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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | 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.
Schedule of Income before Income Tax, Domestic and Foreign | 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 |
Summary of Effective Tax Rates | 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.
Schedule of Deferred Tax Assets and Liabilities |
| 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.
| 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.
Summary of Tax Credit Carryforwards | 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.
Schedule of Unrecognized Tax Benefits Roll Forward | 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.
Summary of Income Tax Contingencies | 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.

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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