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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024
						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			$	(365)		$	178		$	359		$	373		$	14		$	52		$	70		$	40
State			31			75			34			40			(12)			3			12			(6)
Foreign			2			—			—			—			—			—			—			—
Total current income taxes			(332)			253			393			413			2			55			82			34
Deferred income taxes
Federal			858			10			(22)			(215)			181			8			(19)			40
State			81			(25)			59			(6)			86			1			8			21
Total deferred income taxes(a)			939			(15)			37			(221)			267			9			(11)			61
ITC amortization			(17)			(12)			(4)			(3)			(1)			—			—			—
Income tax expense from continuing operations			590			226			426			189			268			64			71			95
Tax benefit from discontinued operations			(50)			—			—			—			—			—			—			—
Total income tax expense included in Consolidated Statements of Operations			$	540		$	226		$	426		$	189		$	268		$	64		$	71		$	95

(a)     Total deferred income taxes include the utilization of NOL carryforwards and tax credit carryforwards of $523 million at Duke Energy and $8 million at Duke Energy Indiana. In addition, total deferred income taxes include the generation of NOL carryforwards and tax credit carryforwards of $47 million at Duke Energy Carolinas, $85 million at Progress Energy, $66 million at Duke Energy Progress, $30 million at Duke Energy Florida, $26 million at Duke Energy Ohio, and $8 million at Piedmont.

			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 generation 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.

			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 (benefit) 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.

Schedule of Income before Income Tax, Domestic and Foreign

Duke Energy Income from Continuing Operations before Income Taxes

			Years Ended December 31,
(in millions)			2024						2023						2022
Domestic			$	5,145					$	4,700					$	3,991
Foreign			49						67						87
Income from continuing operations before income taxes			$	5,194					$	4,767					$	4,078

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, 2024
						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%			$	1,090		$	443		$	545		$	284		$	279		$	85		$	108		$	107
State income tax, net of federal income tax effect			88			40			73			27			58			3			16			12
Amortization of EDIT			(436)			(225)			(121)			(98)			(23)			(23)			(49)			(18)
AFUDC equity income			(48)			(24)			(16)			(13)			(3)			(1)			(3)			(4)
AFUDC equity depreciation			38			19			14			7			7			2			4			—
Production tax credits			(46)			—			(46)			—			(46)			—			—			—
Other tax credits			(43)			(23)			(16)			(12)			(4)			(1)			(2)			(2)
Other items, net			(53)			(4)			(7)			(6)			—			(1)			(3)			—
Income tax expense from continuing operations			$	590		$	226		$	426		$	189		$	268		$	64		$	71		$	95
Effective tax rate			11.4		%	10.7		%	16.4		%	14.0		%	20.2		%	15.8		%	13.9		%	18.7		%

			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.

			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		%

Schedule of Deferred Tax Assets and Liabilities

			December 31, 2024
						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			$	284		$	217		$	84		$	43		$	41		$	17		$	15		$	40
Lease obligations			430			88			265			179			86			2			12			2
Pension, post-retirement and other employee benefits			89			(33)			(23)			(1)			(26)			6			1			(2)
Progress Energy merger purchase accounting adjustments(a)			227			—			—			—			—			—			—			—
Tax credits and NOL carryforwards			3,845			522			783			312			449			70			145			57
Regulatory liabilities and deferred credits			—			—			—			—			—			—			10			—
Other			35			11			5			3			2			4			—			8
Valuation allowance			(517)			—			—			—			—			—			—			—
Total deferred income tax assets			4,393			805			1,114			536			552			99			183			105
Investments and other assets			(2,114)			(1,350)			(724)			(671)			(69)			—			—			(48)
Accelerated depreciation rates			(11,942)			(3,203)			(4,608)			(1,624)			(3,047)			(1,361)			(1,677)			(1,019)
Regulatory assets and deferred debits, net			(1,761)			(304)			(1,045)			(585)			(460)			(52)			—			(56)
Total deferred income tax liabilities			(15,817)			(4,857)			(6,377)			(2,880)			(3,576)			(1,413)			(1,677)			(1,123)
Net deferred income tax liabilities			$	(11,424)		$	(4,052)		$	(5,263)		$	(2,344)		$	(3,024)		$	(1,314)		$	(1,494)		$	(1,018)

(a)    Primarily related to lease obligations and debt fair value adjustments.

			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.

Summary of Tax Credit Carryforwards

The following table presents the expiration of tax credits and NOL carryforwards.

			December 31, 2024
(in millions)			Amount						Expiration Year
General Business Credits			$	2,186					2032						—						2044
Foreign Tax Credits(c)			615						2027						—						2028
State Carryforwards and Credits(a)			316						2025						—						Indefinite
Corporate AMT Credits			717																		Indefinite
Foreign NOL carryforwards(b)			11						2027						—						2042
Total tax credits and NOL carryforwards			$	3,845

(a)    A valuation allowance of $102 million has been recorded on the state NOL and attribute carryforwards, as presented in the Net Deferred Income Tax Liability Components table.

(b)    A valuation allowance of $11 million has been recorded on the foreign NOL carryforwards, as presented in the Net Deferred Income Tax Liability Components table.

(c)    A valuation allowance of $404 million has been recorded on the foreign tax credits, as presented in the Net Deferred Income Tax Liability Components table.

In 2024, the Company recorded a corporate alternative minimum tax liability, net of tax credit utilization, of $133 million. In addition, under the IRA

transferability provision, the Company received net proceeds of $558 million related to the sale of certain tax credits generated by Duke Energy Carolinas, Duke Energy Progress and Duke Energy Florida.

Schedule of Unrecognized Tax Benefits Roll Forward

The following tables present changes to unrecognized tax benefits.

			Year Ended December 31, 2024
						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			$	62		$	21		$	24		$	18		$	6		$	2		$	3		$	11
Gross increases – current period tax positions			12			4			5			4			1			—			—			2
Unrecognized tax benefits – December 31			$	74		$	25		$	29		$	22		$	7		$	2		$	3		$	13

			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

Summary of Income Tax Contingencies

The following table includes additional information regarding the Duke Energy Registrants' unrecognized tax benefits at December 31, 2024. None of Duke Energy Registrants anticipates a material increase or decrease in unrecognized tax benefits within the next 12 months.

			December 31, 2024
						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)			$	68		$	24		$	27		$	20		$	7		$	2		$	3		$	11

(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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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.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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