Dispositions (Tables)

12 Months Ended

Dec. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

The following table summarizes the Loss from Discontinued Operations, net of tax recorded on Duke Energy's Consolidated Statements of Operations:

	Years Ended December 31,
(in millions)	2023		2022		2021
Commercial Renewables Disposal Groups	$	(1,457)	$	(1,349)	$	(151)
Other(a)	2		26		7
Loss from Discontinued Operations, net of tax	$	(1,455)	$	(1,323)	$	(144)

(a)     Amounts primarily represent income tax adjustments for previously sold businesses not related to the Commercial Renewables Disposal Groups.

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)	2023		2022
Current Assets Held for Sale
Cash and cash equivalents	$	—	$	10
Receivables, net	—		107
Inventory	—		88
Other	14		151
Total current assets held for sale	14		356
Noncurrent Assets Held for Sale
Property, Plant and Equipment
Cost	247		6,444
Accumulated depreciation and amortization	(57)		(1,651)
Net property, plant and equipment	190		4,793
Operating lease right-of-use assets, net	4		140
Investments in equity method unconsolidated affiliates	—		522
Other	3		179
Total other noncurrent assets held for sale	7		841
Total Assets Held for Sale	$	211	$	5,990
Current Liabilities Associated with Assets Held for Sale
Accounts payable	$	9	$	122
Taxes accrued	3		17
Current maturities of long-term debt	5		276
Unrealized losses on commodity hedges	68		37
Other	37		83
Total current liabilities associated with assets held for sale	122		535
Noncurrent Liabilities Associated with Assets Held for Sale
Long-Term debt	39		1,188
Operating lease liabilities	5		150
Asset retirement obligations	8		190
Unrealized losses on commodity hedges	94		187
Other	11		212
Total other noncurrent liabilities associated with assets held for sale	157		1,927
Total Liabilities Associated with Assets Held for Sale	$	279	$	2,462

As of December 31, 2023, and 2022, the noncontrolling interest balance is $66.3 million and $1.6 billion, respectively.

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.

	Years Ended December 31,
(in millions)	2023		2022		2021
Operating revenues	$	330	$	465	$	476
Operation, maintenance and other	302		337		343
Depreciation and amortization(a)	—		201		227
Property and other taxes	45		36		34
Other income and expenses, net	(8)		2		(27)
Interest expense	65		10		72
Loss on disposal	1,725		1,748		—
Loss before income taxes	(1,815)		(1,865)		(227)
Income tax benefit	(358)		(516)		(76)
Loss from discontinued operations	$	(1,457)	$	(1,349)	$	(151)
Add: Net loss attributable to noncontrolling interest included in discontinued operations	64		108		344
Net (loss) income from discontinued operations attributable to Duke Energy Corporation	$	(1,393)	$	(1,241)	$	193

(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 $278 million and $1.7 billion as of December 31, 2023, and 2022, respectively. In connection with the sales of the utility-scale solar and wind group and the distributed generation group, impairments were recorded based upon the purchase and sale agreements and the net assets were derecognized following the closing of the sales. For the remainder of the assets, impairments were recorded based upon fair value determined from a discounted cash flow analysis. The impairments were included in Loss from Discontinued Operations, net of tax in Duke Energy's Consolidated Statements of Operations and Comprehensive Income for the periods presented. The discounted cash flow model utilized Level 2 and Level 3 inputs. The fair value hierarchy levels are further discussed in Note 17. The impairments for the utility-scale and distributed generation assets were updated based on customary adjustments at closing, and will be updated, if necessary, for any post-closing adjustments. 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)	2023		2022		2021
Cash flows provided by (used in):
Operating activities	$	607	$	213	$	62
Investing activities	122		(802)		(542)