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Business Segments | 12 Months Ended
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Dec. 31, 2023
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, 2023
| Electric |  | Gas |  |  |  | Total |  |  |  |  |  |
| Utilities and |  | Utilities and |  |  |  | Reportable |  |  |  |  |  |
(in millions) | Infrastructure |  | Infrastructure |  |  |  | Segments |  | Other |  | Eliminations |  | Total
Unaffiliated Revenues | $ | 26,846 |  |  | $ | 2,177 |  |  |  |  | $ | 29,023 |  |  | $ | 37 |  |  | $ | — |  |  | $ | 29,060 |
Intersegment Revenues | 75 |  |  | 89 |  |  |  |  | 164 |  |  | 97 |  |  | (261) |  |  | — |
Total Revenues | $ | 26,921 |  |  | $ | 2,266 |  |  |  |  | $ | 29,187 |  |  | $ | 134 |  |  | $ | (261) |  |  | $ | 29,060 |
Interest Expense | $ | 1,850 |  |  | $ | 217 |  |  |  |  | $ | 2,067 |  |  | $ | 1,097 |  |  | $ | (150) |  |  | $ | 3,014 |
Depreciation and amortization | 4,684 |  |  | 349 |  |  |  |  | 5,033 |  |  | 248 |  |  | (28) |  |  | 5,253 |
Equity in earnings of unconsolidated affiliates | 7 |  |  | 40 |  |  |  |  | 47 |  |  | 66 |  |  | — |  |  | 113 |
Income tax expense (benefit) | 742 |  |  | 116 |  |  |  |  | 858 |  |  | (420) |  |  | — |  |  | 438 |
Segment income (loss)(a)(b) | 4,223 |  |  | 519 |  |  |  |  | 4,742 |  |  | (616) |  |  | — |  |  | 4,126 |
Less noncontrolling interest |  |  |  |  |  |  |  |  |  |  |  |  | (33) |
Add back preferred stock dividend |  |  |  |  |  |  |  |  |  |  |  |  | 106 |
Discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  | (1,391) |
Net income |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,874 |
Capital investments expenditures and acquisitions(c) | $ | 10,135 |  |  | $ | 1,492 |  |  |  |  | $ | 11,627 |  |  | $ | 995 |  |  | $ | — |  |  | $ | 12,622 |
Segment assets(d) | 155,449 |  |  | 17,349 |  |  |  |  | 172,798 |  |  | 4,095 |  |  | — |  |  | 176,893 |
(a) EU&I includes $35 million recorded with Impairment of assets and other charges and $8 million within Operations, maintenance and other primarily related to the North Carolina rate case order on Duke Energy Carolinas' Consolidated Statements of Operations; it also includes $33 million within Impairment of assets and other charges and $8 million within Operations, maintenance and other primarily related to the North Carolina rate case order on Duke Energy Progress' Consolidated Statements of Operations. See Note 4 for additional information. (b) Other includes $110 million recorded within Operations, maintenance and other and $14 million within Impairments of assets and other charges primarily related to strategic repositioning as the Company transitions to a fully regulated utility on the Consolidated Statements of Operations. See Note 21 for additional information. (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, 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 within interest expense and $1 million of expense within Depreciation and amortization on the Duke Energy Progress' Consolidated Statement of Operations. (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. (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. Geographical Information Substantially all assets and revenues from continuing operations are within the U.S. Major Customers No Subsidiary Registrant has an individual customer representing more than 10% of its revenues for the year ended December 31, 2023. 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
2023 |  |  |  |  |  |  |  |  |  |  |
Electric Utilities and Infrastructure | $ | 23,484 |  |  | $ | 2,193 |  |  | $ | — |  |  |  |  | $ | 1,244 |  |  | $ | 26,921 |
Gas Utilities and Infrastructure | — |  |  | — |  |  | 2,199 |  |  |  |  | 67 |  |  | 2,266 |
Total Reportable Segments | $ | 23,484 |  |  | $ | 2,193 |  |  | $ | 2,199 |  |  |  |  | $ | 1,311 |  |  | $ | 29,187 |
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 |
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, 2023
| Electric |  | Gas |  | Total |  |  |  |  |  |
| Utilities and |  | Utilities and |  | Reportable |  |  |  |  |  |
(in millions) | Infrastructure |  | Infrastructure |  | Segments |  | Other |  | Eliminations |  | Total
Total revenues | $ | 1,868 |  |  | $ | 639 |  |  | $ | 2,507 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,507 |
Interest expense | $ | 116 |  |  | $ | 53 |  |  | $ | 169 |  |  | $ | — |  |  | $ | — |  |  | $ | 169 |
Depreciation and amortization | 257 |  |  | 110 |  |  | 367 |  |  | — |  |  | — |  |  | 367 |
Income tax expense (benefit) | 42 |  |  | 23 |  |  | 65 |  |  | (2) |  |  | — |  |  | 63 |
Segment income (loss)/Net income | 227 |  |  | 116 |  |  | 343 |  |  | (9) |  |  | — |  |  | 334 |
Capital expenditures | $ | 520 |  |  | $ | 419 |  |  | $ | 939 |  |  | $ | — |  |  | $ | — |  |  | $ | 939 |
Segment assets | 7,978 |  |  | 4,346 |  |  | 12,324 |  |  | 13 |  |  | (121) |  |  | 12,216 |
| 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 |

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