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Dispositions | 3 Months Ended
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Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Dispositions | DISPOSITIONS Sale of Commercial Renewables Segment In 2023, Duke Energy completed the sale of substantially all the assets in the Commercial Renewables business segment. The disposal process for the remaining assets is expected to be completed around midyear 2024, with net proceeds from the dispositions not anticipated to be material. Assets Held For Sale and Discontinued Operations The Commercial Renewables Disposal Groups were classified as held for sale and as discontinued operations in the fourth quarter of 2022. No interest from corporate level debt was allocated to discontinued operations and no adjustments were made to the historical activity within the Consolidated Statements of Comprehensive Income, Consolidated Statements of Cash Flows or the Consolidated Statements of Changes in Equity. Unless otherwise noted, the notes to these consolidated financial statements exclude amounts related to discontinued operations for all periods presented. The following table presents the carrying values of the major classes of Assets held for sale and Liabilities associated with assets held for sale included in Duke Energy's Consolidated Balance Sheets.
(in millions) | March 31, 2024 |  | December 31, 2023 |
Current Assets Held for Sale |  |  |  |
Other | $ | 11 |  |  | $ | 14 |  |
Total current assets held for sale | 11 |  |  | 14 |  |
Noncurrent Assets Held for Sale |  |  |  |
Property, Plant and Equipment |  |  |  |
Cost | 357 |  |  | 247 |  |
Accumulated depreciation and amortization | (57) |  |  | (57) |  |
Net property, plant and equipment | 300 |  |  | 190 |  |
Operating lease right-of-use assets, net | 4 |  |  | 4 |  |
Other | 4 |  |  | 3 |  |
Total other noncurrent assets held for sale | 8 |  |  | 7 |  |
Total Assets Held for Sale | $ | 319 |  |  | $ | 211 |  |
Current Liabilities Associated with Assets Held for Sale |  |  |  |
Accounts payable | $ | 97 |  |  | $ | 9 |  |
Taxes accrued | 1 |  |  | 3 |  |
Current maturities of long-term debt | 44 |  |  | 5 |  |
Unrealized losses on commodity hedges | 74 |  |  | 68 |  |
Other | 35 |  |  | 37 |  |
Total current liabilities associated with assets held for sale | 251 |  |  | 122 |  |
Noncurrent Liabilities Associated with Assets Held for Sale |  |  |  |
Long-Term debt | — |  |  | 39 |  |
Operating lease liabilities | 5 |  |  | 5 |  |
Asset retirement obligations | 8 |  |  | 8 |  |
Unrealized losses on commodity hedges | 102 |  |  | 94 |  |
Other | 11 |  |  | 11 |  |
Total other noncurrent liabilities associated with assets held for sale | 126 |  |  | 157 |  |
Total Liabilities Associated with Assets Held for Sale | $ | 377 |  |  | $ | 279 |  |
As of March 31, 2024, and December 31, 2023, the noncontrolling interest balance is $66 million. The following table presents the results of the Commercial Renewables Disposal Groups, which are included in Loss from Discontinued Operations, net of tax in Duke Energy's Consolidated Statements of Operations.
| Three Months Ended |
| March 31, |
(in millions) | 2024 |  | 2023 |  |  |
Operating revenues | $ | (6) |  |  | $ | 80 |  |  |  |
Operation, maintenance and other | 4 |  |  | 89 |  |  |
Property and other taxes | — |  |  | 10 |  |  |
Other income and expenses, net | — |  |  | (4) |  |  |  |
Interest expense | 2 |  |  | 31 |  |  |
(Gain) Loss on disposal | (10) |  |  | 220 |  |  |  |
Loss before income taxes | (2) |  |  | (274) |  |  |  |
Income tax expense (benefit) | 1 |  |  | (65) |  |  |  |
Loss from discontinued operations | $ | (3) |  |  | $ | (209) |  |  |  |
Add: Net loss attributable to noncontrolling interest included in discontinued operations | — |  |  | 64 |  |  |  |
Net loss from discontinued operations attributable to Duke Energy Corporation | $ | (3) |  |  | $ | (145) |  |  |  |
The Commercial Renewables Disposal Groups' assets held for sale amounts presented above reflect pretax impairments recorded against property, plant and equipment of approximately $268 million and $278 million as of March 31, 2024, and December 31, 2023, respectively. The carrying amounts for the remaining assets will be updated, if necessary, based on final disposition amounts. Duke Energy has elected not to separately disclose discontinued operations on Duke Energy's Consolidated Statements of Cash Flows. The following table summarizes Duke Energy's cash flows from discontinued operations related to the Commercial Renewables Disposal Groups.
| Three Months Ended
| March 31,
(in millions) | 2024 |  | 2023
Cash flows used in: |  |  |
Operating activities | $ | (3) |  |  | $ | (54) |
Investing activities | — |  |  | (151) |
Other Sale-Related Matters Duke Energy (Parent) and several Duke Energy renewables project companies, located in the ERCOT market, were named in several lawsuits arising out of Texas Storm Uri, which occurred in February 2021. The legal actions related to all but one of the project companies in this matter transferred to affiliates of Brookfield in conjunction with the transaction closing in October 2023. See Note 5 for more information. As part of the purchase and sale agreement for the distributed generation group, Duke Energy has agreed to retain certain guarantees, with expiration dates between 2029 through 2034, related to tax equity partners' assets and operations that will be disposed of via sale. Duke Energy has obtained certain guarantees from the buyers in regards to future performance obligations to assist in limiting Duke Energy's exposure under the retained guarantees. The fair value of the guarantees is immaterial as Duke Energy does not believe conditions are likely for performance under these guarantees.

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