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Dispositions | 12 Months Ended
--- | ---
Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Dispositions | DISPOSITIONS The following table summarizes the Income (Loss) from Discontinued Operations, net of tax recorded on Duke Energy's Consolidated Statements of Operations:
|  | Years Ended December 31,
(in millions) |  | 2024 | 2023 | 2022
Commercial Renewables Disposal Groups |  | $ | 12 |  | $ | (1,457) |  | $ | (1,349) |
Other(a) |  | (2) |  | 2 |  | 26 |
Income (Loss) from Discontinued Operations, net of tax |  | $ | 10 |  | $ | (1,455) |  | $ | (1,323) |
(a) Amounts primarily represent income tax adjustments for previously sold businesses not related to the Commercial Renewables Disposal Groups. Sale of Commercial Renewables Segment In 2023, Duke Energy completed the sale of substantially all the assets in the Commercial Renewables business segment. Duke Energy closed on the transaction with Brookfield on October 25, 2023, for proceeds of $1.1 billion, with approximately half of the proceeds received at closing and th e remainder due 18 months after closing. The balance of the remaining proceeds to be received of $551 million is included in Receivable from sales of Commercial Renewables Disposal Groups, as of December 31, 2024, and $531 million is included in Other, within Other Noncurrent Assets, as of December 31, 2023, on Duke Energy's Consolidated Balance Shee ts. The sale of the remaining assets was concluded in January 2025, and net proceeds from these dispositions were not 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.
|  | December 31, |
(in millions) |  | 2024 |  | 2023 |
Current Assets Held for Sale |  |  |  |  |
Other |  | $ | 4 |  |  | $ | 14 |  |
Total current assets held for sale |  | 4 |  |  | 14 |  |
Noncurrent Assets Held for Sale |  |  |  |  |
Property, Plant and Equipment |  |  |  |  |
Cost |  | 109 |  |  | 247 |  |
Accumulated depreciation and amortization |  | (24) |  |  | (57) |  |
Net property, plant and equipment |  | 85 |  |  | 190 |  |
Operating lease right-of-use assets, net |  | 4 |  |  | 4 |  |
Other |  | — |  |  | 3 |  |
Total other noncurrent assets held for sale |  | 4 |  |  | 7 |  |
Total Assets Held for Sale |  | $ | 93 |  |  | $ | 211 |  |
Current Liabilities Associated with Assets Held for Sale |  |  |  |  |
Accounts payable |  | $ | 19 |  |  | $ | 9 |  |
Taxes accrued |  | 1 |  |  | 3 |  |
Current maturities of long-term debt |  | 43 |  |  | 5 |  |
Unrealized losses on commodity hedges |  | 13 |  |  | 68 |  |
Other |  | 4 |  |  | 37 |  |
Total current liabilities associated with assets held for sale |  | 80 |  |  | 122 |  |
Noncurrent Liabilities Associated with Assets Held for Sale |  |  |  |  |
Long-Term debt |  | — |  |  | 39 |  |
Operating lease liabilities |  | 5 |  |  | 5 |  |
Asset retirement obligations |  | 5 |  |  | 8 |  |
Unrealized losses on commodity hedges |  | 66 |  |  | 94 |  |
Other |  | 13 |  |  | 11 |  |
Total other noncurrent liabilities associated with assets held for sale |  | 89 |  |  | 157 |  |
Total Liabilities Associated with Assets Held for Sale |  | $ | 169 |  |  | $ | 279 |  |
As of December 31, 2024, and 2023, the NCI balance was $18 million and $66 million, respectively. The following table presents the results of the Commercial Renewables Disposal Groups, which are included in Income (Loss) from Discontinued Operations, net of tax in Duke Energy's Consolidated Statements of Operations.
| Years Ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
Operating revenues | $ | 4 |  |  | $ | 330 |  |  | $ | 465 |
Operation, maintenance and other | 22 |  | 302 |  | 337
Depreciation and amortization(a) | — |  |  | — |  |  | 201
Property and other taxes | 2 |  | 45 |  | 36
Other income and expenses, net | — |  |  | (8) |  |  | 2 |
Interest expense | 4 |  | 65 |  | 10
Loss on disposal | 14 |  |  | 1,725 |  |  | 1,748 |
Loss before income taxes | (38) |  |  | (1,815) |  |  | (1,865) |
Income tax benefit | (50) |  |  | (358) |  |  | (516) |
Income (Loss) from discontinued operations | $ | 12 |  |  | $ | (1,457) |  |  | $ | (1,349) |
Add: Net (income) loss attributable to noncontrolling interest included in discontinued operations | (3) |  |  | 64 |  |  | 108 |
Net income (loss) from discontinued operations attributable to Duke Energy Corporation | $ | 9 |  |  | $ | (1,393) |  |  | $ | (1,241) |
(a) Upon meeting the criteria for assets held for sale, beginning in November 2022 depreciation and amortization expense were ceased. The Commercial Renewables Disposal Groups' assets held for sale amounts presented above reflect pretax impairments recorded against property, plant and equipment of approximately $123 million and $278 million as of December 31, 2024, and 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.
| Years Ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
Cash flows provided by (used in): |  |  |  |  |
Operating activities | $ | 7 |  |  | $ | 607 |  |  | $ | 213 |
Investing activities | (13) |  |  | 122 |  |  | (802) |
Other Sale Related Matters Duke Energy (Parent) and several Duke Energy renewables project companies, located in the Electric Reliability Council of Texas (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. In May 2024, the remaining claim in the lawsuit was transferred to the buyer in connection with the sale of a portion of the remaining Commercial Renewables assets. 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 regard 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. Sale of Minority Interest in Duke Energy Indiana Holdco, LLC On January 28, 2021, Duke Energy executed an agreement providing for an investment by an affiliate of GIC in Duke Energy Indiana in exchange for a 19.9% minority interest issued by Duke Energy Indiana Holdco, LLC, the holding company for Duke Energy Indiana. The transaction was completed following two closings for an aggregate purchase price of approximately $2.05 billion. The first closing, which occurred on September 8, 2021, resulted in Duke Energy Indiana Holdco, LLC issuing 11.05% of its membership interests in exchange for approximately $1.03 billion or 50% of the purchase price. The difference between the cash consideration received, net of transaction costs of approximately $27 million, and the carrying value of the NCI was $545 million and was recorded as an increase to equity. The second closing was completed in December 2022 and resulted in Duke Energy Indiana Holdco, LLC issuing an additional 8.85% of its membership interests in exchange for approximately $1.03 billion. The difference between the cash consideration received, net of transaction costs of approximately $6 million, and the carrying value of the NCI was $492 million and was recorded as an increase to equity. Duke Energy retained indirect control of these assets, and, therefore, no gain or loss was recognized on the Consolidated Statements of Operations for either transaction.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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