XML 124 R69.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Income Taxes | INCOME TAXES Inflation Reduction Act On August 16, 2022, the IRA was signed into law. Among other provisions, the IRA implemented a new 15% corporate alternative minimum tax based on GAAP net income, with certain adjustments as defined by the IRA, and clean energy-related provisions. The IRA's clean energy provisions included, among other provisions, the extension and modification of existing investment and PTCs for projects placed in service through 2024 and introduced new technology-neutral clean energy related credits beginning in 2025. In addition, the IRA created a new, zero-emission nuclear power PTC and a clean hydrogen PTC. There were no material impacts on the results of operations, financial position, or cash flows in the periods presented for the Duke Energy Registrants as a result of the IRA being signed into law. Based on the review of the IRA provisions, future annual cash flow impacts related to the energy credits could be material to the Duke Energy Registrants. However, the majority of Duke Energy's operations are regulated and the FERC and state utility commissions will determine the regulatory treatment. We anticipate the Subsidiary Registrants will defer and expect to pass along the net financial impact associated with the IRA to customers over time. See Note 4 for further details on the IRA as it relates to Duke Energy Florida. Duke Energy will continue to assess the IRA as new information and anticipated guidance from the U.S. Department of the Treasury becomes available. North Carolina's 2021 Appropriations Act On November 18, 2021, North Carolina Senate Bill 105 (SB 105) was signed into law. Starting with tax year 2025, SB 105 begins phasing out the North Carolina corporate income tax rate over five years, from a statutory rate of 2.5% to zero. Duke Energy recorded a net reduction of approximately $490 million to its North Carolina deferred tax liability in the fourth quarter of 2021. The majority of this deferred tax liability reduction was offset by recording a regulatory liability pending NCUC determination of the disposition of the amounts related to Duke Energy Carolinas, Duke Energy Progress and Piedmont. In addition, Duke Energy recorded a net reduction of North Carolina consolidating deferred tax assets of approximately $25 million to deferred state income tax expense in the fourth quarter of 2021. North Carolina SB 105 did not have a significant impact on the financial position, results of operation, or cash flows of Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress or Piedmont. Income Tax Expense Components of Income Tax Expense Tax benefit from discontinued operations, in the following tables, includes income tax benefits related to the Commercial Renewables Disposal Groups. See Note 2 for further details.
| Year Ended December 31, 2023
|  | Duke |  | Duke | Duke | Duke | Duke |
| Duke | Energy | Progress | Energy | Energy | Energy | Energy |
(in millions) | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont
Current income taxes |  |  |  |  |  |  |  |
Federal(b) | $ | 71 |  | $ | 173 |  | $ | 459 |  | $ | 198 |  | $ | 279 |  | $ | (46) |  | $ | 10 |  | $ | 44 |
State | 1 |  | 22 |  | 38 |  | 4 |  | 71 |  | (3) |  | 9 |  | 3 |
Foreign | 3 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total current income taxes | 75 |  | 195 |  | 497 |  | 202 |  | 350 |  | (49) |  | 19 |  | 47 |
Deferred income taxes |  |  |  |  |  |  |  |
Federal | 319 |  | (43) |  | (154) |  | (69) |  | (89) |  | 111 |  | 77 |  | 25 |
State | 53 |  | (7) |  | 38 |  | 19 |  | — |  | 1 |  | 14 |  | 12 |
Total deferred income taxes(a) | 372 |  | (50) |  | (116) |  | (50) |  | (89) |  | 112 |  | 91 |  | 37 |
ITC amortization | (9) |  | (4) |  | (4) |  | (3) |  | — |  | — |  | — |  | — |
Income tax expense from continuing operations | 438 |  | 141 |  | 377 |  | 149 |  | 261 |  | 63 |  | 110 |  | 84 |
Tax benefit from discontinued operations | (359) |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total income tax expense included in Consolidated Statements of Operations | $ | 79 |  | $ | 141 |  | $ | 377 |  | $ | 149 |  | $ | 261 |  | $ | 63 |  | $ | 110 |  | $ | 84 |
(a) Total deferred income taxes includes the utilization of NOL carryforwards and tax credit carryforwards of $214 million at Duke Energy and $54 million at Duke Energy Indiana. In addition, total deferred income taxes includes the generation of NOL carryforwards and tax credit carryforwards of $2 million at Duke Energy Carolinas, $116 million at Progress Energy, $59 million at Duke Energy Progress, $5 million at Duke Energy Florida, $22 million at Duke Energy Ohio, and $15 million at Piedmont. (b) Total current federal income tax at Duke Energy includes corporate alternative minimum tax, net of tax credit utilization, of $69 million. In addition, under the IRA transferability provision, Progress Energy elected to sell $28 million of PTCs generated by Duke Energy Florida. Cash received and paid related to the transfer of tax credits is included in Cash paid for (received from) income taxes on the Consolidated Statements of Cash Flows.
| Year Ended December 31, 2022 |
|  | Duke |  | Duke | Duke | Duke | Duke |
| Duke | Energy | Progress | Energy | Energy | Energy | Energy |
(in millions) | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont
Current income taxes |  |  |  |  |  |  |  |
Federal | $ | 1 |  | $ | (71) |  | $ | (13) |  | $ | 37 |  | $ | (37) |  | $ | (2) |  | $ | 38 |  | $ | 32 |
State | (8) |  | (13) |  | (3) |  | — |  | (23) |  | 1 |  | 2 |  | 2 |
Foreign | 4 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total current income taxes | (3) |  | (84) |  | (16) |  | 37 |  | (60) |  | (1) |  | 40 |  | 34 |
Deferred income taxes |  |  |  |  |  |  |  |
Federal | 328 |  | 230 |  | 310 |  | 118 |  | 201 |  | (22) |  | (63) |  | 12 |
State | (14) |  | (16) |  | 59 |  | 7 |  | 84 |  | 3 |  | — |  | (7) |
Total deferred income taxes(a) | 314 |  | 214 |  | 369 |  | 125 |  | 285 |  | (19) |  | (63) |  | 5 |
ITC amortization | (11) |  | (4) |  | (5) |  | (4) |  | — |  | (1) |  | (1) |  | — |
Income tax expense from continuing operations | 300 |  | 126 |  | 348 |  | 158 |  | 225 |  | (21) |  | (24) |  | 39 |
Tax benefit from discontinued operations | (503) |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total income tax (benefit) expense included in Consolidated Statements of Operations | $ | (203) |  | $ | 126 |  | $ | 348 |  | $ | 158 |  | $ | 225 |  | $ | (21) |  | $ | (24) |  | $ | 39 |
(a) Total deferred income taxes includes the generation of NOL carryforwards and tax credit carryforwards of $550 million at Duke Energy, $97 million at Duke Energy Carolinas, $128 million at Progress Energy, $9 million at Duke Energy Progress, $111 million at Duke Energy Florida, $7 million at Duke Energy Ohio, $13 million at Duke Energy Indiana, and $12 million at Piedmont.
| Year Ended December 31, 2021 |
|  | Duke |  | Duke | Duke | Duke | Duke |
| Duke | Energy | Progress | Energy | Energy | Energy | Energy |
(in millions) | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont
Current income taxes |  |  |  |  |  |  |  |
Federal | $ | (2) |  | $ | 241 |  | $ | (15) |  | $ | 113 |  | $ | (75) |  | $ | (8) |  | $ | 65 |  | $ | 23 |
State | 1 |  | 23 |  | (4) |  | 8 |  | (17) |  | (2) |  | 7 |  | 3 |
Foreign | 2 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total current income taxes | 1 |  | 264 |  | (19) |  | 121 |  | (92) |  | (10) |  | 72 |  | 26 |
Deferred income taxes |  |  |  |  |  |  |  |
Federal | 275 |  | (130) |  | 203 |  | (16) |  | 202 |  | 35 |  | 19 |  | 17 |
State | — |  | (79) |  | 47 |  | (26) |  | 77 |  | 5 |  | 16 |  | (13) |
Total deferred income taxes(a) | 275 |  | (209) |  | 250 |  | (42) |  | 279 |  | 40 |  | 35 |  | 4 |
ITC amortization | (8) |  | (4) |  | (4) |  | (4) |  | — |  | — |  | — |  | — |
Income tax expense from continuing operations | 268 |  | 51 |  | 227 |  | 75 |  | 187 |  | 30 |  | 107 |  | 30 |
Tax benefit from discontinued operations | (76) |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total income tax expense included in Consolidated Statements of Operations | $ | 192 |  | $ | 51 |  | $ | 227 |  | $ | 75 |  | $ | 187 |  | $ | 30 |  | $ | 107 |  | $ | 30 |
(a) Total deferred income taxes includes the generation of NOL carryforwards and tax credit carryforwards of $32 million at Duke Energy Carolinas, $8 million at Duke Energy Indiana, and $3 million at Piedmont. In addition, total deferred income taxes includes utilization of NOL carryforwards and tax credit carryforwards of $250 million at Duke Energy, $95 million at Progress Energy, $14 million at Duke Energy Progress, $64 million at Duke Energy Florida and $2 million at Duke Energy Ohio. Duke Energy Income from Continuing Operations before Income Taxes
| Years Ended December 31,
(in millions) | 2023 |  | 2022 |  | 2021
Domestic | $ | 4,700 |  |  | $ | 3,991 |  |  | $ | 3,947 |
Foreign | 67 |  |  | 87 |  |  | 44 |
Income from continuing operations before income taxes | $ | 4,767 |  |  | $ | 4,078 |  |  | $ | 3,991 |
Statutory Rate Reconciliation The following tables present a reconciliation of income tax expense at the U.S. federal statutory tax rate to the actual tax expense from continuing operations.
| Year Ended December 31, 2023
|  | Duke |  | Duke | Duke | Duke | Duke |
| Duke | Energy | Progress | Energy | Energy | Energy | Energy |
(in millions) | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont
Income tax expense, computed at the statutory rate of 21% | $ | 1,001 | $ | 338 | $ | 490 | $ | 241 | $ | 268 | $ | 83 | $ | 128 | $ | 97
State income tax, net of federal income tax effect | 43 | 12 |  | 60 | 18 | 56 | (2) | 18 | 12
Amortization of EDIT | (388) | (197) | (114) | (91) | (23) | (22) | (33) | (20)
AFUDC equity income | (41) | (19) | (14) | (11) | (3) | (2) | (2) | (4)
AFUDC equity depreciation | 37 | 18 | 13 | 6 | 7 | 2 | 4 | —
Tax credits(b) | (63) | (11) | (46) | (7) | (39) | (2) | (2) | (1)
Interest on company-owned life insurance(a) | (114) | — | — | — | — | — | — | —
Other items, net | (37) | — | (12) | (7) | (5) | 6 | (3) | —
Income tax expense from continuing operations | $ | 438 |  | $ | 141 |  | $ | 377 |  | $ | 149 |  | $ | 261 |  | $ | 63 |  | $ | 110 |  | $ | 84 |
Effective tax rate | 9.2 | % | 8.8 | % | 16.2 | % | 13.0 | % | 20.4 | % | 15.9 | % | 18.1 | % | 18.1 | %
(a) During 2023, the Company evaluated the deductibility of certain items spanning periods currently open under federal statute, including items related to interest on company-owned life insurance. As a result of this analysis, the Company recorded a favorable federal adjustment of approximately $114 million and a favorable state adjustment of approximately $6 million. The favorable state adjustment is included in State income tax, net of federal income tax effect, in the above table. (b) Tax credits at Progress Energy and Duke Energy Florida include $28 million of certain eligible PTCs, net of discount, that were elected to be sold in 2023 under the transferability provisions of the IRA. Cash received and paid related to the transfer of tax credits is included in Cash paid for (received from) income taxes on the Consolidated Statements of Cash Flows.
| Year Ended December 31, 2022 |
|  | Duke |  | Duke | Duke | Duke | Duke |
| Duke | Energy | Progress | Energy | Energy | Energy | Energy |
(in millions) | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont
Income tax expense, computed at the statutory rate of 21% | $ | 856 |  | $ | 362 |  | $ | 457 |  | $ | 245 |  | $ | 238 |  | $ | 59 |  | $ | 24 |  | $ | 76 |
State income tax, net of federal income tax effect | (17) |  | (23) |  | 44 |  | 6 |  | 48 |  | 3 |  | 2 |  | (4) |
Amortization of EDIT | (481) |  | (195) |  | (133) |  | (74) |  | (59) |  | (79) |  | (48) |  | (23) |
AFUDC equity income | (41) |  | (20) |  | (14) |  | (11) |  | (3) |  | (1) |  | (2) |  | (2) |
AFUDC equity depreciation | 36 |  | 18 |  | 12 |  | 6 |  | 6 |  | 1 |  | 4 |  | — |
Other tax credits | (43) |  | (12) |  | (16) |  | (9) |  | (7) |  | (2) |  | (3) |  | (8) |
Other items, net | (10) |  | (4) |  | (2) |  | (5) |  | 2 |  | (2) |  | (1) |  | — |
Income tax expense (benefit) from continuing operations | $ | 300 |  | $ | 126 |  | $ | 348 |  | $ | 158 |  | $ | 225 |  | $ | (21) |  | $ | (24) |  | $ | 39 |
Effective tax rate | 7.4 | % | 7.3 | % | 16.0 | % | 13.6 | % | 19.8 | % | (7.5) | % | (21.2) | % | 10.8 | %
| Year Ended December 31, 2021 |
|  | Duke |  | Duke | Duke | Duke | Duke |
| Duke | Energy | Progress | Energy | Energy | Energy | Energy |
(in millions) | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont
Income tax expense, computed at the statutory rate of 21% | $ | 838 |  | $ | 291 |  | $ | 384 |  | $ | 224 |  | $ | 194 |  | $ | 49 |  | $ | 123 |  | $ | 71 |
State income tax, net of federal income tax effect | 1 |  | (44) |  | 34 |  | (14) |  | 47 |  | 2 |  | 18 |  | (8) |
Amortization of EDIT | (438) |  | (184) |  | (174) |  | (120) |  | (54) |  | (22) |  | (34) |  | (25) |
AFUDC equity income | (34) |  | (14) |  | (11) |  | (7) |  | (3) |  | (2) |  | (4) |  | (4) |
AFUDC equity depreciation | 35 |  | 18 |  | 10 |  | 5 |  | 5 |  | 2 |  | 5 |  | — |
Other tax credits | (30) |  | (12) |  | (11) |  | (8) |  | (3) |  | (1) |  | (2) |  | (4) |
Valuation allowance(a) | (85) |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Other items, net | (19) |  | (4) |  | (5) |  | (5) |  | 1 |  | 2 |  | 1 |  | — |
Income tax expense from continuing operations | $ | 268 |  | $ | 51 |  | $ | 227 |  | $ | 75 |  | $ | 187 |  | $ | 30 |  | $ | 107 |  | $ | 30 |
Effective tax rate | 6.7 | % | 3.7 | % | 12.4 | % | 7.0 | % | 20.2 | % | 12.8 | % | 18.2 | % | 8.8 | %
(a) In 2021, the Company recognized a federal capital gain in the amount of $426 million. As a result, a valuation allowance of $85 million related to a federal capital loss carryforward was released. This valuation allowance was originally recorded as a result of the 2019 sale of minority interest of certain renewable assets within the Commercial Renewables Disposal Groups. Valuation allowances have been established for certain state NOL carryforwards and state income tax credits that reduce deferred tax assets to an amount that will be realized on a more-likely-than-not basis. The net change in the total valuation allowance is included in state income tax, net of federal income tax effect, in the above tables. DEFERRED TAXES Net Deferred Income Tax Liability Components
| December 31, 2023
|  | Duke |  | Duke | Duke | Duke | Duke |
| Duke | Energy | Progress | Energy | Energy | Energy | Energy |
(in millions) | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont
Deferred credits and other liabilities | $ | 327 |  | $ | 194 |  | $ | 77 |  | $ | 21 |  | $ | 56 |  | $ | 13 |  | $ | 18 |  | $ | 42 |
Lease obligations | 418 |  | 86 |  | 256 |  | 179 |  | 77 |  | 4 |  | 15 |  | 3 |
Pension, post-retirement and other employee benefits | 65 |  | (41) |  | (22) |  | (1) |  | (25) |  | 5 |  | 2 |  | (5) |
Progress Energy merger purchase accounting adjustments(a) | 260 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Tax credits and NOL carryforwards | 4,489 |  | 445 |  | 686 |  | 230 |  | 425 |  | 44 |  | 154 |  | 50 |
Regulatory liabilities and deferred credits | — |  | — |  | — |  | — |  | — |  | — |  | 47 |  | — |
Investments and other assets | — |  | — |  | — |  | — |  | — |  | — |  | 1 |  | — |
Other | 102 |  | 29 |  | 22 |  | 12 |  | 8 |  | 5 |  | 5 |  | 9 |
Valuation allowance | (544) |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total deferred income tax assets | 5,117 |  | 713 |  | 1,019 |  | 441 |  | 541 |  | 71 |  | 242 |  | 99 |
Investments and other assets | (1,812) |  | (1,213) |  | (596) |  | (520) |  | (91) |  | — |  | — |  | (37) |
Accelerated depreciation rates | (11,969) |  | (3,411) |  | (4,557) |  | (1,823) |  | (2,778) |  | (1,314) |  | (1,678) |  | (944) |
Regulatory assets and deferred debits, net | (1,892) |  | (468) |  | (1,063) |  | (658) |  | (405) |  | (29) |  | — |  | (51) |
Total deferred income tax liabilities | (15,673) |  | (5,092) |  | (6,216) |  | (3,001) |  | (3,274) |  | (1,343) |  | (1,678) |  | (1,032) |
Net deferred income tax liabilities | $ | (10,556) |  | $ | (4,379) |  | $ | (5,197) |  | $ | (2,560) |  | $ | (2,733) |  | $ | (1,272) |  | $ | (1,436) |  | $ | (933) |
(a) Primarily related to lease obligations and debt fair value adjustments. The following table presents the expiration of tax credits and NOL carryforwards.
| December 31, 2023
(in millions) | Amount |  | Expiration Year
General Business Credits | $ | 2,388 |  |  | 2029 |  | — |  | 2043
Foreign Tax Credits(d) | 1,155 |  |  | 2024 |  | — |  | 2028
State Carryforwards and Credits(b) (e) | 390 |  |  | 2024 |  | — |  | Indefinite
Corporate AMT Credits | 278 |  |  |  |  |  |  | Indefinite
Federal Capital Loss(f) | 73 |  |  | 2027 |  | — |  | 2028
Federal NOL carryforwards(a) (e) | 193 |  |  | 2024 |  | — |  | Indefinite
Foreign NOL carryforwards(c) | 12 |  |  | 2027 |  | — |  | 2038
Total tax credits and NOL carryforwards | $ | 4,489 |  |  |  |  |  |  |
(a) A valuation allowance of $4 million has been recorded on the Federal NOL carryforwards, as presented in the Net Deferred Income Tax Liability Components table. (b) A valuation allowance of $110 million has been recorded on the state NOL and attribute carryforwards, as presented in the Net Deferred Income Tax Liability Components table. (c) A valuation allowance of $12 million has been recorded on the foreign NOL carryforwards, as presented in the Net Deferred Income Tax Liability Components table. (d) A valuation allowance of $389 million has been recorded on the foreign tax credits, as presented in the Net Deferred Income Tax Liability Components table. (e) Indefinite carryforward for Federal NOLs, and NOLs for states that have adopted the Tax Act's NOL provisions, generated in tax years beginning after December 31, 2017. (f) A valuation allowance of $29 million has been recorded on the Federal Capital Loss, as presented in the Net Deferred Income Tax Liability Components table.
| December 31, 2022
|  | Duke |  | Duke | Duke | Duke | Duke |
| Duke | Energy | Progress | Energy | Energy | Energy | Energy |
(in millions) | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont
Deferred credits and other liabilities | $ | 348 |  | $ | 170 |  | $ | 117 |  | $ | 33 |  | $ | 83 |  | $ | 12 |  | $ | 23 |  | $ | 24 |
Lease obligations | 405 |  | 89 |  | 263 |  | 197 |  | 65 |  | 4 |  | 15 |  | 3 |
Pension, post-retirement and other employee benefits | 192 |  | (1) |  | 12 |  | 18 |  | (10) |  | 9 |  | 10 |  | (2) |
Progress Energy merger purchase accounting adjustments(a) | 301 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Tax credits and NOL carryforwards | 4,426 |  | 444 |  | 618 |  | 167 |  | 412 |  | 20 |  | 208 |  | 37 |
Regulatory liabilities and deferred credits | — |  | — |  | — |  | — |  | — |  | 3 |  | 61 |  | — |
Investments and other assets | — |  | — |  | — |  | — |  | — |  | 3 |  | — |  | — |
Other | 106 |  | 18 |  | 22 |  | 12 |  | 10 |  | 5 |  | 2 |  | 9 |
Valuation allowance | (519) |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total deferred income tax assets | 5,259 |  | 720 |  | 1,032 |  | 427 |  | 560 |  | 56 |  | 319 |  | 71 |
Investments and other assets | (1,671) |  | (983) |  | (521) |  | (432) |  | (102) |  | — |  | (12) |  | (28) |
Accelerated depreciation rates | (11,478) |  | (3,410) |  | (4,358) |  | (1,844) |  | (2,576) |  | (1,192) |  | (1,606) |  | (892) |
Regulatory assets and deferred debits, net | (2,074) |  | (480) |  | (1,300) |  | (628) |  | (671) |  | — |  | — |  | (21) |
Total deferred income tax liabilities | (15,223) |  | (4,873) |  | (6,179) |  | (2,904) |  | (3,349) |  | (1,192) |  | (1,618) |  | (941) |
Net deferred income tax liabilities | $ | (9,964) |  | $ | (4,153) |  | $ | (5,147) |  | $ | (2,477) |  | $ | (2,789) |  | $ | (1,136) |  | $ | (1,299) |  | $ | (870) |
(a) Primarily related to lease obligations and debt fair value adjustments. UNRECOGNIZED TAX BENEFITS The following tables present changes to unrecognized tax benefits.
| Year Ended December 31, 2023
|  | Duke |  | Duke | Duke | Duke | Duke |
| Duke | Energy | Progress | Energy | Energy | Energy | Energy |
(in millions) | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont
Unrecognized tax benefits – January 1 | $ | 65 |  | $ | 17 |  | $ | 19 |  | $ | 13 |  | $ | 5 |  | $ | 1 |  | $ | 2 |  | $ | 9 |
Gross decreases – tax positions in prior periods | (15) |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Gross increases – current period tax positions | 12 |  | 4 |  | 5 |  | 5 |  | 1 |  | 1 |  | 1 |  | 2 |
Total changes | (3) |  | 4 |  | 5 |  | 5 |  | 1 |  | 1 |  | 1 |  | 2 |
Unrecognized tax benefits – December 31 | $ | 62 |  | $ | 21 |  | $ | 24 |  | $ | 18 |  | $ | 6 |  | $ | 2 |  | $ | 3 |  | $ | 11 |
| Year Ended December 31, 2022 |
|  | Duke |  | Duke | Duke | Duke | Duke |
| Duke | Energy | Progress | Energy | Energy | Energy | Energy |
(in millions) | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont
Unrecognized tax benefits – January 1 | $ | 51 |  | $ | 13 |  | $ | 15 |  | $ | 10 |  | $ | 4 |  | $ | 1 |  | $ | 2 |  | $ | 4 |
Gross increases – current period tax positions | 14 |  | 4 |  | 4 |  | 3 |  | 1 |  | — |  | — |  | 5 |
Total changes | 14 |  | 4 |  | 4 |  | 3 |  | 1 |  | — |  | — |  | 5 |
Unrecognized tax benefits – December 31 | $ | 65 |  | $ | 17 |  | $ | 19 |  | $ | 13 |  | $ | 5 |  | $ | 1 |  | $ | 2 |  | $ | 9 |
| Year Ended December 31, 2021 |
|  | Duke |  | Duke | Duke | Duke | Duke |
| Duke | Energy | Progress | Energy | Energy | Energy | Energy |
(in millions) | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont
Unrecognized tax benefits – January 1 | $ | 125 |  | $ | 10 |  | $ | 10 |  | $ | 6 |  | $ | 3 |  | $ | 1 |  | $ | 1 |  | $ | 1 |
Gross decreases – tax positions in prior periods(a) | (86) |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Gross increases – current period tax positions | 12 |  | 3 |  | 5 |  | 4 |  | 1 |  | — |  | 1 |  | 3 |
Total changes | (74) |  | 3 |  | 5 |  | 4 |  | 1 |  | — |  | 1 |  | 3 |
Unrecognized tax benefits – December 31 | $ | 51 |  | $ | 13 |  | $ | 15 |  | $ | 10 |  | $ | 4 |  | $ | 1 |  | $ | 2 |  | $ | 4 |
(a) In 2021, the Company recognized a federal capital gain in the amount of $426 million. As a result of the capital gain, a previously recorded unrecognized tax benefit related to the character of a taxable loss has been reversed. See note (a) under the Statutory Rate Reconciliation table for more details. The following table includes additional information regarding the Duke Energy Registrants' unrecognized tax benefits at December 31, 2023. None of Duke Energy Registrants anticipates a material increase or decrease in unrecognized tax benefits within the next 12 months.
| December 31, 2023
|  | Duke |  | Duke | Duke | Duke | Duke |
| Duke | Energy | Progress | Energy | Energy | Energy | Energy |
(in millions) | Energy | Carolinas | Energy | Progress | Florida | Ohio | Indiana | Piedmont
Amount that if recognized, would affect the effective tax rate or regulatory liability(a) | $ | 57 |  | $ | 20 |  | $ | 22 |  | $ | 16 |  | $ | 6 |  | $ | 2 |  | $ | 3 |  | $ | 10 |
(a) The Duke Energy Registrants are unable to estimate the specific amounts that would affect the ETR versus the regulatory liability. Duke Energy and its subsidiaries are no longer subject to federal, state, local or non-U.S. income tax examinations by tax authorities for years before 2018, aside from certain tax attributes carried forward for utilization in future years.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration