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