energy's interest in NMC. See Note 13 for additional information on the investment in NMC. Business segment information is presented in the following tables. Segment assets presented exclude intercompany assets.
| Year Ended December 31, 2022
| Electric |  | Gas |  |  |  | Total |  |  |  |  |  |
| Utilities and |  | Utilities and |  |  |  | Reportable |  |  |  |  |  |
(in millions) | Infrastructure |  | Infrastructure |  |  |  | Segments |  | Other |  | Eliminations |  | Total
Unaffiliated Revenues | $ | 25,990 |  |  | $ | 2,748 |  |  |  |  | $ | 28,738 |  |  | $ | 30 |  |  | $ | — |  |  | $ | 28,768 |
Intersegment Revenues | 34 |  |  | 92 |  |  |  |  | 126 |  |  | 92 |  |  | (218) |  |  | — |
Total Revenues | $ | 26,024 |  |  | $ | 2,840 |  |  |  |  | $ | 28,864 |  |  | $ | 122 |  |  | $ | (218) |  |  | $ | 28,768 |
Interest Expense | $ | 1,565 |  |  | $ | 182 |  |  |  |  | $ | 1,747 |  |  | $ | 778 |  |  | $ | (86) |  |  | $ | 2,439 |
Depreciation and amortization | 4,550 |  |  | 327 |  |  |  |  | 4,877 |  |  | 236 |  |  | (27) |  |  | 5,086 |
Equity in earnings of unconsolidated affiliates | 7 |  |  | 20 |  |  |  |  | 27 |  |  | 86 |  |  | — |  |  | 113 |
Income tax expense (benefit) | 536 |  |  | 8 |  |  |  |  | 544 |  |  | (244) |  |  | — |  |  | 300 |
Segment income (loss)(a)(b) | 3,929 |  |  | 468 |  |  |  |  | 4,397 |  |  | (737) |  |  | (1) |  |  | 3,659 |
Less noncontrolling interest |  |  |  |  |  |  |  |  |  |  |  |  | 95 |
Add back preferred stock dividend |  |  |  |  |  |  |  |  |  |  |  |  | 106 |
Discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  | (1,215) |
Net income |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,455 |
Capital investments expenditures and acquisitions(c) | $ | 8,985 |  |  | $ | 1,295 |  |  |  |  | $ | 10,280 |  |  | $ | 1,139 |  |  | $ | — |  |  | $ | 11,419 |
Segment assets(d) | 152,104 |  |  | 16,411 |  |  |  |  | 168,515 |  |  | 9,571 |  |  | — |  |  | 178,086 |
(a) EU&I includes $386 million recorded within Impairment of assets and other charges, $46 million within Regulated electric revenues and $34 million within Noncontrolling Interests related to the Duke Energy Indiana court rulings on coal ash on the Consolidated Statements of Operations. See Note 4 for additional information. (b) Other includes $72 million recorded within Impairment of assets and other charges, $71 million within Operations, maintenance and other and a $7 million gain within Gains on sales of other assets related to costs attributable to business transformation, including long-term real estate strategy changes and workforce realignment on the Consolidated Statements of Operations; it also includes $25 million recorded within Operations, maintenance and other related to litigation on the Consolidated Statements of Operations. (c) Other includes capital investments expenditures and acquisitions related to the Commercial Renewables Disposal Groups. (d) Other includes Assets Held for Sale balances related to the Commercial Renewables Disposal Groups. Refer to Note 2 for further information.
| Year Ended December 31, 2021
| Electric |  | Gas |  |  |  | Total |  |  |  |  |  |
| Utilities and |  | Utilities and |  |  |  | Reportable |  |  |  |  |  |
(in millions) | Infrastructure |  | Infrastructure |  |  |  | Segments |  | Other |  | Eliminations |  | Total
Unaffiliated Revenues | $ | 22,570 |  |  | $ | 2,022 |  |  |  |  | $ | 24,592 |  |  | $ | 29 |  |  | $ | — |  |  | $ | 24,621 |
Intersegment Revenues | 33 |  |  | 90 |  |  |  |  | 123 |  |  | 84 |  |  | (207) |  |  | — |
Total Revenues | $ | 22,603 |  |  | $ | 2,112 |  |  |  |  | $ | 24,715 |  |  | $ | 113 |  |  | $ | (207) |  |  | $ | 24,621 |
Interest Expense | $ | 1,432 |  |  | $ | 142 |  |  |  |  | $ | 1,574 |  |  | $ | 643 |  |  | $ | (10) |  |  | $ | 2,207 |
Depreciation and amortization | 4,251 |  |  | 303 |  |  |  |  | 4,554 |  |  | 236 |  |  | (28) |  |  | 4,762 |
Equity in earnings of unconsolidated affiliates | 7 |  |  | 8 |  |  |  |  | 15 |  |  | 47 |  |  | — |  |  | 62 |
Income tax expense (benefit) | 494 |  |  | 55 |  |  |  |  | 549 |  |  | (281) |  |  | — |  |  | 268 |
Segment income (loss)(a)(b)(c) | 3,850 |  |  | 396 |  |  |  |  | 4,246 |  |  | (641) |  |  | (3) |  |  | 3,602 |
Less noncontrolling interest |  |  |  |  |  |  |  |  |  |  |  |  | 329 |
Add back preferred stock dividend |  |  |  |  |  |  |  |  |  |  |  |  | 106 |
Discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  | 200 |
Net income |  |  |  |  |  |  |  |  |  |  |  |  | $ | 3,579 |
Capital investments expenditures and acquisitions(d) | $ | 7,653 |  |  | $ | 1,271 |  |  |  |  | $ | 8,924 |  |  | $ | 828 |  |  | $ | — |  |  | $ | 9,752 |
Segment assets(e) | 143,841 |  |  | 15,179 |  |  |  |  | 159,020 |  |  | 10,567 |  |  | — |  |  | 169,587 |
(a) EU&I includes $160 million of expense recorded within Impairment of assets and other charges, $77 million of income within Other Income and expenses, $5 million of expense within Operations, maintenance and other, $13 million of income within regulated operating revenues, $3 million of expense within interest expense and $6 million of expense within Depreciation and amortization on the Duke Energy Carolinas' Consolidated Statement of Operations related to the South Carolina Supreme Court decision on coal ash and insurance proceeds; it also includes $42 million of expense recorded within Impairment of assets and other charges, $34 million of income within Other Income and expenses, $7 million of expense within Operations, maintenance, and other, $15 million of income within Regulated electric operating revenues, $5 million of expense wit hin interest expense and $1 million of expense within Depreciation and amortization on the Duke Energy Progress' Consolidated Statement of Operations. See Notes 4 and 5 for more information. (b) GU&I includes $20 million, recorded within Equity in earnings (losses) of unconsolidated affiliates on the Consolidated Statements of Operations, related to natural gas pipeline investments. See Note 4 for additional information. (c) Other includes $133 million recorded within Impairment of assets and other charges, $42 million within Operations, maintenance and other, and $17 million within Depreciation and amortization on the Consolidated Statements of Operations, related to the workplace and workforce realignment. See Note 11 for additional information. (d) Other includes capital investments expenditures and acquisitions related to the Commercial Renewables Disposal Groups. (e) Other includes Assets Held for Sale balances related to the Commercial Renewables Disposal Groups. Refer to Note 2 for further information.
| Year Ended December 31, 2020
| Electric |  | Gas |  |  |  | Total |  |  |  |  |  |
| Utilities and |  | Utilities and |  |  |  | Reportable |  |  |  |  |  |
(in millions) | Infrastructure |  | Infrastructure |  |  |  | Segments |  | Other |  | Eliminations |  | Total
Unaffiliated Revenues | $ | 21,687 |  |  | $ | 1,653 |  |  |  |  | $ | 23,340 |  |  | $ | 26 |  |  | $ | — |  |  | $ | 23,366 |
Intersegment Revenues | 33 |  |  | 95 |  |  |  |  | 128 |  |  | 73 |  |  | (201) |  |  | — |
Total Revenues | $ | 21,720 |  |  | $ | 1,748 |  |  |  |  | $ | 23,468 |  |  | $ | 99 |  |  | $ | (201) |  |  | $ | 23,366 |
Interest Expense | $ | 1,320 |  |  | $ | 135 |  |  |  |  | $ | 1,455 |  |  | $ | 657 |  |  | $ | (15) |  |  | $ | 2,097 |
Depreciation and amortization | 4,068 |  |  | 258 |  |  |  |  | 4,326 |  |  | 207 |  |  | (29) |  |  | 4,504 |
Equity in (losses) earnings of unconsolidated affiliates | (1) |  |  | (2,017) |  |  |  |  | (2,018) |  |  | 13 |  |  | — |  |  | (2,005) |
Income tax expense (benefit) | 340 |  |  | (349) |  |  |  |  | (9) |  |  | (160) |  |  | — |  |  | (169) |
Segment income (loss)(a)(b)(c) | 2,669 |  |  | (1,266) |  |  |  |  | 1,403 |  |  | (418) |  |  | (4) |  |  | 981 |
Less noncontrolling interest |  |  |  |  |  |  |  |  |  |  |  |  | 295 |
Add back preferred stock dividend |  |  |  |  |  |  |  |  |  |  |  |  | 107 |
Discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  | 289 |
Net income |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,082 |
Capital investments expenditures and acquisitions(d) | $ | 7,629 |  |  | $ | 1,309 |  |  |  |  | $ | 8,938 |  |  | $ | 1,483 |  |  | $ | — |  |  | $ | 10,421 |
Segment assets(e) | 138,225 |  |  | 13,849 |  |  |  |  | 152,074 |  |  | 10,314 |  |  | — |  |  | 162,388 |
(a) EU&I includes $948 million of Impairment of assets and other charges and a reversal of $152 million included in Regulated electric operating revenue related to the CCR Settlement Agreement filed with the NCUC. Additionally, EU&I includes $19 million of Impairment of assets and other charges related to the Clemson University Combined Heat and Power Plant, $5 million of Impairment charges related to the natural gas pipeline assets and $16 million of shareholder contributions within Operations, maintenance and other related to Duke Energy Carolinas' and Duke Energy Progress' 2019 North Carolina rate cases. See Note 4 for additional information. (b) GU&I includes $2.1 billion recorded within Equity in (losses) earnings of unconsolidated affiliates and $7 million of Impairment of assets and other charges related to natural gas pipeline investments. See Notes 4 and 13 for additional information. (c) Other includes a $98 million reversal of 2018 severance costs due to a partial settlement in the Duke Energy Carolinas' 2019 North Carolina rate case. See Note 21 for additional information. (d) Other includes capital investments expenditures and acquisitions related to the Commercial Renewables Disposal Groups. (e) Other includes Assets Held for Sale balances related to the Commercial Renewables Disposal Groups. Refer to Note 2 for further information. Geographical Information Substantially all assets and revenues from continuing operations are within the U.S. Major Customers For the year ended December 31, 2022, revenues from one customer of Duke Energy Progress are $684 million. Duke Energy Progress has one reportable segment, Electric Utilities and Infrastructure. No other Subsidiary Registrant has an individual customer representing more than 10% of its revenues for the year ended December 31, 2022. Products and Services The following table summarizes revenues of the reportable segments by type.
| Retail |  | Wholesale |  | Retail |  |  |  |  |  | Total
(in millions) | Electric |  | Electric |  | Natural Gas |  |  |  | Other |  | Revenues
2022 |  |  |  |  |  |  |  |  |  |  |
Electric Utilities and Infrastructure | $ | 22,036 |  |  | $ | 2,882 |  |  | $ | — |  |  |  |  | $ | 1,106 |  |  | $ | 26,024 |
Gas Utilities and Infrastructure | — |  |  | — |  |  | 2,535 |  |  |  |  | 305 |  |  | 2,840 |
Total Reportable Segments | $ | 22,036 |  |  | $ | 2,882 |  |  | $ | 2,535 |  |  |  |  | $ | 1,411 |  |  | $ | 28,864 |
2021 |  |  |  |  |  |  |  |  |  |  |
Electric Utilities and Infrastructure | $ | 19,410 |  |  | $ | 2,216 |  |  | $ | — |  |  |  |  | $ | 977 |  |  | $ | 22,603 |
Gas Utilities and Infrastructure | — |  |  | — |  |  | 2,025 |  |  |  |  | 87 |  |  | 2,112 |
Total Reportable Segments | $ | 19,410 |  |  | $ | 2,216 |  |  | $ | 2,025 |  |  |  |  | $ | 1,064 |  |  | $ | 24,715 |
2020 |  |  |  |  |  |  |  |  |  |  |
Electric Utilities and Infrastructure | $ | 18,898 |  |  | $ | 1,878 |  |  | $ | — |  |  |  |  | $ | 944 |  |  | $ | 21,720 |
Gas Utilities and Infrastructure | — |  |  | — |  |  | 1,691 |  |  |  |  | 57 |  |  | 1,748 |
Total Reportable Segments | $ | 18,898 |  |  | $ | 1,878 |  |  | $ | 1,691 |  |  |  |  | $ | 1,001 |  |  | $ | 23,468 |
Duke Energy Ohio Duke Energy Ohio has two reportable segments, EU&I and GU&I. EU&I transmits and distributes electricity in portions of Ohio and generates, distributes and sells electricity in portions of Northern Kentucky. GU&I transports and sells natural gas in portions of Ohio and Northern Kentucky. Both reportable segments conduct operations primarily through Duke Energy Ohio and its wholly owned subsidiary, Duke Energy Kentucky. The remainder of Duke Energy Ohio's operations is presented as Other. All Duke Energy Ohio assets and revenues from continuing operations are within the U.S.
| Year Ended December 31, 2022
| Electric |  | Gas |  | Total |  |  |  |  |  |
| Utilities and |  | Utilities and |  | Reportable |  |  |  |  |  |
(in millions) | Infrastructure |  | Infrastructure |  | Segments |  | Other |  | Eliminations |  | Total
Total revenues | $ | 1,798 |  |  | $ | 716 |  |  | $ | 2,514 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,514 |
Interest expense | $ | 86 |  |  | $ | 43 |  |  | $ | 129 |  |  | $ | — |  |  | $ | — |  |  | $ | 129 |
Depreciation and amortization | 221 |  |  | 103 |  |  | 324 |  |  | — |  |  | — |  |  | 324 |
Income tax expense (benefit) | 24 |  |  | (43) |  |  | (19) |  |  | (2) |  |  | — |  |  | (21) |
Segment income (loss)/Net income | 189 |  |  | 121 |  |  | 310 |  |  | (8) |  |  | — |  |  | 302 |
Capital expenditures | $ | 488 |  |  | $ | 362 |  |  | $ | 850 |  |  | $ | — |  |  | $ | — |  |  | $ | 850 |
Segment assets | 7,504 |  |  | 4,164 |  |  | 11,668 |  |  | 14 |  |  | (176) |  |  | 11,506 |
| Year Ended December 31, 2021
| Electric |  | Gas |  | Total |  |  |  |  |  |
| Utilities and |  | Utilities and |  | Reportable |  |  |  |  |  |
(in millions) | Infrastructure |  | Infrastructure |  | Segments |  | Other |  | Eliminations |  | Total
Total revenues | $ | 1,493 |  |  | $ | 544 |  |  | $ | 2,037 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,037 |
Interest expense | $ | 87 |  |  | $ | 24 |  |  | $ | 111 |  |  | $ | — |  |  | $ | — |  |  | $ | 111 |
Depreciation and amortization | 217 |  |  | 90 |  |  | 307 |  |  | — |  |  | — |  |  | 307 |
Income tax expense (benefit) | 15 |  |  | 19 |  |  | 34 |  |  | (4) |  |  | — |  |  | 30 |
Segment income (loss)/Net Income | 141 |  |  | 78 |  |  | 219 |  |  | (15) |  |  | — |  |  | 204 |
Capital expenditures | $ | 486 |  |  | $ | 362 |  |  | $ | 848 |  |  | $ | — |  |  | $ | — |  |  | $ | 848 |
Segment assets | 6,882 |  |  | 3,892 |  |  | 10,774 |  |  | 29 |  |  | (29) |  |  | 10,774 |
| Year Ended December 31, 2020
| Electric |  | Gas |  | Total |  |  |  |  |  |
| Utilities and |  | Utilities and |  | Reportable |  |  |  |  |  |
(in millions) | Infrastructure |  | Infrastructure |  | Segments |  | Other |  | Eliminations |  | Total
Total revenues | $ | 1,405 |  |  | $ | 453 |  |  | $ | 1,858 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,858 |
Interest expense | $ | 85 |  |  | $ | 17 |  |  | $ | 102 |  |  | $ | — |  |  | $ | — |  |  | $ | 102 |
Depreciation and amortization | 200 |  |  | 78 |  |  | 278 |  |  | — |  |  | — |  |  | 278 |
Income tax expense (benefit) | 19 |  |  | 26 |  |  | 45 |  |  | (2) |  |  | — |  |  | 43 |
Segment income (loss) | 162 |  |  | 96 |  |  | 258 |  |  | (6) |  |  | — |  |  | 252 |
Capital expenditures | $ | 548 |  |  | $ | 286 |  |  | $ | 834 |  |  | $ | — |  |  | $ | — |  |  | $ | 834 |
Segment assets | 6,615 |  |  | 3,380 |  |  | 9,995 |  |  | 32 |  |  | (2) |  |  | 10,025 |

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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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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