Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2014
|
Income Tax Disclosure [Line Items] |
|
Schedule of Components of Income Tax Expense (Benefit) |
Components of Income Tax Expense | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2014 | (in millions) | Duke Energy |
| Duke Energy Carolinas |
| Progress Energy |
| Duke Energy Progress |
| Duke Energy Florida |
| Duke Energy Ohio |
| Duke Energy Indiana |
| Current income taxes | | | | | | | | Federal | $ | — |
| $ | 161 |
| $ | (466 | ) | $ | (184 | ) | $ | (53 | ) | $ | (73 | ) | $ | (112 | ) | State | 56 |
| 51 |
| (8 | ) | 14 |
| 1 |
| 3 |
| 1 |
| Foreign | 144 |
| — |
| — |
| — |
| — |
| — |
| — |
| Total current income taxes | 200 |
| 212 |
| (474 | ) | (170 | ) | (52 | ) | (70 | ) | (111 | ) | Deferred income taxes | | | | | | | | Federal | 1,517 |
| 407 |
| 938 |
| 436 |
| 350 |
| 113 |
| 294 |
| State | 35 |
| (25 | ) | 84 |
| 25 |
| 52 |
| 1 |
| 15 |
| Foreign | (67 | ) | — |
| — |
| — |
| — |
| — |
| — |
| Total deferred income taxes(a)(b) | 1,485 |
| 382 |
| 1,022 |
| 461 |
| 402 |
| 114 |
| 309 |
| Investment tax credit amortization | (16 | ) | (6 | ) | (8 | ) | (6 | ) | (1 | ) | (1 | ) | (1 | ) | Income tax expense from continuing operations | 1,669 |
| 588 |
| 540 |
| 285 |
| 349 |
| 43 |
| 197 |
| Tax benefit from discontinued operations | (295 | ) | — |
| (4 | ) | — |
| — |
| (300 | ) | — |
| Total income tax expense included in Consolidated Statements of Operations | $ | 1,374 |
| $ | 588 |
| $ | 536 |
| $ | 285 |
| $ | 349 |
| $ | (257 | ) | $ | 197 |
|
| | (a) | There were no benefits of net operating loss (NOL) carryforwards. |
| | (b) | Includes utilization of NOL and tax credit carryforwards of $1,544 million at Duke Energy, $345 million at Duke Energy Carolinas, $530 million at Progress Energy, $291 million at Duke Energy Progress, $64 million at Duke Energy Florida, $56 million at Duke Energy Ohio and $141 million at Duke Energy Indiana. |
| | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2013 | (in millions) | Duke Energy |
| Duke Energy Carolinas |
| Progress Energy |
| Duke Energy Progress |
| Duke Energy Florida |
| Duke Energy Ohio |
| Duke Energy Indiana |
| Current income taxes | | | | | | | | Federal | $ | (141 | ) | $ | 49 |
| $ | (221 | ) | $ | (70 | ) | $ | (143 | ) | $ | (24 | ) | $ | (88 | ) | State | (40 | ) | 11 |
| (37 | ) | (10 | ) | (13 | ) | (4 | ) | 7 |
| Foreign | 151 |
| — |
| — |
| — |
| — |
| — |
| — |
| Total current income taxes | (30 | ) | 60 |
| (258 | ) | (80 | ) | (156 | ) | (28 | ) | (81 | ) | Deferred income taxes | | | | | | | | Federal | 1,092 |
| 464 |
| 555 |
| 316 |
| 326 |
| 65 |
| 276 |
| State | 144 |
| 75 |
| 84 |
| 59 |
| 44 |
| 6 |
| 29 |
| Foreign | 14 |
| — |
| — |
| — |
| — |
| — |
| — |
| Total deferred income taxes(a) | 1,250 |
| 539 |
| 639 |
| 375 |
| 370 |
| 71 |
| 305 |
| Investment tax credit amortization | (15 | ) | (5 | ) | (8 | ) | (7 | ) | (1 | ) | — |
| (1 | ) | Income tax expense from continuing operations | 1,205 |
| 594 |
| 373 |
| 288 |
| 213 |
| 43 |
| 223 |
| Tax expense from discontinued operations | 29 |
| — |
| (26 | ) | — |
| — |
| 32 |
| — |
| Total income tax expense included in Consolidated Statements of Operations | $ | 1,234 |
| $ | 594 |
| $ | 347 |
| $ | 288 |
| $ | 213 |
| $ | 75 |
| $ | 223 |
|
| | (a) | Includes benefits of NOL carryforwards of $808 million at Duke Energy, $458 million at Progress Energy, $64 million at Duke Energy Progress, $301 million at Duke Energy Florida and $179 million at Duke Energy Indiana. |
| | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2012 | (in millions) | Duke Energy |
| Duke Energy Carolinas |
| Progress Energy |
| Duke Energy Progress |
| Duke Energy Florida |
| Duke Energy Ohio |
| Duke Energy Indiana |
| Current income taxes | | | | | | | | Federal | $ | (108 | ) | $ | (1 | ) | $ | (88 | ) | $ | (48 | ) | $ | 6 |
| $ | (8 | ) | $ | (27 | ) | State | 29 |
| (25 | ) | 2 |
| (6 | ) | — |
| 5 |
| 27 |
| Foreign | 133 |
| — |
| — |
| — |
| — |
| — |
| — |
| Total current income taxes | 54 |
| (26 | ) | (86 | ) | (54 | ) | 6 |
| (3 | ) | — |
| Deferred income taxes | | | | | | | | Federal | 491 |
| 408 |
| 226 |
| 162 |
| 121 |
| 40 |
| (47 | ) | State | 71 |
| 77 |
| 40 |
| 9 |
| 21 |
| (2 | ) | (25 | ) | Foreign | 20 |
| — |
| — |
| — |
| — |
| — |
| — |
| Total deferred income taxes(a) | 582 |
| 485 |
| 266 |
| 171 |
| 142 |
| 38 |
| (72 | ) | Investment tax credit amortization | (13 | ) | (6 | ) | (8 | ) | (7 | ) | (1 | ) | (2 | ) | (1 | ) | Income tax expense (benefit) from continuing operations | 623 |
| 453 |
| 172 |
| 110 |
| 147 |
| 33 |
| (73 | ) | Tax benefit from discontinued operations | 107 |
| — |
| 29 |
| — |
| — |
| 65 |
| — |
| Total income tax expense (benefit) included in Consolidated Statements of Operations | $ | 730 |
| $ | 453 |
| $ | 201 |
| $ | 110 |
| $ | 147 |
| $ | 98 |
| $ | (73 | ) |
| | (a) | Includes benefits of NOL carryforwards of $1,062 million at Duke Energy, $245 million at Duke Energy Carolinas, $357 million at Progress Energy, $257 million at Duke Energy Progress, $25 million at Duke Energy Florida, $34 million at Duke Energy Ohio and $205 million at Duke Energy Indiana. |
|
Schedule of Income before Income Tax, Domestic and Foreign |
Duke Energy Income from Continuing Operations before Income Taxes | | | | | | | | | | | | | | Years Ended December 31, | (in millions) | 2014 | | 2013 | | 2012 | Domestic | $ | 3,600 |
| | $ | 3,183 |
| | $ | 1,600 |
| Foreign | 534 |
| | 612 |
| | 634 |
| Income from continuing operations before income taxes | $ | 4,134 |
| | $ | 3,795 |
| | $ | 2,234 |
|
|
Summary of Effective Tax Rates |
Statutory Rate Reconciliation 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, 2014 | (in millions) | Duke Energy |
| Duke Energy Carolinas |
| Progress Energy |
| Duke Energy Progress |
| Duke Energy Florida |
| Duke Energy Ohio |
| Duke Energy Indiana |
| Income tax expense, computed at the statutory rate of 35 percent | $ | 1,447 |
| $ | 581 |
| $ | 497 |
| $ | 263 |
| $ | 314 |
| $ | 39 |
| $ | 195 |
| State income tax, net of federal income tax effect | 59 |
| 17 |
| 49 |
| 25 |
| 34 |
| 3 |
| 10 |
| Tax differential on foreign earnings(a) | (110 | ) | — |
| — |
| — |
| — |
| — |
| — |
| AFUDC equity income | (47 | ) | (32 | ) | (9 | ) | (9 | ) | — |
| (1 | ) | (5 | ) | Renewable energy production tax credits | (67 | ) | — |
| — |
| — |
| — |
| — |
| — |
| International tax dividend | 373 |
| — |
| — |
| — |
| — |
| — |
| — |
| Other items, net | 14 |
| 22 |
| 3 |
| 6 |
| 1 |
| 2 |
| (3 | ) | Income tax expense from continuing operations | $ | 1,669 |
| $ | 588 |
| $ | 540 |
| $ | 285 |
| $ | 349 |
| $ | 43 |
| $ | 197 |
| Effective tax rate | 40.4 | % | 35.4 | % | 38.0 | % | 37.9 | % | 38.9 | % | 38.9 | % | 35.5 | % |
| | (a) | Includes a $57 million benefit as a result of the merger of two Chilean subsidiaries and a change in income tax rates in various countries primarily relating to Peru. |
During the fourth quarter of 2014, Duke Energy declared a taxable dividend of foreign earnings in the form of notes payable that will result in the repatriation of approximately $2.7 billion of cash held and expected to be generated by International Energy over a period of up to 8 years. As a result of the decision to repatriate all cumulative historical undistributed foreign earnings, during the fourth quarter of 2014, Duke Energy recorded U.S. income tax expense of approximately $373 million. Duke Energy’s intention is to indefinitely reinvest prospective undistributed earnings generated by Duke Energy's foreign subsidiaries, and accordingly U.S. deferred taxes will not be provided for those earnings. | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2013 | (in millions) | Duke Energy |
| Duke Energy Carolinas |
| Progress Energy |
| Duke Energy Progress |
| Duke Energy Florida |
| Duke Energy Ohio |
| Duke Energy Indiana |
| Income tax expense, computed at the statutory rate of 35 percent | $ | 1,328 |
| $ | 549 |
| $ | 361 |
| $ | 276 |
| $ | 188 |
| $ | 39 |
| $ | 203 |
| State income tax, net of federal income tax effect | 66 |
| 56 |
| 31 |
| 31 |
| 20 |
| 2 |
| 23 |
| Tax differential on foreign earnings | (49 | ) | — |
| — |
| — |
| — |
| — |
| — |
| AFUDC equity income | (55 | ) | (32 | ) | (18 | ) | (15 | ) | (3 | ) | — |
| (5 | ) | Renewable energy production tax credits | (62 | ) | — |
| — |
| — |
| — |
| — |
| — |
| Other items, net | (23 | ) | 21 |
| (1 | ) | (4 | ) | 8 |
| 2 |
| 2 |
| Income tax expense (benefit) from continuing operations | $ | 1,205 |
| $ | 594 |
| $ | 373 |
| $ | 288 |
| $ | 213 |
| $ | 43 |
| $ | 223 |
| Effective tax rate | 31.8 | % | 37.8 | % | 36.2 | % | 36.5 | % | 39.6 | % | 39.1 | % | 38.4 | % |
| | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2012 | (in millions) | Duke Energy |
| Duke Energy Carolinas |
| Progress Energy |
| Duke Energy Progress |
| Duke Energy Florida |
| Duke Energy Ohio |
| Duke Energy Indiana |
| Income tax expense, computed at the statutory rate of 35 percent | $ | 782 |
| $ | 461 |
| $ | 185 |
| $ | 134 |
| $ | 145 |
| $ | 27 |
| $ | (43 | ) | State income tax, net of federal income tax effect | 65 |
| 34 |
| 33 |
| 1 |
| 14 |
| 2 |
| 1 |
| Tax differential on foreign earnings | (69 | ) | — |
| — |
| — |
| — |
| — |
| — |
| AFUDC equity income | (101 | ) | (54 | ) | (37 | ) | (24 | ) | (13 | ) | (2 | ) | (26 | ) | Renewable energy production tax credits | (25 | ) | — |
| — |
| — |
| — |
| — |
| — |
| Other items, net | (29 | ) | 12 |
| (9 | ) | (1 | ) | 1 |
| 6 |
| (5 | ) | Income tax expense from continuing operations | $ | 623 |
| $ | 453 |
| $ | 172 |
| $ | 110 |
| $ | 147 |
| $ | 33 |
| $ | (73 | ) | Effective tax rate | 27.9 | % | 34.3 | % | 32.7 | % | 28.7 | % | 35.7 | % | 42.9 | % | 59.5 | % |
|
Schedule of Deferred Tax Assets and Liabilities |
DEFERRED TAXES Net Deferred Income Tax Liability Components | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2014 | (in millions) | Duke Energy |
| Duke Energy Carolinas |
| Progress Energy |
| Duke Energy Progress |
| Duke Energy Florida |
| Duke Energy Ohio |
| Duke Energy Indiana |
| Deferred credits and other liabilities | $ | 188 |
| $ | 53 |
| $ | 108 |
| $ | 28 |
| $ | 78 |
| $ | (8 | ) | $ | 12 |
| Capital lease obligations | 63 |
| 10 |
| — |
| — |
| — |
| — |
| 2 |
| Pension, postretirement and other employee benefits | 546 |
| 4 |
| 188 |
| 96 |
| 93 |
| 17 |
| 43 |
| Progress Energy merger purchase accounting adjustments(a) | 1,124 |
| — |
| — |
| — |
| — |
| — |
| — |
| Tax credits and NOL carryforwards | 3,540 |
| 157 |
| 980 |
| 91 |
| 252 |
| 38 |
| 260 |
| Investments and other assets | — |
| — |
| — |
| — |
| — |
| 14 |
| — |
| Other | — |
| 12 |
| — |
| 55 |
| — |
| 35 |
| 11 |
| Valuation allowance | (184 | ) | — |
| (13 | ) | (1 | ) | — |
| — |
| — |
| Total deferred income tax assets | 5,277 |
| 236 |
| 1,263 |
| 269 |
| 423 |
| 96 |
| 328 |
| Investments and other assets | (1,625 | ) | (1,051 | ) | (427 | ) | (232 | ) | (245 | ) | — |
| (4 | ) | Accelerated depreciation rates | (11,715 | ) | (4,046 | ) | (3,284 | ) | (2,030 | ) | (1,252 | ) | (1,660 | ) | (1,603 | ) | Regulatory assets and deferred debits | (3,694 | ) | (953 | ) | (1,602 | ) | (809 | ) | (792 | ) | (141 | ) | (106 | ) | Other | (44 | ) | — |
| (151 | ) | — |
| (246 | ) | — |
| — |
| Total deferred income tax liabilities | (17,078 | ) | (6,050 | ) | (5,464 | ) | (3,071 | ) | (2,535 | ) | (1,801 | ) | (1,713 | ) | Net deferred income tax liabilities | $ | (11,801 | ) | $ | (5,814 | ) | $ | (4,201 | ) | $ | (2,802 | ) | $ | (2,112 | ) | $ | (1,705 | ) | $ | (1,385 | ) |
| | (a) | Primarily related to capital lease obligations and debt fair value adjustments. |
| | | | | | | | | | | | | | | | | | | | | | | | December 31, 2013 | (in millions) | Duke Energy |
| Duke Energy Carolinas |
| Progress Energy |
| Duke Energy Progress |
| Duke Energy Florida |
| Duke Energy Ohio |
| Duke Energy Indiana |
| Deferred credits and other liabilities | $ | 245 |
| $ | 56 |
| $ | 136 |
| $ | 9 |
| $ | 96 |
| $ | (13 | ) | $ | 9 |
| Capital lease obligations | 59 |
| 11 |
| — |
| — |
| — |
| — |
| (2 | ) | Pension, postretirement and other employee benefits | 649 |
| 18 |
| 341 |
| 119 |
| 145 |
| 23 |
| 54 |
| Progress Energy merger purchase accounting adjustments(a) | 1,184 |
| — |
| — |
| — |
| — |
| — |
| — |
| Tax credits and NOL carryforwards | 4,307 |
| 488 |
| 1,965 |
| 396 |
| 365 |
| 165 |
| 521 |
| Other | 265 |
| 15 |
| 116 |
| 39 |
| 43 |
| 20 |
| 14 |
| Valuation allowance | (192 | ) | — |
| (40 | ) | (1 | ) | — |
| — |
| — |
| Total deferred income tax assets | 6,517 |
| 588 |
| 2,518 |
| 562 |
| 649 |
| 195 |
| 596 |
| Investments and other assets | (1,396 | ) | (999 | ) | (209 | ) | (160 | ) | (49 | ) | (17 | ) | (7 | ) | Accelerated depreciation rates | (12,615 | ) | (4,400 | ) | (3,663 | ) | (2,528 | ) | (1,160 | ) | (1,937 | ) | (1,591 | ) | Regulatory assets and deferred debits | (3,185 | ) | (609 | ) | (1,389 | ) | (202 | ) | (1,159 | ) | (168 | ) | (117 | ) | Total deferred income tax liabilities | (17,196 | ) | (6,008 | ) | (5,261 | ) | (2,890 | ) | (2,368 | ) | (2,122 | ) | (1,715 | ) | Net deferred income tax liabilities | $ | (10,679 | ) | $ | (5,420 | ) | $ | (2,743 | ) | $ | (2,328 | ) | $ | (1,719 | ) | $ | (1,927 | ) | $ | (1,119 | ) |
| | (a) | Primarily related to capital 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, 2014 | (in millions) | Amount |
| | Expiration Year | Investment tax credits | $ | 581 |
| | 2029 | | — | | 2034 | Alternative minimum tax credits | 1,093 |
| | Indefinite | Federal NOL carryforwards | 749 |
| | 2030 | | — | | 2033 | State NOL carryforwards and credits(a) | 162 |
| | 2015 | | — | | 2034 | Foreign NOL carryforwards(b) | 117 |
| | 2015 | | — | | 2033 | Foreign Tax Credits | 838 |
| | 2024 | | | | | Total tax credits and NOL carryforwards | $ | 3,540 |
| | | | | | |
| | (a) | A valuation allowance of $79 million has been recorded on the state Net Operating Loss carryforwards, as presented in the Net Deferred Income Tax Liability Components table. |
| | (b) | A valuation allowance of $105 million has been recorded on the foreign Net Operating Loss carryforwards, as presented in the Net Deferred Income Tax Liability Components table. |
|
Schedule of Balance Sheet Classification of Deferred Tax Assets and Liabilities |
Classification of Deferred Tax Assets (Liabilities) in the Consolidated Balance Sheets | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2014 | (in millions) | Duke Energy |
| Duke Energy Carolinas |
| Progress Energy |
| Duke Energy Progress |
| Duke Energy Florida |
| Duke Energy Ohio |
| Duke Energy Indiana |
| Current Assets: Other | $ | 1,593 |
| $ | 3 |
| $ | 558 |
| $ | 106 |
| $ | 340 |
| $ | 60 |
| $ | 206 |
| Investments and Other Assets: Other | 29 |
| — |
| — |
| — |
| — |
| — |
| — |
| Current Liabilities: Other | — |
| (5 | ) | — |
| — |
| — |
| — |
| — |
| Deferred Credits and Other Liabilities: Other | (13,423 | ) | (5,812 | ) | (4,759 | ) | (2,908 | ) | (2,452 | ) | (1,765 | ) | (1,591 | ) | Net deferred income tax liabilities | $ | (11,801 | ) | $ | (5,814 | ) | $ | (4,201 | ) | $ | (2,802 | ) | $ | (2,112 | ) | $ | (1,705 | ) | $ | (1,385 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | December 31, 2013 | (in millions) | Duke Energy |
| Duke Energy Carolinas |
| Progress Energy |
| Duke Energy Progress |
| Duke Energy Florida |
| Duke Energy Ohio |
| Duke Energy Indiana |
| Current Assets: Other | $ | 1,373 |
| $ | 286 |
| $ | 540 |
| $ | 229 |
| $ | 110 |
| $ | 85 |
| $ | 52 |
| Investments and Other Assets: Other | 45 |
| — |
| — |
| — |
| — |
| — |
| — |
| Deferred Credits and Other Liabilities: Other | (12,097 | ) | (5,706 | ) | (3,283 | ) | (2,557 | ) | (1,829 | ) | (2,012 | ) | (1,171 | ) | Net deferred income tax liabilities | $ | (10,679 | ) | $ | (5,420 | ) | $ | (2,743 | ) | $ | (2,328 | ) | $ | (1,719 | ) | $ | (1,927 | ) | $ | (1,119 | ) |
|
Schedule of Unrecognized Tax Benefits Roll Forward |
The following tables present changes to unrecognized tax benefits. | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2014 | (in millions) | Duke Energy |
| Duke Energy Carolinas |
| Progress Energy |
| Duke Energy Progress |
| Duke Energy Florida |
| Duke Energy Indiana |
| Unrecognized tax benefits — January 1 | $ | 230 |
| $ | 171 |
| $ | 32 |
| $ | 22 |
| $ | 8 |
| $ | 1 |
| Unrecognized tax benefits increases (decreases) | | | | | | | Gross increases — tax positions in prior periods | — |
| — |
| 1 |
| 1 |
| — |
| — |
| Gross decreases — tax positions in prior periods | (2 | ) | — |
| — |
| — |
| — |
| — |
| Decreases due to settlements | (15 | ) | (11 | ) | (1 | ) | — |
| — |
| — |
| Total changes | (17 | ) | (11 | ) | — |
| 1 |
| — |
| — |
| Unrecognized tax benefits — December 31 | $ | 213 |
| $ | 160 |
| $ | 32 |
| $ | 23 |
| $ | 8 |
| $ | 1 |
|
| | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2013 | (in millions) | Duke Energy |
| Duke Energy Carolinas |
| Progress Energy |
| Duke Energy Progress |
| Duke Energy Florida |
| Duke Energy Ohio |
| Duke Energy Indiana |
| Unrecognized tax benefits — January 1 | $ | 540 |
| $ | 271 |
| $ | 131 |
| $ | 67 |
| $ | 44 |
| $ | 36 |
| $ | 32 |
| Unrecognized tax benefits (decreases) increases | | | | | | | | Gross decreases — tax positions in prior periods | (231 | ) | (100 | ) | (86 | ) | (45 | ) | (37 | ) | (36 | ) | (31 | ) | Decreases due to settlements | (66 | ) | — |
| — |
| — |
| — |
| — |
| — |
| Reduction due to lapse of statute of limitations | (13 | ) | — |
| (13 | ) | — |
| 1 |
| — |
| — |
| Total changes | (310 | ) | (100 | ) | (99 | ) | (45 | ) | (36 | ) | (36 | ) | (31 | ) | Unrecognized tax benefits — December 31 | $ | 230 |
| $ | 171 |
| $ | 32 |
| $ | 22 |
| $ | 8 |
| $ | — |
| $ | 1 |
|
| | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2012 | (in millions) | Duke Energy |
| Duke Energy Carolinas |
| Progress Energy |
| Duke Energy Progress |
| Duke Energy Florida |
| Duke Energy Ohio |
| Duke Energy Indiana |
| Unrecognized tax benefits — January 1 | $ | 385 |
| $ | 260 |
| $ | 173 |
| $ | 73 |
| $ | 80 |
| $ | 32 |
| $ | 24 |
| Acquisitions | 128 |
| — |
| — |
| — |
| — |
| — |
| — |
| Unrecognized tax benefits increases (decreases) | | | | | | | | Gross increases — tax positions in prior periods | 29 |
| 12 |
| 23 |
| 10 |
| 12 |
| 2 |
| 6 |
| Gross decreases — tax positions in prior periods | (4 | ) | — |
| (72 | ) | (19 | ) | (52 | ) | — |
| — |
| Gross increases — current period tax positions | 28 |
| 15 |
| 8 |
| 4 |
| 4 |
| 4 |
| 4 |
| Gross decreases — current period tax positions | (9 | ) | (5 | ) | (1 | ) | (1 | ) | — |
| (2 | ) | (2 | ) | Decreases due to settlements | (13 | ) | (11 | ) | — |
| — |
| — |
| — |
| — |
| Reduction due to lapse of statute of limitations | (4 | ) | — |
| — |
| — |
| — |
| — |
| — |
| Total changes | 155 |
| 11 |
| (42 | ) | (6 | ) | (36 | ) | 4 |
| 8 |
| Unrecognized tax benefits — December 31 | $ | 540 |
| $ | 271 |
| $ | 131 |
| $ | 67 |
| $ | 44 |
| $ | 36 |
| $ | 32 |
|
|
Schedule of Unrecognized Tax Benefits |
The following table includes additional information regarding the Duke Energy Registrants' unrecognized tax benefits. It is reasonably possible that Duke Energy and Progress Energy will reflect an approximate $28 million reduction, Duke Energy Progress will reflect an approximate $17 million reduction, and Duke Energy Florida will reflect an approximate $7 million reduction in unrecognized tax benefits within the next 12 months due to the expected lapse of the statute of limitations. All other Duke Energy Registrants do not anticipate a material increase or decrease in unrecognized tax benefits within the next 12 months. | | | | | | | | | | | | | | | | | | | | | December 31, 2014 | (in millions) | Duke Energy |
| Duke Energy Carolinas |
| Progress Energy |
| Duke Energy Progress |
| Duke Energy Florida |
| Duke Energy Indiana |
| Amount that if recognized, would affect the effective tax rate or regulatory liability(a) | $ | 121 |
| $ | 112 |
| $ | 3 |
| $ | 2 |
| $ | 2 |
| $ | 2 |
| Amount that if recognized, would be recorded as a component of discontinued operations | 8 |
| — |
| — |
| — |
| — |
| — |
|
| | (a) | Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida and Duke Energy Indiana are unable to estimate the specific amounts that would affect the effective tax rate versus the regulatory liability. |
|
Summary of Income Tax Contingencies |
The following tables include interest recognized in the Consolidated Statements of Operations and the Consolidated Balance Sheets. | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2014 | (in millions) | Duke Energy |
| Duke Energy Carolinas |
| Progress Energy |
| Duke Energy Progress |
| Duke Energy Florida |
| Duke Energy Ohio |
| Duke Energy Indiana |
| Net interest income recognized related to income taxes | $ | 6 |
| $ | — |
| $ | 3 |
| $ | — |
| $ | 1 |
| $ | 4 |
| $ | 4 |
| Net interest expense recognized related to income taxes | — |
| 1 |
| — |
| 1 |
| — |
| — |
| — |
| Interest receivable related to income taxes | — |
| — |
| — |
| — |
| — |
| — |
| 2 |
| Interest payable related to income taxes | 13 |
| 13 |
| 5 |
| 3 |
| 5 |
| — |
| — |
|
| | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2013 | (in millions) | Duke Energy |
| Duke Energy Carolinas |
| Progress Energy |
| Duke Energy Progress |
| Duke Energy Florida |
| Duke Energy Ohio |
| Duke Energy Indiana |
| Net interest income recognized related to income taxes | $ | 2 |
| $ | 2 |
| 6 |
| 7 |
| — |
| 4 |
| $ | 1 |
| Interest payable related to income taxes | 27 |
| 8 |
| 10 |
| 2 |
| 7 |
| — |
| — |
|
| | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2012 | (in millions) | Duke Energy |
| Duke Energy Carolinas |
| Progress Energy |
| Duke Energy Progress |
| Duke Energy Florida |
| Duke Energy Ohio |
| Duke Energy Indiana |
| Net interest income recognized related to income taxes | $ | 10 |
| $ | 9 |
| $ | — |
| $ | — |
| $ | — |
| — |
| 2 |
| Net interest expense recognized related to income taxes | — |
| — |
| 2 |
| — |
| 2 |
| — |
| — |
| Interest receivable related to income taxes | — |
| 7 |
| — |
| — |
| — |
| — |
| — |
| Interest payable related to income taxes | 7 |
| — |
| 17 |
| 8 |
| 9 |
| 3 |
| 1 |
|
|