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Variable Interest Entities (Tables) | 3 Months Ended
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Mar. 31, 2024
VIE primary beneficiary |
Variable Interest Entities [Line Items] |
Schedule of Variable Interest Entities | The following table summarizes the amounts and expiration dates of the credit facilities and associated restricted receivables described above.
| Duke Energy
|  |  | Duke Energy |  | Duke Energy |  | Duke Energy
|  |  | Carolinas |  | Progress |  | Florida
(in millions) | CRC |  | DERF |  | DEPR |  | DEFR
Expiration date | (a) |  | January 2025 |  | April 2025 |  | (b)
Credit facility amount | (a) |  | $ | 500 |  |  | $ | 400 |  |  | (b)
Amounts borrowed at March 31, 2024 | — |  |  | 500 |  |  | 400 |  |  | 325 |
Amounts borrowed at December 31, 2023 | 312 |  |  | 500 |  |  | 400 |  |  | 325 |
Restricted Receivables at March 31, 2024 | — |  |  | 997 |  |  | 789 |  |  | 467 |
Restricted Receivables at December 31, 2023 | 663 |  |  | 991 |  |  | 833 |  |  | 532 |
(a) In March 2024, Duke Energy repaid all outstanding CRC borrowings and terminated the related $350 million CRC credit facility. (b) In April 2024, Duke Energy Florida repaid all outstanding DEFR borrowings and terminated the related $325 million DEFR credit facility.
VIE not primary beneficiary |
Variable Interest Entities [Line Items] |
Schedule of Variable Interest Entities | The following tables summarize the impact of non-consolidated VIEs on the Condensed Consolidated Balance Sheets.
| March 31, 2024
| Duke Energy |  |  |  |  |  |  |  | Duke |  | Duke
| Natural Gas |  |  |  |  |  |  |  | Energy |  | Energy
(in millions) | Investments |  |  |  |  |  |  |  | Ohio |  | Indiana
Receivables from affiliated companies | $ | — |  |  |  |  |  |  |  |  | $ | — |  |  | $ | — |
Investments in equity method unconsolidated affiliates | 63 |  |  |  |  |  |  |  |  | — |  |  | — |
Other noncurrent assets | 30 |  |  |  |  |  |  |  |  | — |  |  | — |
Total assets | $ | 93 |  |  |  |  |  |  |  |  | $ | — |  |  | $ | — |
Other current liabilities | 1 |  |  |  |  |  |  |  |  | — |  |  | — |
Other noncurrent liabilities | 6 |  |  |  |  |  |  |  |  | — |  |  | — |
Total liabilities | $ | 7 |  |  |  |  |  |  |  |  | $ | — |  |  | $ | — |
Net assets | $ | 86 |  |  |  |  |  |  |  |  | $ | — |  |  | $ | — |
| December 31, 2023
| Duke Energy |  |  |  |  |  |  |  | Duke |  | Duke
| Natural Gas |  |  |  |  |  |  |  | Energy |  | Energy
(in millions) | Investments |  |  |  |  |  |  |  | Ohio |  | Indiana
Receivables from affiliated companies | $ | — |  |  |  |  |  |  |  |  | $ | 150 |  |  | $ | 208 |
Investments in equity method unconsolidated affiliates | 67 |  |  |  |  |  |  |  |  | — |  |  | — |
Other noncurrent assets | 43 |  |  |  |  |  |  |  |  | — |  |  | — |
Total assets | $ | 110 |  |  |  |  |  |  |  |  | $ | 150 |  |  | $ | 208 |
Other current liabilities | 4 |  |  |  |  |  |  |  |  | — |  |  | — |
Other noncurrent liabilities | 5 |  |  |  |  |  |  |  |  | — |  |  | — |
Total liabilities | $ | 9 |  |  |  |  |  |  |  |  | $ | — |  |  | $ | — |
Net assets | $ | 101 |  |  |  |  |  |  |  |  | $ | 150 |  |  | $ | 208 |
DEFPF | VIE primary beneficiary |
Variable Interest Entities [Line Items] |
Schedule of Variable Interest Entities | The following table summarizes the impact of DEFPF on Duke Energy Florida's Condensed Consolidated Balance Sheets.
(in millions) | March 31, 2024 | December 31, 2023
Regulatory Assets: Current | 59 |  | 59 |
Current Assets: Other | 9 |  | 37 |
Other Noncurrent Assets: Regulatory assets | 790 |  | 803 |
Current Liabilities: Other | 2 |  | 8 |
Current maturities of long-term debt | 59 |  | 59 |
Long-Term Debt | 800 |  | 831 |
DECNCSF and DEPNCSF | VIE primary beneficiary |
Variable Interest Entities [Line Items] |
Schedule of Variable Interest Entities | The following table summarizes the impact of these VIEs on Duke Energy Carolinas’ and Duke Energy Progress’ Consolidated Balance Sheets.
| March 31, 2024 |  | December 31, 2023
| Duke Energy | Duke Energy |  | Duke Energy | Duke Energy
(in millions) | Carolinas | Progress |  | Carolinas | Progress
Regulatory Assets: Current | $ | 12 |  | $ | 39 |  |  | $ | 12 |  | $ | 39 |
Current Assets: Other | 5 |  | 18 |  |  | 9 |  | 31 |
Other Noncurrent Assets: Regulatory assets | 193 |  | 633 |  |  | 196 |  | 643 |
Other Noncurrent Assets: Other | 1 |  | 4 |  |  | 1 |  | 2 |
Current Liabilities: Other | 1 |  | 4 |  |  | 10 |  | 34 |
Current maturities of long-term debt | 11 |  | 34 |  |  | 3 |  | 8 |
Long-Term Debt | 203 |  | 663 |  |  | 208 |  | 680 |
CRC | VIE not primary beneficiary |
Variable Interest Entities [Line Items] |
Schedule of Variable Interest Entities | The following table shows the gross and net receivables sold.
| Duke Energy Ohio |  | Duke Energy Indiana
(in millions) | March 31, 2024 |  | December 31, 2023 |  | March 31, 2024 |  | December 31, 2023
Receivables sold | $ | — |  |  | $ | 361 |  |  | $ | — |  |  | $ | 351 |
Less: Retained interests | — |  |  | 150 |  |  | — |  |  | 208 |
Net receivables sold | $ | — |  |  | $ | 211 |  |  | $ | — |  |  | $ | 143 |
The following table shows sales and cash flows related to receivables sold and reflects CRC activity prior to its termination in March 2024.
|  |  |  |  | Duke Energy Ohio |  |  |  |  | Duke Energy Indiana
|  |  | Three Months Ended |  |  |  | Three Months Ended
|  |  | March 31, |  |  |  | March 31,
(in millions) |  |  |  |  | 2024 |  | 2023 |  |  |  |  |  | 2024 |  | 2023
Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Receivables sold |  |  |  |  | $ | 474 |  |  | $ | 725 |  |  |  |  |  |  | $ | 473 |  |  | $ | 942 |
Loss recognized on sale |  |  |  |  | 7 |  |  | 9 |  |  |  |  |  |  | 6 |  |  | 10 |
Cash flows |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash proceeds from receivables sold |  |  |  |  | $ | 478 |  |  | $ | 750 |  |  |  |  |  |  | $ | 523 |  |  | $ | 1,028 |
Return received on retained interests |  |  |  |  | 4 |  |  | 6 |  |  |  |  |  |  | 4 |  |  | 8 |
DEF ProCo | VIE primary beneficiary |
Variable Interest Entities [Line Items] |
Schedule of Variable Interest Entities | The following table summarizes the impact of this VIE on Duke Energy Florida's Consolidated Balance Sheets.
(in millions) | March 31, 2024 | December 31, 2023 |  |  |
Inventory | $ | 470 |  | $ | 462 |  |  |  |  |
Accounts Payable | 179 |  | 188 |  |  |  |  |

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- Definition Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-5A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-9 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-4 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-6 + Details
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