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Business Segments
 9 Months Ended
Sep. 30, 2022
Segment Reporting [Abstract]  
Business Segments BUSINESS SEGMENTS
Duke Energy
Duke Energy's segment structure includes the following segments: Electric Utilities and Infrastructure, Gas Utilities and Infrastructure and Commercial Renewables.
The Electric Utilities and Infrastructure segment primarily includes Duke Energy's regulated electric utilities in the Carolinas, Florida and the Midwest. 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 will be completed following two closings for an aggregate purchase price of approximately $2 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 $1,025 million or 50% of the purchase price. Duke Energy retained indirect control of these assets, and, therefore, no gain or loss was recognized on the Condensed Consolidated Statements of Operations. Duke Energy has the discretion to determine the timing of the second closing, but it will occur no later than January 2023. At the second closing, Duke Energy will issue and sell additional membership interests such that GIC will own 19.9% of the membership interests for the remaining 50% of the purchase price.
The Gas Utilities and Infrastructure segment includes Piedmont, Duke Energy's natural gas local distribution companies in Ohio and Kentucky and Duke Energy's natural gas storage, midstream pipeline and renewable natural gas investments.
The Commercial Renewables segment is primarily comprised of nonregulated utility-scale wind and solar generation assets located throughout the U.S. See Note 1 for information on the strategic review of the Commercial Renewables business segment. Duke Energy continued to monitor recoverability of its renewable merchant plants located in the ERCOT West market and in the PJM West market during the third quarter of 2022 due to fluctuating market pricing and long-term forecasted energy prices. The assets were not impaired as of September 30, 2022, because the carrying value of approximately $192 million continued to be supported by the expected cash flows. Duke Energy has a 51% ownership interest in these assets.
The remainder of Duke Energy’s operations is presented as Other, which is primarily comprised of interest expense on holding company debt, unallocated corporate costs, Duke Energy’s wholly owned captive insurance company, Bison, and Duke Energy's ownership interest in National Methanol Company.
Business segment information is presented in the following tables. Segment assets presented exclude intercompany assets.
Three Months Ended September 30, 2022
ElectricGasTotal
Utilities andUtilities andCommercialReportable
(in millions)InfrastructureInfrastructureRenewablesSegmentsOtherEliminationsTotal
Unaffiliated revenues$7,431 $404 $127 $7,962 $6 $— $7,968 
Intersegment revenues8 23 3 34 23 (57)— 
Total revenues$7,439 $427 $130 $7,996 $29 $(57)$7,968 
Segment income (loss)(a)
$1,540 $4 $2 $1,546 $(186)$— $1,360 
Less: Noncontrolling interests9 
Add: Preferred stock dividend39 
Income from discontinued operations, net of tax(b)
23 
Net Income$1,413 
Segment assets$149,518 $15,800 $7,507 $172,825 $3,519 $(4)$176,340 
Three Months Ended September 30, 2021
ElectricGasTotal
Utilities andUtilities andCommercialReportable
(in millions)InfrastructureInfrastructureRenewablesSegmentsOtherEliminationsTotal
Unaffiliated revenues$6,560 $266 $117 $6,943 $8 $— $6,951 
Intersegment revenues9 23 — 32 20 (52)— 
Total revenues$6,569 $289 $117 $6,975 $28 $(52)$6,951 
Segment income (loss)(c)(d)
$1,425 $(3)$78 $1,500 $(134)$— $1,366 
Less: Noncontrolling interests129 
Add: Preferred stock dividend39 
Net Income$1,276 
(a)Commercial Renewables includes a $6 million gain recorded within Nonregulated electric and other revenues related to mark-to-market derivative contracts on the Condensed Consolidated Statements of Operations.
(b)Discontinued operations includes a reduction to a previously accrued liability as a result of the expiration of tax statutes related to the International Disposal Group.
(c)Electric Utilities and Infrastructure includes $160 million recorded within Impairment of assets and other charges, $77 million within Other Income and expenses, $5 million within Operations, maintenance and other, $13 million within Regulated electric operating revenues and $3 million within Interest expense on the Duke Energy Carolinas' Condensed Consolidated Statement of Operations related to the 2018 South Carolina rate cases and the CCR settlement and insurance proceeds distributed in accordance with that agreement; it also includes $42 million recorded within Impairment of assets and other charges, $34 million within Other Income and expenses, $7 million within Operations, maintenance, and other, $15 million within Regulated electric operating revenues and $5 million within Interest expense on the Duke Energy Progress' Condensed Consolidated Statement of Operations.
(d)Other includes $8 million recorded within Impairment of assets and other charges, $1 million within Operations, maintenance and other on the Condensed Consolidated Statements of Operations, related to the workplace and workforce realignment.
Nine Months Ended September 30, 2022
ElectricGasTotal
Utilities andUtilities andCommercialReportable
(in millions)InfrastructureInfrastructureRenewablesSegmentsOtherEliminationsTotal
Unaffiliated revenues$19,552 $1,843 $369 $21,764 $21 $— $21,785 
Intersegment revenues24 69 3 96 68 (164)— 
Total revenues$19,576 $1,912 $372 $21,860 $89 $(164)$21,785 
Segment income (loss)(a)(b)
$3,237 $277 $43 $3,557 $(486)$— $3,071 
Less: Noncontrolling interests73 
Add: Preferred stock dividend92 
Income from discontinued operations, net of tax(c)
23 
Net Income$3,113 
Nine Months Ended September 30, 2021
ElectricGasTotal
Utilities andUtilities andCommercialReportable
(in millions)InfrastructureInfrastructureRenewablesSegmentsOtherEliminationsTotal
Unaffiliated revenues$17,161 $1,323 $355 $18,839 $20 $— $18,859 
Intersegment revenues24 68 — 92 61 (153)— 
Total revenues$17,185 $1,391 $355 $18,931 $81 $(153)$18,859 
Segment income (loss)(d)(e)(f)(g)
$3,180 $259 $152 $3,591 $(521)$— $3,070 
Less: Noncontrolling interests247 
Add: Preferred stock dividend92 
Net Income$2,915 
(a)Electric Utilities and Infrastructure includes $211 million recorded within Impairment of assets and other charges, $46 million within Regulated electric revenues and $20 million within Noncontrolling Interests related to the Duke Energy Indiana Supreme Court ruling on the Condensed Consolidated Statements of Operations. See Note 3 for additional information.
(b)Commercial Renewables includes a $15 million loss recorded within Nonregulated electric and other revenues related to mark-to-market derivative contracts on the Condensed Consolidated Statements of Operations.
(c)Discontinued operations includes a reduction to a previously accrued liability as a result of the expiration of tax statutes related to the International Disposal Group.
(d)Electric Utilities and Infrastructure includes $160 million recorded within Impairment of assets and other charges, $77 million within Other Income and expenses, $5 million within Operations, maintenance and other, $13 million within regulated operating revenues and $3 million within interest expense on the Duke Energy Carolinas' Condensed Consolidated Statement of Operations related to the 2018 South Carolina rate cases and the CCR settlement and insurance proceeds distributed in accordance with that agreement; it also includes $42 million recorded within Impairment of assets and other charges, $34 million within Other Income and expenses, $7 million within Operations, maintenance, and other, $15 million within Regulated electric operating revenues and $5 million within interest expense on the Duke Energy Progress' Condensed Consolidated Statement of Operations.
(e)Gas Utilities and Infrastructure includes $19 million, recorded within Equity in earnings of unconsolidated affiliates on the Condensed Consolidated Statements of Operations, related to gas pipeline investments.
(f)Commercial Renewables includes a $35 million loss related to Texas Storm Uri, of which ($8 million) is recorded within Nonregulated electric and other revenues, $2 million within Operations, maintenance and other, $29 million within Equity in earnings of unconsolidated affiliates and $12 million within Loss Attributable to Noncontrolling Interests on the Condensed Consolidated Statements of Operations.
(g)Other includes $139 million recorded within Impairment of assets and other charges, $28 million within Operations, maintenance and other, and $17 million within Depreciation and amortization on the Condensed Consolidated Statements of Operations, related to the workplace and workplace realignment.
Duke Energy Ohio
Duke Energy Ohio has two reportable segments, Electric Utilities and Infrastructure and Gas Utilities and Infrastructure. The remainder of Duke Energy Ohio's operations is presented as Other.
Three Months Ended September 30, 2022
ElectricGasTotal
Utilities andUtilities andReportable
(in millions)InfrastructureInfrastructureSegmentsOtherEliminationsTotal
Total revenues$507 $121 $628 $— $— $628 
Segment income (loss)/Net income$74 $30 $104 $(1)$— $103 
Segment assets$7,400 $4,023 $11,423 $14 $(122)$11,315 
Three Months Ended September 30, 2021
ElectricGasTotal
Utilities andUtilities andReportable
(in millions)InfrastructureInfrastructureSegmentsOtherTotal
Total revenues$413 $93 $506 $— $506 
Segment income (loss)/Net income$48 $11 $59 $(1)$58 
Nine Months Ended September 30, 2022
ElectricGasTotal
Utilities andUtilities andReportable
(in millions)InfrastructureInfrastructureSegmentsOtherTotal
Total revenues$1,320 $491 $1,811 $— $1,811 
Segment income (loss)/Net income$152 $87 $239 $(3)$236 
Nine Months Ended September 30, 2021
ElectricGasTotal
Utilities andUtilities andReportable
(in millions)InfrastructureInfrastructureSegmentsOtherTotal
Total revenues$1,119 $375 $1,494 $— $1,494 
Segment income (loss)/Net income$122 $77 $199 $(11)$188